BBX Capital, Altman sell Altis at Bonterra in Hialeah for $90M

The property sold for $286,624 per unit

TRD MIAMI /
Aug.August 22, 2019 12:30 PM
BBX Capital’s Alan Levan and Altis at Bonterra

BBX Capital’s Alan Levan and Altis at Bonterra

BBX Capital Real Estate and Altman Companies sold the 314-unit Altis at Bonterra apartment complex in Hialeah to AvalonBay Communities for $90 million.

The joint venture sold the property at 3645 West 98th Street for $286,624 per unit, records show.

The property spans 14 acres off of I-75 in the far western side of Miami-Dade County. Construction began in the first quarter of 2016 and was completed during 2017, according to a press release from BBX Capital.

Amenities include a heated saltwater pool, a fitness center, a movie theater, a Starbucks lounge and internet café, and a game room. Monthly rents for one-bedroom apartments start at $1,590, according to Altis at Bonterra’s website.

Arlington, Virginia-based AvalonBay Communities is a publicly traded real estate investment trust that invests in apartments and has owned over 78,365 multifamily units. In October, AvalonBay purchased Alexander Living, a 20-story, 205-unit rental building in West Palm Beach for $103 million.

BBX Capital Real Estate’s parent company, Fort Lauderdale-based BBX Capital, is a diversified portfolio company led by Alan Levan. The company owns a 90 percent interest in Bluegreen Vacations, a timeshare vacation rental company. In December, BBX Capital’s real estate arm purchased a 50 percent interest in Altman Companies, a Boca Raton-based multifamily housing developer, for $22.7 million.

Hialeah is seeing an influx of new development. Just this month, Coral Rock Development Group and Arena Capital Holdings secured a $12.75 million loan from BB&T Bank for Pura Vida Hialeah. The 9-acre development will have 260 apartment units and 51,000 square feet of retail space at 2901 to 3099 West 16th Avenue and 1571 West 29th Street.


Related Articles

arrow_forward_ios
J.C. de Ona, Southeast Florida Division President of Centennial Bank, Amelia Mixed Use rendering

Prestige Companies nabs loan for mixed-use project in Hialeah

Prestige Companies nabs loan for mixed-use project in Hialeah
Vladislav Doronin (Credit: Gesi Schilling via Wikipedia)

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M

Billionaire developer Doronin buys Fort Lauderdale assemblage for $63M
Seth Wise, Co-CEO of The Altman Companies, Altís Ludlam Trail

Altman scores $55M construction loan for Ludlam Trail project

Altman scores $55M construction loan for Ludlam Trail project
Joseph Swedroe (Corcoran, iStock)

Corcoran agent in Miami loses job over “racist and fear-based” marketing

Corcoran agent in Miami loses job over “racist and fear-based” marketing
Vanessa Grout with Vladislav Doronin

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm

Vanessa Grout leaves Ugo Colombo’s firm to lead OKO Group’s real estate arm
Rendering of the project with Jon Paul Pérez (top) and Jorge Pérez 

Related switches gears on Terminal Island project, now plans low-rise offices

Related switches gears on Terminal Island project, now plans low-rise offices
Edgardo Defortuna and a rendering of La Playa de Varadero

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end

Not stopping for the pandemic: Fortune, Château could launch Sunny Isles project by year-end
Richard Branson (Credit: Virgin, Cindy Ord/Getty Images)

Virgin Trains seeks $350M to build five stations in Miami-Dade

Virgin Trains seeks $350M to build five stations in Miami-Dade
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...