Aragon Holdings Acquires The Fairways at Lakewood
- May 14, 2012
Beverly Hills, Calif.-based Aragon Holdings has made its twelfth acquisition in three years as the investment company confirmed the purchase of The Fairways at Lakewood. The 274-unit multifamily community, located in Lee’s Summit, was built in 2008 and is currently 94 percent occupied. The property is in close proximity to Interstate 470 and multiple employment centers, including three major healthcare facilities. The metropolitan area has seen a steady growth in the past 12 months, with over 14,000 new jobs added. The area is home to an array of companies three of which are Fortune 500: Sprint Nextel, YRC Worldwide Transportation and H&R Block.
The apartment complex features various amenities including a salt water infinity pool, a fitness center, a business center, a club house, a three-acre lake and parking for more than 500 vehicles.
The acquisition takes Aragon’s total portfolio to over 3,000 apartment units and the holdings represent an investment in excess of $200 million, including $50 million in equity. Aragon Multifamily Cash Flow Fund provided funding for the transaction.
Details of the transaction have not been released, but Larry Clark, President of Aragon Holdings, confirmed the real estate investment company is actively seeking to purchase other multifamily properties across the country in cities that have positive job and population growth. Lee’s Summit, only 16 miles from downtown Kansas City, is one of the area’s strongest submarkets in terms of population growth and household income. According to Clark, Lee’s Summit, the fourth largest city in the metro area, has seen a 33 percent increase in population over the past 10 years, while the average household income within three miles of the property is almost $92,000, approximately 16 percent higher than that of the metropolitan area.
Photo Courtesy of: www.aragonusa.com