July 26, 2016
Phoenix-based Alliance Residential Co. acquired 3 acres at the intersection of Summit Avenue and West Fifth Street near downtown Fort Worth. The land buy from Hines paves the way for Broadstone 5th and Summit, a 345-unit apartment property on which Alliance will begin construction by the end of July. The first units should be ready for move-in by the summer of 2018.
The property will be near Fort Worth’s Pier I Imports Building, and will offer studios, one-bedroom apartments and two-bedroom town homes. Records indicate that the developer took out a $43.2 million note from Capital One to buy the land from Hines.
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