Cardone Capital acquires Camino Real Apartments, a 325-unit multifamily property in Boca Raton, FL.
Aventura, FL, May 31, 2021 (GLOBE NEWSWIRE) — Real estate investment firm, Cardone Capital LLC, announces their acquisition of Camino Real Apartments, a 235-unit apartment community located in downtown Boca Raton. 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 acquisition of the nine-story midrise continues the firm’s momentum as it is Cardone Capital’s second acquisition in the desirable Boca Raton market and its fourth acquisition in Palm Beach County. Since the beginning of 2020, the firm has acquired six apartment communities with 2,150 units.
The property features an average unit size of 1,117 square feet and several resort-like amenities, including an ocean view sundeck, private pool area, fitness center, movie theatre, racquetball court, and steam rooms.
“This property is located in the heart of Boca Raton’s commerce, hospitality, and retail district” says Grant Cardone, CEO of Cardone Capital.
The property, which has been renamed “10X Living at Mizner Park”, is conveniently located on the edge of Boca Raton’s lifestyle center, Mizner Park, and adjacent to Trader Joe’s, The Fresh Market and Publix. Additionally, the property is steps away from the Mandarin Oriental which further illustrates the location’s desirability.
Mr. Cardone also commented on the local market saying “The migration trends to Florida continue as businesses and people seek more affordable and tax-friendly areas to live and work as compared to other parts of the country.”
The Boca Raton market has attracted many institutional real estate owners, including Starwood, Greystar, AvalonBay, GID, Camden, Prudential, TIAA, Goldman Sachs, CalPERS, and MSD Partners.
Mr. Cardone purchased the property himself and is offering accredited investors the chance to participate in the investment alongside him through Cardone Capital’s most recent equity fund, Cardone Equity Fund XIV, LLC.
Cardone Capital EVP, Ryan Tseko, said “This is a true value-add opportunity for our investors. We purchased the property below replacement cost and plan to make significant enhancements focused on unit interiors and the property’s common areas.”
The firm’s value-add business plan for the property includes upgraded kitchens and finishings in each unit, a modernized fitness center, and a lobby that will rival any five-star hotel.
Mr. Tseko adds “Once the upgrades are complete, we anticipate increased rental rates at a premium to current, in-place rents. This should drive increased cash flow and value for our investors.”
This purchase brings Cardone Capital’s multifamily portfolio to 9,218 units across 29 properties with a value of approximately $2.2 billion.
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. Mr. Cardone was named the #1 marketer to watch by Forbes Magazine and starred on Discovery’s hit business show, Undercover Billionaire. Mr. Cardone has been acquiring and managing real estate for over 35 years. He has completed well over 70 real estate transactions and currently has an assembled portfolio valued at approximately $2.2 billion.
About Cardone Capital
Cardone Capital, located in Aventura, FL, acquires and manages real estate properties with a focus on both near-term income generation and long-term value creation. Grant Cardone, CEO, created Cardone Capital to provide every day investors access to the institutional-grade real estate deals that are normally reserved for only the largest investors. Cardone Capital offers investment funds that invest directly in private real estate transactions. To date, the company has raised over $550 million across 14 funds from over 5,000 accredited and non-accredited investors. Cardone Capital’s multifamily portfolio currently consists of 9,218 units across 29 properties in Florida, Texas, Alabama, Georgia, and Maryland with a value of approximately $2.2 billion.
