The Real Deal Miami

Altman Cos. sells Altis at Kendall Square complex for $82M

New multifamily property sold for $255,500 per apartment

November 23, 2016 09:45AM
By Katherine Kallergis

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Altis at Kendall Square

Altis at Kendall Square

After about six months on the market, the Altman Companies has sold a new luxury apartment community in Kendall for $82 million to a handful of entities controlled by Chicago-based SMB Bradley Associates.

In a market traditionally dominated by homebuilders, the deal shows the demand for new multifamily product in the Kendall Lakes/Hammocks area.

It sold for about $255,500 per unit.

Miami-Dade property records show nine Delaware-based LLCs controlled by SMB Bradley Associates acquired varying interests in the property, including: 55th Holding Two, Bruning Holding Two, Deer Park Holding Two, JM 55th Holding Two, Windsor Holding Two, BA WR Holding Two, Commons Holding Two, Hartland, and Rockford Bruning Two.

CBRE put the 321-unit development on the market in May unpriced, but said similar properties were trading in the $85 million to $90 million range. Robert Given and Zachary Sackley, now with Cushman & Wakefield, and Charles Foshini and Chris Apone, now with Berkadia, were the listing agents.

Altis at Kendall Square, at 16950 Southwest 93rd Street, was 94 percent occupied as of May with rents averaging $1,800 a month. About 40 percent of the units are one-bedrooms and studios, and the rest are two- and three-bedrooms.

The project includes 12 three-story buildings and a 6,000-square-foot retail component. Boca Raton-based Altman, whose equity partners were Bradley Associates and BBX Capital completed and opened Altis at Kendall Square earlier this year. It’s one of eight apartment communities built since 1990 in that submarket, Given previously told TRD.

Units include attached garages, private balconies and patios, and valet trash service. The complex 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 features a Starbucks coffee bar, gym, yoga and aerobics studio and a game center.

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

The buyers of Altis at Kendall Square financed the deal with a $34.46 million mortgage from Berkeley Point Capital.

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