Alliance acquires North Boca Village Center at $16.4M discount

Alliance Residential can now move forward with its plan to build a 386-unit apartment complex at the North Boca Village Center after acquiring the site at a heavy discount, the South Florida Business Journal reported.

An affiliate of the Phoenix-based developer purchased the 20.3-acre property at 7867 and 7887 N. Federal Highway from Fifth Third Bank for $9.4 million. The bank had foreclosed on a $25.8 million mortgage the previous owners, Boca Riverwalk, took out on the site, formerly called Levitz Plaza.

The Journal reported that Alliance obtained a $40.3 mortgage from Wells Fargo to begin construction on a new complex which it will call Broadstone at North Boca Village. [SFBJ]