Altman Cos. is the Latest to Launch Distressed Properties Division

By Anuradha Kher, Online News EditorBoca Raton, Fla.–The Altman Cos. is another one in a line of multifamily companies to launch a division to deal with the distressed properties and loans coming on the market. Since this year began, Post Investment Group made a foray into the foreclosure and distressed debt arena; Bainbridge Cos. launched Bainbridge Distressed Property Services LLC, a group offering a range of services to owners and lenders of 100- to 400-unit properties facing foreclosure or financial hardships; Apartment Realty Advisors (ARA) launched its Distressed Assets Solutions Group (DASG), and Diversified Properties, along with Jonathan Stein, formed Diversified Realty Advisors (DRA), an advisory and turnaround group providing lenders with interim portfolio or individual asset management services during the workout or foreclosure stage.Now, Altman Distressed Property Services has joined them with plans to offer strategic and experience-backed programs designed to provide site-specific workout solutions for distressed multifamily properties.Joel Altman, chairman and CEO of the Boca Raton-based Altman DevelopmentCos., says Altman Distressed Property Services acts as a consultant, fee-developer and property manager for lenders. Altman is also prepared to co-invest with private investors to acquire and to reposition distressed properties.Jeffery Roberts, president of the Altman Development Co., would help properties ranging in size from $10 million to $30 million, with unit counts ranging form 150 to 400 units. “Our company has a successful track record of delivering solutions for properties needing repositioning. During the real estate recession in 1974, the then Michigan-based Altman Cos. entered the Florida market and tackled its first lender workout assignment in Largo, Fla. for a REIT, North American Mortgage Investors, [on] a 228-unit property,” says Altman. Over the next 30 years, the company provided distressed property workout solutions for clients in Georgia, South Florida, Illinois and Michigan totaling more than 2,000 units. In June of this year the firm was appointed as receiver for the owner and BankAtlantic with an assignment to rehab and reposition a 190-unit fractured condominium conversion property in Key West. “The Altman Distressed Properties team, supported by the full strength of the company’s 333 associates, has the expertise to underwrite, rehab, market and manage distressed properties, acting as a full service developer, or provide incisive analysis and support initiatives as a consultant for lenders and investors,” says Altman.