Alliance Residential Company Purchases Land in Plantation for Development of New Multi-Family Complex

Berger Commercial Realty  /   October 5, 2015

Steve Hyatt of Berger Commercial Realty brokers $7.5 million deal

Berger Commercial Realty announced today the $7.5 million purchase of land in Plantation that will be developed into a new apartment complex, tentatively slated as Broadstone Plantation.

Berger Commercial Realty Senior Vice President Steve Hyatt represented buyer Alliance Residential Company in the deal, which closed on Friday. The land was sold by William Murphy of Sunrise Properties and Investments #14 LLC.

Located at 6901 W. Sunrise Blvd., the 12-acre parcel currently houses a former office building. The new multi-family development will feature 250 garden-style units surrounding a lake with amenities such as a community clubhouse, pool, fitness center and dog park.

"This was an attractive acquisition for Alliance due to the property's central location in Broward County and proximity to major employment centers," Hyatt said.

This is the second land purchase that Hyatt has closed for Alliance this year. In March, he represented the company in purchasing 4.26 acres of land, located at 1701 S.E. 17th St. in Fort Lauderdale, from Art Institute Investments, LLC for $22.1 million. The company is developing that parcel into a 394-unit apartment complex named Broadstone Harbor Beach.

Plans for Broadstone Harbor Beach include eight stories of apartment units; high-end amenities such as a club room, pool, putting green and state-of-the-art fitness center; 2,700 square-feet of retail space; and a 4,600-square-foot retail outparcel.

Headquartered in Phoenix with a regional office in Boca Raton, Alliance is one of the largest private multi-family development companies in the United States, purchasing real estate, developing projects and managing properties in 19 states and 29 metropolitan markets throughout the country.

Hyatt has more than 30 years of real estate experience in the South Florida market. His focus areas include investment sales, land brokerage, and acquisition / disposition services for both corporate clients and private investors.

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