SOURCE: BBX Capital Corporation

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December 18, 2014 08:30 ET

BBX Capital Real Estate Announces Completion of First Apartment Homes at Altis at Kendall Square

FT. LAUDERDALE, FL--(Marketwired - December 18, 2014) - Ft. Lauderdale, Florida-based BBX Capital Real Estate, a division of BBX Capital (NYSE: BBX) is pleased to announce that the first building of apartment homes at Altis at Kendall Square located on West Kendall Drive in Miami-Dade County (16950 SW 93 St) received its certificate of occupancy and the first residents have moved in. 

In March 2013, BBX Capital sold land that was previously part of its BankAtlantic legacy foreclosed real estate portfolio to a joint venture sponsored by The Altman Companies, a multi-family developer, for net proceeds of $8.0 million. BBX Capital then invested $1.3 million of cash in the joint venture as part of the investor group. Lenders for the Development are TD Bank and Monogram Residential Trust (formerly Behringer Harvard).

Altis at Kendall Square features an urban design based on traditional neighborhood master planning with emphasis on pedestrian traffic featuring wide sidewalks, front porches, parallel parking, and one-way streets. The planned 321-unit apartment community features a mix of studio, one, two and three bedroom apartment homes with many offering lake views. The apartment homes feature gourmet kitchens with stainless steel ENERGY STAR appliances, granite counters, espresso cabinets, as well as spa-inspired baths with raised vessel sinks, marble counters and spacious linen closets. Private, direct access garages are also available on select units. All residents will enjoy membership in a private resort style 5,000 square foot clubhouse, which offers exciting features to the residents for recreation and business. Other planned amenities include a pool and spa, an outdoor activities pavilion with a sports bar and full demonstration kitchen, cabanas overlooking the lake, a playground, a sand lakeside volleyball court, a soccer field, a dog-park with a bathing station, and a citrus park.

"We are very pleased to be investing with The Altman Companies on this development as we continue to build our investment portfolio," commented Seth Wise, President of BBX Capital Real Estate. "The Altman Companies are highly respected in the rental apartment field and we are excited to partner with them to bring this exciting new community to the Kendall market."

Chairman of the Altman Companies, Joel Altman said "The BBX Capital Real Estate team has provided valuable insight on this community and we are delighted to have them as a partner."

For more information on Altis at Kendall Square, please call 888-428-7371 or visit www.altiskendallsquare.com.

About BBX Capital Corporation:    
BBX Capital (NYSE: BBX) is involved in the acquisition, ownership, management, joint ventures and investments in real estate and real estate development projects, as well as acquisitions, investments and management of middle market operating businesses. In addition, BBX Capital and its holding company, BFC Financial Corporation (OTCQB: BFCF), have a 46% and 54% respective ownership interest in Bluegreen Corporation. As a result of their ownership interests, BBX and BFC own 100% of Bluegreen. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 180,000 owners, over 60 owned or managed resorts, and access to more than 4,000 resorts worldwide.

As of September 30, 2014, BBX Capital had total consolidated assets of $382.1 million, shareholders' equity attributable to BBX Capital of approximately $309.7 million, and total consolidated equity of approximately $311.0 million. BBX Capital's book value per share at September 30, 2014 was $19.15.

About The Altman Companies
Since 1968, the Altman Companies has developed, constructed, acquired and managed in excess of 22,000 multi-family units in Florida, Michigan, Illinois, Tennessee, Georgia, Texas and North Carolina. The company has attained a respected reputation for developing and operating quality apartment homes and condominiums. For more information on The Altman Companies, go to www.altmancos.com.

This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. All opinions, forecasts, projections, future plans or other statements, other than statements of historical fact, are forward-looking statements and include (but are not limited to) words or phrases such as "plans," "believes," "will," "expects," "anticipates," "intends," "estimates," "our view," "we see," "would" and words and phrases of similar import. We can give no assurance that such expectations will prove to be correct. Future results could differ materially as a result of a variety of risks and uncertainties, many of which are outside of the control of management. These risks and uncertainties include, but are not limited to the impact of economic, competitive and other factors affecting the Company and its investments and joint venture;, risks relating to the Company's ability to successfully implement its currently anticipated business plans, which may not be realized as anticipated, if at all; that the Company's investment in Altis at Kendall Square will increase its exposure to downturns in the real estate and housing markets and expose it to risks associated with real estate development activities and the risk that its joint venture partners may not fulfill their obligations; that the property will not be developed as currently planned and that the Company's investment in this or future real estate joint ventures may not achieve the returns anticipated or be profitable. In addition to the risks and factors identified above, reference is also made to other risks and factors impacting BBX Capital detailed in the Annual Report on Form 10-K, including Item 1A. Risk Factors, which is available to view on the SEC's website, www.sec.gov, or on BBX Capital's website, www.BBXCapital.com. The Company cautions that the foregoing factors are not exclusive. 

Contact Information

  • BBX Capital Corporation Media contact: 
    Aimee Adler/Jodi Goldstein
    Kip Hunter Marketing
    (954) 765-1329 
    Email: aimee@kiphuntermarketing.com