{"id":1004057563,"date":"2013-01-11T09:18:11","date_gmt":"2013-01-11T17:18:11","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=94048"},"modified":"2021-05-14T14:16:32","modified_gmt":"2021-05-14T22:16:32","slug":"stockbridge-capitalalliance-residential-jv-pays-50m-for-629-unit-m-f-complex","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/stockbridge-capitalalliance-residential-jv-pays-50m-for-629-unit-m-f-complex\/","title":{"rendered":"Stockbridge Capital\/Alliance Residential JV Pays $50M for 629-Unit M-F Complex"},"content":{"rendered":"<p>By Camelia Bulea, Associate Editor<\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/the-canyons.png\"><img decoding=\"async\" loading=\"lazy\" class=\"alignright size-medium wp-image-94049\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/the-canyons.png\" alt=\"\" width=\"300\" height=\"178\" \/><\/a>A joint venture of San Francisco-based Stockbridge Capital Group and Alliance Residential Co. of Phoenix has acquired The Canyons, a 629-unit apartment community in Northwest Phoenix, for $50 million. Continental Realty Advisors, the seller, purchased the property for $45.5 million in 2010, <em>Business Real Estate Weekly<\/em> reported.<\/p>\n<p>&#8220;We see Northwest Phoenix as an area of focus of this continued growth for the next several years,&#8221; said Matthew McCormick, vice president of acquisitions for Stockbridge. According to BREW, this is Alliance\u2019s first acquisition of an existing project in the Phoenix market in almost six years. The buyer is looking to purchase other local multi-family assets and land for apartment development.<\/p>\n<p>At the time of the sale the property was 88% leased. Transwestern\u2019s Phoenix office arranged the transaction.<\/p>\n<p>The Canyons was built in two phases in 2004 and 2005. It offers Class A amenities including a clubhouse, resort-style pools, spas, fitness center, business center, BBQ area and Internet caf\u00e9. Monthly rents range from $571 for a studio to $1010 for a four-bedroom unit, according to Trulia.<\/p>\n<p><em>Photo\u00a0courtesy of Stockbridge Capital Group<\/em><\/p>\n<p>For more news from Phoenix, <strong><a href=\"https:\/\/www.multihousingnews.com\/news\/market-snapshot-phoenix-jobs-market-bounces-back-after-long-post-recession-lull\/1004066588.html\" target=\"_blank\" rel=\"nofollow noopener\">click here<\/a><\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>California-based Stockbridge Capital Group has completed the acquisition of The Canyons, a 629-unit apartment community in Northwest Phoenix. The $50 million deal was closed in venture with Alliance Residential Co. in Phoenix.<\/p>\n","protected":false},"author":271,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21742,1601],"tags":[],"class_list":["post-1004057563","post","type-post","status-publish","format-standard","hentry","category-latest","category-phoenix"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Stockbridge Capital\/Alliance Residential JV Pays $50M for 629-Unit M-F Complex - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/stockbridge-capitalalliance-residential-jv-pays-50m-for-629-unit-m-f-complex\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Stockbridge Capital\/Alliance Residential JV Pays $50M for 629-Unit M-F Complex\" \/>\n<meta property=\"og:description\" content=\"California-based Stockbridge Capital Group has completed the acquisition of The Canyons, a 629-unit apartment community in Northwest Phoenix. The $50 million deal was closed in venture with Alliance Residential Co. in Phoenix.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/stockbridge-capitalalliance-residential-jv-pays-50m-for-629-unit-m-f-complex\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2013-01-11T17:18:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-14T22:16:32+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2013\/01\/the-canyons.png\" \/>\n<meta name=\"author\" content=\"Camelia Bulea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/stockbridge-capitalalliance-residential-jv-pays-50m-for-629-unit-m-f-complex\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/stockbridge-capitalalliance-residential-jv-pays-50m-for-629-unit-m-f-complex\/\",\"name\":\"Stockbridge Capital\/Alliance Residential JV Pays $50M for 629-Unit M-F Complex - 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