AvalonBay Buys 2 for $295M

2 min read

Cushman & Wakefield represented the sellers in the Miami-area deal.

Altra Miramar. Image courtesy of The Altman Cos.
Altra Miramar. Image courtesy of The Altman Cos.

AvalonBay Communities has acquired Altís Miramar and Altra Miramar, two recently completed multifamily properties in Miramar, Fla., developed by a partnership between The Altman Cos. and Rockpoint Group, for a total of $295 million.

Altís Miramar has 320 units and sold for $149 million and Altra Miramar has 330 units and sold for $146 million, according to Yardi Matrix data.

Robert Given of Cushman & Wakefield represented The Altman Cos. in the sale.

Last month, AvalonBay Communities sold Avalon Green, a 617-unit garden-style community in Elmsford, N.Y., for $306 million to affiliates of Harbor Group International and Azure Partners. The 94.6 property featured a mix of townhouses, apartment homes and stacked flats.

Joel Altman, chairman and CEO of The Altman Cos., said in a prepared statement the timing was right to sell the two Miramar properties as they were focusing on adding new developments to their pipeline. The partners broke ground in December on Grand at Suncoast, a 449-unit community in Lutz, Fla., that is slated for 2023 delivery. Last summer, The Altman Cos. topped off Altís Ludlam Trail, a 312-unit luxury community in Miami.

The developers announced plans to build the two Miramar multifamily communities in October 2019, when The Altman Cos. partnered with Rockpoint to buy the two sites for a total of $26.5 million. BBX Capital Real Estate, a division of BBX Capital Corp., owns about 50 percent of The Altman Cos. At that time, the properties were known as Altís Miramar East and Altís Miramar West.

Properties Detailed

In January 2021, The Altman Cos., which was also the property manager, began pre-leasing Altís Miramar. Located at 11385 SW 30 Court, the three-story, garden-style community has one-, two- and three-bedroom floorplans with an average of 1,062 square feet. Altra Miramar, located at 2750 SW 113 Lane, is a mid-rise property with one-, two- and three-bedroom units with an average size of 941 square feet.

Both properties feature chef-quality kitchens with quartz countertops, entertaining bars and stainless steel and energy-efficient appliances. Interior features include spa-inspired bathrooms with dual sink vanities, spacious soaking tubs and clear glass shower enclosures.

Each property has clubs with access to 24/7 fitness centers with yoga, spinning and aerobics studios. The assets each have Starbucks cybercafes, workplace lounges, private conference rooms and game rooms. The properties also have resort-style pools with spas, cabanas and pool pavilions.

A linear park offering walking and biking paths separates the two properties. The park connects with a citywide network. The Florida Turnpike and Interstate 75 are just minutes away, enabling quick transportation to employers, highly-rated schools, shopping centers and Broward and Dade County nightlife alternatives. The 6-million-square-foot Miramar Park of Commerce employment center and the 400,000-square-foot Shops of Pembroke Gardens are also situated nearby.

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