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Alliance Residential buys land, will build complex

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  • | 6:15 p.m. September 10, 2010
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  • Commercial Real Estate
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BUYER: Broadstone Citrus Park LLC (Alliance Residential Fund I LP), Phoenix

SELLER: Post Walk at Citrus Park Village LLC

PROPERTY: 14705, 14708, 14707, 14706, 14704 and 14711 Longview Drive, 8001 and 8013 Gunn Highway and 7806 Amherst St., Tampa

PRICE: $3.75 million

LAW FIRM ON DEED: King & Spalding LLP, Atlanta

PLANS, DESCRIPTION: Phoenix-based Alliance Residential Co. purchased 17.7 acres at Gunn Highway and Longview Drive for $3.75 million.

The price equated to $211,864 per acre.

Alliance Residential, an apartment developer and property management company, plans to build a 296-unit complex on the site called Broadstone Citrus Village. The $31 million project will feature 17 residential buildings along with several attached garages, a clubhouse and a pool and fitness center. Alliance Residential expects to start construction in October, with completion scheduled for the second quarter of 2012.

Low land costs and the improving submarket of Citrus Park Village helped attract the company to the purchase. Plus, Michael Ging, managing director of Alliance Residential, says apartment occupancies continue to increase nationally.

Alliance Residential Co.'s construction company, Alliance Residential Builders, South Florida LLC, will build the complex.

Alliance Residential is one of the largest private apartment owners and management companies in the United States. Its portfolio, worth more than $6 billion, covers 45,000 units in 12 states.


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