TAMPA, Fla. (April 21, 2011) — Alliance Residential Company is pleased to announce its acquisition of Westbury at Lake Brandon, a 366-unit, Class A apartment community in the Brandon submarket of Tampa, Fla. The seller was in liquidation and Alliance purchased the property through the bankruptcy trustee. The deal closed on April 20.
Situated on Lake Brandon at 1210 Westbury Pointe Drive, Westbury at Lake Brandon was built in 2002 and many apartment homes enjoy lake views. Amenities include full-size washers and dryers, crown molding, 9-foot ceilings, a clubhouse with state-of-the-art fitness center, children's play room, playground, lighted tennis courts, picnic areas and a dog park.
Alliance intends to implement a management plan that enhances the community and will rebrand the property as an Alliance-owned asset under the Broadstone community name. "This represented an excellent distressed acquisition opportunity for a core-quality asset that was overlevered and suffered from a lack of capital and management focus, given its financial stress," says V. Jay Hiemenz, Alliance Chief Financial Officer. "Alliance restructured the CMBS loan with the special servicer as part of the transaction, and will implement a management and capital plan to stabilize and add value to the community."
Adds Brian Tusa, Alliance Managing Director for the Southeast Region: "Our cost basis is very attractive relative to replacement cost and other recent sales comparables for the Tampa area."
Westbury at Lake Brandon is Alliance's second community in the Tampa area — the company is currently under construction on Broadstone Citrus Park, a luxury multifamily development within the Citrus Park Village bedroom community, which is scheduled for completion in mid-2012.
For more information, visit www.allresco.com.
Company Information
Alliance Residential, known as Alliance Communities in Texas, 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, 46,500 units in 24 metropolitan markets and a presence in 13 states (including Arizona, California, Colorado, District of Columbia, Florida, Georgia, Nevada, New Mexico, New York, Oregon, Texas, Utah and Washington). For more information, visit www.allresco.com.