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Cardone Capital Increases AUM To $2.1B With Ft. Lauderdale Apartment Acquisition

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Cardone Capital Increases AUM To $2.1B With Ft. Lauderdale Apartment Acquisition

Private real estate investment firm Cardone Capital announced on Wednesday its acquisition of Bask in Harbor Park, a 310-unit multifamily property in Fort Lauderdale, Florida. This deal brings the firm’s multifamily portfolio to 8,983 units across 28 properties, and total assets under management to $2.1 billion.

Cardone Capital uses crowdfunding to raise capital for their real estate investments with Regulation D and Regulation A offerings. To date, the firm has raised over $532 million in crowdfunding from both accredited and non-accredited investors. This latest acquisition was purchased by the company’s most recent equity fund, Cardone Fund XI, which is a Regulation D Rule 506(c) offering. 

Robert Given of Cushman & Wakefield PLC (NYSE: SWK) brokered the transaction on behalf of the seller and Cardone Capital was assisted by New York Community Bancorp, Inc. (NYSE: NYCB).

The firm’s newest property, which has been renamed “10X Living at Fort Lauderdale,” is situated along the 17th Street corridor in the heart of South Florida’s marine industry, and adjacent to a grocery-anchored shopping center.

“You can’t find a better location in Fort Lauderdale than this. The property is just steps away from 1.1 million square feet of retail including three grocery stores, LA Fitness, Orange Theory, and several restaurants and everyday shops,” Cardone Capital CEO Grant Cardone said in a statement.

The apartment complex itself features some of the largest units in the market, with an average size of 1,074 square feet, 12-foot ceilings in select units, and amenities that include a covered pool bar lounge, 24-hour fitness center, yoga studio, and a tropical courtyard.

Cardone Capital’s next deal is expected to be an 11-story office building located in Aventura, FL overlooking Biscayne Bay and the Atlantic Ocean. “This is an institutional grade asset located in the premier Aventura Marketplace where office is difficult to get and impossible to build, and we’re buying it for under replacement value,” Cardone commented.

The company has been focusing heavily on the Miami metropolitan area, which has seen steady year-over-year population growth. “I’m targeting areas that have a high net population gain. These are the areas that will continue to have the highest demand for apartments and will give us the most appreciation.” said Cardone. 

Cardone’s most recent acquisitions include a 398-unit multifamily property in Boca Raton, FL and a 553-unit multifamily property on the Intercoastal Waterway in Fort Lauderdale, FL.

Read Next: Caesars Entertainment Invests $400M For Renovating Atlantic City Casino Properties

Photo Courtesy: Cardone Capital

 

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