Quarterly report pursuant to Section 13 or 15(d)

Investments In Unconsolidated Real Estate Joint Ventures

v3.19.1
Investments In Unconsolidated Real Estate Joint Ventures
3 Months Ended
Mar. 31, 2019
Investments In Unconsolidated Real Estate Joint Ventures [Abstract]  
Investments In Unconsolidated Real Estate Joint Ventures

7.     Investments in Unconsolidated Real Estate Joint Ventures 



As of March 31, 2019, the Company had equity interests in unconsolidated real estate joint ventures involved in the development of multifamily apartment and townhome communities, as well as single-family master planned communities. In addition, the Company owns a 50% equity interest in The Altman Companies, LLC, a developer and manager of multifamily apartment communities.



Investments in unconsolidated real estate joint ventures are accounted for as unconsolidated variable interest entities.  See Note 2 for information regarding the Company’s investments in consolidated variable interest entities.



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





 

 

 

 



 

 

 

 



 

March 31,

 

December 31,



 

2019

 

2018

Altis at Lakeline - Austin Investors LLC

$

4,238 

 

4,531 

Altis at Grand Central Capital, LLC

 

2,604 

 

2,549 

Altis Promenade Capital, LLC

 

2,228 

 

2,195 

Altis at Bonterra - Hialeah, LLC

 

21,497 

 

21,602 

Altis Ludlam - Miami Investor, LLC

 

747 

 

675 

Altis Suncoast Manager, LLC

 

724 

 

1,857 

Altis Pembroke Gardens, LLC

 

1,281 

 

1,284 

Altis Fairways, LLC

 

1,893 

 

1,876 

Altis Wiregrass, LLC

 

1,866 

 

1,897 

The Altman Companies, LLC

 

15,521 

 

14,893 

ABBX Guaranty, LLC

 

2,500 

 

2,500 

Sunrise and Bayview Partners, LLC

 

1,516 

 

1,439 

PGA Design Center Holdings, LLC

 

653 

 

691 

CCB Miramar, LLC

 

4,036 

 

1,575 

BBX/Label Chapel Trail Development, LLC

 

4,089 

 

4,515 

L03/212 Partners, LLC

 

1,519 

 

 -

All other investments in real estate joint ventures

 

470 

 

659 

Total

$

67,382 

 

64,738 



During January 2019, the Company invested in L03/212 Partners, LLC, a joint venture formed to invest in the development of The Main Las Olas, a mixed-used community located in downtown Fort Lauderdale, Florida that is planned to be comprised of an office tower with approximately 365,000 square feet of leasable area, a residential tower with approximately 341 units, and approximately 45,000 square feet of ground floor retail. As of March 31, 2019, the Company had funded $1.5 million of its expected capital contribution of $4.0 million.



See Note 10 to the Company’s consolidated financial statements included in the 2018 Annual Report for the Company’s accounting policies relating to its investments in real estate joint ventures.