LEWISVILLE, Texas (May 11, 2011) — Alliance Communities is pleased to announce the commencement of construction on Broadstone Valley Parkway in Lewisville, Texas, a suburban community northwest of Dallas. Alliance purchased the 16.4-acre parcel of land on April 19 and began construction on a 363-unit Class A garden-style rental community on April 26. Completion is slated for December 2012.
"Very little multifamily product was delivered during the last cycle in Flower Mound and in the Lewisville area, west of Business 121," says Nick Chapman, Partner/Managing Director of Development for North Texas. "Broadstone Valley Parkway's location and upscale finishes will allow us to capture the pent-up demand for newer-generation production in the submarket."
Situated at the corner of West Round Grove Road and Valley Parkway, Broadstone Valley Parkway is approximately three miles west of Interstate 35, one of the major thoroughfares through Dallas/Fort Worth. The community also offers convenient access to the State Highway 121 toll road and George Bush Turnpike, as well as proximity to Dallas/Fort Worth International Airport and Grapevine Mills Mall.
Broadstone Valley Parkway will feature three-story wood-frame construction with attached garages, and average unit sizes of 948 square feet. Interior amenities include granite counters with under-mounted sinks in kitchens and baths, 42-inch cabinets, 12-inch ceramic tile flooring and surrounds in baths, accent walls, and upgraded appliance, lighting and plumbing packages. Additionally, Alliance will incorporate an extensive amenity package, featuring a resort-style pool, barbecue area, clubhouse, fitness center and business center.
"Given the strong fundamentals of the Dallas/Fort Worth area, we are pleased to be delivering a high-quality investment to the market," says Chief Financial Officer V. Jay Hiemenz. "Strong market fundamentals and a decline in land and construction costs should allow us to deliver the investment at a projected 8-percent-plus yield on cost, which represents an attractive spread to current market acquisition cap rates."
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 15 states (including Arizona, California, Colorado, District of Columbia, Florida, Georgia, Maryland, Nevada, New Mexico, New York, Oregon, Texas, Utah, Virginia and Washington). For more information, visit www.allresco.com.