Sell or Be Sold: Grant Cardone sells Boynton Beach apartment complex

Cardone sold the 192-unit property for about $177K per unit

Jun.June 20, 2019 04:30 PM
Grant Cardone and Heron Pointe Apartments 10010 Boynton Place Circle

Grant Cardone and Heron Pointe Apartments 10010 Boynton Place Circle

UPDATED, June 21, 11:50 a.m.: Grant Cardone didn’t make 10 times his investment, but the motivational speaker did sell an apartment complex in Boynton Beach for substantially more than he bought it for three years ago.

A company managed by Cardone sold the 192-unit Heron Pointe Apartments at 10010 Boynton Place Circle for $34 million to an affiliate of Robbins Property Associates, records show. The price equates to $177,000 per unit.

Cardone had purchased the 24,096-square-foot apartment complex in 2016 for $26.7 million, records show. The apartments were built in 1989 and sit on a 12-acre site.

Community amenities include a car wash station, a pool and tennis court, according to its website. The apartments include one to three bedrooms with monthly rents ranging from $1,200 to about $1,700.

Robbins Property Associates is based in Newton, Massachusetts, and owns apartment communities in Florida and Maryland. Its $4 billion portfolio totals 13,000 apartments, according to its website.

Cardone is the author of popular books about sales techniques such as “10X Rules,” “Sell or Be Sold” and “Be Obsessed or Be Average.” He is active in buying and selling apartment developments in South Florida.

In November, Cardone sold a 102-unit property at 1202 and 1300 Southwest First Avenue, and 1150 Southwest Second Avenue for about $17 million.

In October, Cardone’s company paid about $90 million for the 346-unit Atlantic Delray Apartments at 14050 Pacific Point Place in Delray Beach.

Correction: A previous version of this story had an incorrect number of apartments, price per apartment and acreage.

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