SEATTLE, WA – Alliance Residential Company is expanding its signature Broadstone development concept to Seattle’s historic First Hill neighborhood with two new projects – Broadstone Saxton and Broadstone Lexington.

The eight-tale, 325-unit Broadstone Saxton and the seven-tale, 75-unit Broadstone Lexington recently started construction, sitting directly across James Street from one another at the Terry Avenue intersection. The two luxury properties join Alliance’s other Seattle Broadstone communities in the Capitol Hill, Queen Anne and West Seattle neighborhoods.

“Broadstone Saxton and Broadstone Lexington will be designed in an enduring style that honors the historic character of the First Hill neighborhood,” said Jeremiah Jolicoeur, Alliance’s Managing Director for the Northwest region. “Residents will find a new standard of living with high-quality amenities, sophisticated shared living spaces and a vibrant social environment, all within steps of world-class medical and research institutions. Both of these communities offer the distinct advantage of being centrally located near the rapidly expanding and high-paying employment neighborhoods of First Hill, downtown and South Lake Union.”

Broadstone Lexington is a modern boutique building with strong historic character located at 1050 James Street. With expected completion in late 2017, Lexington’s luxury boutique community features an expansive rooftop deck, a club room and a game room, along with a variety of common living spaces to facilitate a social community within this active urban area.

Broadstone Saxton, located at 1001 James Street, is scheduled to be completed in early 2018 and will feature a contemporary design to mirror the way First Hill continues to evolve as a neighborhood. Ideal for the sophisticated, social and active resident, Saxton offers a distinct garden courtyard with a strong ‘living room’ and ‘front porch’ connection to Terry Avenue green street along with 7,000 square feet of on-site retail space, a hotel-like lobby, expansive roof deck, 24/7 fitness center and more.

Both communities will feature studio, one- and two-bedroom apartment homes. Broadstone Saxton will also offer two-bedroom townhomes.

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AUSTIN, TX – Bluerock Residential Growth REIT announced that it has bought the 324-unit, multifamily Deerfield Apartments in Austin, Texas. The Company bought the property through a joint venture for a total buy price of approximately $48.9 million, or roughly $151,000 per residential unit.

The acquisition is projected to yield a stabilized pro forma cap rate of approximately 6.5% on execution of the Company’s Value-Add upgrade strategy. This compares favorably to estimated market cap rates of 4.75% – 5.25% for comparable assets.

BRG invested 92.5% of the venture’s equity requirement, or approximately $15.3 million, with an affiliate of F&B Capital investing the balance for a 7.5% stake in the venture. The transaction was further capitalized with a senior loan in the amount of approximately $34.8 million.

Deerfield, which was built in 2001, features one-, two- and three-bedroom units averaging nearly 950 square feet. The property features a large clubhouse as well as a resort style two-tier swimming pool, poolside grill/lounge, 24-hour fitness center, and a fully equipped residential lounge.

Deerfield benefits from its proximity to I-35 and US Route 1, which provide simple access to downtown Austin.  As the largest employment node in the area, Austin topped the “Fastest-Growing U.S. City” list from 2010 to 2014 and again in 2016. Job growth in Austin is three times the national average, with much of that momentum fueled by the relocation and expansion of tech companies, including Apple, GM, Google, Accenture and Oracle. The Austin market is expected to add more than 11,000 tech jobs over the next five years.

“We are very optimistic about the upside potential for Deerfield. Our ability to buy the property at a favorable cost basis, coupled with strong demand and ample room for value-add improvement, gives us excellent reason to expect that the property will be a strong performer and a solid contributor to the REIT,” said Ramin Kamfar, Chairman and CEO of BRG.

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