In a press release, Jay Hiemenz, CFO for the locally based Alliance, says the complexes offer strong upside opportunities. "Alliance will add value by bringing our significant development and redevelopment expertise in markets where we have extensive management operations," he says. In-depth portfolio details, including the price, weren't available by press time, but most likely will surface as the day plays out.
In Phoenix, the properties are the 310-unit Fairway Crossings at 13220 S. 48th St. and 150-unit Posada del Estate at 1212 E. Bethany Home Rd. In Scottsdale, the JV bought the 384-unit Arabian Trails at 15536 N. 58th St. and 130-unit La Entrada at 16831 N. 85th St. And in Tucson, they acquired the 310-unit Pinnacle Heights at 7990 E. Snyder Rd., 144-unit Casas Lindas at 699 W. Magee Rd., 224-unit Springhill at 8030 E. Lakeside Parkway, 176-unit Colonia del Rio at 4601 N. Via Entrada and 248-unit Hacienda del Rio at 4545 N. Via Entrada.
The Albuquerque properties are the 430-unit Pinnacle at High Desert at 6000 Cortaderia NE, 301-unit Pinnacle at High Resort at 201 Country Club Dr. and 294-unit Pinnacle Estates at 8300 Wyoming Blvd.
The Las Vegas component consisted of the 350-unit Talavera at Peccole Ranch at 2251 S. Fort Apache Rd., 324-unit Pinnacle at Flamingo West at 9100 W. Flamingo Rd. and 184-unit Desert Lakes at 9155 W. Desert Inn Rd.
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