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Alliance Residential Co is planning a 200-unit apartment at Third Avenue and Osborn Road in Midtown Phoenix. A JV formed by Alliance Residential paid $6M to buy the 2.4-acre site, Business Real Estate Weekly of Arizona reports. Alliance Residential is developing the apartments along with Appian Capital of Larkspur, Calif.
The development will count as a TOD, since it will be close to the Central Avenue and Obsorn light rail station. Currently, two buildings dating from the Eisenhower administration occupy the location. The seller was 240 Osborn LLC, an entity created by NOVO Development and investor Jacob Long of Phoenix.
The new project will be called Broadstone Midtown and designed by ORB Architects. Construction will begin later this year and finish in Q3 2018. Alliance Residential and Appian Capital are no strangers to the Valley. The duo is developing the 256-unit Broadstone Gilbert Heritage in Gilbert. [BREW]
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