Cardone Capital acquires 398-unit multifamily property in Boca Raton
Miami, Dec. 10, 2020 (GLOBE NEWSWIRE) — Real estate investment firm, Cardone Capital LLC, announces their acquisition of Altis Boca Raton, a 398-unit Class A multifamily property, located in the very exclusive Boca Raton market. This acquisition is part of the firm’s strategy to provide investors with the opportunity to participate in institutional grade real estate deals in high-growth markets.
The property comprises a 6-story midrise design with a combined average unit size of 1,005 square feet. Grant Cardone describes the property saying, “the location is as good as it gets, with tenants able to walk under covered walkway from the property to Fresh Market, Chipotle, Raw Juice, Fresh Kitchen, Habit Burger, Cycle Bar, and Bonitas.”
The property is a neighbor to Park at Broken Sound with over 8 million square feet of office and industrial space, making it one of South Florida’s most dynamic live and work environments.
Robert Given, of Cushman and Wakefield PLC (NYSE: CWK), brokered the transaction on behalf of the seller, the Altman Companies, who developed the property in 2018. Cardone Capital was assisted by New York Community Bank (NYSE: NYCB) who provided $105M in debt with a full-term interest only note at a fixed rate of 2.89%.
“We're excited to be able to add this property to our investment portfolio bringing Cardone Capital to 8,673 units across 27 properties”, says Cardone Capital VP, Ryan Tseko. “The property will be renamed, 10X Living at Boca Raton.”
Cardone points out, “Boca boasts the second highest average home price in Palm Beach County at $526,822(1) and a net worth of $1.3 million(2), only behind that of Palm Beach. Also, worth noting are other highly recognizable Institutional owners in Boca Raton, that include Starwood, Greystar, Avalon Bay, Camden, Prudential, TIAA, Goldman Sachs and MSD Partners.”
The property was purchased for Cardone Capital’s most recent equity fund, Cardone Equity Fund X, LLC which allows accredited investors to participate in the firm’s institutional grade real estate deals through crowdfunding.
About Grant Cardone
CEO of Cardone Capital, international speaker, entrepreneur, author of The 10X Rule, founder of 10X Movement, creator of 21 best-selling business programs. Cardone was named the #1 marketer to watch by Forbes Magazine, and is starring on Discovery Channels new hit business show, Undercover Billionaire that premiers Jan 6, 2021.
About Cardone Capital
Cardone Capital is located in Aventura, acquires and manages income producing class A multifamily properties, which provide investment vehicles for accredited investors through Regulation D offerings and for non-accredited investors through Regulation A offerings. To date, the company has raised almost $500M through crowdfunding.
Cardone Capital’s portfolio currently consists of properties in Florida, Texas, Alabama, Georgia, and Maryland.
To view upcoming private offerings from Cardone Capital visit https://cardonecapital.com
Contact:
Ryan Tseko
Executive Vice President
+1 833-822-7435
Ry**@ca************.com
https://cardonecapital.com
(1) BOCA RATON FL APPRECIATION RATE TRENDS AND HOUSING MARKET DATA: https://www.neighborhoodscout.com/fl/boca-raton/real-estate
(2) Boca Raton Net Worth: https://www.imfingo.com/net-worth/place/2366220
This news has been published for the above source. Cardone Capital LLC [ID=15691]
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Cardone Capital acquires 398-unit multifamily property in Boca Raton
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