Altman, BBX, Rockpoint Sell Miramar Apartments to AvalonBay
From left: Rockpoint’s Bill Walton, AvalonBay Communities’ Benjamin W. Schall and Timothy J. Naughton, and The Altman Companies’ Seth Wise with 11385 SW 30th Ct and 2750 SW 113th Ln (Rockpoint, LinkedIn, Trulia, Avalon Bay, Getty)
AvalonBay Communities bought two Miramar apartment complexes for a combined $295 million.
AvalonBay purchased Altís Miramar at 11385 Southwest 30th Court for $149 million, and the adjacent Altra Miramar at 2750 Southwest 113th Lane for $146 million, according to records.
An affiliate of Boca Raton-based The Altman Companies, Fort Lauderdale-based BBX Capital and Boston-based Rockpoint sold the communities that were completed last year. BBX Capital Real Estate, which is the real estate arm of BBX Capital, owns roughly 50 percent interest in Altman Companies. Rockpoint and BBX Capital Real Estate, through its Altman ownership, developed Altís and Altra.
The developers’ affiliate paid $35 million in 2019 for the 30-acre development site. The purchase also included lots other than those for Altís and Altra. The deal closed after Altman first sought a site rezoning in 2018.
The garden-style Altís Miramar has 320 units with an average size of about 1,000 square feet. Altra Miramar has several mid-rise buildings with 330 units, and an average size of about 940 square feet, according to a February news release from Altman Companies announcing the communities’ opening. Altís and Altra are separated by a park.
AvalonBay’s purchase breaks down to $453,846 per apartment.
The Arlington, Virginia-based real estate investment trust develops, redevelops, buys and manages multifamily communities in the U.S., according to its website. Timothy Naughton is AvalonBay’s executive chairman of the board, and Benjamin Schall is CEO.
This is at least the second AvalonBay investment in Miramar’s multifamily market in less than a year. The REIT scooped up the garden-style, 380-unit Avalon Miramar at 4300 Southwest 113th Terrace for $133 million in November.
South Florida’s multifamily market has been prospering because of high demand, partly fueled by out-of-state transplants who relocated to the region shortly after the pandemic’s onset. Miramar, which is in southern Broward County, has attracted some of the apartment investment sales and development frenzy.
In December, Brookfield Properties paid $187.7 million for the 512-unit Solano at Miramar complex at 11700 Southwest 26th Street.
Trammell Crow Residential scored city approval in September to develop the two-building, 250-unit Alexan Miramar on the northwest corner of Southwest 145th Avenue and Miramar Parkway. Two months later, Trammell paid $9.8 million for the 9-acre development site.
