PHOENIX (January 11, 2018) – Phoenix-based Jevan Capital, PLLC is pleased to announce the purchase of the 224-unit Keystone at Alamo Heights Apartment complex.
NorthMarq Capital’s Phoenix regional office, arranged the joint venture (JV) equity and acquisition financing of Keystone at Alamo Heights. The financing package provided Jevan Capital more than 97 percent of the capital to be invested in the acquisition and repositioning of the subject. The 95/5 LP/GP JV equity investment was funded by a NorthMarq Capital insurance company correspondent and the acquisition loan was funded through a close relationship NorthMarq has with a top-tier debt fund.
Ryan Epstein’s team from Berkadia brokered the sale.
The property is located in the Alamo Heights neighborhood of San Antonio, Texas, roughly one mile from The Quarry Market.
Jevan will address the deferred maintenance, upgrade the interiors of the units, as well as improve the common areas of the property. Interior upgrades will consist of granite counters, new cabinet fronts, true stainless appliances, premium plank flooring, two-tone paint, modern fixtures and high-end front load washer dryers.
Jevan will also invest heavily in the property amenities, improve the aesthetics of the property, upgrade the common areas and clubhouse, and rebrand the property. A water saving program will be deployed using aerators, low water landscape, and special shower heads. Common area lighting will be converted to light-emitting diode (LED).