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Aragon Swaps 13,000 Apartments for $1.9B
An affiliate of Harbor Group International (HGI) has purchased a portfolio of 36 apartment properties totaling 13,243 units from Aragon Holdings for $1.85 billion. It’s believed to be the fifth largest apartment portfolio sale ever, and the largest since 2016.
The portfolio acquired by HGI is primarily in the southern U.S., stretching from Arizona to Florida. The deal is part of Los Angeles-based Aragon’s broader $2-billion sale of its entire apartment portfolio consisting of 15,000 units.
“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 Aragon founder and CEO Larison Clark. “Harbor Group targets value-add opportunities, making this an ideal transaction for both firms.”
NKF’s Zach Springer represented Aragon and his colleagues Henry Stimler, Bill Weber and Matt Mense arranged debt financing for HGI. NorthMarq Capital represented Aragon for debt assumptions and defeasance; Meridian Capital Group advised Norfolk, VA-based HGI.
Pictured: Azalea Springs Apartments in Atlanta.
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- ◦Sale/Acquisition
