PHOENIX, AZ - Alliance Residential Company is pleased to announce the sale of its 240-unit mid-rise infill apartment community, Level at Sixteenth, to Hartford, Conn.-based Cornerstone Real Estate Advisors. The deal was brokered by Hendricks and Partners and closed on July 6. Alliance has retained management of the property.
“Alliance is very pleased with the sale of Level to Cornerstone Real Estate Advisors,” says Robert M. Hutt, Partner/Managing Director of Development for the Southwest. “The sale allows us to deploy capital to our development pipeline, while retaining management of the property and further developing our relationship with one of the nation’s preeminent real estate advisory firms.”
Located at the intersection of 16th Street and Campbell Avenue in Phoenix, Level at Sixteenth was completed in 2010 on the site of a former 1950s retail strip mall. The community features 12 unique studio, one- and two-bedroom floor plans and an extensive amenity package, including a two-story, fully appointed athletic center with virtual personal training, a resort-style pool and spa with soothing water features, an expansive outdoor Ramada lounge, and a sophisticated clubhouse with urban lounge, multimedia video wall, pool table and gourmet demonstration kitchen.
The community also features interior air-conditioned hallways, underground parking and elevator access, as well as plank flooring, exposed ductwork, steel cable railings and other industrial material finishes. This fresh, urban appearance is enhanced by granite countertops, tile and glass backsplashes, stainless steel appliances and custom pendant track lighting, which provide a contemporary feel.
Since 2001, Alliance has invested $2.7 billion in the development of more than 20,000 units and $1.4 billion in the acquisition of more than 13,000 units. The firm plans to break ground on 5,000 units this year. Locally, Alliance manages a portfolio of approximate 7,700 units across 24 properties, of which approximately 2,600 units are owned by Alliance ventures.
For more information, visit www.levelatsixteenth.com or 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 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. Alliance has 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) and is actively seeking management, development and acquisitions opportunities across the markets it serves. For more information, visit www.allresco.com.