Aragon Holdings acquires The Fairways
Aragon Holdings has bought The Fairways.
Aragon Holdings has just completed its purchase of The Fairways at Lakewood.
The buying of this 274-unit multi-family property in the Kansas City metropolis marks the 12th acquisition by the firm in three years.
Contract negotiations could have been essential during the deal, which has resulted in Aragon having more than 3,000 apartments in its portfolio and represents an investment exceeding $200 million (£123.84 million).
Generally, the firm focuses on purchasing stabilised assets containing at least 200 properties, particularly those in areas with high barriers to entry, established competition and sizable infill dynamics.
Currently, The Fairways is 94 per cent occupied and has amenities including a three-acre lake, a saltwater infinity pool, parking for more than 500 vehicles, a car wash, a barbecue pit, a clubhouse, 24-hour business and fitness centres and a walking trail.
"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 housing preferences of American families," Aragon Holdings president Larry Clark explained.
Posted by David Gleck
Source: Aragon Holdings press release, May 8th