Phoenix, Arizona-based Alliance Residential Co. has closed on a development site in Plantation with a $33 million loan, according to Broward County records.
CRP/AR Broadstone Plantation Owner, an affiliate of Alliance, paid $7.5 million for the nearly 12-acre property at 6901 West Sunrise Boulevard. Wells Fargo was the lender for the $33.48 million mortgage.
Sunrise Properties & Investments sold the property, which includes a 50,097-square-foot flex warehouse. Previous sales information was not available in Broward County records. Last year, Sunrise Properties had plans for a 400-apartment project on the site. The seller is managed by Blackpool Associates president William Murphy and M. Austin Forman.
Alliance will build a 250 garden-style project that surrounds a lake on the property, according to a press release. Amenities will include a community clubhouse, pool, fitness center and dog park.
“This was an attractive acquisition for Alliance due to the property’s central location in Broward County and proximity to major employment centers,” Steve Hyatt, Berger Commercial Realty vice president, said in the release. Hyatt represented Alliance.
Alliance has spent more than $3 billion in real estate and manages a $9 billion portfolio, according to the company’s website. In May, it took out a $37.7 million mortgage on a new apartment community in Coconut Creek. Completed communities include properties in Coconut Creek and Boca Raton, plus an upcoming Broadstone-branded complex in Fort Lauderdale on the site of the former Art Institute campus.