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Canyons Complex Sells for $50M

PHOENIX-Alliance acquires the 629-unit multifamily property from Continental Realty.

By David Phillips | Updated on January 17, 2013

PHOENIX-Phoenix-based apartment developer and manager Alliance Residential Co. recently spent more than $50 million for a large apartment complex in north Phoenix the firm’s first purchase of an existing multifamily project in more than five years.

The Canyons is a 629-unit apartment project located near the interchange of the I-17 and Loop 101 in the Deer Valley area. According to the Phoenix Business Journal it was sold at 94-percent occupancy by Denver-based Continental Realty Advisors, which had owned the project for about two years.

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