BBX Capital Real Estate, a subsidiary of BBX Capital, Inc., Announces the Sale of Altis Grand at The Preserve
FORT LAUDERDALE, Florida – (BUSINESS WIRE) – BBX Capital Real Estate (“BBXRE”), a wholly-owned subsidiary of BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB), announced today that the Altis Grand at The Preserve has sponsored the Altis Grand at The Preserve joint venture Companies, had completed the sale of Altis Grand in The Preserve, a 350-unit apartment building in Odessa, Florida. As a result of the transaction, BBXRE received approximately $ 5.8 million in cash from the joint venture and is expected to be available in the quarter ended March 30.
The Altis Grand at The Preserve joint venture was sponsored and established by The Altman Companies in 2018 to develop Altis Grand at The Preserve. Construction of the Altis Grand at The Preserve began in 2019 and was completed in 2020. At the time of sale, the Altis Grand at The Preserve apartment units were over 99% let.
About BBX Capital Real Estate: BBX Capital Real Estate, a principal holding of BBX Capital, Inc., is engaged in the acquisition, development, construction, ownership, financing and management of real estate and investments in real estate joint ventures, including investments in multi-family Rental apartments, single-family master-planned residential communities, and commercial real estate primarily in Florida. In addition, BBX Capital Real Estate has a 50 percent stake in The Altman Companies, LLC, a developer and manager of multi-family rental apartments, and manages the legacy assets acquired in connection with the BankAtlantic sale in 2012, including portfolios of loan receivables, real estate and Judgments against former borrowers. More information is available at www.BBXCapitalRealEstate.com.
About the Altman Companies: The Altman Companies, a joint venture between BBX Capital Real Estate and Joel Altman, develops, builds and manages multi-family residential communities. Since 1968, The Altman Companies and their predecessors have designed, built, purchased, and managed more than 26,000 apartment buildings in the United States, including communities in Florida, Michigan, Illinois, Tennessee, Georgia, Texas, and North Carolina. More information is available at www.altmancos.com.
About BBX Capital, Inc .: BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) is a Florida-based diversified holding company whose principal holdings include BBX Capital Real Estate, BBX Sweet Holdings, and Renin. More information is available at www.BBXCapital.com.