Aragon Holdings sells apartment portfolio to Harbor Group International for $1.9b
Aragon Holdings has sold a portfolio of 36 apartment properties comprising 13,243 units to Harbor Group International (HGI) for $1.85 billion.
The acquisition is the fifth 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 eight states across the nation.
“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