Aragon Holdings buys Lee’s Summit apartment complex
With the purchase of The Fairways at Lakewood in Lee’s Summit, Aragon Holdings has increased its total portfolio to more than 3,000 apartment units and an investment valued at more than $200 million.
This most recent acquisition marks Aragon Holdings’ 12th acquisition in just 3 years. The Fairways at Lakewood is a 274-unit class A multi-family property that was built in 2008 and is 94 percent occupied.
Several factors made the property an attractive asset, including a prime location near Interstate 470 and several employment centers, including three major healthcare facilities. Additionally, the Fairways at Lakewood offers a number of amenities including a salt water infinity pool; a three-acre lake; a walking trail; a 24-hour fitness center; a 24-hour business center; a clubhouse with pool table; kitchen and entertainment facilities; a fire pit and commercial-grade barbecue pit; and a car wash.
And Lee’s Summit as a whole represents a strong submarket for Aragon Holdings, which aligns with the company’s plan to purchase additional multi-family properties in cities that show population and positive job growth.
Larry Clark. Image via Aragon Holdings
“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,” said Larry Clark, president of Aragon Holdings, in a release. “There has been a significant increase in the propensity to rent rather than own, especially among individuals in the earlier years of their careers.”
Added Clark, “The preference for renting, combined with the very low rate of new housing construction, will result in a steady increase in the demand for apartment housing. We believe the favorable trends in both demand and supply will cause apartment properties in well-selected areas to continue to outperform most other investment alternatives.”
Aragon Holdings is a Beverly Hills-based real estate investment company. Details of the Fairways at Lakewood transaction were not disclosed.
Overland Park approves bonds for Teva move
A rendering of Teva Neuroscience, Inc.'s new Overland Park office
The Overland Park City Council agreed Monday night to issue $65 million in bonds to solidify Teva Neuroscience Inc.’s move from Missouri to Kansas.
The company currently has offices at Holmes Road and Interstate 435, and is planning to move to a new building at Nall Avenue and College Boulevard.
Teva had recently sought financing to assist with costs associated with the relocation, including building construction. The bond issuance will also help fund the land acquisition.
The bonds include a 10-year, 50 percent property tax abatement. Additionally, Teva will receive $30.6 million in incentives from the state of Kansas. It’s a hefty investment, but the relocation will bring 350 full-time jobs to Overland Park, as well as the possibility of future jobs. Teva may also construct a second building at the same location at a later date, should company growth lead to a need for more space.
Teva Neuroscience, Inc., is a subsidiary of Teva Pharmaceutical industries that markets COPAXONE and AXILECT. The company “offers a total approach to disease management and has established several innovative and effective patient education and advocacy programs,” according to Teva Neuroscience.
BRES gathers to support ‘Martinis for Preemies’
Block Real Estate Services and KC-RAR employees recently gathered to celebrate the second annual “Martinis for Preemies” fundraiser to benefit Kit’s Muse, a division of Project Sweet Peas that funds NICU care package and infant loss memory box programs at St. Luke’s, Children’s Mercy and Liberty hospitals.
Among those who came out to the event include Jennifer Edwards, division coordinator, with Lou Serrone and Zach Hubbard, BRES brokers, pictured below.
BRES employees Vicki Kelly, Michelle Kelly, Will Noyce, David Garcia, Jennifer Edwards, Joyce Marcus, Amy Spry and Ken Steen, pictured below, also gathered at Tomfooleries for the event.
The celebration raised a little over $300 for the organization, enough to provide 20 families with much-needed NICU or loss support. The mission of the organization is to provide comfort and support for families who have children in intensive care or those who have experienced pregnancy and infant loss.