BEVERLY HILLS, Calif., Aug. 27, 2012 /PRNewswire/ -- Marking its first acquisition in New Mexico, Aragon Holdings (www.AragonUSA.com) has purchased Broadstone Towne Center, a 240-unit Class A multi-family property located in Albuquerque. Broadstone Towne Center is less than a mile from the University of New Mexico and is close to the city's largest employers.
Aragon has purchased more than 4,000 apartment units throughout the nation during the past four years. Its portfolio represents an investment of over $250 million. Equity for the latest transaction was provided by the Aragon Multi-Family Cash Flow Fund, a private equity fund formed to facilitate the company's acquisition activity and monthly cash flow distributions to investors.
Broadstone Towne Center, completed in 2009, is currently 95% occupied. Amenities of the fully gated community include a resort-style swimming pool and spa, a state-of-the-art fitness center, a business center, a movie theatre, and a clubhouse with fireplace, lounge, kitchen, bar and billiard table. Apartments feature nine-foot ceilings, designer fixtures, crown moldings, French doors, full-size washers and dryers, private patios and balconies, and spacious closets and storage.
Details of the transaction, including the purchase price, were not disclosed.
Larry Clark, president of Aragon Holdings, noted that Albuquerque enjoys a healthy local economy and job market, with an employment rate of 6.8% compared to 8.2% nationally. The metropolitan area's population has increased by more than 25% since 2000, and is projected to grow by an additional 30% by 2020. With Kirtland Air Force Base and the University of New Mexico both close by, there are more than 110,000 jobs located within a three mile radius of the property.
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.
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