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BBXIB - BBX Capital Real Estate completes the sale of Altis Promenade
BBX Capital Inc Cl B
BBX Capital (BBXIA) subsidiary BBX Capital Real Estate announced that its Altis Promenade joint venture, has completed the sale of Altis Promenade, its 338-unit multifamily apartment community located in Lutz, Florida; and received a cash distribution of ~$7M from the joint venture.At the time of the sale, Altis Promenade’s apartment units were over 99% leasedCompany expects to recognize equity earnings from its investment in the venture of ~$5M during the quarter ended June 30, 2021.a