Altis and Altra Miramar
Update
08/02/22
AvalonBay Acquires Two Apartment Communities in Miramar Totaling 650-Units for $295M
BBX Capital Real Estate, a wholly-owned subsidiary of BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB), today announced that its Altis Miramar East/West joint venture had completed the sale of Altis Miramar, a 320-unit multifamily apartment community located in Miramar, Florida, and Altra Miramar, a 330-unit multifamily apartment community adjacent to Altis Miramar. In connection with the closing of the transaction, BBX Capital Real Estate received a net cash distribution of approximately $16.4 million from the joint venture.
The Altis Miramar East/West joint venture was sponsored and formed by The Altman Companies in 2019 to develop Altis Miramar and Altra Miramar. Construction of the communities commenced in 2019 and was substantially completed in 2022. As of March 31, 2022, the carrying amount of BBX Capital Real Estate’s investment in the joint venture was $2.9 million.
