Jevan Capital Pllc acquired the 224-unit Keystone at Alamo Heights apartment complex north of San Antonio in a value-add play. The Phoenix-based buyer struck the acquisition deal with the seller, a Los Angeles fund. Ryan Epstein with Berkadia led the team that brokered the sale, of which the price was not disclosed. The property is valued at $30.7 million.
Luke Donahue with NorthMarq Capital arranged the joint-venture equity and acquisition financing of the property at 384 Treeline Park in Alamo Heights, TX. The buy is Jevan’s sixth in the San Antonio metro.
Jevan is planning extensive renovations, and will address deferred maintenance, update unit interiors and improve the property’s common areas. The amenities will also get a thorough going-over, with a clubhouse update and property rebrand. Common-area lighting will be converted to LED, while a water-saving program will be deployed using aerators.
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