Jevan Buys Phoenix Community for $15M

By Tudor Scolca

La Mirada Apartments

Jevan Capital has acquired La Mirada, a 300-unit apartment community in Phoenix. The all-cash, $15 million transaction finalized after a year of negotiations with HOA, which decided to sell the property in bulk. Jevan owns six other apartment communities in the Phoenix metro.

La Mirada is situated in the Squaw Peak neighborhood, at 1350 E. Northern Ave. The nine-building property, which dates back to 1974, occupies approximately nine acres. The community comprises 72 one-bedroom, 180 two-bedroom and 48 three-bedroom units ranging in size from 600 to 1,100 square feet. According to Yardi Matrix, the average monthly rent is at $794.

Common amenities include:

• Fitness center
• Business center
• Clubhouse
• Playground
• Swimming pool
• Spa
• Laundry facilities
• 426 parking spaces

The community is within walking distance of more than a dozen restaurants and multiple retailers, along East Northern Avenue. Several schools and employment agencies are also in the vicinity. The Phoenix Mountains Preserve, which is about two miles away, features multiple hiking trails. A bus station is located across the street, and downtown Phoenix can be reached in about 16 minutes.

Planned investments

Jevan plans to renovate and rebrand the property. The company intends to address the deferred maintenance, upgrade interiors and improve common areas. The units will receive gray-toned plank flooring, two-tone paint, new fixtures and appliances. The aesthetics of the community will be getting a facelift as well. A new water and energy saving program will be implemented as well, while common area lighting will be switched to LED.

La Mirada marks the 17th multifamily acquisition for Jevan Capital. The company currently owns 18 properties, with the recent purchase of Keystone at Alamo Heights, a 224-unit community in San Antonio.

Image courtesy of Jevan Capital