DENVER, CO - Alliance Residential Company is pleased to announce the purchase of a 1.62-acre multifamily development site in the renowned Cherry Creek neighborhood of Denver. Alliance purchased the land with plans to build a LEED Silver-certified mixed-use luxury apartment community named Broadstone Gardens at Cherry Creek. Construction will begin following a ground-breaking ceremony on Feb. 2, with the clubhouse and first units being delivered in early 2013. Final completion is slated for summer 2013.
“Broadstone Gardens at Cherry Creek represents an exciting urban development opportunity at an attractive basis and yield in Denver,” says V. Jay Hiemenz, Alliance’s Chief Financial Officer. “The market has excellent fundamentals — we’ve seen rents trending up throughout 2011, with rental growth projected at more than five percent for 2012 as well. The Cherry Creek area is an excellent, core location in Denver for investment.”
A short walk from a prominent intersection, Broadstone Gardens at Cherry Creek is surrounded by shopping, dining and entertainment options — including Cherry Creek Mall and the Cherry Creek North District. At the community, an extensive amenity package will ensure residents have a wide variety of recreational and gathering areas, including a café-style gourmet kitchen, entertainment lounge, fitness center and business center with meeting space, as well as approximately 3,500 square feet of ground-floor retail space. The project will also feature a large community garden courtyard, and a zero-entry pool with tiered spa deck and active water features. The pool area will be adjacent to an indoor café with a glass roll-up door, which will allow for seamless integration of these spaces during the warm seasons.
Within the 161 apartment homes, Alliance is focused on incorporating a variety of unique, high-quality finishes and non-traditional elements, such as contemporary quartz countertops with glass-tile backsplashes, retractable doors/room dividers and bonus spaces that can be used as a home office or baby’s room. Cabinetry will include espresso-wood and bamboo cabinets with upgraded pulls.
“We have worked diligently with the Cherry Creek East Association and the seller, Mickey Zeppelin, to ensure this community fulfills a vision that was almost 30 years in the making,” says Andy Clay, Managing Director of Development for Alliance’s Mountain region. “It’s a rare location that justifies a high-quality, innovative and community-oriented product. Broadstone Gardens at Cherry Creek will appeal to sophisticated residents who are truly renting by choice.”
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 12 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 and 50,000 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