Altman Plans Miramar Multifamily Communities After $35M Land Buy
Miramar Park Place retail complex will be built on a 7-acre lot next to the apartment communities.
Two apartment communities are on tap in Miramar on part of a tract the developer just bought for $35 million, more movement in the multifamily market that shows it is one of South Florida’s strongest property types.
The Altman Cos., a prolific condominium and apartment developer based in Boca Raton, will build 320-unit Altis West and 330-unit Altis East adjacent to each other on the northwest corner of Miramar Parkway and Red Road.
Next door, developers Master Development Inc., based in Dania Beach, and Konover South LLC, based in Deerfield Beach, will build retail complex Miramar Park Place.
The new real estate is on tap after a two-step transaction to buy the 30-acre tract.
Altman first bought the 30-acre land from a company owned by the Ansin family for $35 million. Altman then sold a 6.7-acre piece off the tract to Master Development and Konover for $6 million in a simultaneous closing.
The deals closed Monday.
The Ansin family is best known in South Florida for starting and owning WSVN Channel 7 parent company Sunbeam Television Corp., based in Miami. The late Sidney Ansin and his son, Ed Ansin, formed Sunbeam and Ed Ansin still is CEO.
The family also developed the over 5 million-square-foot Miramar Park of Commerce industrial and office complex, which was built over time since 1984.
The garden-style Altis West and Altis East, part of Altman’s Altis multifamily portfolio, will be within Miramar Regional Activity Center, an area designated by the city of Miramar as targeted for more residential development.
The regional activity center is roughly south of Pembroke Road from Flamingo Road east to Palm Avenue.
The city of Miramar already approved the two Altis projects.
They are notable as they are rising in western, more suburban Broward County despite hype in recent years among real estate circles over developing in the eastern, downtown areas.
F. Thomas Godart, who closed both the $35 million and subsequent $6 million transaction, said this area of Miramar is a major employment center as it also is home to the Ansins’ Miramar Park of Commerce.
Also, it’s cheaper to construct sprawling garden-style communities as opposed to downtown midrises and high-rises, said Godart, managing director at Godart Florida Real Estate Development in Fort Lauderdale.
With the cost savings, developers can add more amenities to the residential communities and translate some of the cost savings to to renters.
Godart, who was exclusive broker for both transactions, represented Altman in its purchase of the 30-acre land and then represented Master Development in its purchase of the 6.7-acre chunk.
The demand for apartments in South Florida is fueled by a growing population with many residents opting to rent in light of the high cost of buying a home here.
The healthy demand caught the eye of real estate investment firms, many of which have been scooping up apartment product.
In the biggest real estate deal of the year, NexPoint Residential Trust Inc., a publicly traded real estate investment trust based in Dallas, in August bought the The Avant at Pembroke Pines for $322 million. The sprawling 1,520-unit property sits on 85 acres southeast of Flamingo Road and Washington Street.
More recently, Miami-based Lloyd Jones LLC, managed by Chris Finlay, bought the new Ventura Pointe in Pembroke Pines for $55.6 million.