Source: Business Real Estate Weekly of Arizona
Alliance Residential Co. plans to develop a 200-unit luxury apartment complex at the northeast corner of Third Avenue and Osborn Road in midtown Phoenix.
A joint venture formed by Alliance Residential paid $6M to buy the 2.4-acre site, which is now occupied by two buildings built in the late 1950’s. Portions of the currently vacant structures will remain and be incorporated into the design. Alliance Residential is developing the upscale apartment community in joint venture with Appian Capital LLC.
The project is being called Broadstone Midtown, and is located less than three blocks from a light rail station. Design plans from ORB Architecture show a four-story residential building above two levels of podium parking. The one-, two- and three-bedroom units will range from roughly 625SF to 2,100SF. Construction is scheduled to start in Q2, with opening expected Q3 2018.
Alliance Residential Builders will serve as contractor. Development cost for the land and buildings is estimated at more than $40M. Construction financing has yet to be arranged.
Read more at Business Real Estate Weekly.
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