Cardone Capital LLC, Grant's Cardone's real estate investment arm, has acquired four multifamily communities located in the Fort Lauderdale metropolitan area for a combined purchase price of approximately $740 million including fees and expenses. The four properties have approximately 1,700 apartment units and will be rebranded 10X Living.
The seller or sellers were not provided.
For the year, Cardone Capital acquired over $1.2 billion of real estate and added almost 2,900 apartment units and 220,000 square feet of Class A commercial office space to its portfolio. Cardone Capital's multifamily portfolio now stands at 35 properties with 11,552 apartment units.
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"Acquiring these four properties, essentially simultaneous, is the largest deal I've done in my 30+ years as a real estate investor," CEO Grant Cardone said in prepared remarks. "Each property has its own personality, but what they all share is the first thing I look for in property investments—super-convenient locations in high-growth markets."
The portfolio includes two newly built multifamily properties in downtown Fort Lauderdale and two 1990's vintage multifamily properties with value-add upside in the Weston and Sunrise markets.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
