The Altman Companies starts construction of rental apartment project in Florida

WCN Editorial Team 19 Jan 2022 NORTH AMERICA BUILDINGS

The Altman Companies has broken ground on Altís Blue Lake, a rental apartment scheme, in West Palm Beach, Florida.

BBX Capital Real Estate (BBXRE), a completely-owned subsidiary of BBX Capital, is an owner of 50% of the equity interests in The Altman Companies, which is a developer and manager of multifamily apartment communities.

Altís Blue Lake will be a three-story, 318-unit luxury garden apartment rental community offering one, two, and three-bedroom apartment homes with private entry as well as direct access garage options.

The offerings of the community to its residents will include membership to The Club, which is planned to include a round-the-clock fitness facility, a cybercafe, workspace lounges, a private conference room, and a game room, as well as an around 6,000ft2 clubhouse and a resort-style swimming pool with pool cabanas and grilling stations.
Altís Blue Lake is planned to be National Green Building Standard (NGBS) certified.

Furthermore, the Altman Companies expects to deliver the first units at Altís Blue Lake in 2023.

Following commencement of the development, BBXRE directly invested approximately $0.3m in the managing member of the joint venture formed by The Altman Companies to invest in the development of Altís Blue Lake.

It currently expects to invest around another $0.7m in the managing member as the development advances.

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First units at Altís Blue Lake are planned to be delivered in 2023. Credit: Photo Mix/Pixabay.

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