Developer gets Broadstone site in $20M deal

Alliance 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.

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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