Altman Leading Wave of 2012 South Florida Multifamily Rental Development

BOCA RATON, Fla., May 14, 2012 /PRNewswire/ -- As one of the leading multifamily developers in the Southeastern U.S., The Altman Companies Chairman Joel Altman has targeted development of several new leading edge apartment communities in 2012 — four to be located in South Florida.

Altman, which has a 44-year history of developing, building, acquiring and managing multifamily units, today announced plans for the development of rental communities in Boynton Beach, Coconut Creek, Kendall and Pembroke Pines. The four communities — Altis at Renaissance Commons in Boynton Beach, Altis at Coconut Creek, Altis at Pembroke Pines and Altis at Kendall Commons — will add an additional 1,110 units to the South Florida inventory of rental apartments. Construction is scheduled for the second, third and fourth quarter 2012 starts. Altman has also identified Tampa and Austin, Texas for new apartment development starts in 2013.

"Our strategy is to have three to four new multi-family communities lined-up per year with a focus entirely on rentals," said Altman.

Altman stated that rents are recovering and occupancies are high on his company's existing inventory of rental properties, and said the current national shift from traditional home ownership to rentals is "being seen in all markets we're in."

While the for-sale housing market is anticipated to remain stagnant through 2012, capital flows are significantly improving and the ratio of multifamily to single-family has shifted in most areas of the country, particularly in major U.S. markets along the east and west coasts.

Industry statistics show that top-tier communities, such as those planned by The Altman Companies, typically lease quickly and remain at full occupancy levels.

Late last year, The Altman Companies acquired construction financing for Altis at Grand Cypress, a 258-unit development planned for New Tampa in Pasco County, Florida. Construction is underway and leasing is expected to start in June. In a partnership with Miami-based Integra Solutions, The Altman Companies acquired from PNC, completed construction and leased up Peninsula, a 70-unit luxury residential community in Bolton Beach. 

As for 2012, three of the new communities, according to Altman, will follow a highly successful model design the company has applied to recent rental developments.

"Essentially these are three-story walk-ups with no breezeways — all with private entries and 30% with attached, direct access garages," he said. "These new Altis branded communities will all feature expansive clubhouses and resort-style site amenities."

The Altis at Renaissance Commons community in Boynton Beach, being acquired from K. Hovnanian Homes, will involve a second phase buildout based on the original architectural plans, featuring two six story buildings with structured parking and clubhouse and pool amenities.

About The Altman Companies

Since 1968, the Altman Companies has developed, constructed, acquired and managed in excess of 22,000 multi-family units in Florida, Michigan, Illinois, Tennessee, Georgia, Texas and North Carolina. For more information on The Altman Companies, go to www.altmancos.com.

SOURCE The Altman Companies