Alliance Residential Opens First Community in $300M Apartment Construction Cycle
ATLANTA — Alliance Residential Co.’s Atlanta office has opened The Haynes House, an eight-story, 186-unit luxury apartment community in Atlanta. The opening marked the first delivery of what will be more than $300 million in new multifamily construction across the Southeast for Alliance Residential.
The regional office is poised to either deliver or begin Class A communities in Nashville; Charleston; and Midtown, Buckhead, and Sandy Springs in the Atlanta metropolitan area over the next year, with more in the early planning stages.
“As our first delivery this cycle, The Haynes House is the proverbial tip of the spear,” says Todd Oglesby, managing director of Alliance Residential Co. “It sets the tone for what we will be doing across the South; well-located, best-in-class communities in key Southeastern cities.”
The Haynes House is located on Peachtree Road across from Peachtree Battle Shopping Center. Alliance acquired the site in May 2013, working with neighborhood and zoning officials to create a project that would integrate successfully with the fabric of Peachtree Road. The company was able to start the project quickly and deliver the upscale community in 20 months. According to Apartments.com, rental rates at The Haynes House ranges from $1,450 to $4,200.
This summer, Alliance Residential Co. plans to open Broadstone Court on Maple Drive in Buckhead’s business district. The company has also started Broadstone Folly Beach in Charleston and Broadstone Germantown in Nashville. New projects are also in the works for Midtown Atlanta on Juniper Street and on Roswell Road in Sandy Springs, Ga. By the end of 2015, Alliance Residential plans to have several more projects underway across the Southeast.
“We are bullish on the Southeast,” says Oglesby. “If we find a piece of property that fits our model, we have the ability to close quickly, get started and deliver high-end projects that are unique, thoughtful and that our residents will thoroughly enjoy calling ‘home.’”
Phoenix-based Alliance Residential Co. is one of the largest private U.S. multifamily developers and managers with 34 offices throughout the country. The company is active in 19 states and 29 metropolitan markets. It has invested in more than $3 billion of real estate and manages a $9 billion portfolio.
— John Nelson