Cushman & Wakefield announced that an entity formed by Phoenix-based Alliance Residential purchased 1.527 acres within the Roosevelt Row Arts District at the northeast corner of 3rd Street and Portland Street in Phoenix for $6.45 million.

David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller, Edgehill Investments (Ryan & Anthony Francisco, Principals), in the transaction.

“This site will allow Alliance Residential to expand on their previous experience and success in this high demand location in the heart of the downtown Phoenix Roosevelt Row Arts District,” said Nicoluzakis.

The property, to be named Broadstone Portland, is adjacent to the recently completed 316-unit Broadstone Roosevelt Row. The planned 161-unit property will feature studio, one- and two-bedroom units ranging from 620 square feet (sf) to 1,600 sf. The five-story Broadstone Portland will also include street level stoop entrances on top of two levels of podium parking and an elevated amenity deck with a resort-style pool and a fitness facility. Construction is slated to start in the fourth quarter of 2019 and ORB Architects is designing the newly-planned rentals.