The Altman Companies, a nationally recognized developer of exceptional rental apartment communities, announced today that it has closed on the land and its construction loan and held a Groundbreaking Ceremony for its two newest developments in Miramar. Altman partnered with Rockpoint Group, a Boston-based real estate private equity firm, in the transaction. PNC Bank and Comerica Bank provided the construction loan for the development.
Located at the northwest corner of Red Road and Miramar Parkway in the City of Miramar is one of the last remaining garden development sites in Broward County. The development consists of two distinct communities within a larger master planned development that will feature spacious floorplans with energy efficient appliances, designer kitchens, spa-inspired baths, private balconies and several with attached garages. Residents can indulge in their resort-style heated pools ringed by pavilions, relax in tropical landscaping and cabanas, work out in the 24-7 fitness centers complete with spin and yoga studios, and pet lovers can pamper their four-legged friends in the dog-parks and dog-spas. Common to both the properties will be 60,000 square feet of retail and entertainment space. The apartment communities will be separated by a linear public park featuring pedestrian and bicycle trails, picnic areas, and connections to the Miramar Town Center.
The communities are convenient to transportation arteries (Florida Turnpike and Interstate-75), employment centers (6 million square feet Miramar Park of Commerce), and entertainment districts (400,000 square feet Shops at Pembroke Gardens). They will have a total of 650 upscale apartment homes, within a larger master planned development. Altís Miramar West will feature 320 ultra-luxe garden style apartments at an average unit size of 1,062 square feet, set on approximately 14 acres, whereas the mid-rise, Altís Miramar East, will consist of 330 apartments with an average unit size of 941 square feet set on approximately 9.7 acres.
Additionally, the communities will feature a co-working center with private conference rooms for those residents working from home, a private theater room and an indoor, airconditioned bike storage room for the avid bikers.
“We are thrilled to begin the construction process on Miramar,” said Joel Altman, Chairman of The Altman Companies. “We look forward to bringing an exceptional living experience to this suburban area of Broward County where we will provide residents with a standard of living, they won’t find anywhere else in the market.”
The City of Miramar is one of the fastest growing southwest Broward County suburbs. Miramar has the 15th fastest growing economy of medium-sized cities, and over the past five years, both employment and population growth have exceeded 10%, outpacing the national and regional averages.
The communities are set to be completed by September 2021.
About The Altman Companies
Since 1968, The Altman Companies has developed, constructed, acquired and managed over 26,000 multifamily homes in Florida, Michigan, Illinois, Tennessee, Georgia, Texas and North Carolina. The Altman Companies has a reputation for developing and operating upscale apartment homes delivering with it ‘Exceptional Living Experiences’ for its residents. The company has distinguished itself by creating boutique mid-rise and garden-style communities under its Altís brand with resort-style amenities and high-touch services. The Altman Companies has opened three new apartment communities in South Florida including Altís Bonterra, Altís Boca Raton and Altis Pembroke Gardens, and four in Central Florida – Altís Shingle Creek in Kissimmee, Altís Wiregrass Ranch in Wesley Chapel, Altis Promenade in Lutz, and Altís Grand Central in Tampa. Today, The Altman Companies has several communities under construction or in the pipeline throughout Florida, including Altís Preserve in Tampa, Altis Lake Willis in Orlando, and three in Miami metro area – Altís Miramar, Altís Little Havana and Altís Ludlum Trail. Known for providing exceptional apartment living, the company has been a leader in the rental apartment field and has recently been recognized as the South Florida Developer of the Year by South Florida Business Journal. The Altman Companies is a proud supporter of The Boys and Girls Club and Habitat for Humanity.
BBX Capital Real Estate, a division of BBX Capital Corporation, a New York Stock Exchange company, currently owns 50 percent of The Altman Companies.
About BBX Capital Real Estate
BBX Capital Real Estate, a division of BBX Capital Corporation, is involved in the development, operation, management, and investment in residential and commercial real estate including investments, directly and indirectly through joint ventures, in master planned communities, multifamily rental communities, single family for sale communities and commercial properties located primarily in Florida.
About BBX Capital Corporation
BBX Capital Corporation, is a Florida-based diversified holding company whose activities include its 90 percent ownership interest in Bluegreen Vacations Corporation, as well as its real estate and middle market divisions.
About Rockpoint Group, L.L.C.
Rockpoint Group, L.L.C. (“Rockpoint”) is a real estate private equity firm and Registered Investment Adviser with its headquarters in Boston and with additional primary offices in San Francisco and Dallas. Rockpoint employs a fundamental value approach to investing and targets select product types located primarily in major coastal markets in the United States. Rockpoint utilizes a consistent strategy across distinct return profiles through its opportunistic and growth and income investment programs. Rockpoint targets assets with intrinsic long-term value, at attractive prices relative to replacement cost and stabilized cash flows, and with particular emphasis on value creation opportunities and complex situations. Since 1994, Rockpoint’s co-founders with others have sponsored 15 commingled funds and related co-investment vehicles through Rockpoint and a predecessor firm. In total, they have raised over $22 billion in capital commitments and invested or committed to invest in 417 transactions with a total peak capitalization of $58 billion (inclusive of fund equity, co-investor equity and debt).