CHICAGO, IL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of The Mansion, a 550-unit multi-housing community in Independence, Missouri.
HFF marketed the asset on behalf of the seller, an affiliate of TIAA-CREF. Aragon Holdings, LLC purchased the property free and clear of existing debt using funds from its discretionary Aragon Multi-Family Fund IV.
The Mansion is situated on 32 acres at 2905 South Lee’s Summit Road near Interstates 70 and 470 and Highway 291 in Independence, approximately 12 miles southeast of downtown Kansas City. The garden-style apartments have one-, two- and three-bedroom units averaging 794 square feet each. The property features two swimming pools, hot tub, tennis courts, racquetball courts, state-of-the-art fitness center, business center and an historic 7,100-square-foot mansion that was designed by Wight and Wight in the mid-1910s.
The HFF investment sales team representing the seller was led by managing directors Sean Fogarty and Marty O’Connell and associate director Wick Kirby.
About Aragon Holdings, LLC: Aragon Holdings, LLC is a private real estate investment and fund management company headquartered in Los Angeles, California. Founded in 2008, the firm has since acquired over 10,000 apartment units in 10 major metropolitan cities within seven states across the U.S. Aragon’s team is comprised of real estate, fund management and financial professionals that collectively have more than 75 years of experience successfully acquiring, building, developing, financing and operating commercial and residential real estate.
About HFF: HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Missouri licensed real estate broker.