AvalonBay buys two Miramar, Fla., assets for $295m

AvalonBay Communities has acquired Altis Miramar and Altra Miramar Multifamily Apartment Community, located in Miramar, Fla., from The Altman Cos., BBX Capital Real Estate Corp. and Rockpoint Group for $300 million.

Altis Miramar is a 320-unit multifamily apartment community, and Altra Miramar is a 330-unit multifamily apartment community adjacent to Altis Miramar.

Miramar is a city in southern Broward County, Fla., and a principal city of the Miami metropolitan area. Florida’s apartment sector has become the most sought-after region by renters in 2022, specifically, Miami-Dade County. According to Yardi Matrix data, the number of apartments in Miami-Dade County grew by 1.8 percent between January and April. The highest growth in new rentals among the top 20 cities in the rankings by RentCafe.com.

With rents increasing by 24.6 percent year-over-year