Alliance Residential Sells Luxury Phoenix Asset for $84M

The seller opened the 316-unit Class A community in summer 2018. Thrivent Financial provided the buyer with more than $50 million in acquisition financing.
Broadstone Roosevelt Row

Weidner Apartment Homes has purchased Broadstone Roosevelt Row, a 316-unit multifamily asset in Phoenix, for $84.2 million, according to Yardi Matrix. The seller, Alliance Residential Co., opened the property in June 2018, following approximately two years of construction. Thrivent Financial originated $50.5 million in acquisition financing for the buyer.

Located at 330 E. Roosevelt St. in the Sky Harbor submarket, the five-story building is within 1 mile of downtown Phoenix. Interstate 10 is two blocks to the north, and the immediate area is home to a wide variety of shopping and dining options. Many of the metro’s major employers are a short distance from the asset—per Yardi Matrix data, some 9.4 million square feet of office space is less than 1 mile from Broadstone Roosevelt Row’s front door.

The community contains studio, one-, two- and three-bedroom apartments, with floorplans ranging from 617 to 1,643 square feet. The property’s amenity mix includes a clubhouse, fitness center, swimming pool, spa and rooftop deck. Parking is available in an enclosed garage beneath the building. In January, the asset was 94.9 percent occupied, per data from Yardi Matrix.

In January, Weidner traded a 258-unit community for more than $37 million, roughly 3 miles to the east. The firm currently owns around 10,000 units across the Phoenix metro and more than 50,000 nationwide.

Image courtesy of Yardi Matrix