Alliance Residential Acquires 660 Units for Rentals as Condo Market Cools in Arizona
February 15, 2007
By Gail Kalinoski, Contributing Editor

With the condo market cooling in Phoenix, Alliance Residential Co. has picked up 660 units at two Scottsdale-area apartment communities that were slated for condo conversions but will remain rentals.

The price Phoenix-based Alliance paid for the two properties--Joshua Tree Apartments at 11545 N. Frank Lloyd Wright Blvd. in Scottsdale and the Foothills Apartments 9259 E. Raintree Road in North Scottsdale--was not disclosed.

However, Alliance now plans to give the properties major upgrades in hopes of increasing the upside on the rents, which are reportedly below market rate.


"As a result of a significant amount of surrounding properties already converted to condos in the Scottsdale market, we will be able to renovate and reposition the assets," John Cunningham, Alliance's managing director of acquisitions, said Wednesday in a release about the acquisitions. "We will strongly benefit from the reduction in inventories of apartments and increased demand from renters."

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