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ALLIANCE RESIDENTIAL CO. TO DEVELOP 240-UNIT LUXURY COMMUNITY

PHOENIX — Alliance Residential Co. plans to develop a 240-unit luxury rental community in the heart of the Camelback Corridor in Phoenix. Located at the intersection of 16th Street and Campbell, the $36 million project will feature one- and two-bedroom apartment homes with loft-style floor plans, hardwood floors, center-island kitchens with granite countertops, spiral staircases and state-of-the-art amenities. The community will feature a 2,700-square-foot fully equipped clubhouse/social lounge, a wireless cyber café with coffee bar, a 2,300-square-foot fully equipped fitness center and a resort-style pool. Completion and occupancy are slated for fall 2009. The company acquired the 4.14-acre land site in May for $5 million.

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