Alliance Residential Sells Award-Winning Community

SEATTLE, WA - To achieve its projected 5,000 starts in 2011, Alliance Residential Company has set its sights on Seattle and Portland in a big way. Following the $346,000-per-door sale of Portland-based Broadstone Enso, Alliance broke ground on a 163-unit, LEED-certified residential mixed-use project in Seattle’s eclectic Ballard neighborhood in September. Simultaneously, Alliance is strategically expanding resources in its Seattle-based Pacific Northwest office with the addition of new development and construction professionals.

The sale of Alliance’s 160-unit, mixed-use Pearl District development, Broadstone Enso, was finalized at the end of August. Alliance is eager to develop again and take advantage of the fact that Portland is currently one of the hottest markets in the U.S.

“Portland’s high quality of life continues to attract Gen-X and Gen-Y renters, which pushes rental and occupancy rates,” says Noel Johnson, Development Partner/Managing Director for the Pacific Northwest. “To respond to this demand, Alliance is focused on building more progressive, exciting communities throughout the metro.”

“There’s a frenzy around urban infill product — the cap rates in Portland are lower than Seattle because there’s very little product, and what’s available is in the core,” adds Dan McCadden, Partner/Managing Director of Development for the Northwest.

In Seattle, construction is underway on Broadstone Koi, a mixed-use project located within two miles of downtown and in the midst of Ballard’s thriving retail district. At completion, the community will consist of studio, one- and two-bedroom luxury multifamily units, unique live/work units at the street level and high-ceiling lofts with private patios. Active gathering spaces are a main focus of the development, and will include a rooftop deck with grilling areas and expansive views, as well as a lushly landscaped, ground-level outdoor courtyard. The project will also offer an extensive amenity package and a variety of sustainable features associated with its pursuit of LEED certification.

Given the bright outlook for both markets, Alliance has added professionals who understand today’s renters and have significant regional experience to its development team. Noel Johnson recently joined Alliance as the Managing Director in charge of the Pacific Northwest. Previously with Trammell Crow Residential in Portland, Mr. Johnson will grow and manage the Seattle and Portland markets for Alliance, as well as oversee all aspects of development. Rocky Brown has also moved to the Pacific Northwest region to direct construction activities. With his prior leadership of Alliance construction efforts in Denver, Mr. Brown will bring additional knowledge and depth to the existing team, which includes Construction Vice President Ron Svoma.

Mr. Johnson is focused on walkable, transit-oriented sites in Portland and Seattle that will suit Alliance’s next generation of high-end multifamily developments. One such example is Alliance’s planned project in West Seattle, which will feature approximately 170 units next to open space and along a bus route, with excellent access to retail and groceries. Overall, the efforts of the Pacific Northwest team are strategically timed to coincide with each market’s economic recovery, job growth and positive absorption trends.

“Our region’s diverse, knowledge-based economy and its superior quality of life continue to drive apartment demand within markets that feature significant barriers to new supply,” says Johnson. “Accordingly, the Pacific Northwest is a challenging, yet rewarding, market that values thoughtful development and Alliance’s efforts in this region are part of its campaign to develop 5,000 units nationally in 2011. In the Pacific Northwest and across the country, we are committed to building communities of the highest possible quality, which are tailored to the needs and desires of those who live there.”

Company Information
Alliance Residential is a fully-integrated multifamily real estate operating company focused on the development, acquisition, construction and management of residential and mixed-use communities in the United States. Headquartered in Phoenix, Alliance has 20 regional offices divided among six regions throughout the U.S. Over the past 11 years, Alliance has become one of the largest private apartment owners and the 15th largest management company in the nation, boasting a $6.0+ billion portfolio, 48,000 units in 24 metropolitan markets. Alliance has a presence in 15 states (including Arizona, California, Colorado, District of Columbia, Florida, Georgia, Maryland, Nevada, New Mexico, New York, Oregon, Texas, Utah, Virginia and Washington) and is actively seeking management, development and acquisitions opportunities across the markets it serves. For more information, visit www.allresco.com.

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