Phoenix, Arizona-based Alliance Residential Co. has acquired a 12-acre development site in Plantation for $7.5 million. Located at 6901 West Sunrise Boulevard the property also includes a 50,097-square-foot flex warehouse. The seller, Sunrise Properties & Investments, had planned to build a 400-apartment project on the site but opted to sell instead. Wells Fargo provided a $33.48 million mortgage for the purchase.
Alliance will build a 250 garden-style project that surrounds a lake on the property that will include 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 who represented Alliance in the sale.
