Grant Cardone sells Boca Raton apartment complex for $17M

Company tied to former Palo Alto Mayor Gregory Scharff bought the property

Nov.November 06, 2018 02:45 PM

Grant Cardone, Boca Raton apartment complex

Motivational speaker and author Grant Cardone just sold an apartment complex in Boca Raton for $16.8 million.

Cardone, the author of popular books about sales techniques such as “10X Rules” and “Sold or Be Sold,” sold the 102-unit property at 1202 and 1300 Southwest First Avenue, and 1150 Southwest Second Avenue for about $165,000 per unit to Boca Islands East, which is managed by Gregory Scharff, the former mayor of Palo Alto, California.

Records show Boca Islands East secured a $10.1 million loan from Hunt Real Estate Capital to purchase the property, which includes apartments and office space. It was built in 1966.

Cardone’s company, Realm 102, paid $12.5 million for the 1.2-acre site in 2015.

Cardone has acquired multifamily properties across the country, including in South Florida. In October, Cardone Capital paid about $90 million for the 346-unit Atlantic Delray Apartments in Delray Beach at 14050 Pacific Point Place. His Cardone Acquisitions paid $13.5 million for an office building in Aventura in July.

Related Articles

Bob Sheetz and 133 West Coconut Palm Road

Ah Sheetz! Founder of popular convenience store sells Boca Raton estate

The Meridian at Boca Raton at 21865 Ponderosa Drive, and Kenneth Assiran

Meridian Senior Living buys community near Boca Raton for $61M

The Mile, Robert Given and Troy Ballard

Greystar looks to sell luxury rental building The Mile near Coral Gables

Grant Cardone and 10X Living at Sawgrass

Motivational speaker Grant Cardone raises $50M for multifamily fund via crowdfunding

Rent reform is propelling a new wave of New York and California investors to Miami (Credit: iStock)

Rent reform in New York, California propels new wave of multifamily investors to Miami

Michael and Michelle Hagerty, and their home in Royal Palm Yacht & Country Club (Credit: Keeping the Promise, Realtor)

Vodka heir pays $6M straight up for Boca Raton estate

Clockwise from left: 401 Southwest 17th Avenue, Alfonso Jaramillo, and Andros Sarduy 

Beraja family picks up Little Havana apartments

Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M