PHOENIX (January 18, 2011) — Alliance Residential Company is pleased to announce its purchase of a 4.86-acre parcel of land at the southeast corner of Camelback Road and Esplanade Lane in Phoenix. The transaction, which closed on Dec. 16, is a joint venture with AEW Capital Management, L.P.
Alliance plans to develop a 270-unit multifamily property branded under the Broadstone community name. Formerly home to two restaurants, the Hard Rock Café and Marco Polo Dinner Club, the new development will feature four-story residential buildings accompanied by one level of partially below-grade parking. Construction is scheduled to begin in the third quarter of 2011 with Alliance Residential Builders serving as the project general contractor and ORB Architecture as the project architect. Completion is slated for the second quarter of 2013. Following completion, Alliance will manage the property lease-up and operations.
The community will feature a mix of studios, one- and two-bedroom units in a Triple "A" location adjacent to the Camelback Esplanade and across the street from the Biltmore Fashion Park. The apartment homes will range in size from 650 square feet to 1,100 square feet and will offer a variety of interior upgrades, such as spiral staircases, soft-loft finishes, wood-style flooring and private laundry quarters. Additionally, Alliance will incorporate extensive common area amenities, including a two-story fitness center, convenient elevator transportation and temperature-controlled interior corridors.
"Alliance is excited for this opportunity to venture with AEW on construction of a luxury residential community that reflects the high-end uses associated with the Camelback Corridor and, specifically, this site," says Ian Swiergol, Alliance Southwest Development. "Throughout the purchase, Alliance coordinated with District 6 Councilman Sal DiCiccio and various consultants — including Nick Wood (Snell & Wilmer) and Joe Villasenor (Public Policy Partners) — in communicating with local neighbors to ensure this project reflects the intentions of the earlier redevelopment efforts."
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 21 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.