BBX Capital Real Estate, a subsidiary of BBX Capital, Inc., announces the sale of Altis Promenade

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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 joint venture, Altis Promenade, sponsored by The Altman Companies, has completed the sale of Altis Promenade, a 338-unit condominium located in Lutz, Florida. As a result of the transaction, BBXRE received cash of approximately US $ 7.0 million from the joint venture and expects to recognize a gain on its investment in the venture of approximately US $ 5.0 million during the quarter ended June 30, 2021.

The Altis Promenade joint venture was sponsored and created by Altman in 2017 to develop Altis Promenade. BBXRE invested in the joint venture when it was set up in 2017 and acquired additional shares in the venture in 2018 in connection with the acquisition of a 50% interest in Altman Companies. Construction of the Altis Promenade began in 2018 and was completed in 2019. At the time of the sale, Altis Promenade apartments were rented for more than 99%

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-unit 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 Altman Companies, LLC, a developer and manager of multi-family rental buildings, and manages the inherited assets acquired in connection with the sale of BankAtlantic in 2012, 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, the Altman Companies and its predecessors have designed, built, purchased and operated more than 26,000 apartment buildings in 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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