BBX Capital Real Estate and The Altman Companies Close on Land and Financing to Commence Development of Altra Kendall in Miami, Florida
BBX Capital Real Estate (“BBXRE”), a wholly-owned subsidiary of BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) and currently an owner of 50% of the equity interests in The Altman Companies, a developer and manager of multifamily apartment communities, announced today that a joint venture sponsored by The Altman Companies has acquired land and closed on financing to develop Altra Kendall in Miami, Florida.
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Altra Kendall is planned to be a 342-unit luxury mid-rise apartment community offering one-, two-, and three-bedroom rental apartment homes. It is expected that the community’s offerings to its residents will include membership to The Club, which is planned to include a 24/7 fitness center and yoga room, a café lounge with a coffee station, two business centers, a co-working area with a conference room, and a game room, as well as a resort-style swimming pool with pool cabanas and a recreational pavilion area, a playground, and park for pets. Altra Kendall is planned to be Florida Green Building Coalition certified. The Altman Companies expects to deliver the first units at Altra Kendall in 2024.
Upon the closing of the financing for the development, in addition to certain indirect interests in the development based on its ownership interest in The Altman Companies, BBXRE directly invested approximately $1.5 million in the managing member of the joint venture formed by The Altman Companies to invest in the development of Altra Kendall and approximately $4.2 million in the joint venture as additional equity alongside non-managing members.
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 multifamily rental apartment communities, single-family master-planned for sale housing communities, and commercial properties located primarily in Florida. In addition, BBX Capital Real Estate currently owns a 50% equity interest in The Altman Companies, a developer and manager of multifamily rental apartment communities, and anticipates acquiring an additional 40% of The Altman Companies in January 2023. BBX Capital Real Estate also manages the legacy assets acquired in connection with BBX Capital, Inc.’s sale of BankAtlantic in 2012, including portfolios of loans receivable, real estate properties, and judgments against past borrowers. For more information, please visit www.BBXCapitalRealEstate.com.