Miami—Locally-based privateequity real estate firm Cardone Capital has closedtwo funds topurchase four properties worth $350 million. The firm also launcheda new opportunity fund focused on distressed properties.

Funds VI and VIII wereoversubscribed by $4.2 million with Cardone Capital raising $112million of equity and capital. The properties purchased through thefunds include the 288-unit 10X Living at Panama City Beach;Columbia, MD's 531-unit 10X Living at Columbia Towncenter;a 360-unit retreat at Panama City Beach; and 294-unit Addison Placein Naples.

Cardone Capital says it expectsan annual return of 6-8% and total return of 15% from theproperties. After its recent purchases, Cardone Capital's portfolionow includes 7,722 units and assets valued at $1.7billion.

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Victoria Hudgins

I am a reporter for Legaltech News where I cover data privacy, cybersecurity and technology's impact on the business and practice of law.

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