Aragon Holdings Acquisitions Top $200 Million With Apartment Purchase in Kansas City
(firmenpresse) - BEVERLY HILLS, CA -- (Marketwire) -- 05/08/12 -- Marking its 12th acquisition in just three years, Aragon Holdings () has purchased The Fairways at Lakewood, a 274-unit Class A multi-family property in Lee's Summit, Missouri, in the desirable southeastern area of the Kansas City metroplex.
The acquisition brings Aragon's total portfolio to over 3,000 apartment units. The holdings represent an investment of over $200 million, including $50 million in equity. Funding for the transaction was provided by Aragon Multifamily Cash Flow Fund, a private equity fund formed to facilitate the company's acquisition activity and monthly cash flow distributions to investors.
The Fairways at Lakewood, built in 2008, is 94% occupied. Situated near Interstate 470, it is within a few miles of multiple employment centers, including three major healthcare facilities. The area is home to three Fortune 500 companies: Sprint Nextel, YRC Worldwide Transportation, and H&R Block. During the past 12 months, the metropolitan area has added over 14,000 new jobs.
The Fairways at Lakewood's amenities include a salt water infinity pool; a three-acre lake; a walking trail; a 24-hour fitness center; a 24-hour business center; a clubhouse with pool table, kitchen and entertainment facilities; a fire pit and commercial-grade barbecue pit; a car wash; and parking for over 500 vehicles. Apartments feature 9-foot ceilings, crown molding, ceiling fans, combination tub/showers, black electric appliances, full-size washers and dryers, and other amenities.
Details of the transaction, including the purchase price, were not disclosed.
Larry Clark, president of Aragon Holdings, noted that Lee's Summit, just 16 miles from downtown Kansas City, is the fourth largest city in the metropolitan area, and one of the area's strongest submarkets in terms of population growth and household income. Over the past 10 years the community's population grew by over 33%, to 94,000. Average household income within three miles of the property is almost $92,000, 16% higher than that of the metropolitan area.
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.
"It is now clear that the upheaval in the single-family housing market during the past several years has led to a fundamental change in housing preferences of American families. There has been a significant increase in the propensity to rent rather than own, especially among individuals in the earlier years of their careers," Mr. Clark said.
"The preference for renting, combined with the very low rate of new housing construction, will result in a steady increase in the demand for apartment housing. We believe the favorable trends in both demand and supply will cause apartment properties in well-selected areas to continue to outperform most other investment alternatives," Mr. Clark said.
Aragon Holdings is a Real Estate Investment Company based in Beverly Hills, California, that acquires and manages income producing assets throughout the United States on behalf of high net worth investors.
Larry Clark
Aragon Holdings
310.550.5791
Alexander Auerbach
Auerbach & Co. Public Relations
800.871.2583
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Datum: 08.05.2012 - 14:00 Uhr
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News-ID 143949
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