The Real Deal Miami

Altman Companies sells Plantation apartment complex to Carlyle Group for $45M

Grove East sold for $200,000 per unit
By Amanda Rabines | July 10, 2017 05:00PM

3880 West Broward Boulevard

Multifamily developer Altman Companies just sold an apartment complex in Plantation for $44.6 million, property records show.

The 223-unit community at 3880 West Broward Boulevard sold for about $200,000 per unit. An entity of The Carlyle Group, a global asset firm that operates in all three counties in South Florida, bought the complex known as Grove East.

The Carlyle Group is also co-developing an apartment tower for seniors called Overture Dadeland in Miami, and is expanding/renovating the Lauderdale Marine Center, a 50-acre property in downtown Fort Lauderdale. In April, the firm paid $45.52 million for a 437-unit mobile home community in Boynton Beach.

Altman Companies acquired the Grove East property from James LaSala Knight and wife Julie Knight for $100 in 2009, property records show.

Last year, Altman Companies sold another one of its luxury apartments in Kendall for $82 million, after being on the market for six months.

Grove East apartments, built in 2008, has one-, two- and three-bedroom apartments that range from 755 square feet to 2,629 square feet, according to Prices average $1,871 in monthly rent.

Records show the three-story apartment complex sits on 6 acres. Features include hardwood and tile floors, vaulted ceilings and bay windows, as well as access to a fitness center, pool and playground.

The Grove East apartment community is one of a handful of multifamily complexes that have fetched price tags near or above $50 million in South Florida in the last recent weeks – TruAmerica paid $49 million for 300-unit multifamily complex in Boynton Beach. In June, a Canadian developer picked up a 468-unit residential development near Miami Gardens for $50 million, and Hines sold Aviva Coral Gables, a 276-unit completed apartment complex near the Gables, for $100 million.