The Altman Cos., a leading developer, builder, and manager in the multifamily industry, has broken ground on two new upscale apartment communities in Florida under its Altís brand with resort-style amenities and high-touch services.
The firm is partnering with J.P. Morgan Global Alternatives on Altís Blue Lake, a 318-unit luxury garden-style community in Lake Worth in Palm Beach County. The investment was provided by institutional investors advised by J.P. Morgan Global Alternatives.
“We are excited to have J.P. Morgan as our partner on this deal and to begin construction on Altís Blue Lake,” said chairman and co-CEO Joel Altman. “For over 53 years, The Altman Cos. has developed a portfolio of rental communities that have delivered exceptional living experience to our residents in Florida and across the country, and we are very proud to begin the development of this upscale, environmentally friendly community in Palm Beach County.”
The community will deliver its first units in 2023, with an offering of one-, two-, and three-bedroom units available with private entry and direct access garage options. Unit features will include spa-inspired bathrooms with dual sink vanities, soaking tubs, and clear glass shower enclosures; quartz countertops, 39-inch cabinets, and stainless steel appliances in the kitchens; and front-loading washers and dryers.
Residents will have exclusive membership to The Club within the community with a 24/7 fitness center with a yoga, spinning, and aerobics studio; a Starbucks cybercafe; workspace lounges and a private conference room; and a game room. Additional amenities will include a 6,000-square-foot clubhouse with a resort-style swimming pool, pool cabanas, grilling stations, a wellness treatment room, and a pool pavilion.
The pet-friendly community will also have an indoor dog grooming spa, a multipurpose trail, and a pet park. In addition, residents will have access to a 24/7 automated package and dry cleaning pickup station.
According to The Altman Cos., Altís Blue Lake will be Florida Green Building Coalition certified, with energy-efficient designer lighting, Energy Star refrigerators and dishwashers, high-efficiency water heaters, submetered water stations, and car-charging stations.
“This transaction and the groundbreaking mark another significant development for The Altman Cos. as we develop another exceptional Altís community in Palm Beach County,” said co-CEO Seth Wise. “We are delighted to deliver workforce and market-rate housing with a new standard of luxury, exceptional services, and exclusive amenities, to the Palm Beach area.”
The Altman Cos. also broke ground on Altís Grand at Suncoast, a 449-unit community in Lutz, a submarket of Tampa. Rockpoint Group provided the equity capital, and PNC Bank provided a loan.
Altís Grand at Suncoast, which also is expected to deliver its first units in 2023, will feature one-, two-, and three-bedroom units accessible by private entry or air-conditioned hallways served by elevators. Units will include spa-inspired bathrooms with dual sink vanities, soaking tubs, and clear glass shower enclosures; front-loading washers and dryers; and stainless steel appliances.
A dedicated on-site activities director will coordinate events for residents, including daily continental breakfasts, Sunday brunches, and Wine Down Wednesdays. Amenities will include a 24/7 fitness center, multiple co-working lounges, a resort-style swimming pool, a lush recreational pavilion, and a pet spa and pet park. The community will be National Green Building Standard certified.
“We have built five other Altís communities in the Tampa area, and this is a true testament to our commitment to both the brand and the local area,” added Wise.
In the past five years, The Altman Cos., based in Boca Raton, Florida, has opened 11 new apartment communities with six in South Florida and five in Central Florida. In addition to Altís Blue Lake and Altís Suncoast, it has a number of additional communities under construction or in the pipeline throughout the state. In addition, the firm has opened an Atlanta office with plans for developments in Georgia, North Carolina, South Carolina, and Tennessee.
