Alliance Residential, one of the largest apartment builders in the United States, just inked a $37.7 million mortgage on its newly built rental community in Coconut Creek.
The Broadstone Cypress Hammocks complex is a 24-acre development at 5201 West Hillsboro Boulevard. Alliance purchased the land in 2012 for $12.5 million, according to Broward County property records, and began construction the same year.
The community, with its 23 buildings and 396 rental apartments, was finished a year later.
An affiliate of Alliance took out the mortgage with the Northwestern Mutual Life Insurance Company, a Milwaukee, Wisconsin-based financial services company.
Leases for the apartments, which average 965 square feet, range from $1,100 to $1,800 and more for a year-long lease, the Sun-Sentinel reported in 2012. Amenities include lake views, a resort-style pool with cabanas, a community playground, gym, cyber cafe, and movie theater.
Alliance is based in Phoenix, Arizona, and manages a $9 billion portfolio across the country, according to its website.
The company’s local projects include finished communities in Coconut Creek and Boca Raton, plus an upcoming Broadstone-branded complex in Fort Lauderdale on the site of the former Art Institute campus.