Aragon Holdings Sells Apartment Portfolio to Harbor Group International for $1.85 Billion

LOS ANGELES and NEW YORK, Jan. 15, 2020 /PRNewswire/ --A Aragon Holdings, LLC ("Aragon"), and Harbor Group International, LLC ("HGI"), announced today that affiliates of HGI have purchased a portfolio of 36 apartment properties comprising of 13,243 units from Aragon for $1.85 billion. The acquisition is the 5th largest apartment portfolio sale ever, and the largest since 2016. The deal is part of Aragon's broader $2 billion sale of its entire apartment portfolio consisting of 15,000 units located in 12 cities and 8 states across the nation. Commercial real estate services firm Newmark Knight Frank (NASDAQ: NMRK) represented the seller in the sale and the buyer for the debt financing. "We decided to sell our portfolio because we recognized that, in the present market conditions, the properties would have the greatest value in the hands of a 'value-add' operator," said Larison Clark, Founder, Chairman and CEO of Los Angeles-based Aragon Holdings. "Harbor Group targets value-add opportunities, making this an ideal transaction for both firms."The portfolio, which had been acquired over the last 10 years, is primarily in the southern portion of the United States, from Arizona to Florida. The properties average 350 units each, comprised of two- and three-story buildings located in suburban areas near employment centers, shopping, highly rated schools and easy transportation access.
See also:
Leave a comment
  • Latest
  • Read
  • Commented
Calendar Content
«    Август 2022    »