ORLANDO—Altís Highland Park has traded hands. Altman Companies sold the Tampa, FL luxury multifamily asset to Utah-based Cottonwood Residential for $46 million.

Located at 11571 Fountainhead Drive, the mixed-use multifamily community has 239 units. Retail space at the complex spans 5,000 square feet.  

"The Westchase submarket is enticing for multifamily investors due to its affluent residents and strong overall demographics," Joel Altman, chairman of Altman, tells GlobeSt.com. "Altís Highland Park particularly benefits from the proximity to major employers, top-rated schools and numerous shopping and dining options."

Altman delivered the first residences for Altís Highland Park in November 2014. The multifamily asset leased up in a year. The apartment community offers studio, one-, two- and three-bedroom floorplans with average monthly rents range from $1,193 to $2,028.

"This sale shows the strong demand for luxury rental product in the area," Altman says. Amenities include a private poolside lounge with a chef-inspired demonstration kitchen and fireplace, 24/7 club-class fitness center, yoga and aerobics studio with on-demand virtual fitness programs, game center, dog park and private community garden.

Beyond the multifamily component, the master-planned community is home to retail space, including Kahwa Coffee, and a self-service auto detail facility. Volume Hair Studio will move in later this year.