PHOENIX–(BUSINESS WIRE)–Cushman & Wakefield (NYSE: CWK) announced the firm has brokered the sale of Broadstone Rio Salado, a 276-unit Class A apartment community located at 2325 E Rio Salado Parkway in Tempe, Arizona. The newly developed asset was acquired by an entity formed by Los Angeles-based Decron Properties for $96 million. The seller and original project developer was Phoenix-based Alliance Residential Co., one of the nation’s leading multifamily developers. Alliance Residential’s Joint Venture Equity Partner was Phoenix Capital Holdings.
David Fogler and Steven Nicoluzakis with Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the transaction.
“The relatively low density of Broadstone Rio Salado combined with the high level of interior finishes and top-of-the-market amenities has created a truly unique asset in a dynamic urban environment,” said Fogler, Executive Managing Director. “Tempe is widely regarded as one of the Phoenix area’s most dynamic submarkets and Broadstone Rio Salado is well positioned to take advantage of its exceptional location at the intersection of the 101 and 202 freeways. It is also proximate to some of the region’s largest employers and near an abundance of shopping, dining and entertainment amenities, and Arizona State University within just a few miles.”
Newly constructed in 2020, Broadstone Rio Salado consists of 28 studio units, 144 one-bedroom and 104 two-bedroom floor plans. On-site amenities feature a resort-style pool and spa, outdoor courtyards, an outdoor lounge, a clubroom, Wi-Fi lounge, and a two-level, state-of-the-art fitness center.
About Alliance Residential Company
Alliance Residential Company is the most active multifamily developer and one of the largest private residential real estate companies in the United States. Headquartered in Scottsdale, Arizona with 15 regional offices, Alliance is focused on the development, construction and acquisition of residential communities across 13 states and 23 metropolitan markets. Alliance develops high-end Broadstone multifamily communities, Holden senior housing communities, and workforce housing properties through its Prose brand. For more information, visit www.allresco.com
After 20 years as a leading full-service multifamily developer, builder, manager and buyer, and the most active developer in the U.S. in 2018 and 2019, Alliance Residential Company streamlined its business in June 2020 with the sale of its property management division to Greystar. The sale created a long-term strategic relationship with the combined property management company, owned by Greystar, providing management services to Alliance’s current and future multifamily acquisition and development projects.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.