Alliance Residential has cashed out of Broadstone Seventh Street, selling the 258-unit Broadstone-branded apartment community in north-central Phoenix to what brokers describe as a "leading global investor" for an undisclosed sum. Completed in 2024, the Class-A project is part of the latest wave of high-end multifamily reshaping pockets of the Valley, with CBRE overseeing marketing for the disposition.
According to REBusinessOnline, CBRE's Asher Gunter, Matt Pesch and Austin Groen represented the seller in the transaction. The outlet reported that the buyer was identified only as "a leading global investor" and that the sales price was not disclosed. The REBusinessOnline story ran on June 23, 2026.
About the building
Broadstone Seventh Street, delivered in 2024, includes 258 apartments with studio, one-bedroom and two-bedroom floor plans, per a CBRE transaction listing. Planning and marketing materials call out a heavy-amenity package, including a residential clubhouse, a two-story fitness center and a resort-style pool, according to the City of Phoenix and construction permit records on BuildZoom, which show temporary certificates of occupancy issued in 2024.
Why investors still buy newly built apartments
Institutional capital is still chasing freshly delivered Class-A multifamily in Phoenix, even as financing stays tight and new supply keeps rolling in. Colliers reports that roughly 40% of recent multifamily sales in the market involved properties that traded within two years of delivery. A Q1 2026 market note from Northmarq similarly finds that investment activity has remained tilted toward Class-A assets despite ongoing supply pressures.
What this means locally
For developers like Alliance Residential, selling newly stabilized communities is a standard move to recycle capital into the next project. The company is headquartered in Scottsdale and remains active across the Valley, with Alliance Residential continuing to expand its Broadstone platform in the region. Early reporting noted that neither the buyer's identity nor the sale price for Broadstone Seventh Street was disclosed publicly, leaving the finer details to emerge later through public filings and broker disclosures.
