Grant Cardone Continues South Florida Buying Spree

Real estate fund manager Grant Cardone remains one of the most active multifamily real estate buyers in the country, having recently closed an all-cash acquisition of 10X at Jacaranda, a 468-unit property in the heart of Plantation, Florida. Through his company, Cardone Capital, Cardone has closed nearly half a billion dollars in all-cash acquisitions over the past six months and is set to close on additional, similarly sized transactions in the coming months.

When asked about the decision to pay cash, Cardone explained, “Why pay lenders 7.5% when we can share that with our investors? Our 15,000 investors love investing in Florida assets that cash flow from day one.”

While institutional investors remain cautious and on the sidelines, Cardone Capital has successfully raised over $1.35 billion across its investment funds and recently launched Cardone Equity Fund 24. Ryan Tseko, Cardone Capital’s EVP, noted, “We’ve seen a huge surge in demand from retail investors who are not only investing cash but also funds from self-directed IRAs.”

The property, formerly known as Laurels at Jacaranda, was purchased from an institutional owner and consists of 468 units with average rents of $2,200. Situated in the highly sought-after Plantation submarket, it sits on 31 acres directly adjacent to Plantation Central Park, a 77-acre public park. The asset will be renamed “10X at Jacaranda,” reflecting Cardone’s signature brand and investment philosophy.

Cardone Capital is uniquely positioned to capitalize on what Grant Cardone calls “the greatest real estate correction since 2008.” Hampton Beebe, a Vice Chairman with Newmark in South Florida, predicts, “Cardone will continue to win deals as he moves quickly and has a war chest full of cash.” 

By leveraging the power of its retail investor base, the company has been able to secure opportunistic deals and give investors access to assets that would otherwise be out of reach. Over the past 12 months, Cardone has distributed $68 million to investors, equating to an annual cash yield in excess of 6%.

Since 2016, Cardone Capital has amassed a real estate portfolio consisting of over 13,500 apartment units across 41 multifamily properties, along with over 500,000 square feet of commercial office space, including 10X Centre in Aventura, Florida, which houses Cardone Capital’s headquarters.

As Cardone Capital continues to disrupt the real estate industry, it is clear that Grant Cardone’s visionary leadership and innovative investment strategies are paying off. With a track record of success and a growing portfolio of properties, Cardone Capital is well-positioned to capitalize on the opportunities presented by the current market while providing everyday investors with access to institutional-grade real estate deals.

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Image courtesy of Cardone Capital