The Atlantic Delray Luxury Rental Community Changes Hands
The Aventura, FL-based investment firm has been very active of late and marks the firm’s third significant acquisition so far this year.
DELRAY BEACH, FL—Cardone Capital has added to its multifamily portfolio here with the purchase of the 346-unit The Atlantic Delray luxury garden apartment development.
The Aventura, FL-based investment firm has been very active of late and marks the firm’s third significant acquisition so far this year. Grant Cardone, CEO of Cardone Capital, says the company’s latest asset is expected to be a long-term investment for the firm and its investors.
“This incredibly unique property is comprised of a variety of buildings—garden style, two-story and three-story buildings—all situated artfully over 31 impeccable acres,” Cardone says. “The amenities are exceptional, from the resort-style pool and luxury clubhouse to the massive movie theater. All of that with brand-new, high-quality construction.”
The purchase follows up last week’s sale by Aventura, FL-based Cardone Capital of an 826-unit apartment portfolio in Nashville to Morgan Properties for $91 million.
Back in May, Cardone Capital reported its Cardone Equity Fund has purchased properties in Orlando and Houston totaling 747 units for more than $100 million. Cardone Capital closed the $45-million fund in less than seven months by raising funds via crowdsourcing.
No financial details of Cardone’s acquisition of The Atlantic Delray were released. The seller of the property was Atlantic | Pacific Companies.
Atlantic Delray is situated on a 3.5-acre lake with multiple parks and amenities and is anchored by Atlantic Avenue and its destination restaurants, galleries, shops, and boutiques.
Cushman & Wakefield’s Robert Kaplan and Chris Lentz arranged the acquisition financing with a major life insurance company. The brokerage firm also represented the seller in the deal.
“The lender was attracted to the transaction because of the financially strong and experienced sponsorship as well as the property’s Class A location, construction quality and proven cash flow” says Kaplan, executive managing director of Cushman & Wakefield Capital Markets Equity, Debt & Structured Finance.
“The Delray property stands out for the fact that it’s a spread-out luxury complex with a garden living experience amid an increasingly dense suburban development approach to multifamily construction,” says Ryan Tseko, Cardone Fund Manager.