Motivated buyer: Grant Cardone borrows $93.5M for 501-unit Sunrise rental complex

Miami /
Jul.July 06, 2019 03:00 PM

Grant Cardone and a Boca Raton apartment complex he sold last year.

Motivational speaker and author Grant Cardone financed the acquisition of an apartment complex in Sunrise with a $93.5 million bank loan.

The Commercial Observer also reported that the lender, New York Community Bank, made a 12-year loan to Cardone with a fixed interest rate, 3.69 percent, until 2026, and interest-only payments until 2024.

His company, Cardone Capital, declined to disclose the purchase price but said it has completed more than $350 million of property acquisitions since December 2018.

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 also is active in buying and selling apartment developments in South Florida.

His latest South Florida acquisition in Sunrise is a 501-unit apartment complex at 2903 Northwest 130th Avenue, just north of the Sawgrass Mills shopping center.

He bought the five-year-old apartment complex, called Nexus Sawgrass, from Equity Apartments and will rename it 10X Living at Sawgrass. Israel Schubert and Mark Krupenia of Meridian Capital Group negotiated terms of the $93.5 million loan.

According to a website for the Sunrise apartment complex, monthly rents start at $1,540 for a one-bedroom apartment with approximately 800 square feet of living space.

Rents range as high as $2,180 a month for three-bedroom units, which are as large as 1,269 square feet. Built in 2014, the Sunrise apartment complex has tennis courts, a swimming pool and a playground.

Last month, a company managed by Cardone sold the 192-unit Heron Pointe Apartments in Boynton Beach,  for $34 million, 27 percent more than he paid in 2016. [Commercial Observer]Mike Seemuth


Related Articles

arrow_forward_ios
A photo illustration of the Sunrise on the Green Condominium Residences at 4001 North University Drive in Sunrise (ApartmentFinder, Getty Images)
Duncan Hillsley fattens up rental portfolio with $25M bulk condo purchase in Sunrise
Duncan Hillsley fattens up rental portfolio with $25M bulk condo purchase in Sunrise
Rockpoint's Bill Walton and Keith Gelb with the Shops at Mary Brickell Village (left), 1221 Brickell (middle), and 911 Southwest First Avenue (right) (Rockpoint, Google Maps, Twitter)
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
Rockpoint’s Brickell bonanza: Firm reaps riches in booming neighborhood
rendering of the Nautilus 220 condo project with Developers Daniel Kodsi of Royal Palm Companies and Peter Baytarian, managing partner at Forest Development (LinkedIn, Forest Development, VS Studios)
Forest Development, Royal Palm nab $269M condo construction loan
Forest Development, Royal Palm nab $269M condo construction loan
From left: Oak Row Equities' David Weitz and Erik Rutter with Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
Oak Row Equities plans 400-unit apartment, office tower in Edgewater
From left: Sotheby’s Daniel de la Vega and Reagan Jefferies with Brevard County
One Sotheby’s picks up Brevard County brokerage
One Sotheby’s picks up Brevard County brokerage
10181 US Highway 98 West and 39 Sandy Dunes Circle (LoopNet)
Florida Panhandle estate sold for $25M
Florida Panhandle estate sold for $25M
Netscape co-founder Jim Clark and 2000 South Ocean Boulevard in Manalapan (Getty, Sotheby's)
Manalapan compound poised to sell for Florida-record $175M
Manalapan compound poised to sell for Florida-record $175M
Hollywood Locations' Christopher Ursitti and 1400 Northwest 31st Avenue (Hollywood Locations, Google Maps)
Movie studio complex may rise on former incinerator site in Fort Lauderdale
Movie studio complex may rise on former incinerator site in Fort Lauderdale
arrow_forward_ios

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

Loading...