Work has already begun on a 147-unit apartment building at Northwest 14th Avenue and Northwest Raleigh Street in the Pearl District.

Now, the 30,000-square-foot piece of land the building will sit on has sold to the company building the apartments.

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Phoenix-based Alliance Residential Company paid $5.8 million for the property at 1400… more

NICK GRIER PHOTOGRAPHY

Phoenix-based Alliance Residential Company paid $5.8 million for the property, which had been owned by Diller Properties LLC. Gary Griff, Jim Lewis and Paul Carlson of Cushman & Wakefield’s Capital Markets in Portland represented Diller in the deal. Alliance was self-represented.

“The Pearl District is a prestigious, highly sought after real estate market which has, in recent years, completed and or is under construction with numerous new high quality multifamily and office development projects," Griff said in a release. "With a need for housing, the community should benefit from Alliance’s new planned use for the property.”

Alliance, whose other metro region properties include The Wyatt in Northwest Portland and LionsGate South in Hillsboro, is building the six-story Broadstone Reveal apartments on the site. The project will feature high-end, market rate apartments and ground-level retail.

The property had been home to a 28,000-square-foot industrial building, which has since been demolished.

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