Wed, Apr 16, 2014 05:26
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Aragon Holdings Expands Texas Holdings With Sixth Apartment Purchase in San Antonio

Texas Business reports:  SAN ANTONIO—Marking its 16th acquisition during the past four years, Beverly Hills-based Aragon Holdings purchased Carmel at Deerfield, a 228-unit Class B multi-family property located in San Antonio, Texas.

Carmel at Deerfield is in the upscale north central area of the city, close to many of San Antonio's largest employers.

During the past four years, Aragon has purchased more than 4,000 apartment units across the United States. More recently, during the past six months, the company has purchased over $100 million in multi-family assets in four states in the country's Sunbelt region.

Equity for the Carmel at Deerfield 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.

Carmel at Deerfield, constructed in 1985, is currently 99% occupied. Amenities of the garden-style community include a fitness center, tennis court, basketball court, swimming pool and spa, business center and clubhouse. Apartments feature private patios or balconies, large walk-in closets, well-appointed kitchens, ceramic tiled bathrooms, wiring for intrusion alarms, and fireplaces and built-in bookshelves in some units.

Details of the transaction, including the purchase price, were not disclosed.

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.