LAS VEGAS, NV - Alliance Residential Company is pleased to announce the commencement of construction on Broadstone Ravello in North Las Vegas. Formerly known as The Pueblos, Alliance acquired the unfinished 152-unit Class A condominium community in March and broke ground in June.
The community is just 15 minutes north of the Las Vegas Strip at 4034 Adabella Avenue. At this time, five buildings totaling 40 units have been constructed. Alliance plans to deliver the 112 unfinished units by early 2012.
"Alliance is pleased to be under construction on Broadstone Ravello, particularly because the project represents a solid economic boost for North Las Vegas and the local contractors who will be included in the completion of the project,” says Dan McCadden, Partner/Managing Director of Development.
Once finished, the property will consist of 19 two-story, wood-framed buildings featuring high-quality architectural detail and stone accents. Apartment homes offer efficient two- and three-bedroom floor plans averaging 1,240 square feet, and most homes include attached, direct-access garages. Interior finishes include upgraded countertops and backsplashes in kitchens and baths, high-quality wood cabinetry and spacious walk-in closets. On-site amenities include a resort-style swimming pool with sun deck, spa and restroom cabana, as well as multiple resident barbecue areas and a large recreation space for children.
“The acquisition represents a phenomenal opportunity to acquire a distressed asset and complete construction at a basis which is significantly below market value and significantly below replacement cost,” says V. Jay Hiemenz, Chief Financial Officer. “The projected yield and returns are extremely attractive relative to the multifamily opportunities across one market.”
Alliance Residential is a fully-integrated multifamily real estate operating company focused on the development, acquisition, construction and management of residential and mixed-use communities in the United States. Headquartered in Phoenix, Alliance has 17 regional offices divided among six regions throughout the U.S. Over the past 11 years, Alliance has become one of the largest private apartment owners and the 15th largest management company in the nation, boasting a $6.0+ billion portfolio, and 46,500 units in 24 metropolitan markets across 13 states (including Arizona, California, Colorado, District of Columbia, Florida, Georgia, Nevada, New Mexico, Oregon, Texas, Utah and Washington). For more information, visit www.allresco.com