BBX Capital Real Estate Announces the Sale of Altis at Bonterra
August 21 2019 - 10:00AM
Business Wire
BBX Capital Real Estate, a wholly-owned subsidiary of BBX
Capital Corporation (NYSE: BBX) (OTCQX: BBXTB), announced today
that the Altis at Bonterra joint venture has sold its 314-unit
multifamily apartment community located in Hialeah, Florida. BBX
Capital Real Estate received a distribution of approximately $46.0
million from the joint venture in connection with the sale.
In December 2015, BBX Capital Real Estate invested in a joint
venture with The Altman Companies to develop Altis at Bonterra, a
multifamily apartment community located in Hialeah, Florida.
Construction commenced on Altis at Bonterra in the first quarter of
2016 and was completed during 2017. As of June 30, 2019, the
carrying amount of BBX Capital Real Estate’s investment in the
Altis at Bonterra joint venture was $17.3 million.
About BBX Capital
Corporation: BBX Capital Corporation (NYSE: BBX) (OTCQX:
BBXTB) is a Florida-based diversified holding company whose
principal investments include Bluegreen Vacations Corporation
(NYSE: BXG), BBX Capital Real Estate, Renin Holdings, and IT’SUGAR.
For additional information, please visit www.BBXCapital.com.
About Bluegreen Vacations
Corporation: Bluegreen Vacations Corporation (NYSE: BXG)
is a leading vacation ownership company that markets and sells
vacation ownership interests (VOIs) and manages resorts in top
leisure and urban destinations. The Bluegreen Vacation Club is a
flexible, points-based, deeded vacation ownership plan with
approximately 217,000 owners, 69 Club and Club Associate Resorts
and access to more than 11,300 other hotels and resorts through
partnerships and exchange networks as of June 30, 2019. Bluegreen
Vacations also offers a portfolio of comprehensive, fee-based
resort management, financial, and sales and marketing services, to
or on behalf of third parties. Bluegreen is approximately 90% owned
by BBX Capital Corporation (NYSE: BBX) (OTCQX: BBXTB), a
diversified holding company. For further information, visit
www.BluegreenVacations.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20190821005527/en/
BBX Capital Corporation Contact
Info: Investor Relations:
Leo Hinkley, Managing Director, Investor Relations Officer
954-940-5300, Email: LHinkley@BBXCapital.com
Media Relations
Contacts: Kip Hunter
Marketing, 954-765-1329, Nicole Lewis / Shannon O’Malley Email:
nicole@kiphuntermarketing.com, shannon@kiphuntermarketing.com
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