BBX Capital’s Altman proposes a rental complex near North Miami
The Altman Companies wants to build a 373-unit multi-family complex near North Miami.
The Fort Lauderdale-based company owns a 3.4-acre development site at 11240 Biscayne Boulevard in unincorporated Miami-Dade County under contract at an undisclosed price, according to an application Altman filed with the county last week.
The complex will rise to 11 stories along Biscayne Street and taper to eight stories on the rest of the plot. The filing shows that the project, designed by CFE Architects, will include 12.5% of the units required for workforce housing, or approximately 46 units, and also provide another 11 apartments for workforce rentals.
The project is located within the Miami-area Strategic Rapid Transit Corridor, or roads designated by Miami-Dade to expand potential public transportation.
Altman is seeking a pre-submission meeting with the county. Developers generally request this to receive feedback from Miami-Dade officials prior to making an official bid.
The owner of the site, an entity led by Alex Silberman, put the land on the market for $10.5 million in 2021. Prices for development sites have fluctuated wildly since then. And while prices skyrocketed during the low interest rate party of 2021 and early last year, they fell starting in the second half of last year, after the Fed raised interest rates.
Led by Seth Wise, the Altman Company has developed, purchased and managed more than 26,000 rental units since 1968, according to its website. It’s focused on Florida, where the company’s portfolio totals about 17,600 apartments. It also builds and invests in the Sun Belt, Illinois and Michigan area.
The company declined to comment on its latest proposals.
Last month, Altman sold the 312-unit Windsor Ludlam Trail condominium complex at 7004 Southwest 40th Street in South Miami-Dade to GID for $91.4 million, according to records.
Altman is owned by BBX Capital Real Estate, a division of Fort Lauderdale-based BBX Capital. BBX bought a 50 percent stake in the company in 2018 and bought the remaining ownership interest this year. Joel Altman, who founded the Altman Company, stepped down as CEO in February and is now Chairman Emeritus.
The multi-family market in South Florida has slowed since the boom days in 2021 and early last year. Percadia’s report showed that occupancy across the Three Provinces region fell two percentage points to 95 percent in the first half of this year, compared with the same period last year. The low occupancy rate is largely thanks to a construction pipeline of more than 19,000 units.
South Florida led the nation in rent increases in the two years following the start of the pandemic. But the growth rate cooled to 6.3 percent in the second quarter, year on year, according to Percadia.
Developers are still betting on the rental market. And last month, MMG Equity Group placed a bid for a 247-unit complex near Coral Way in West Miami-Dade.