Newmark Arranges Disposition of Tampa Luxury Asset

The pet-friendly community was 96.2 percent occupied upon closing.

Altís Promenade

The Altman Cos. has sold the 338-unit Altís Promenade in Lutz, Fla., to Passco Cos. Newmark represented the seller in the transaction.

Completed in 2020, the Class A property is located at 18065 Promenade Park Lane. The community is National Green Building Standard certified and features one-, two- and three-bedroom units.

The property’s amenities include a heated saltwater pool, private cabanas, a cybercafé, yoga and aerobics studios, a poker lounge and a movie theater. Furthermore, residents will be able to charge their electric cars at the community’s charging stations, free of cost. The pet-friendly property also encompasses an indoor dog grooming spa and off-leash area.

The Veterans Expressway and the Dale Mabry Highway are easily accessible from the building’s location.

The property is currently subject to a $49.3 million Fannie Mae Government Sponsored Enterprise loan, Yardi Matrix data shows. KeyBank originated the financing in the current month, with the maturity date set for 2031.

Just one year ago, The Altman Cos. received a construction loan from Comerica Bank for Altis Ludlam Trail, a 312-unit project in Miami.

According to Chairman & Co-CEO Joel Altman, the company will continue to manage Altís Promenade, which was 96.2 percent leased at the time of sale.

Newmark Vice Chairman Patrick Dufour led the Newmark team that represented the seller.

You May Also Like

The latest multifamily news, delivered every morning.

Most Recent