Cardone Capital pays $90M for the Delray Beach apartments

Atlantic Pacific and Rockpoint sold the 346-unit complex

Oct.October 02, 2018 04:30 PM

Atlantic Delray Apartments and Grant Cardone

Cardone Capital just paid about $90 million for the Atlantic Delray Apartments in Delray Beach, according to sources.

A joint venture between Atlantic | Pacific Companies and Rockpoint Group sold the 346-unit apartment at 14050 Pacific Point Place to Cardone Capital for $260,000 per unit.

Cushman & Wakefield’s Robert Given, Troy Ballard, Zachary Sackley and James Quinn represented Atlantic Pacific, according to a press release.

Atlantic Delray opened in 2017 and was completed earlier this year on a 31-acre site. It has one-, two- and three-bedroom units with asking rents ranging from $1,500 to just under $2,200 a month. The units average 1,048 square feet. The complex consists of 13 three-story buildings and two two-story buildings, a walking and jogging trail, gym, pool, a business center, a theater and tennis courts.

The building is located north of Atlantic Avenue and Military Trail and is close to the Delray Marketplace.

Atlantic Pacific owns more than 140 properties and has offices in Florida, Georgia, Texas and California.

The buyer, Cardone Capital, is a Aventura-based investment manager that invests in income-producing multifamily properties across the country. Grand Cardone, who produces and stars in his own reality TV show, owns the company. In July, his Cardone Acquisitions paid $13.5 million for an office building in Aventura.

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