The Real Deal Miami

Developer gets Broadstone site in $20M deal

Alliance Residential to construct 372-unit project in Brickell area

November 07, 2014 10:30AM

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Alliance Residential CEO Bruce Ward

Alliance CEO Bruce Ward

Alliance Residential acquired the site of its planned Broadstone at Brickell project in a $20.23 million transaction.

The Phoenix-based developer took title to the eight-property portfolio at Southwest 11th Street and Third Avenue in a deal recorded on Thursday, according to Miami-Dade County records. The seller is Miami Sunrise Properties LLC. Elena Arechaga signed the deed as the selling company’s president.

No financing was recorded.

Broadstone at Brickell’s plans call for 372 units, with a mix of studio apartments, one and two-bedroom units and townhomes. Alliance also wants to build a seven-story parking garage with 520 spaces. Miami’s Urban Development Review Board approved the development in September. — Eric Kalis

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