The Real Deal Miami

Grant Cardone sells Boca Raton apartment complex for $17M

Company tied to former Palo Alto Mayor Gregory Scharff bought the property
By Keith Larsen | November 06, 2018 02:45PM

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.