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The Altman Companies Celebrate 40th Anniversary in 2008 with Plans for Considerable Growth in Luxury Rental Development
BOCA RATON, Fla.-(Business Wire)-May 6, 2008 - During the real estate recession in 1974, The Altman Companies entered a distressed Florida market and tackled its first REIT rescue assignment for North American Investors in Largo, Florida.
Today, as it celebrates its 40th year in business, Altman continues to make its mark as a regional player in multi-family apartment development, construction and management. Currently under construction at Altman are some 1,545 rental units in Florida, Tennessee and North Carolina, with plans for another 1,353 units to get underway over the next 12 months.
Since 1968 Altman has successfully developed, constructed, acquired and managed in excess of 16,000 multi-family units in Florida, Michigan, Illinois, Tennessee, Georgia, and North Carolina.
"Our focus in 2008 is markets with job growth," said CEO and company founder, Joel Altman. "Our prime targets in 2008 and beyond are areas with economics that include employers and growth in energy, healthcare/medical, high tech, education and/or government."
Altman said his company is concentrating on opportunities in the rental market, especially in the Class A segment.
"Class A properties continue to be in demand in key regions offering up great opportunities, especially for a company with our experience and ability in site selection, finance, development, construction and management," he said.
To take full advantage of regional growth opportunities, Altman is currently working to recruit a regional partner for Texas where the company is already working on a new development in Austin, slated to start the fourth quarter of 2008.
Altman incorporated and started his business as President of Altman Development Corporation in 1968. His first project was an 84-unit student apartment complex located in East Lansing, Michigan.
Since then Altman continued to build business and relationships taking on several REIT reclamation projects through the 1970s, and following tax law changes in 1986 began to develop new properties on a joint venture basis with several institutional partners such as Northwestern Mutual, Cigna and Met Life.
Based in Florida since 1987, The Altman Companies — now incorporating real estate development, general contracting and property management among its many services — maintains its corporate headquarters in Boca Raton. The company employs 350 associates.
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