Tampa, Fla.—The Altman Cos. has closed on 10 acres in the Westchase neighborhood of Tampa, where it plans to develop a mixed-use property. The Altis at Highland Park will include 239 apartment units, with completion slated for the summer of 2014.
The property will feature a mix of studios and one-, two- and three-bedroom units, along with 5,000 square feet of retail space. Some units will offer private entries and direct access garages. Green elements of the development include energy efficient appliances, programmable thermostats, and energy-efficient lighting.
Boca Raton-based Altman Cos is no stranger to the greater Tampa market. Earlier this year, it opened Altis at Grand Cypress, a 258-unit development in New Tampa. The first phase of the property is 98 percent leased, and phase II is currently under way, with 46 additional units set for delivery in January.
Tampa’s apartment market has been fairly healthy in recent years, though not the boomtown that some other markets in Florida, especially Miami, have been. According to MPF Research, apartment occupancy in greater Tampa Bay came in at 94.6 percent during the third quarter of 2013, or about a point below the national average. Effective rents in the market were up 0.7 percent quarter-over-quarter, and 2.1 percent on an annual basis.
MPF Research forecasts that occupancy will drop 80 basis points in 2014 as new properties come on line. Rents will continue to rise modestly, up an estimated 2 percent over the next year.