Alliance Residential Opens Leasing for Recently Bought Condo Conversion

By Anuradha Kher, Online News EditorSeattle–Alliance Residential Co. recently added the Broadstone Domaine project to its property management portfolio. The company has completed condo conversion on the 91-unit apartment community in Seattle, which is now open for leasing.Located at 2480 and 2483 Birch Ave. North, in the Queen Anne neighborhood, the newly built property had not sold any of the units prior to Alliance buying it. “Units in a number of for-sale projects in Seattle, as in other parts of the country, are not selling at the price that builders initially expected,” Kelly Hughes, VP of Operations, tells MHN. “Which is why many have been sold or converted to rentals.”Alliance bought this property because the company considers Seattle to be a good rental market. “We are looking at properties all over the country for 250-unit plus properties, but this one is an exception because it’s a unique product,” Michelle Betchner, VP of Performance, tells MHN.Domaine features one- and two-bedroom units ranging in price from $1,395 to $4,283. Many units have patios or decks with views of Lake Union, the Cascade Mountains and Downtown Seattle. “We expect the property to be fully leased by August,” says Hughes. The units feature Italian tile floors, hardwood cabinets, stainless steel appliances and stone counter tops. Alliance is also in the process of building a fitness center.