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SAN ANTONIO-Aragon Holdings LLC, a subsidiary of LandBanc Capital Inc., entered into Texas with an 812-unit portfolio buy with help from loans totalling $25.2 million. The Beverly Hills, CA buyer acquired the four-property collection of class B apartments from Aimco, which is shedding class B assets from its portfolio.

Tony Gray, vice president of NorthMarq Capital Inc.’s Houston regional office tells GlobeSt.com that Aragon Holdings is making a concerted push into Texas. “They have a number of properties under contract and they’re undergoing a due diligence phase in Austin,” says Gray, who arranged for financing through AmeriSphere Multifamily Finance, a Fannie Mae DUS lender. He adds that NorthMarq is working with Aragon Holdings to finance the Austin acquisitions, and says the sale is anticipated to close later in Q1.

As for the San Antonio financing, Gray says the loans provide for some minor rehabilitation and deferred maintenance of the mid-1980s units. “The loans weren’t really difficult to place,” he comments. “AmeriSphere made it fairly easy.” The 10-year loans have a 30-year amortization schedule and an average interest rate of 6.25%.

Aragon Holdings bought the 72-unit Lexington Apartments at 12550 Vista View St., the 176-unit Las Brisas Apartments at 12626 Blanco Rd., the 296-unit Timbermill Apartments at 12301 Blanco Rd.; and the 276-unit Windridge Apartments at 2502 Babcock Rd. The portfolio consists of one-, two- and three-bedroom units and is more than 90% occupied across the board.

This transaction represents since the new yearAimco’s second San Antonio-based portfolio closing. In January, the Denver, CO company sold 269-unit Stratford Apartments, 200-unit Mesa Ridge and 212-unit Cape Cod Apartments to separate buyers.

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