Alamo Heights Property Changes Hands
The deal brings Jevan’s multifamily portfolio to 18 properties, six of which are in San Antonio. The newly acquired community will be subjected to a significant renovation.
By Anca Gagiuc
Jevan Capital acquired Keystone at Alamo Heights Apartments, a 224-unit community located San Antonio’s Alamo Heights neighborhood, about one mile from the Quarry Market. The deal marks Jevan’s sixth multifamily acquisition near San Antonio.
Luke Donahue, senior vice president/senior director of NorthMarq Capital’s Phoenix regional office, arranged the joint venture equity and acquisition financing of the asset. The financing package provided Jevan Capital more than 97 percent of the capital to be invested in the acquisition and the repositioning of the property. 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. The Berkadia team that brokered the sale was led by Ryan Epstein.
Extensive renovations ahead
The 21-building property occupies more than 15 acres at 384 Treeline Park. The unit mix consists of one- to three-bedroom floorplans ranging between 712 and 1,200 square feet. Common area amenities include a fitness center, business center, clubhouse, playground, swimming pool, spa, laundry facilities and 403 parking spaces. Units feature washer and dryer hookups, vaulted ceilings, outside storage and private balconies/patios.
The new owner will address the deferred maintenance, upgrade the unit interiors and the property’s common areas. Interior upgrades will include granite counters, new cabinet fronts, stainless steel appliances, premium plank flooring, two-tone paint, modern fixtures and high-end front load washer and dryers.
Images courtesy of Yardi Matrix