The Real Deal Miami

Altman lists new luxury Kendall apartment project for sale

321-unit development is 94 percent leased

May 09, 2016 02:15PM
By Katherine Kallergis

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Altis at Kendall Square

Altis at Kendall Square

The Altman Companies is looking to sell a new luxury apartment community in Kendall, with similar properties trading in the $85 million to $90 million range. 

CBRE is marketing the 321-unit development, Altis at Kendall Square, the brokerage announced on Monday. After launching leasing in June, Altis is 94 percent occupied.

The development consists of 12 three-story buildings and a 6,000-square-foot retail component, with apartments that range from studios to three bedrooms. Units include attached garages, private balconies and patios, and valet trash service.

“That market has been a very different market to build in because land has gone to homebuilders,” Robert Given, vice chairman of CBRE’s Institutional Properties Group told The Real Deal. He said the project, which opened this year, is one of eight communities built since 1990 in the Kendall Lakes/Hammocks submarket. Properties similar to Altis trade for $85 million to $90 million.

Given, Zachary Sackley, Charles Foshini and Chris Apone are the listing agents.

Altis at Kendall Square, 16950 Southwest 93rd Street, has a “green” theme, complete with a community citrus grove, dog park with a grooming station, soccer field, hammock park, pool, cabanas, and a sand volleyball court, among other outdoor amenities. It also featurea a Starbucks coffee bar, gym, yoga and aerobics studio and a game center.

About 40 percent of the units at Altis are one-bedrooms and studios, which Given said have been in “very high demand.” Rents average $1,800 a month, he said.

TD Bank and Behringer Harvard provided financial backing for the project, and Bradley Associates and BBX Capital were the equity partners, developers announced in January 2013.

In March, Jamestown sold the Bridges at Kendall Place to Stockbridge Capital Group for $52.7 million, or about $230,000 per unit.