Jevan acquired 224 unit property in prestigious Alamo Heights. Successfully implemented rebranding and renovation resulting in rental rate increase of 63%.
Property Overview
Acquired 224 unit Keystone at Alamo Heights in San Antonio’s prestigious Alamo Heights submarket. Jevan recognized the asset suffered from both deferred maintenance as well as sub par property management. Once closed, Jevan curated a luxury renovation for the surrounding tenant base which demonstrated a willingness to pay higher rents for a higher quality apartment experience.
Strategy
The partnership engaged a top of class property management firm to assist in turning around property operations. In addition to the luxury unit interior renovation package, Jevan’s preferred designers and architects executed a “best in class” renovation of the clubhouse, fitness center, pet spa and pool areas.
Investment Summary
- Reduced annual concessions 78% from over $600k at acquisition to $134k currently
- Increased rents over 63% from the average in place rents at the time of acquisition
- Improved property’s struggling occupancy from 78.1% at acquisition to 93.5%
- All in basis well below replacement cost and significantly below recent sale comps in the sub-market
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