SOURCE: Aragon Holdings

Aragon Holdings

December 14, 2011 13:38 ET

Aragon Holdings Acquires Its First Multi-Family Property in the Kansas City Market

BEVERLY HILLS, CA--(Marketwire - Dec 14, 2011) - Marking its first acquisition within the Kansas City market, Aragon Holdings (www.AragonUSA.com) has purchased Timber Lakes at Red Bridge, a Class A multi-family property located in the desirable southwestern area of Kansas City, Missouri.

Timber Lakes at Red Bridge, consisting of 322 units, features a very low density of 5.4 units per acre for an open, park-like feel. The project's amenities include four lakes, gated access, a swimming pool, fitness center and sports courts, clubhouse, game room, business center, and nature trail. The acquisition also included 50 acres of undeveloped land contiguous to the property, zoned for multi-family development.

The property, built in phases in 2000 and 2003, is currently 97% occupied. Situated near the intersections of Interstate 435 and Highway 71, it is within a few miles of such major employers as Sprint Nextel, Embarq World Headquarters, three medical centers, the Bannister Federal Complex, and a number of other corporations.

The transaction is Aragon's tenth apartment acquisition in the last three years. The firm now owns and operates more than 2,600 apartment units, all purchased utilizing private equity.

"The acquisition of Timber Lakes, demonstrates our continuing commitment to make strategic acquisitions in markets with healthy economies," said Larry Clark, president of Aragon Holdings. "We were drawn to the Kansas City market because of its economic stability, strong employment and growing population of over two million residents."

Kansas City was recently ranked #37 on the Forbes.com 2011 list of the 50 "Best Places for Business and Careers." Unemployment in the metropolitan area is currently 8.5%, well below the national average of 9.1%, and job growth is projected at 2% per year for the next five years.

Mr. Clark said Aragon Holdings is actively seeking to purchase additional properties throughout the Central and Western regions of the United States.

"The demographics of this country are changing, as the overall propensity to rent rather than own continues to progress. Combined with the very low rate of new housing construction, the result should be increased demand for apartment housing," Mr. Clark said. "We believe that apartment properties in well-selected areas will outperform many other investment alternatives as these favorable supply/demand economics continue."

Aragon's rapid growth resulted in its inclusion in the ranks of the "Top 100 Buyers of 2009" for multi-family properties, as reported by the respected research firm Real Capital Analytics, Inc. The study, which tracked all U.S. multi-family transactions valued at more than $2.5 million, placed Aragon Holdings at #5 in number of properties purchased.

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.

Contact Information

  • Contacts:

    Larry Clark
    Aragon Holdings
    310.550.5750
    Email Contact

    Alexander Auerbach
    Auerbach & Co. Public Relations
    800.871.2583
    Email Contact