The Real Deal Miami

BBX unit sells legacy real estate asset in Tallahassee for $3.1M gain

The real estate division of Fort Lauderdale-based BBX Capital got $9.3M for a student housing complex that its corporate predecessor BankAtlantic owned
February 11, 2018 11:00AM

Seth Wise, president of BBX Capital’s real estate division

The real estate division of Fort Lauderdale-based BBX Capital Corp. recorded a $3.1 million gain on the $9.3 million sale of a student housing complex in Tallahassee.

The 272-bed complex, called Villa San Michele, was among the legacy assets that publicly held BBX retained after its corporate predecessor, former bank holding company BankAtlantic, sold its branch-office network and other assets to BB&T in 2012.

“While many in the past characterized some of our legacy real estate assets as ‘scratch and dent’ assets, we have always believed they offered outstanding opportunities,” Seth Wise, president of BBX Capital Real Estate, said in a prepared statement.

According to its website, Villa San Michele has three-bedroom, three-bathroom units and four-bedroom, four-bathroom units ranging in size from 1,358 square feet to 1,683 square feet.

Each apartment is fully furnished and has a full-size washing machine and dryer, over-sized closets and a ceiling fan in every bedroom. The monthly rent covers Internet and cable television service. Common-area amenities include a gym, swimming pool and dog park. – Mike Seemuth