In a city where the demand for apartment space is currently outpacing the supply, a company called Alliance Residential has announced plans to build a new luxury multi-unit complex.
An integrated real estate operating company, Alliance says it wants to build the project in downtown Phoenix in the 300 block of E. Roosevelt Street.
The company has built a number of apartment communities in the metro Phoenix area and is listed as the second largest multifamily developer in the country.
The project would go up next door to the 316-unit Broadstone Roosevelt Row luxury apartment community that the Phoenix-based Alliance sold earlier this year for just over $84 million.
The new 162-unit project, which does not yet have an official name, will go up on the northeast corner of Third and Portland Streets. The project will include a swimming pool, rooftop deck, bike storage, and both patios and balconies.
The demand for new apartment space in Phoenix, particularly in the downtown area, has reached unprecedented levels. The city’s current apartment occupancy rate stands at more than 96 percent, one of the highest in the country, with one-bedroom units going for around $1,100.
There are currently more than 2,000 new apartments under construction, with nearly twice that many units in the planning stage.
Work on the new Alliance project is expected to launch later this fall.
By Garry Boulard
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