Broadstone Enso, the Pearl District’s Newest Luxury Apartment Community, is up for sale and the expectations of a quick sale are high and accurate. The move comes after Kearny Plaza Apartments sold for a 20 percent premium over its asking price.
Alliance Residential Co. is the owner and mostly represented by its marking firm, Cushman & Wakefield out of Seattle.
While Broadstone is the newest and very well upgraded it also has its doubts, like the giant I-405 freeway next-door. Compared to Kearny Plaza this a major drawback. Kearny Plaza sits in the central Pearl District vicinity and has strong retail clients on the street level, like Starbucks. Broadstone is 95 percent leased with just one year on the market, the property last sold for $6.8 million or an average of $39,000 per unit in 2008, and has 160 apartments in total.
We think Broadstone will sell quick and provide a strong return investment.