By Angela Gonzales | Phoenix Business Journal
Ian Swiergol, managing director for Scottsdale-based Alliance Residential Co.’s Southwest region, has $500 million in apartments under construction and another eight projects totaling $600 million and about 2,500 units in the pipeline in metro Phoenix.
These plans come at a time as Alliance Residential is opening Broadstone Portland, a 161-unit luxury apartment community in the Roosevelt Row neighborhood of downtown Phoenix. Alliance paid $6.45 million for the 1.53-acre site in 2019, according to Tempe-based Vizzda LLC’s real estate database.
While Alliance Residential is known for its luxury apartments with rich amenities, Swiergol is looking to build communities in the West Valley with more affordable options.
“So much of metro Phoenix is about affordability,” Swiergol said. “Over the past 12, 18, 24 months, there has been a significant increase to the cost of living in our Valley. It’s a function of supply and demand. There’s been a significant increase in demand and not nearly enough supply, as evidenced by the increasing cost for single-family homes and for rent.”
His goal is to offer an apartment community in a Class A environment, but something that’s more affordable for those who can’t quite afford luxury units.
For example, plans call for building a luxury apartment community at Westgate Entertainment District and a more affordable community nearby where monthly rents will differ by an average of $300.
Alliance Residential’s luxury communities are branded with the Broadstone name, while the more affordable communities are branded under the name Prose.
The 308-unit Broadstone Westgate will be four stories within the Westgate master plan, with elevators, high-end amenities and designer finishes consistent with Alliance Residential’s other luxury projects in downtown Phoenix, Tempe and Scottsdale. That project is expected to begin construction during the first quarter of 2022.
Less than 2 miles away, the 384-unit Prose Glendale is west of the northwest corner of 99th Avenue and Desert River Boulevard, which is just north of St. Joseph’s Westgate Medical Center. It will have three-story buildings with Class A amenities and unit finishes. Construction is expected to begin later this year.
Another attainable housing project with 360 units is being planned in Goodyear west of the Goodyear Ballpark, Swiergol said.
The company has seven projects under construction in metro Phoenix totaling nearly 2,000 units, Swiergol said.
One of those is a 159-unit active adult community under construction at the northwest corner of 61st Place and Thomas Road in Scottsdale.
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