In October of 2016, we acquired the 121-unit Casa Blanca in Phoenix, AZ in the up-and-coming Melrose District. The previous owner ran Casa Blanca as a month-to-month rental property. This fact, the condition of the property, and the existing tenant profile all limited the interested buyer pool.

Jevan identified an opportunity at a failing property near a large urban university. Through extensive upgrades to the property, we increased the property value by 103% in two years. Rents increased by an average of 15% due to value increase.

Jevan acquired Azura with an extensive issue with plumbing that was costing the property money. Through renovations, Jevan was able to reduce utility expenses by $56,000 and increased the property value by 75% in just two years.

Jevan purchased this asset as Phoenix Office Market had begun to trend positive. After the renovations were completed, there was dramatic 57.7% increase in asset value from $11M in 2016 to $17.3M in 2017.

After the purchase of the office complex Pueblo Nuevo, a plan was initiated for moderate upgrades to update courtyards and common areas. Since then, we had a sizeable 34.25% increase in asset value from $7.3M in 2016 to $9.8M in 2017.

Jevan was able to purchase the well located 104 unit La Maison Apartments. After implementing property rebranding and renovation, rental premium resulted in a 25% return on investment. Investor cash distributions now average 35.9% cash on cash return.

Based upon strong performance and excellent location, Jevan is continuing to hold the asset and successfully grew NOI 40.1% and rents 29.6% since the time of acquisition.

Jevan purchased three properties known as The Triplets in 2013. Through enhancements we were able to increase revenue by $450,000 in just 12 months while using energy efficient upgrades to slash expenses by almost $250,000.