Aragon raises $38m for multifamily fund

Aragon Holdings has raised $38 million for its Aragon Multi-Family Fund VI, according to a filing with the SEC. The equity fundraising target is $50 million.

The fund’s investment strategy is to acquire income-producing multifamily assets in U.S. cities that are exhibiting stable and improving employment and population growth. The fund looks for value-added opportunities, which must be stabilized assets within the fund’s target market and provide uninterrupted cash flow to investors while property improvements take place.

Aragon plans to deploy the fund’s capital by third quarter 2016.

In June 2016, the fund’s predecessor Aragon Multi-Family Fund V invested more than $40 million of equity in a more than $170 million, 1,300-unit apartment portfolio. The properties are located in Dallas, Denver, and St. Lou