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BBX Capital, Altman sell Altis at Bonterra in Hialeah for $90M
The property sold for $286,624 per unit
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.