$50 Million Aragon Fund Acquires Two Texas Properties
BEVERLY HILLS, Calif., April 29, 2013 /PRNewswire/ -- Aragon Holdings (www.AragonUSA.com) announced that it has acquired two 'Class A' multi-family properties in the Dallas, Texas, market. The properties, with a total of 416 apartment units, were purchased with cash from the firm's private equity fund, Aragon Multi-Family Cash Flow Fund II, and financing provided by Freddie Mac.
These acquisitions increase Aragon's multi-family portfolio to nearly 6,000 apartment units, all acquired in the past five years. In the last 12 months the company has purchased over $250 million of multi-family assets in six states.
Aragon Multi-Family Cash Flow Fund II is a private equity fund formed to facilitate the company's acquisition activity and to produce monthly cash flow distributions to investors. Like its predecessor Aragon Multi-Family Cash Flow Fund I, the latest fund targets 10% annual, tax deferred, cash-on-cash returns, paid monthly to investors.
The acquisitions are Reserve at Pebble Beach, with 208 units, and Somerset at Spring Creek, also with 208 units. The properties are in Plano, a suburb located about 20 miles north of downtown Dallas. Plano is home to six Fortune 1000 companies and has a diversified employment base and strong job market.
Larry Clark, president of Aragon Holdings, said that the company's 11 Texas properties, with over 3,000 units, have performed well, thanks to the continuing strength of the Texas job market. "It was with our first acquisitions in Texas that we built our model of acquiring properties in areas with strong job markets and robust demand for multi-family housing," he said. After acquiring properties in Houston, San Antonio and the Dallas/Fort Worth markets, the company expanded into Kansas City, Orlando, Albuquerque, Atlanta and Denver.
Mr. Clark said Aragon Holdings is actively seeking to purchase additional multi-family properties across the nation in cities that have positive job and population growth. "We continue to identify attractive acquisition opportunities that will enable us to provide attractive, stable returns for investors participating in our private equity funds."
Aragon Holdings is a Real Estate Investment and Fund Management Company based in Beverly Hills, California, that acquires and manages income-producing assets throughout the United States on behalf of high net worth investors.
SOURCE Aragon Holdings