SOURCE: Aragon Holdings

Aragon Holdings

March 10, 2010 08:00 ET

Aragon Holdings Enters Dallas Market With Purchase of 256-Unit Apartment Complex

BEVERLY HILLS, CA--(Marketwire - March 10, 2010) - Larry Clark, president of Aragon Holdings (www.AragonUSA.com), announced that Aragon has completed the purchase of a 256-unit multifamily property located in Plano, Texas, a suburb of Dallas.

The property, Fairway Apartments, marks Aragon's seventh acquisition in Texas in the past 15 months and its entry into the Dallas market. Aragon's previous acquisitions have been in San Antonio and Houston. The company now owns more than 1,600 units and is currently under contract on additional properties in the Dallas metropolitan area.

Fairway was acquired from AIMCO (NYSE: AIV), one of the nation's largest publicly traded REITs. Terms were not disclosed.

Aragon Holdings is actively seeking to purchase additional properties throughout the Southwest region of the United States. Its operating strategy is to acquire Class A and B infill multifamily properties that conservatively generate double-digit cash-on-cash returns.

"Despite the continuing stagnation in many sectors of the nation's economy, the business and employment climate in Texas is relatively robust," Mr. Clark said. "We see multifamily housing as an attractive investment arena. Valuations are attractive, and as the economy rebounds and employment recovers, demand for apartments will be even higher. It is for these reasons that we believe this sector will out-perform most other investment categories."

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 institutional and 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