PHOENIX – 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).
Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
