The Karakoyun (meaning "Black Sheep") Ancient Settlement is located about 32 km east of Aygevan Village in the Vedi Community of Ararat Province, on a plateau overlooking the right bank of the Vedi River. It is one of the oldest settlements of the historic Urts district and includes nearly seventy historical and cultural monuments dating from the 9th to the 17th centuries.
The site is particularly notable for its two large medieval cemeteries and numerous khachkars (Armenian cross-stones). Several of these bear inscriptions and dates, including 1205, 1213, 1233, 1525, and 1551. Karakoyun is considered one of the richest khachkar complexes in Ararat Province.
Among its most significant monuments are two basalt khachkars erected in 1551 to commemorate the rebuilding of the village. The site also preserves the remains of a spring, a watermill, an oil press, and residential and utility buildings, providing valuable insight into medieval rural life.
The settlement was abandoned between 1945 and 1952 as part of a settlement consolidation program. Today, it remains an important archaeological and cultural heritage site.