The Real Deal Miami

Coconut Creek apartment complex sells for $62M

Average unit selling price about $229K
By Katherine Kallergis | January 27, 2015 11:30AM

Community pool at 5401 Wiles Road

Community pool at 5401 Wiles Road in Coconut Creek

A Boca Raton-based developer sold an apartment complex for $61.8 million in Coconut Creek.

Altman Companies, a developer that specializes in apartment complexes, sold its 270-unit community to an affiliate of Farmers Insurance company on Jan. 16, Broward property records show. the units’ average selling price was $229,000 in the deal.

Farmers’ affiliate Mid-Century Insurance Company used a limited liability company to purchase the complex, Altis at Coconut Creek.

Altman bought the 15-acre land for $6.5 million in 2012. The community surrounds a lake at 5401 Wiles Road. Altis at Coconut Creek has one- to three-bedroom apartments ranging from 800 square feet to 1,400 square feet. Amenities include a community cyber cafe, an aerobics and yoga studio, a dog park and a heated pool.