ALLIANCE COMMUNITIES BREAKS GROUND ON TWO LUXURY APARTMENT DEVELOPMENTS

AUSTIN, TEXAS — Alliance Communities, the Texas division of Phoenix-based Alliance Residential Co., has broken ground on two Class A multifamily developments in Austin. Broadstone Travesia, which is located in the far north Austin/Round Rock area, will comprise 396 luxury apartment homes. The property sits directly across from the 328-acre La Frontera mixed-use development as well as the Travesia Corporate Park, which currently has 216,000 square feet of Class A office space underway. The second project, Broadstone Grand Avenue, will feature 280 luxury apartment homes. The community is located at the intersection of Grand Avenue Parkway and Interstate Highway 35, also in the far north submarket. Guaranty Bank and Bank of America are providing construction financing for Broadstone Travesia and Broadstone Grand Avenue, respectively. The Houston office of Hensley, Lamkin and Rachel is the project architect for Broadstone Travesia; Houston-based Steinberg Design Collaborative is serving as project architect for Broadstone Grand Avenue.