MIAMI, FL – Cardone Capital announced the acquisition of The Atlantic Delray, a luxury garden apartment development of 346 homes in the heart of highly-coveted Delray Beach, Florida. This is the third sizeable acquisition for Cardone Capital in 2018.
Cardone Capital, with 5,000 units currently under management has spent over 25 years focusing on investing in income-producing, affordable housing in the secondary and tertiary markets and is changing the way people invest in multifamily real estate by offering real asset ownership, no broker fees, monthly distribution of funds as well as accredited and non-accredited fund offerings.
Grant Cardone, CEO of Cardone Capital commented, “This incredibly unique property is comprised of a variety of buildings – garden style, two-story and three-story buildings – all situated artfully over thirty-one impeccable acres. 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”.
Atlantic Delray is situated on a 3.5-acre lake with multiple parks and amenities and in addition 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 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” explained Robert Kaplan, Executive Managing Director 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,” said Ryan Tseko, Cardone Fund Manager.
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