Miami Luxury Community Commands $90M

AvalonBay Communities purchased the 314-unit asset less than a year after another major acquisition on the Florida coast.
Altis Bonterra
Altis Bonterra

A joint venture between BBX Capital Corp. and The Altman Cos. has sold Altis Bonterra, a 314-unit Class A multifamily property in Hialeah, Fla., for $90 million to AvalonBay Communities, according to Miami-Dade County records. The deal comes less than a year after the investor’s $103 million acquisition of the 290-unit Alexander Living in West Palm Beach, Fla.  

Located at 3545 W. 98th St., Altis Bonterra is situated near Interstate 75 and the Ronald Reagan Turnpike, some 20 miles northwest of downtown Miami. The property is approximately 1 mile north of the Hialeah Gardens Boulevard retail corridor, home to many shopping and dining options.

Completed in 2017, the Class A community consists of 16 three-story buildings spread across 14 acres. The unit mix has one- to three-bedroom floorplans ranging from 812 to 1,405 square feet. Communal amenities include a Starbucks lounge, theater, game room, playground with a jungle gym and electric car charging station. The property was 93.9 percent occupied as of July, per Yardi Matrix data.