NEW YORK CITY—If its goals are any indication, multifamily developer and owner Alliance Residential Co. will soon be a force to reckoned with in the Northeast. Privately owned and capitalized exclusively by its active principal, the firm is based in Phoenix but has nine regional offices that each choose their own projects to target.
Starting next year, the firm—which opened its regional office here last year—plans to buy or develop two projects a year in the Northeast through 2018. Adam Fruitbine, managing director, tells GlobeSt.com, “Alliance's commitment to the Northeast includes investing tremendous resources, both financial and intellectual, into introducing our brand, securing and entitling a pipeline of business for future productivity. We are hopeful that this will result in great returns.”
To achieve its goals, he adds, the firm is “actively talking with land owners and property operators so we can take projects and convert them into class A residential communities.”
After all, SVP Brad Hamel tells GlobeSt.com, “We certainly can't sit around and wait for our own deals to be delivered, we're going out and beating the drums to get business ahead of that.”
The firm is working to get deals through a variety of ways, says Fruitbine. Its methods include “finding them on our own via a grass-roots connection to the hundreds of local municipalities and players in the market; aligning or venturing either with an existing land seller or owner looking for a multifamily expert for design and vertical development; procuring local developers looking either to sell or form a joint venture due to an interest in enhancing balance sheet and liquidity requirements for financing; or working with third-parties (attorneys, brokers, consultants) that are helping the aforementioned groups marry up to a national sponsor that can bring national ideas and best practices from across the country, straight to their project.”
To accomplish any or all of this, the firm is working hard at networking, reveals Hamel. “We need to get the brand out there and get people to understand that we have people here now.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
