Altman scores $75M construction loan for Kendall multifamily project

Developer plans a 342-unit mid-rise apartment community

Alta principals Seth Wise and Joel Altman and rendering of Altra Kendall at 9501 Southwest 137th Avenue (Altman)
Alta principals Seth Wise and Joel Altman and rendering of Altra Kendall at 9501 Southwest 137th Avenue (Altman)

Altman Companies expects to break ground soon on a Kendall multifamily project after securing the land and a $75 million construction loan.

The Fort Lauderdale-based development firm, led by co-CEOs Joel Altman and Seth Wise, paid $14.3 million for a nearly 12-acre vacant tract at 9501 Southwest 137th Avenue, according to Vizzda and records. TD Bank provided the financing for the planned Altra Kendall, a mid-rise apartment community with 342 units Altman plans to build on the site.

The seller, Baptist Hospital of Miami, purchased the property for $2.5 million in 1997, records show. Baptist also plans to develop a medical office building on 3 acres adjacent to Altra Kendall.

Altra Kendall will be a mix of one-, two-, and three-bedroom apartments, according to a press release. In addition to traditional amenities, the project will have a virtual game room, a spa wellness treatment room and dry cleaning pickup stations. Altman will begin construction immediately and has a targeted completion date of 2024, the release states. The site plan shows six mid-rise apartment buildings.

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The developer and Baptist have been under contract for the site since last year. Miami-Dade County recently approved a rezoning and special exception of the property to allow residential development.

Founded in 1968, Altman has developed, acquired and managed more than 27,000 multifamily units in Florida, Michigan, Illinois, Tennessee, Georgia, Texas, and North Carolina, the release states.

In October, the Davie Town Council approved a site plan for a 286-unit multifamily complex that Altman wants to build on 4.1 acres in downtown Davie. The four-story Altis Davie would also have 1,450 square feet of commercial space.

Altman also submitted plans in April to Miami-Dade County that shows a 366-unit apartment complex and a shopping center anchored by a grocery store on nearly 15 acres near Homestead that are owned by Baptist. Called Altis Palms, the project would span six buildings, each six stories.