These communities comprise nearly 1,700 units in Fort Lauderdale.

Cardone Capital, Grant Cardone’s real-estate investment firm Cardone Capital, has purchased four multifamily properties in Fort Lauderdale, Fla., for $740 million. These properties include two new assets in Fort Lauderdale and two properties from the 1990s with potential value-add upside in desirable West Broward County neighborhoods. These properties will be rebranded 10X Living.

Cardone stated in a prepared statement that the acquisitions were the largest in his long career of real estate investors. These four acquisitions complete a record-breaking year for Cardone Capital, Capital of Florida which has acquired nearly 2,900 apartments and more than $1.2B in real estate. Cardone Capital now owns 35 multifamily properties with 11552 units.

Ryan Tesko, Cardone Capital executive Vice President, stated in prepared remarks that the firm faced stiff competition from some of the most prominent real estate investors worldwide to acquire the four properties. Tesko noted that they are located in one of the most rapidly growing areas in the United States and complement the three properties the company already has in the market.

According to the South Florida Business Journal, Cardone purchased the assets using cash and bank financing. He plans to raise $220,000,000 through crowdfunding.

According to Berkadia, which arranged the sale of financing and the purchase, two properties were purchased, the 585-unit San Michele Collection in Weston, Fla., and the 387 unit Colonnade Residences in Sunrise, Fla. Berkadia secured two floating-rate, three-year loans with two 12-month extensions. Lender MF1 arranged a loan of $182.9 Million for San Michele and a loan of $97.93 Million for Colonnade. Both properties were constructed in 1996.

Berkadia Senior Managing Directors Jaret Turkell and Roberto Pesant, along with alongside Associate Director Omar Morales, marketed the portfolio on behalf of concerning |for} {the seller|the vendor|owner}, identified by Yardi Matrix as El-Ad National Properties of Boca Raton, Fla. Senior Managing Director M Steinberg, Managing Director Matt Robbins, and Vice President-Originations Hugo Hernandez of Berkadia Boca Raton secured acquisition financing on behalf of Cardone Capital.

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San Michele is now 10X Living Weston. The gated waterfront community is located approximately 40 minutes from Fort Lauderdale. It has a mixture of two-story and three-story rentals townhomes ranging from 1,194 to 2,074 feet. The community offers a gym, tennis and basketball courts, a pool, spa, picnic area, and lounge. It is located near the Sawgrass International Corporate Park and Sawgrass Town Center.

10X Living Sunrise was renamed Colonnade Residences. This garden-style community is only a 30-minute drive from downtown Fort Lauderdale. The property is located near Sawgrass Mills shopping center and the Sawgrass International Corporate Park. There are units in the community that range from 852 to 1,293 square feet. The community offers a pool and sundeck, tennis court, and a clubhouse, lounge, gym, and conference room.

Cardone also owns a Sunrise multifamily property, the 501-unit 10X Living at Sawgrass. This asset was acquired in June 2019, before it was known as Nexus Sawgrass.

Downtown Properties

The former Las Olas Walk at 106 S. Federal Highway, Fort Lauderdale, was completed by 10X Living Las Olas Walk. It contained 456 units and was 98.5 percent occupied when it was sold. ZOM Living broke ground for the property in January 2018. There are studios, one-, two, and three-bedroom units available. They range in size from 523 to 2,426 sqft. This property is the only midrise community in downtown Fort Lauderdale and has direct access to New River. The clubhouse, swimming pool, and fitness center are just a few of the amenities available. The 10X Living Las Olas Walk is within walking distance to more than 100 restaurants and shops, as well as 8 million square feet worth of office space.

10X Living Riverwalk currently has 260 units. It was previously called 4 West Las Olas. It is situated at 4 W. Las Olas Blvd. and was 93.5 percent occupied when sold. Elevate Partners of Fort Lauderdale, and NCC Development Group provided an $85 million construction loan. Yardi Matrix identified the owner as Elevate Partners. There are studios, one-, two, and three-bedroom units, and penthouse apartments with one, two, and three bedrooms. Yardi Matrix estimates that the square footage is between 588 and 1,376 square feet. The amenities include a business center, fitness center, clubhouse, and swimming pool. The property is located in Fort Lauderdale’s New River district. It is at Las Olas Riverfront Boulevard and Las Olas Boulevard. Residents can walk to their offices, shops, restaurants, nightlife, and Brightline station. This train service connects Miami and West Palm Beach.

Square Mile Capital LLC arranged two loans to finance these purchases: $174 Million for 10X Living Las Olas Walk and $103.5 Million for 10X Living Riverwalk.

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