Alliance Residential buys Plantation site, lands $33M loan

Miami /
Oct.October 05, 2015 03:45 PM

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.


Related Articles

arrow_forward_ios
AIMCO founder Terry Considine and a rendering of the Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Miami Beach board rejects Aimco’s proposal for Grand Flamingo tower
Abacus Capital Partners pays $125M for Plantation apartments
Abacus Capital Partners pays $125M for Plantation apartments
Abacus Capital Partners pays $125M for Plantation apartments
Aventura Mayor Enid Weisman (Facebook via Weisman, Getty)
Aventura votes to require HOAs to submit critical reports within 48 hours
Aventura votes to require HOAs to submit critical reports within 48 hours
The current Miami Beach North Shore library with Mayor Dan Gelber (Google Maps, Gelber)
Miami Beach seeks buyers for city-owned development sites
Miami Beach seeks buyers for city-owned development sites
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
1 South Pine Island Road (Newmark)
KPC Properties buys Plantation apartment complex for $46M
KPC Properties buys Plantation apartment complex for $46M
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...