The Real Deal Miami

Boca-based Altman sells Tampa rentals for $46M

The 239-unit apartment property commanded about $192,400 per unit
January 16, 2016 04:00PM

Altís Highland Park in Tampa

Altís Highland Park in Tampa

Boca Raton-based apartment developer Altman Companies sold a 239-unit apartment property in Tampa  for $46 million, or about $192,400 per unit.

Altman sold the apartment property, called Altís Highland Park, to Utah-based Cottonwood Residential. Altman opened Altís in November 2014 and completed the lease-up of the property in one year. Monthly rents average $1,193 on the low end and $2,028 on the high end for studio, one-, two- and three-bedroom units.

Amenities include a fitness center, yoga and aerobics studio, game center, dog park and garden. Altís also has 5,000 square feet of retail space and a poolside lounge with a chef-inspired demonstration kitchen and fireplace.

The property is located at 11571 Fountainhead Drive in the Westchase neighborhood of Tampa, a “highly desirable” area of the city, according to Joel Altman, chairman of the Altman Companies.

“This sale shows the strong demand for luxury rental product in the area,” he said in a press release.

The Altman Companies has developed, constructed, acquired and managed more than 24,000 multifamily units in Florida, Michigan, Illinois, Tennessee, Georgia, Texas and North Carolina.