June 10, 2016

Alliance pays $29M for 2 First Hill sites where it will build apartments this fall

Renderings by Encore Architects & Design Distill [enlarge]

Broadstone Saxton will have 325 units.

[enlarge]

Broadstone Lexington will have 75 units.

Phoenix-based Alliance Residential Co. said it plans to start construction by September on two apartment projects at Boren and Terry on First Hill, near Harborview Hospital.

Broadstone Saxton will be an eight-story, 325-unit building with 7,000 square feet of retail at 1001 James St., and Broadstone Lexington will have 75 units on seven stories at 1050 James St. The larger project will have 285 parking stalls and the smaller one will have 40.

Encore Architects is designing both buildings, which will sit across from each other on James Street. Alliance will construct them.

The team also includes Berger Partnership, landscape architect; Bykonen Carter Quinn, structural engineer; and Bush, Roed & Hitchings, civil engineer.

Alliance said Broadstone Lexington will provide a luxury boutique experience that reflects the historic character of the neighborhood. Broadstone Saxon will have a contemporary style to signal the way that First Hill continues to evolve.

Public records show that on Wednesday an entity of Alliance paid Trammell Crow Co. $19.1 million for part of a full-block site bounded by Terry, Jefferson, James and Boren Avenue where Broadstone Saxton will be built, and for the site where Broadstone Lexington is going.

In a separate transaction, Alliance paid First Hill Northwest LLC $10.2 million for the rest of the full-block site.

Alliance is a private U.S. multifamily company with offices in the West, Southwest, South-Central, Southeast, Mid-Atlantic and Northeast. Alliance has invested in more than $10 billion worth of real estate and manages a $14 billion portfolio, according to its website.

Alliance has developed a number of apartment projects in Seattle.

In 2014, the company sold Broadstone Koi apartments for $57 million. The 166-unit building at 1139 N.W. Market St. in Ballard was purchased by an entity that shares a Los Angeles address with CBRE's investment arm. The building was finished in 2012.