Alliance Residential will build 345 apartments and nine two-story townhomes in Downtown Fort Worth

“Phoenix-based Alliance Residential Co. has closed its deal to buy nearly 3 acres at the corner of Summit Avenue and West Fifth Street near the Pier 1 Imports Building for a 345-unit apartment community.

The deal closed July 11, according to deed records. Alliance took out a $43.2 million note with Capital One to buy the land from Houston-based Hines, deed records show.

The project, called Broadstone 5th and Summit, will have efficiency, small and large one-bedroom units and nine, two-story townhomes fronting Summit Avenue, said Chad Jackson, managing director of Alliance Residential’s Dallas office.

“The project will provide a little bit of everything from a unit type perspective,” Jackson said. “The townhomes will be upgraded residences, with direct access to the homes through private garages within the podium parking structure. The townhome residents will also have direct access to the street via stoops.”

To read the full story, visit the Fort Worth Star Telegram.