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SCOTTSDALE, ARIZ. — A partnership formed by Alliance Residential has purchased a 5.4-acre multifamily development site in Scottsdale for $18.5 million. The site is located at 75th Street and Stetson Drive in the city’s downtown region. It is approved for 316 units. Alliance hopes to break ground on the new multifamily project later this year. The seller, Equity Partners Group, was represented by David Fogler and Steven Nicoluzakis of Cassidy Turley Arizona’s Multi-Family Investment Group, and Don Arones of Cassidy Turley’s Office Group. Equity Partners Group is a division of Triyar Companies.