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

July 06, 2019 03:00PM

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