LEWISVILLE, TX-Alliance Communities has broken ground on Broadstone Valley Parkway, a 363-unit, class A apartment project here. The firm declined to disclose the cost to construct the property, but a local expert estimates the new rental community has a price tag of at least $35 million.

Alliance Communities’ CFO V. Jay Hiemenz says strong market fundamentals and a decline in land and construction costs should allow the firm to deliver the property at a projected 8%-plus yield on cost – an attractive spread to current market acquisition cap rates.

Situated on 16.4 acres at the corner of West Round Grove Road and Valley Parkway in this north Dallas suburb, Broadstone Valley Parkway is just a couple of miles away from another Alliance Communities project, Broadstone Vista Ridge. That community, which was completed in 2006, was the latest to come to market, according to Nick Wilhelmson, development associate for the central region for Alliance Communities.