BEVERLY HILLS, CA - Marking its 16th acquisition during the past four years, Aragon Holdings has 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 over 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.
Larry Clark, president of Aragon Holdings, noted that San Antonio is one of the strongest markets in the nation for multi-family housing. The city, the seventh largest in the United States and the second largest in Texas, has recovered all the jobs lost during the recession, thanks to a diversified employer base that includes five Fortune 500 companies, the tourism industry, educational centers, medical facilities and international trade.
Population within a three-mile radius of the property has grown 34% from 2000, Mr. Clark added, and is projected to grow by another 11% over the next five years. Average household income in the area is $93,000, compared to $63,000for the San Antonio metropolitan area.
Mr. Clark said Aragon Holdings is actively seeking to purchase additional multi-family properties across the nation in cities that have positive job and population growth.
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.