Cardone Capital Closes On Another South Florida Multifamily Deal

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Grant Cardone’s real estate investment firm Cardone Capital has announced its acquisition of the Camino Real Apartments, a 235-unit multifamily property in Boca Raton, Florida.

This acquisition brings the firm’s multifamily portfolio to 29 properties with a total of 9,218 units, and total assets under management to $2.2 billion. 

Cardone's Funding Model: Cardone Capital uses crowdfunding through Regulation A and Regulation D offerings, allowing retail investors to participate in institutional-grade real estate assets in high-growth markets.

To date, the firm has raised over $550 million from over 5,000 accredited and non-accredited investors across 14 funds. 

Cardone On The Florida Market: This latest acquisition, a nine-story midrise, is the firm’s second acquisition in South Florida in just over a month, with the previous purchase being a 310-unit luxury apartment community in Fort Lauderdale that closed on April 16.

The company has been focusing heavily on the Florida market, as the demand for rental units continues to grow and rental rates are increasing.

“The migration trends to Florida continue as businesses and people seek more affordable and tax-friendly areas to live and work as compared to other parts of the country,” said CEO Grant Cardone.

The Boca Raton Acquisition: The Boca Raton market has attracted many institutional real estate owners, including Starwood Capital Group, Greystar, AvalonBay AVB, GID, Camden Property Trust CMD and others.

The property Cardone bought, which has been renamed "10X Living at Mizner Park" features an average unit size of 1,117 square feet and amenities including an ocean view sundeck, private pool area, fitness center, movie theater, racquetball court and steam rooms.

“This is a true value-add opportunity for our investors. We purchased the property below replacement cost and plan to make significant enhancements focused on unit interiors and the property’s common areas,” said Ryan Tseko, executive vice president at Cardone Capital.

The firm’s value-add plan for the property includes upgraded kitchens and finishings in each unit, a modernized fitness center  and a lobby that rivals a five-star hotel.

“Once the upgrades are complete, we anticipate increased rental rates at a premium to current, in-place rents. This should drive increased cash flow and value for our investors,” Tseko said 

Crowdfunding for this property is being done through Cardone Capital’s most recent equity fund, Cardone Equity Fund XIV, LLC, which is a Regulation D Rule 506(c) private placement offering. 

The company is also expected to close on an 11-story office building in Aventura, Florida this month, which would be the first office property added to Cardone Capital’s portfolio.  

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.