SOURCE: Aragon Holdings, LLC
LOS ANGELES, CA--(Marketwired - May 22, 2014) - Aragon Holdings (www.AragonUSA.com) announced that it has expanded its national portfolio of multi-family assets with the acquisition of a two-property 372-unit portfolio in Denver, Colorado. The properties were purchased using the firm's private equity fund, Aragon Multi-Family Cash Flow Fund III, and financing was provided by Freddie Mac.
The acquisition increases the company's national multi-family portfolio to nearly 7,000 apartment units, all acquired during the past five years. Since 2012 alone, the company has purchased over $360 million of multi-family assets in seven states.
Located in the thriving Arvada submarket on the west side of Denver, the portfolio purchase was made up of Arvada Village, with 264 units, and Arvada Green, with 108 units. The Arvada properties give Aragon three holdings in the Denver area; in December of 2012 the company acquired Hampden Heights, a 376-unit apartment complex located just north of the Denver Tech Center.
Aragon plans to invest $2 million in exterior and interior improvements. Plans include installing new roofs, upgrading landscaping, and continuing an interior improvement program started by the previous owner. Both properties feature outdoor swimming pools, business centers, clubhouses and children's playgrounds.
The Arvada area is characterized by excellent schools, attractive shopping and recreational offerings and a strong job market. Located less than 1.5 miles apart, the properties are each currently 97% occupied. Both properties are located directly on Wadsworth Blvd. (State Highway 121), each at separate major intersections. They are 15 minutes from Downtown Denver, 20 minutes from Boulder, and 25 minutes from both Denver International Airport and the Denver Tech Center Business Corridor, the largest employment center in the metropolitan area.
Larry Clark, CEO of Aragon, said, "Our experience in the Denver market has been extremely positive, and we are very pleased to expand our portfolio in a city that has performed consistently well despite the inconsistency of the overall national economy. Denver's low unemployment rate and steady population growth are characteristics that we look for in all of our multi-family acquisitions."
Dan Guy, President of Aragon, stated that the company is continuing to pursue multi-family acquisition opportunities nationwide, in markets exhibiting favorable employment and population growth. "Our acquisition team remains confident that we can identify and purchase multi-family properties at attractive valuations in markets with stable economics," he said. "The availability of these income producing assets allow us to continue to provide tax-deferred returns, paid monthly, to investors participating in our private equity funds."
Aragon Holdings is a Real Estate Investment and Fund Management Company based in Los Angeles, California, that acquires and manages income-producing assets throughout the United States on behalf of high net worth investors.