Read Today’s Top Story: Houston ranks second in state for most million-dollar homes
by Lindsey Wells
A Florida billionaire has purchased a pair of multifamily apartment complexes in the Heights, according to a press release.
Grant Cardone, known to Discovery Channel fans as the “Undercover Billionaire,” purchased the recently built apartment mid-rises through his real estate investment firm, Cardone Capital.
The sale and financing of The Heights Collection (15th Street Flats and Heights Waterworks) was arranged by commercial real estate company Berkadia Institutional Solutions.
“The Heights Collection offered Cardone Capital a unique opportunity to add two brand-new multifamily assets, consisting of 646 units both purchased below replacement cost, to their already existing 800 units in Houston,” said Chris Curry, Berkadia’s senior managing director. “Because these two properties stand apart from their peers in terms of location and overall quality, the new ownership has an opportunity to create value in a market that is on the upswing with the return of renters to the urban core.”
The eight-story buildings boast high-end amenities such as a rooftop pool and outdoor kitchen with pizza oven at 15th Street Flats and an athletic gym, library and computer lounge at Heights Waterworks.
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