Alliance Residential Opens Portland Community
The developer broke ground on the 147-unit Class A project, known as Broadstone Reveal, in mid-2017, with BMO Harris Bank providing construction financing.
Broadstone Reveal
Alliance Residential Co. has opened Broadstone Reveal, a 147-unit Class A community in Portland, Ore., according to Yardi Matrix. Construction work commenced in summer 2017 and preleasing began in November 2018.
BMO Harris Bank provided the developer with a $30 million line of credit to finance construction. The note matures in September, with two options to extend the term by an additional year.
Located at 1441 N.W. Quimby St. in Portland’s Pearl District, the community is within 2 miles of the downtown area. The six- and seven-story building rises alongside Interstate 405, and local public transportation options connect the asset to the rest of the metro area.
The pet-friendly property contains a mix of one- and two-bedroom units, with floorplans between 611 and 1,196 square feet. Amenities include a rooftop lounge, a fitness center, bike storage and electric vehicle charging stations.
Also in March, Alliance Residential sold a Phoenix luxury development for $84 million. The community opened its doors in mid-2018 and was nearly 95 percent occupied at the start of the year.
Image via Google Street View
