Altman Companies paid $14 million for a large portion of a golf course near Wellington where the developer is already building an Altís-branded apartment complex.
Boca Raton-based Altman bought nearly 110 acres within the Fountains Country Club, roughly on the southwest corner of Lake Worth and Jog roads, according to records.
Seller Concert Fountains Properties Parcel B is led by Peter Nanula, chair of Lake Mary, Florida-based country club and golf courses owner-operator Concert Golf Partners, state corporate records show.
The property is in unincorporated Palm Beach County, west of Lake Worth Beach and east of Wellington.
Altman is in partnership with J.P. Morgan Global Alternatives to build the 318-unit, garden-style Altís Blue Lake apartment complex, according to an Altman news release. The three-story, all-white buildings will span 24 acres of the purchased site and include 696 parking spaces. The first units are expected to be completed in 2023.
Altís Blue Lake will offer one- to three-bedroom units with dual sink vanities and glass shower enclosures in bathrooms, and quartz countertops and stainless steel, energy-efficient appliances in kitchens, according to the release.
This will be a pet-friendly community with a gated dog park and a trail. Other amenities will include a gym with yoga, spinning and aerobics studios, a pool, and a Starbucks cybercafé with workspace lounges, conference room and game room, according to the release. Residents will have exclusive membership to “The Club,” consisting of these amenities.
The land purchase and project mark continued redevelopment of golf courses, as multifamily and residential builders are pressed to find open land amid pent-up demand for housing.
At least parts of Fountains Country Club have been closed, as other residential projects are on tap for portions of the greens, according to Joel Altman, co-CEO and chair of Altman Companies. Homebuilders GL Homes, based in Sunrise, and Miami-based Lennar, each bought acreage at Fountains.
Lennar also recently paid $19.2 million for part of a golf course west of Delray Beach, where seller 13th Floor Homes had obtained approval for an age-restricted community with 251 townhouses and 164 single-family homes. Lennar is expected to continue 13th Floor’s vision, although likely on a smaller scale, as it did not buy all of 13th Floor’s land at the golf course.