Grant Cardone Closes Largest All-Cash Multifamily Deal in South Florida This Year

In a remarkable display of financial prowess and strategic investment, real estate mogul Grant Cardone has successfully closed the largest all-cash multifamily deal in South Florida for 2023. Through his investment firm, Cardone Capital, Cardone acquired the 10X Flagler Village, a prestigious 382-unit Class A property located in the heart of downtown Fort Lauderdale, Florida. This acquisition not only underscores Cardone’s aggressive growth strategy but also highlights his ability to navigate a challenging real estate landscape.

A Bold Acquisition

The 10X Flagler Village was purchased from an institutional owner and boasts an impressive average rent of $2,700 per unit. Situated along the coveted A1A corridor, the property features excellent retail frontage, making it an attractive investment in a thriving urban environment. Cardone plans to rebrand the property as “10X Flagler Village,” a nod to his signature investment philosophy and brand identity.

This acquisition is particularly noteworthy given the current economic climate, where many syndicators are struggling and returning keys to banks. While institutional investors remain cautious, Cardone Capital has managed to raise over $300 million for its latest funds, demonstrating the strength and appeal of its business model. Cardone’s innovative approach has positioned his company as one of the most active buyers in the country, with Robert Given, a broker with CBRE, praising Cardone’s unique model that benefits everyday investors.

The Power of All-Cash Transactions

When asked about the decision to pursue an all-cash deal, Cardone explained, “We showed our investors this acquisition, and within a week we had commitments for the entire amount. We could have easily gotten a loan, but why pay lenders 7.5% when we can share that with our investors and finance in the future when rates come back down?” This strategic thinking not only allows Cardone to maximize returns for his investors but also positions his firm favorably in a high-interest rate environment.

The all-cash nature of this deal provides Cardone Capital with a significant competitive advantage over other institutional investors and syndicators. By leveraging the support of its retail investor base, Cardone Capital can secure opportunistic deals that would typically be out of reach for individual investors. Over the past year, Cardone has distributed more than $65 million to investors, translating to an impressive annual cash yield exceeding 6%.

A Vision for the Future

Cardone’s bullish outlook on the real estate market is evident in his ambitious plans for the near future. He stated, “We are set to close three more similar-sized deals before the end of June totaling half a billion dollars.” This aggressive growth strategy reflects Cardone Capital’s commitment to delivering value and potential returns to its investors, even amidst a fluctuating market.

Since its inception in 2016, Cardone Capital has raised over $1.3 billion from retail investors across 24 funds. The firm has amassed a diverse real estate portfolio, including over 13,000 apartment units across 40 multifamily properties and more than 500,000 square feet of commercial office space. Notably, the company’s headquarters, 10X Centre, is located in Aventura, Florida, further solidifying Cardone’s presence in the South Florida real estate market.

Disrupting the Real Estate Industry

As Cardone Capital continues to disrupt the real estate industry, it is clear that Grant Cardone’s visionary leadership and innovative investment strategies are yielding impressive results. With a proven track record of success and a growing portfolio of properties, Cardone Capital is well-positioned to capitalize on the opportunities presented by the current market. More importantly, the firm is dedicated to providing everyday investors with access to institutional-grade real estate deals that were once reserved for the elite.

In conclusion, Grant Cardone’s recent acquisition of the 10X Flagler Village is a testament to his strategic acumen and the strength of Cardone Capital’s business model. As the real estate landscape continues to evolve, Cardone’s ability to adapt and thrive will undoubtedly inspire a new generation of investors looking to make their mark in the industry.