BBX Capital Real Estate completes sale of 350-unit Altis Grand multifamily community for ~$5.8M distribution

BBX Capital, Inc.

BBXRE received ~$5.8M cash distribution from Altis Grand joint venture upon sale of 350-unit Odessa, FL property.
Expects to recognize ~$4.9M equity earnings in Q3 2021 from the venture investment.
Community was 99%+ leased at sale; constructed 2019-2020 by joint venture sponsored by The Altman Companies.
Sale reflects BBX Capital's strategy to monetize developed assets and return capital to parent company.

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