PHOENIX, AZ - Alliance Residential Company is pleased to announce the sale of its 280-unit garden-style apartment community, Broadstone Canyon Crossroads, to Greenwood Village, Colo.-based Baron Properties LLC. The deal was brokered by Hendricks and Partners, and closed on July 28.
“Alliance is very pleased with the sale of Broadstone Canyon Crossroads to Baron Properties,” says Robert M. Hutt, Partner/Senior Managing Director of Development for Alliance. “The sale allows us to deploy capital to our development pipeline, and is the first of what we hope will be multiple transactions with the investment team at Baron Properties.”
Located in the North Black Canyon Corridor in Phoenix, Broadstone Canyon Crossroads was completed in 2008 and spans 13.67 acres. The three-story community features unique studio, one- and two-bedroom floor plans with granite countertops, plank flooring and custom cherry cabinetry. Broadstone Canyon Crossroads also offers an extensive amenity package, including a fully appointed fitness center with cardio theater, resort-style pool, outdoor Ramada lounge with sliding glass-panel wall system, executive conference center and multimedia billiards room.
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 8,100 units across 25 properties, of which approximately 2,600 units are owned by Alliance ventures.
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.