Multifamily developer and manager The Altman Cos. has broken ground on Altis Santa Barbara, an apartment community in Naples, Fla. The construction loan for the 242-unit luxury property has been furnished by Comerica Bank. Mezzanine financing is being offered by an institutional lender, with equity by The Altman Cos. in partnership with Mill Green Opportunity Fund VII LLC.
Located at 4670 Santa Barbara Blvd., Altis Santa Barbara will offer a mix of one-, two- and three-bedroom layouts. Features and finishes of the apartment homes will include dual-sink vanities, spacious tub and clear-glass shower enclosures in the bathrooms, as well as front-loading in-unit washer-dryers and stainless steel appliances. Common-area amenities include a fitness center with yoga, spinning, aerobics studio and wellness room.
“The Naples market has grown substantially over the years and was supercharged by the migration to Florida over the pandemic,” Seth Wise, co-CEO of The Altman Cos., told Multi-Housing News. “The location has convenient access to 75, and significant employment with close proximity to the wonderful downtown Naples area.”
The apartment community will be Florida Green Building Coalition certified. Among the sustainable initiatives will be 100 percent energy-efficient designer lighting, ENERGY SMART refrigerator and dishwasher, high-efficiency water heater and sub-metered water stations and car charging stations. In a prepared statement, a company official said the groundbreaking of the community represented an important step forward in the company’s plan to develop luxury apartment communities in the Naples area.
First units are expected to be delivered in 2023. Late last month, SKC Marco Shores began pre-leasing at its MainSail Apartments Marco Shores in Naples.