Jevan Capital Sells 130-Unit Phoenix Community
The pet-friendly asset came online in 1972.
Jevan Capital has sold Thom Slate on Thomas, a 130-unit community in Phoenix, for $16.5 million. ABI Multifamily facilitated the transaction. The property last traded in 2019, when the current seller acquired it for $10.4 million from Caliber Cos., according to Yardi Matrix data.
Located at 1350 E. Thomas Road, the property is within 3.5 miles of downtown Phoenix and Uptown Plaza, as well as under 1 mile from the Phoenix Country Club and the Children’s Hospital. The community is not far from State Route 51, as well as interstates 10 and 17. Phoenix Sky Harbor International Airport is within 5 miles.
The Thom Slate consists of seven buildings, each two-and-a-half stories high. The property, which came online in 1972, includes 75 studios and 55 one-bedroom apartments on 3 acres. The gated community is pet-friendly, and offers laundry facilities, a pool and 210 grade-level parking spots.
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The ABI Multifamily Arizona team working on the deal included Senior Managing Partner Alon Shnitzer and Associate Broker Rue Bax, as well as Senior Partners Eddie Chang and Doug Lazovick.
While investment remained tepid across metro Phoenix, fundamentals have been slightly improving as of late following a wall of new supply. Sales totaled $2.2 billion year-to-date through August, Yardi Matrix data shows, a far cry from the levels of 2021 and 2022.
