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.
Construction on the project started recently and is expected to take from 18 to 21 months to complete. Alliance Residential is acting as the general contractor and Dwell Design Studio of Alpharetta, Ga., designed the development.
“We like the location,” says John Zeledon, managing director for Alliance Residential. “It's a very infill site near Kennedy [Boulevard] in the Hyde Park area. There are a lot of restaurants, bars and things to do in the area. It has a great proximity to downtown and the employment centers.”
This is the second development in the Tampa Bay area for Alliance Residential. It previously built the 296-unit Broadstone Citrus Park at 7940 Citrus Garden Drive, Tampa. It sold that property earlier this year for $42 million ($141,892 per unit). Alliance Residential has also acquired land for a 240-unit development called Broadstone Clearwater.
The purchase entity, Broadstone Hyde Park LLC, mortgaged the property to Regions Bank for $27.11 million.
Alliance Residential is one of the largest private multifamily companies in the United States with more than more than $3 billion invested in real estate and a $9 billion management portfolio.