Aragon Adds M-F Property to Growing San Antonio Portfolio
- Oct 16, 2012
California-based Aragon Holdings has purchased a 228-unit Class B property in North Central San Antonio. The Carmel at Deerfield apartment complex brings the real estate investment fund’s portfolio to six apartment complexes and a total of 1,248 units in the Alamo City.
Apart from the Carmel property, the company’s San Antonio portfolio also includes:
- Las Brisas Apartments – 176 units
- The Lexington Apartments – 72 units
- Timbermill Apartments – 296 units
- Windridge Apartments – 276 units
- Regatta – 200 units
Carmel at Deerfield, constructed in 1985, is currently 99 percent 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.
Several of San Antonio’s largest employers are located within eight miles of the subject property, including USAA, The South Texas Medical Center and Valero’s world headquarters.
The acquisition also marks the fund’s 16th purchase nationwide in the past four years, a total of more than 4,000 apartment units, according to a company news release. In the past six months alone, the company spent over $100 million on multi-family assets.
Aragon Holdings will continue to expand its portfolio with the acquisition of multi-family properties in cities that have positive job and population growth, said Larry Clark, president of Aragon Holdings, in a news release.
According to a recent Marcus & Millichap report on San Antonio’s apartment market, investors are attracted by the city’s multifamily properties due to their comparatively attractive returns. Due to limited construction last year, large investors are targeting 1990s to early-2000s product. Additionally, transaction velocity rose more than 10 percent over the past 12 months, driven by stronger sales in the 100- to 200-unit and 300-plus-unit segments.
Photo courtesy of Aragon Holdings
Chart courtesy of Marcus & Millichap
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