BEVERLY HILLS, CA -- (Marketwire) -- 10/07/09 -- Larry Clark, president of Aragon Holdings (www.AragonUSA.com), announced that Aragon has completed the purchase of a 380-unit multifamily property located in Houston, Texas.

The property, Briarwest Apartments, marks Aragon's entry into the Houston market. Located in the Galleria Submarket, between the upscale neighborhoods of Memorial and Tanglewood, the property includes 1-, 2- and 3-bedroom apartments with private patios or balconies and many other amenities. Briarwest was acquired from AIMCO (NYSE: AIV), the nation's largest owner and operator of apartment communities. Terms were not disclosed.

During the past ten months Aragon Holdings has acquired over 1,400 units in six apartment complexes in Texas, and is actively seeking to purchase additional properties throughout the Southwest region of the United States. Its operating strategy is to acquire infill multifamily properties that safely generate double-digit cash-on-cash returns.

"Despite the lingering slowdown in the national economy, multifamily housing remains a bright spot in the investment arena and, we believe it will continue to out-perform other sectors," Mr. Clark added. "We feel this is an excellent time to be acquiring assets."

Aragon Holdings is a Real Estate Investment Company based in Beverly Hills, California that acquires and manages income producing assets throughout the United States on behalf of institutions and high net worth investors.