PHOENIX (Dec. 1, 2010) — Alliance Residential is pleased to announce that three of its communities received recognition in the 2010 Multifamily Executive (MFE) Awards competition.
Los Angeles-based La Belle at Hollywood Tower is the grand winner in the "Low-Rise Project of the Year" category; Los Angeles-based Hollywood Tower is a merit winner in the "Renovation Project of the Year" category; and Denver-based TwentyOne01 on Market is a merit winner in the "Adaptive Reuse Project of the Year" category. In addition, La Belle received the editor's choice award for "Development of the Year."
The annual MFE Awards contest is one of the multifamily housing industry's most prestigious competitions and more than 250 applicants were considered for 17 categories. Out of those applicants, 44 winners were selected and recognized at a gala awards luncheon on Oct. 5, during the 2010 MFE Educational Conference in Las Vegas. Winners were also featured in the November issue of Multifamily Executive magazine (links to articles are included below).
Katrina Plank, Managing Director of Development for Denver, and Drew Colquitt, Managing Director of Development for Southern California, attended the luncheon and accepted the awards on behalf of Alliance.
According to Plank: "We are honored to have received such a prestigious award. The adaptive reuse of the 47,000-square-foot Piggly Wiggly food storage facility was an exciting project to undertake — and today, TwentyOne01 on Market is an award-winning community that has transformed a once-empty block with an infusion of residents, foot traffic and business for local retailers. Through the collaborative efforts of Alliance, the consultants, the City of Denver and the surrounding community, we have successfully preserved and enhanced a historic building. This was a very rewarding experience, and we look forward to strengthening these partnerships in the future."
According to Colquitt: "In a joint venture partnership with BlackRock's Diamond Fund, Alliance was able to acquire the historic Hollywood Tower — one of the most iconic landmarks in Los Angeles. Hollywood Tower presented an incredibly unique opportunity for Alliance, as the building benefited from a triple-A location but had fallen into significant disrepair. Capitalizing on our fully integrated platform, Alliance's in-house team was able to complete a major historic renovation that resulted in a significantly successful value-add repositioning — post-renovation rents rose 52 percent, even though the leases were signed in a very challenging recession. In addition, the acquisition of Hollywood Tower came with two adjacent developable acres, allowing Alliance to build La Belle at Hollywood Tower and add 146 new units to the renovated tower's existing 52 units. Overall, the multifaceted opportunity required an all-hands-on-deck response, and the Alliance team brought their seasoned skills in acquisitions, historic renovations, entitlements, round-up urban infill construction and property management to the table. Assisted by talented consultants who offered out-of-the-box ideas and solutions, we were able to create a very special asset and are extremely proud of how the project has evolved."
La Belle at Hollywood Tower (MFE Article)
www.multifamilyexecutive.com/award-winners/la-belle-at-hollywood-tower.aspx
Hollywood Tower (MFE Slideshow)
http://multifamilyexecutive.com/award-winners/mission-possible.aspx?playList=playlist____23_641402&plItem=56
TwentyOne01 on Market (MFE Slideshow)
http://multifamilyexecutive.com/award-winners/mission-possible.aspx?playList=playlist____23_641402&plItem=68"
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 six 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 12 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.