PHOENIX (August 24, 2010) — Alliance Residential Company is pleased to announce its acquisition of Broadstone Citrus Village, a fully entitled and permitted project site in Tampa, Fla. This will be Alliance's second development in Florida and its first in the Tampa area. The deal closed on August 20, and Alliance plans to begin construction in October with slated completion in mid-2012.
Broadstone Citrus Village will be located at 8049 Gunn Highway, on a 17.7-acre parcel of land within the Citrus Park Village bedroom community. The project is designed in keeping with the historic character of the area, and accordingly incorporates such elements as a block-pattern street network, on-street parallel parking, hidden parking courts, rear-entry garages, sidewalks, front porches or stoops, shutters and covered entryways.
"Land and construction costs have come down significantly, which will allow us to deliver this project at an all-in basis that is 30 percent or more below other recently completed apartment communities in the Tampa area, and less per-unit than recent trades of comparable projects," says Mike Ging, Alliance's Managing Director for Florida. "We will open for leasing in a supply-constrained submarket that is 95-percent occupied, with no other apartment communities expected to begin construction in the near-term. We expect that the economic recovery — which has already begun — will be significantly advanced when we begin initial leasing in the third quarter of 2011."
The project will offer one-, two- and three-bedroom floor plans and two detached parking garages, as well as a 4,700-square-foot clubhouse. The highly amenitized clubhouse will feature a state-of-the-art fitness center, clubroom, business center, conference room and game room equipped with wet bar. The development will also feature a resort-style pool with sand beach, poolside cabanas and outdoor grill.
Interior amenities include 9-foot ceilings, 36-inch raised-panel kitchen cabinets, balconies with French doors, full-size washers and dryers, walk-in closets and fully-equipped kitchens with black-on-black appliances. In addition, select floor plans will feature island kitchens and attached garages.
Per V. Jay Hiemenz, Chief Financial Officer, "We are pleased to announce this acquisition in the Florida region, and have other development and acquisition opportunities in escrow in the state under review. We continue to see multifamily markets recovering and this is another example of our current strategy to undertake development opportunities where we believe we can take advantage of reduced land and construction costs to deliver new product in strong locations for a lower cost-per-unit and higher yield than we could achieve by acquiring comparable product. We are seeing greater opportunities and availability of financing for stronger sponsors, which is allowing us execute a mix of acquisitions and development for our 2010-11 business plan."
For more information, visit www.allresco.com.
Company Information
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 16 regional offices divided between seven regions throughout the U.S. Over the past 10 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 45,000 units in 22 metropolitan markets across 13 states (including Washington, Oregon, California, Nevada, Arizona, New Mexico, Colorado, Utah, Texas, Florida, Georgia, Virginia, and the District of Columbia). For more information, visit www.allresco.com.