DTZ, a global leader in commercial real estate services, announced today that Broadstone Civic Center, LLC (Alliance Residential) purchased a 13.72 acre, 256 unit multifamily development site located south of the southwest corner of Warner Road and Civic Center Drive in Gilbert, AZ for $3.85 million ($$15,039 per unit). The seller was AZ Gilbert Holdings 2, LLC (an entity formed by Lehman Brothers Holdings, Inc.).
DTZ Executive Managing Directors David Fogler and Steven Nicoluzakis and Managing Director Don Arones represented the seller during the transaction.
“This immediate location has significant access to employment and retail amenities, and with the limited supply of multifamily sites available in Gilbert and the quality that Alliance delivers, this will prove to be a very successful development,” said Mr. Fogler.
Alliance Residential is partnering with Appian Capital, LLC to develop Broadstone Civic Center, a 256 unit apartment complex. Slated to break ground in second quarter 2015, the gated project is planned to include one, two and three-bedroom units that range in size from 750 to 1,300 square feet.
Alliance Residential Builders is the contractor on the project.
The property was part of a 37-acre parcel Lehman Brothers purchased in 2005 and is adjacent to the Gilbert Civic Center and Gilbert Town Hall. It is surrounded by a large amenity base of retailers and restaurants including the Downtown Gilbert Heritage District, a pedestrian-friendly area filled with restaurants, shops, cultural attractions and scenic parks.