Aragon Completes Kansas City Acquisition
- May 09, 2012
Lee’s Summit, Mo.—Aragon Holdings has purchased The Fairways at Lakewood, a 274-unit community located in Lee’s Summit, Mo., a suburb in the Kansas City metropolitan area. The transaction brings Aragon’s portfolio to over 3,000 apartment units with an asset value exceeding $200 million.
The Fairways at Lakewood was built in 2008. It was 94 percent occupied at the time of sale. Amenities include a salt water infinity pool, a three-acre lake, fitness center, business center, clubhouse with pool table, a commercial grade barbecue pit, car wash, and parking for over 500 vehicles.
Aragon Holdings has plans to pursue additional assets across the nation in markets displaying positive job and population growth.
“It is now clear that the upheaval in the single-family housing market during the past several years has led to a fundamental change in the housing preferences of American families,” says Larry Clark, president at Aragon Holdings. “There has been a significant increase in the propensity to rent rather than own, especially among individuals in the earlier years of their careers.”
Beech Street provides $20.2M for Miami apartments
Miami, Fla.—Beech Street Capital LLC has provided a $20.2 million Freddie Mac CME loan to refinance Horizons North Apartments, a 276-unit garden-style community located in Miami, Fla. The borrower purchased the asset in 1999 and was facing an upcoming loan maturity deadline. Beech Street was able to close the transaction in 40 days.
“The Beech Street team was responsive and accommodating to the borrower’s needs,” says Joel Mazur, vice president at Beech Street Capital. “This was the borrower’s second transaction with us, and they were once again impressed.”
Horizons North Apartments was completed in 1982. The owner has a capital improvement plan in place that will occur over the next year. Amenities include a pool, heated spa, fitness center and a large lake.
Preferred Apartment Communities provides $6.1M mezz. loan
Atlanta—Preferred Apartment Communities has closed on a mezzanine loan investment of $6.1 million to Oxford Summit Apartments II LLC. The funds were provided in connection with Summit II’s plans to build a 140-unit community in suburban Atlanta adjacent to Summit Crossing Apartments, a 340-unit asset owned by Preferred.
In connection with the loan, Preferred Apartment Communities was granted an option to purchase the 140-unit community between the 29th and 32nd months following the loan closing for a pre-negotiated price of approximately $19.3 million.