FORT WORTH, TX - Alliance Residential is pleased to announce its purchase of a 16.25-acre parcel of land in the Centreport submarket of Fort Worth, Texas. The deal closed on June 10 and Alliance plans to build a 344-unit, Class A luxury apartment community on the site. Completion is slated for year end 2012.
Located two blocks from the State Highway 183 and State Highway 360 intersection, the site is equidistant to Dallas and Fort Worth, and across the street from Alliance’s initial multifamily development in the area, Broadstone Centreport. Alliance intends to begin construction this summer, and will brand the community as an Alliance-owned asset under the Broadstone community name.
Per V. Jay Hiemenz, CFO: “The Dallas/Fort Worth market has been a solid performer through the downturn and is projected to continue outpacing the nation in terms of job creation. This translates to a favorable environment for multifamily demand and investment throughout the area — as a result, it is one of our primary target markets supporting new development activity.”
The community is situated within the Centreport Business Park, a 1,300-acre master-planned development that houses American Airlines’ headquarters and a variety of other businesses — including the SABRE Group, Chase Bank, Qwest, Whirlpool and Mercedes-Benz — for a total of approximately 20,000 workers. The site is adjacent to DFW International Airport, and is within five miles of more than 40 restaurants, four golf courses, seven grocery stores, Irving Mall, Texas Health Resources HEB Hospital, Lone Star Racetrack, Six Flags Over Texas, Rangers Ballpark and the new Cowboys Stadium.
At completion, the community will offer one-, two- and three-bedroom apartment homes with upgraded appliance, lighting and plumbing packages. Planned interior finishes include 42-inch cabinets, granite countertops with under-mounted sinks in kitchens and baths, 12-inch ceramic tile flooring and surrounds in baths, and accent walls. Alliance also plans to incorporate an extensive amenity package, featuring a resort-style pool, barbecue area, clubhouse, fitness center and business center.
“The success we’ve achieved with our initial Centreport project demonstrates the demand for high-end multifamily product at this location,” says Nick Chapman, Partner/Managing Director of Development. “Undertaking a second development in the area necessitated designing this project with unique characteristics, in order to allow the two assets to complement one another and enjoy mutually beneficial synergies.”
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 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.