Real estate investment firm, Cardone Capital LLC, announces their acquisition of Port Royale Apartments, a 533-unit apartment community in Fort Lauderdale, FL situated along the Intracoastal Waterway. The acquisition was part of the firm’s strategy to provide its investors with the opportunity to participate in institutional grade real estate deals in high-growth markets.
Port Royale is one of only three waterfront apartment communities in Broward County. The property spans approximately 22 acres, with a private marina and a 161-unit mid-rise building situated on 380 feet of water frontage.
Robert Given, of Cushman and Wakefield PLC (NYSE: CWK), brokered the transaction on behalf of the seller, Waterton. Cardone Capital raised $50M in equity through crowdfunding and CBRE Group Inc. (NYSE: CBRE) provided financing with a 10-year interest-only note at a fixed rate of 2.3%.
“We're excited to be able to add this property to our investment portfolio”, says founder and CEO Grant Cardone. “Port Royale is ideally located directly between Boca Raton and Fort Lauderdale, providing residents with an easy commute to two large business districts.”
Cardone points out that Fort Lauderdale is one of the fastest growing cities in Florida. In the last 10 years, the number of people living in the area climbed by 11.7%, compared to the 6.3% national population growth over the same period. (1)
“It's an exquisite property”, adds Cardone. “The location provided an opportunity to purchase an irreplaceable piece of real estate. We have made a strategic acquisition with the purchase of Port Royale.”
This acquisition brings the firm’s portfolio up to 8,275 units across 26 properties, and a total of $1.9B in assets under management.
About Grant Cardone
CEO of Cardone Capital, international speaker, entrepreneur, author of The 10X Rule and creator of 21 best-selling business programs, Grant Cardone owns and operates seven privately held companies and a $1.9 billion portfolio of multifamily properties. Named the #1 marketer to watch by Forbes Magazine, Cardone is also the founder of the The 10X Movement and The 10X Growth Conference, the world’s largest business and entrepreneur conference.
About Cardone Capital
Cardone Capital 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 over $440M from investors through crowdfunding.
Cardone Capital’s portfolio currently consists of properties in Florida, Texas, Alabama, Georgia, and Maryland.
(1) “In the last 10 years, the number of people living in the area climbed by 11.7%, compared to the 6.3% national population growth over the same period.”
(a) U.S. Census Bureau Quick Facts for the US: https://www.census.gov/quickfacts/fact/table/US/PST045219
(b) U.S. Census Bureau Quick Facts for Florida: https://www.census.gov/quickfacts/fact/table/FL/PST120219
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