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9/24/19
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An Alliance Residential entity purchased 1.527 acres within the Roosevelt Row Arts District at the northeast corner of 3rd Street and Portland Street in Phoenix for $6.45 mil. The land will be used for the development of Broadstone Portland, a 161-unit multifamily project adjacent to the recently completed Broadstone Roosevelt Row, a 316-unit res community.
The planned property will feature studio, one- and two-bedroom units ranging from 620 sf to 1.6k sf. The five-story Broadstone Portland will also include street level stoop entrances on top of two levels of podium parking and an elevated amenity deck with a resort-style pool and a fitness facility.
Construction is slated to start in the fourth quarter of 2019. ORB Architects is designing the newly-planned rentals.
David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, Edgehill Investments (Ryan and Anthony Francisco, principals), in the transaction.
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