Cardone Capital pays $90M for the Delray Beach apartments

Atlantic Pacific and Rockpoint sold the 346-unit complex

Miami /
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.


Related Articles

arrow_forward_ios
Rey Grabato and 707 North Ocean Boulevard, Delray Beach (Linkedin, 707 Delray)
NRIA CEO sells oceanfront Delray Beach spec home for $16M
NRIA CEO sells oceanfront Delray Beach spec home for $16M
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Rendering of Grand Station Apartments with Alex Rodriguez, Oscar Rodriguez and Ricardo Vadia (Getty, Rovr/Illustration by Alexis Manrodt for The Real Deal)
Downtown Miami apartment tower — with A-Rod as an investor — launches leasing
Downtown Miami apartment tower — with A-Rod as an investor — launches leasing
Affiliated Development CEO Jeff Burns and a rendering of The Tropic project (Affiliated Development)
Hollywood approves funding for apartment project with workforce units
Hollywood approves funding for apartment project with workforce units
Jorge Perez and Jon Paul Perez and a rendering of the project (Getty, Quantum Space Studio)
Related scores $95M loan for two-tower luxury rental project in West Palm
Related scores $95M loan for two-tower luxury rental project in West Palm
189 Northeast Second Avenue in Delray Beach and The Oasis (Google Maps, iStock) 
The Weekly Dish: Host Restaurants inks second Delray lease, Oasis Wynwood unveils restaurant lineup & more
The Weekly Dish: Host Restaurants inks second Delray lease, Oasis Wynwood unveils restaurant lineup & more
Gustavo Miculitzki, Laurent Morali and Charles Kushner with a rendering of their Wynwood project
Kushner starts construction on first South Florida development, scores $80M loan
Kushner starts construction on first South Florida development, scores $80M loan
BH3 co-founders Daniel Lebensohn and Greg Freedman (BH3, iStock)
Legal battle erupts over BH3’s public-private Delray Beach project inside Opportunity Zone
Legal battle erupts over BH3’s public-private Delray Beach project inside Opportunity Zone
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...