As featured on Multi-Housing News. Click here to read the original article.
Kolter Multifamily has broken ground on Alton Palmetto, a 276-unit, 12-acre garden-style community located in Palmetto, Fla., in the Sarasota-Bradenton area of the state’s Gulf Coast. The first units are expected to be completed by fall 2026.
Located at 8715 US-41 in northern Manatee County, Alton Palmetto is the latest multifamily development from The Kolter Group, a Delray, Fla.,-based real estate investment firm with a majority presence in the Southeast. The property is half a mile north of the Interstate 287 interchange and minutes from the Sunshine Skyway Bridge, which can quickly access employment centers across St. Petersburg, Bradenton and East Tampa.
“This is a submarket where demand is outpacing institutional supply,” Jeff Kruse, managing director at Kolter Multifamily, told Multi-Housing News. “We are able to deliver a highly livable product on an efficient basis, in a location supported by real migration, job access and long-term growth fundamentals.”
Alton Palmetto Details
Upon completion, Alton Palmetto will have four-story residential buildings with one-, two- and three-bedroom apartments ranging in size from 661 to 1,188 square feet. Unit features include nine-foot ceilings, quartz countertops, stainless steel appliances, as well as full-size washers and dryers. Most of the homes have private patios or balconies.
Community amenities will include a clubhouse with a fitness center, coworking office space and coffee lounge. It will also anchor many of the outdoor amenities such as a waterfront pool, grilling and dining areas and a fenced dog park with an air-conditioned dog spa.
The location is also near recreation facilities, including Terra Ceia Preserve State Park, which is within bikeable proximity.
Kolter Company Growth
Kruse said that two other company developments in the area, Alton LakeHouse, a 350-unit luxury community in Lakewood Ranch, Fla., and Alton Osprey, are both nearing completion and expected to deliver their first occupancies within the next 30 to 45 days. Kolter Multifamily broke ground on Alton Osprey, a 252-unit upscale multifamily project in Osprey, Fla., in February 2024. It is 11 miles from downtown Sarasota.
“Both communities reflect Kolter’s commitment to delivering thoughtfully designed rental housing in high-growth coastal markets,” Kruse said.
Kolter Multifamily, an affiliate of The Kolter Group, focuses on urban and suburban rental communities. It has sponsored nearly $1.6 billion of completed and in-development real estate projects throughout the Southeast. The Kolter Group operates four residential development business units and has sponsored more than $30 billion of projects throughout the Southeast, including Florida, Georgia, South Carolina, North Carolina and Tennessee.
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