Quarterly report pursuant to Section 13 or 15(d)

Investments In And Advances To Unconsolidated Real Estate Joint Ventures

v3.21.1
Investments In And Advances To Unconsolidated Real Estate Joint Ventures
3 Months Ended
Mar. 31, 2021
Investments In And Advances To Unconsolidated Real Estate Joint Ventures [Abstract]  
Investments In And Advances To Unconsolidated Real Estate Joint Ventures

6.     Investments in and Advances to Unconsolidated Real Estate Joint Ventures



As of March  31, 2021, the Company had equity interests in and advances to unconsolidated real estate joint ventures involved in the development of multifamily rental apartment communities and single-family master planned for sale housing communities. In addition, the Company owns a 50% equity interest in the Altman Companies, a developer and manager of multifamily apartment communities.



Investments in unconsolidated real estate joint ventures are accounted for as unconsolidated VIEs.



The Company’s investments in and advances to unconsolidated real estate joint ventures consisted of the following (in thousands):



 

 

 

 

 

 



 

 

 

 

 

 



 

March 31,

 

December 31,



 

2021

 

2020

Altis Grand Central

 

$

2,166 

 

$

2,287 

Altis Promenade

 

 

1,952 

 

 

1,964 

Altis Ludlam Trail 

 

 

9,931 

 

 

9,653 

Altis Grand at The Preserve (Suncoast)

 

 

1,132 

 

 

1,086 

Altis Pembroke Gardens

 

 

 —

 

 

310 

Altis Wiregrass

 

 

 —

 

 

163 

Altis Little Havana

 

 

851 

 

 

844 

Altis Lake Willis (Vineland Pointe)

 

 

5,829 

 

 

5,446 

Altis Miramar East/West

 

 

2,841 

 

 

2,818 

The Altman Companies

 

 

15,056 

 

 

15,222 

ABBX Guaranty

 

 

3,750 

 

 

3,750 

Bayview

 

 

1,364 

 

 

1,563 

Marbella

 

 

4,820 

 

 

6,971 

Chapel Trail

 

 

153 

 

 

153 

The Main Las Olas

 

 

2,541 

 

 

2,462 

Sky Cove

 

 

3,104 

 

 

3,287 

Sky Cove South

 

 

4,877 

 

 

 —

Other

 

 

35 

 

 

31 

Total

 

$

60,402 

 

$

58,010 



See Note 7 to the Company’s consolidated financial statements for the year ended December 31, 2020 included in the 2020 Annual Report for the Company’s accounting policies relating to its investments in unconsolidated real estate joint ventures, including the Company’s analysis and determination that such entities are VIEs in which the Company is not the primary beneficiary.



In March 2021, the Altis Pembroke Gardens joint venture sold its 280 unit multifamily apartment community in Pembroke Pines, Florida. As a result of the sale, BBXRE recognized $0.3 million of equity earnings during the three months ended March 31, 2021.



In February 2021, BBXRE invested $4.9 million in the Sky Cove South joint venture, which was formed to develop Sky Cove South at Westlake, a residential community expected to be comprised of 197 single-family homes that will be adjacent to Sky Cove at Westlake, which is being developed by the Sky Cove joint venture.