Altman Targets South Florida for Multifamily Development
- May 24, 2012
Boca Raton, Fla.—The Altman Companies, a South Florida multifamily development and management company, is going to construct four new apartment communities in Boynton Beach, Coconut Creek, Kendall and Pembroke Pines.
“We have four strong properties in the pipeline right now,” Joel Altman, The Altman Companies Chairman, tells MHN. “We see a tenant demand here and the stars aligned in what we consider to be a very robust market in bringing these properties to the area.”
The four communities will be Altis at Renaissance Commons in Boynton Beach, Altis at Coconut Creek, Altis at Pembroke Pines and Altis at Kendall Commons. Combined, the properties will bring an additional 1,110 units to the South Florida inventory of rental apartments.
“Here in South Florida, there is an extreme depletion of inventory through conversions because this was one of the hotbeds of condo conversion in the country,” Altman says. “Plus, there’s been virtually no starts in the last three years and a 25 percent reduction in stock compared to its peak.”
The Altis at Renaissance Commons community in Boynton Beach was acquired from K. Hovnanian Homes and will involve a second phase build-out based on the original architectural plans. These units will now feature two six-story buildings with structured parking and clubhouse and pool amenities.
“The other three prototypes of the company’s garden apartments, which are three-story walkups with private entranceways and no breezeways, so each apartment is more like a townhouse,” Altman says. “Our communities always have a wonderful, innovative amenity package and these will as well. Our finishes tend to be top-notch, and include more closet space than usual and the units will have big windows providing a lot of natural light.”
Inside, the units will have granite countertops, stainless steel appliances and 30 percent of units will include attached, direct access garages.
“Our new Altis branded communities will all feature expansive clubhouses and resort-style site amenities,” Altman says. “There will be a fitness center, social area, pool tables, an outdoor sports gazebo, fireplace grill and pool. We will also have a space available for parties.”
Construction is scheduled to begin next month on Coconut Creek, followed by Pembroke Pines in September and Kendall in November.
These new units follow the company’s current philosophy to follow the national trend from traditional home ownership to rentals and take advantage of the markets that have been depleted.
“Our strategy is to have three to four new multi-family communities lined-up per year with a focus entirely on rentals,” Altman says. “Rents are recovering and occupancies are high in all markets we’re in.”
Late last year, it started construction on Altis at Grand Cypress, a 258-unit development planned for New Tampa in Pasco County, Fla. Altman has also identified another site in Tampa and one in Austin, Texas for new apartment development starts in 2013.