BOCA RATON, FL – The Altman Companies, a nationally recognized, vertically integrated development, construction and management company of luxury apartment communities, recently sold four of its Altis-branded developments to four different buyers for a combined price of approximately $223.25 million. Three of the properties are located in South Florida, the company’s home market, and one in the Tampa Bay area. The properties, with 1,094 total units, were all stabilized assets at the time of sale. Each community consisted of one-, two- and three-bedroom garden apartments in suburban neighborhoods that demonstrated consistent rent growth and strong absorption.
The 300-unit Altis Sheridan Village in Pembroke Pines was sold to AVR Realty Co. Altman began construction of the community in 2013 and finished in the fourth quarter of 2014. Altis Sheridan Village is located at 16700 Sheridan Street in Pembroke Pines, Fla.
Altis Coconut Creek, with 270 residences, was sold to a joint venture of Clarion Partners and a major insurance company. The community is located at 5401 Wiles Road in Coconut Creek, Fla.
The third South Florida property, Altis Cypress Creek, was sold to Greystar Partners. It was built in 2009 and has 220 apartment homes. The community is located at 1700 South State Road 7 in North Lauderdale, Fla.
Altis Grand Cypress, a 304-unit development in New Tampa, Hillsborough County, sold to Starlight Capital. Phase 1 was completed in 2012 and phase 2 was completed in 2014. Altis Grand Cypress is located at 1901 Cypress Preserve Drive in Lutz, Fla.
“We are proud of all the developments, as well as the great quality and value our buyers received,” said Joel Altman, chairman of The Altman Companies. “The multi-family market remains strong and we expect another great year in 2015.”
The Altman Companies currently has 1,229 units under construction in Florida and an additional 1,292 units in the pipeline for 2015 starts. All of the properties are Class A and highly amenitized, offering residents an “Exceptional Living Experience.”
This year, the company will complete three new developments in Miami, Tampa and Orlando. Leasing is underway for each.
In the Tampa area, Altman is under construction and in lease-up on Altis at Highland Park in the highly desirable Westchase sub-market. The community is a luxury garden-style development that is part of a larger master-planned community. It features 239 apartment homes in a mix of studio, one-, two- and three-bedroom residences along with complementary retail space.
Altis at Kendall Square in Miami is also a mixed-use, garden-style community with 321 luxury apartment homes ranging from studios to three-bedroom units. The development is located in West Kendall near the growing West Kendall Baptist Hospital.
Altis at Sand Lake in the esteemed Dr. Phillips sub-market of Orlando will open spring of this year. It features 315 apartment homes in a mix of one-, two- and three-bedroom floor plans located close to some of Orlando’s most popular lifestyle destinations as well as major employers.
About The Altman Companies: Since 1968, The Altman Companies has developed, constructed, acquired and managed in excess of 24,000 multi-family units in Florida, Michigan, Illinois, Tennessee, Georgia, Texas and North Carolina. Known for its development of exceptional quality rental apartment communities, the company has been a leader in the rental apartment field. For more information on The Altman Companies, go to www.AltmanCos.com.