BBX Capital Real Estate, a subsidiary of BBX Capital, Inc., announces the sale of Altis Grand to The Preserve

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FORT LODERDALE, FL – () – BBX Capital Real Estate (“BBXRE”), a 100% subsidiary of BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) today announced that its Altis Grand at The Preserve joint venture, which was sponsored by Altman Companies, has completed the sale of Altis Grand at The Preserve, a 350-unit apartment complex located in Odessa. , Florida. As a result of the transaction, BBXRE received approximately $ 5.8 million in cash from the joint venture and expects to recognize a return on its investment in the venture of approximately $ 4.9 million during the quarter ended September 30, 2021.

The Altis Grand at The Preserve joint venture was sponsored and formed by The Altman Companies in 2018 to develop the Altis Grand at The Preserve. Construction on the Altis Grand at The Preserve began in 2019 and was completed in 2020. At the time of sale, over 99% of the Altis Grand apartments at The Preserve were leased.

About BBX Capital Real Estate: BBX Capital Real Estate, the parent holding company 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 residential complexes for rent, single-family residential complexes, planned for sale, and commercial property, located primarily in Florida. In addition, BBX Capital Real Estate owns a 50% interest in The Altman Companies, LLC, a developer and manager of multi-family rental buildings, and manages the inherited assets acquired in connection with the 2012 sale of BankAtlantic, including loan receivable portfolios. , real estate and court decisions against past borrowers. For more information please visit www.BBXCapitalRealEstate.com

About Altman companies: The Altman Companies, a joint venture between BBX Capital Real Estate and Joel Altman, is involved in the development, construction and management of multi-unit residential developments. Since 1968, Altman Companies and its predecessors have designed, built, purchased and operated more than 26,000 apartment buildings throughout the United States, including communities in Florida, Michigan, Illinois, Tennessee, Georgia, Texas and North Carolina. For more information please visit www.altmancos.com

About BBX Capital, Inc .: BBX Capital, Inc. (OTCQX: BBXIA) (PINK: BBXIB) is a Florida-based diversified holding company whose main assets include BBX Capital Real Estate, BBX Sweet Holdings and Renin. For more information visit www.BBXCapital.com

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