BBX Capital to purchase 50% stake in the Altman Companies for $23M

UPDATED, Oct. 20, 10:25 a.m.: BBX Capital’s real estate arm announced on Friday that it plans to purchase a 50 percent interest in the Altman Companies for $22.7 million, expanding the company’s luxury multifamily portfolio.

The deal gives BBX Capital a big stake in a company that has owned and managed more than 25,000 apartment units across the country with a strong focus on South Florida.

Fort Lauderdale-based BBX Capital Real Estate will acquire a stake in Altman Companies’ entire platform, which includes Altman Development Company, Altman-Glenewinkel Construction and Altman Management Company. The deal is expected to close at the end of the year, according to a release.

BBX Capital Real Estate also announced that in four years it will acquire an additional 40 percent of the Altman Companies for $9.4 million, giving it a 90 percent interest in the company. Joel Altman will continue to remain as CEO of the company, according to the press release.

Altman said the deal will give the Boca Raton company more scale and the ability to do bigger projects in markets across the country.

For BBX Capital, the deal was attractive, in part, because of Altman Companies’ expansive platform in development, construction and management, which gives the company new ways to generate revenue, according to Seth Wise, president of BBX Capital Real Estate.

BBX Capital Real Estate’s parent company, BBX Capital, is a diversified portfolio company led by Alan Levan. The company owns a 90 percent interest in Bluegreen Vacations, a timeshare vacation rental company.Altman Companies is best known for its rental communities branded as Altís. In South Florida, Altman recently completed Altis Boca Raton in the Park of Broken Sound. 

An earlier version of this story misidentified the number of units Altman has owned and managed.