Alliance Residential buys land to start 259-unit apartment development

BUYER: Broadstone Hyde Park LLC, Phoenix
SELLER: Stenlund & Associates LLC
PROPERTY: 1720 W. Cleveland St., 215 S. Rome Ave. and 206 Packwood Ave., Tampa
PRICE: $5.55 million
PREVIOUS PRICE: $140,000, February 1998
LAW FIRM ON DEED: Locke Lord LLP, Dallas

PLANS, DESCRIPTION: Alliance Residential Co. purchased several commercial buildings and the property extending a full city block on Cleveland Street between Packwood and Rome avenues in Hyde Park for $5.5 million.

The Phoenix-based multifamily company cleared the three-acre site to develop a 259-unit apartment complex called Broadstone Hyde Park. The project will feature two five-story courtyard buildings with a centralized 450-space parking garage. Amenities will include a two-story entrance atrium, fitness facility, swimming pool and clubroom.