(To read more on the multifamily market, click here.)

IRVINE, CA-Senior partner Chad McCollum of Phoenix-based Alliance Residential Co. has relocated here as part of Alliance’s plans to double its existing $750 million multifamily project pipeline to $1.5 billion. McCollum, who formerly was based out of Alliance’s North Texas Division in Dallas, tells GlobeSt.com that the company believes it can add the $750 million of new development to its pipeline within two to three years.

McCollum notes that Drew Colquitt, the managing director and development partner who heads the Alliance office here, has built the current $750-million pipeline in the three years since Colquitt established the office. He says the $750-million figure includes projects that have been built as well as those under development.

McCollum’s responsibilities will include sourcing and negotiating the purchase of multifamily development sites, managing the development and construction process of sites and acquiring and revamping existing properties. One of Alliance’s goals is “to increase the company’s footprint in this region, including Orange County, to a combined and constant 2,000 units in production,” according to Bruce Ward, president of Alliance Residential.

Colquitt has focused on all of Southern California until now, but with McCollum coming on board as a second development partner in the Orange County office, the two will now specialize in different parts of the region. Colquitt will now focus primarily on Los Angeles, the Pacific Northwest and San Diego, while McCollum will specialize on Orange County, the Inland Empire and the Central Valley.

The Alliance office currently is working on nine deals totaling 700 units in the Inland Empire. The company recently started leasing a 256-unit apartment project in Moreno Valley, called Broadstone Overlook, on Moreno Beach Drive near the 60 Freeway.

Other Alliance projects in the Southland include a 204-unit apartment complex at First Street and Beaudry Avenue in Los Angeles and a 140-unit condominium development on Hollywood Boulevard near the Kodak Theater in Hollywood. The condominium project is a conversion of a 175,000-sf office building.

Alliance, which develops and builds its own projects, holds some of its properties and sells others. “Historically, for every three we build, we hold two and sell one, but whether we hold them or sell them is truly a case-by-case decision,” McCollum tells GlobeSt.com. “It depends on market conditions, who our partner is, and a lot of different variables.”

Alliance Residential, which is known as Alliance Communities in Texas, develops, acquires, builds and manages residential and mixed-use projects in the West and in the South Central US. It is one of the largest third party management companies in the Western US, with a $3-billion portfolio in 10 states.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.