Altman Eyeing Tampa for 2013 Development Pipeline

While this year The Altman Cos. is bidding on the South Florida multifamily rental market, the company has announced that it might be targeting the Tampa Bay area for its next development line-up.

While this year The Altman Cos. is bidding on the South Florida multifamily rental market, the company has announced that it might be targeting the Tampa Bay area for its next development line-up.

With four communities planned for the South Florida area in 2012—a potential addition of 1,110 units to the local inventory of rental apartments—Altman has also identified Tampa and Austin as great potential markets for new development starts.

“Our strategy is to have three to four new multifamily communities lined up per year, with a focus entirely on rentals,” said Altman chairman Joel Altman. He stated that rents are recovering and occupancies are high on his company’s existing inventory of rental properties, and said the current national shift from traditional home ownership to rentals is “being seen in all markets we’re in.”

Altman is already familiar with the Tampa Bay market; last year, the company acquired construction financing for Altis at Grand Cypress, a 258-unit development project planned for New Tampa in Pasco County; construction is currently underway and leasing is planned to start in June. The Altman Cos. is also the owner of the 70-unit Peninsula luxury residential community in Bolton Beach, a property acquired from PNC prior to being completed.

Altman has developed, constructed and managed more than 22,000 multifamily units in Florida, Michigan, Illinois, Tennessee, Georgia, Texas and North Carolina. Its new Altis-branded communities are three-story walk-ups with no breezeways and private entries, plus expansive clubhouses and resort-style amenities.

Image: Tampa Skyline, Courtesy of Sonny SideUp via Wikimedia Commons