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Flagler Village Property Sells to Real Estate Fund Manager Grant Cardone

Grant Cardone has completed an all-cash deal on 10X Flagler Village, a 382-unit, Class A property in downtown Fort Lauderdale. Operating through his Cardone Capital investment company, Cardone has closed all-cash deals on acquisitions totaling a quarter of a billion dollars over the past six months. Despite institutional investors exercising caution and remaining on the sidelines, Cardone Capital has effectively raised over $300 million for its most recent funds and has recently introduced Cardone Equity Fund 24, showcasing the robustness of its business model and the steadfast support of its investors.

“Cardone is one of the most active buyers in the country today,” Robert Given says, a Broker for CBRE Capital Markets Group. “His unique model benefits regular people who could never access these kinds of deals.”

The property, comprising 382 units with average rents of $2,700, was acquired from an institutional owner. Positioned on US 1 with exceptional retail frontage, Cardone intends to rebrand the property as 10X Flagler Village, embodying his distinctive brand and investment approach.

“We showed our investors this acquisition, and within a week, we had commitments for the entire amount,” Cardone says of the cash deal.

We could have easily gotten a loan, but why pay lenders 7.5% when we can share that with our investors and finance in the future when rates come back down? At which time we will return capital to our investors and improve returns.”

Cardone Capital’s unique ability to make all-cash payments not only gives it a significant advantage over institutional investors and syndicators in the current high-interest rate environment but also underscores the exclusivity of its investment opportunities. By leveraging its retail investor base, the company has successfully secured lucrative deals and granted investors access to institutional assets that would typically be out of reach. In the past year alone, Cardone has distributed over $65 million to investors, resulting in an annual cash yield exceeding 6%.

“We are set to close three more similar-sized deals before the end of June totaling half a billion dollars,” he says of his company’s aggressive growth strategy and commitment to delivering value and potential returns to its investors.

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.