Brand Spanking New Multifamily Hits Market

FORT LAUDERDALE, FL—The market is so hot for multifamily assets in South Florida that some developers are selling them almost as fast as they get them built. That's the case with Altis at Coconut Creek.

CBRE is marketing the North Broward County 270-unit lakeside apartment community. Located at 5401 Wiles Road in Coconut Creek, FL, the class A multifamily property offers condo-quality design features and amenities.

“Underscored by the Altman Companies' track record for best-in-class excellence, Altis at Coconut Creek is the submarket's highest quality asset,” says Robert Given, vice chairman of CBRE Multifamily. “This is a rare opportunity to acquire a trophy asset in one of South Florida's most sought-after markets.”

Although CBRE didn't offer a list price, this multifamily asset is bound to command a strong price. Altis has designer tile and plank flooring, granite and marble countertops, steel appliances, nine-foot ceilings, oversized walk-in showers in the master bathroom, roman tubs in guest bathrooms, and private in-home WiFi included in the rental rate.

An ultra-modern clubhouse offers 24-hour fitness center, yoga and aerobics studio, game room, and cyber cafe. Amenities include a resort-style pool with sundecks, cabanas, pavilion with fireplace, bar, TVs, and a full demonstration kitchen, as well as a jogging park, dog park, and virtual concierge program.

According to CBRE, the buyer of this multifamily asset could expect to attract renters from major employment centers like Boca Raton, Cypress Creek, Sunrise, and Downtown Fort Lauderdale. There is over 27 million square feet of office space in the area, the firm's research reveals, and 150,000 jobs are within a 20-minute drive. What's more, the Coconut Creek MainStreet District, a multi-phased 430-acre pedestrian-oriented, mixed-use regional destination, is located directly across Wiles Road.

Is the demand for these types of multifamily assets bound to slow in 2015? Kevin Finkel, executive vice president of Resource Real Estate, tells GlobeSt.com he doesn't think so.

“At this point in time, we see no reasons that the Southeast commercial real estate climate will substantially change in the near future,” Finkel says. “The strong markets will continue to be strong and the weak markets will continue to be weak.”

Zachary Sackley, Gerard Yetming, and Mary Kate Swann of CBRE Multifamily are also working to market the property. Charles Foschini and Christopher Apone of CBRE Debt & Structured Finance Group are handling the capital markets side of the deal.