Grant Cardone’s $230M Bet on Boca Raton Real Estate

What does a $230 million luxury apartment bid say about Boca Raton real estate in 2025? Real estate mogul Grant Cardone  is betting big—and smart investors should pay attention. His high-stakes move into one of South Florida’s most sought-after markets highlights a growing trend toward luxury multifamily real estate and strong investor interest in Boca Raton apartments.

So, what does this deal mean for investors, homeowners, and anyone curious about the local market? Let’s break it down.

Who Is Grant Cardone, the Boca Raton Real Estate Investor?

Grant Cardone is a real estate investor, author, and founder of Cardone Capital, which manages over $4 billion in multifamily real estate assets across the U.S. His direct, high-energy approach has earned him more than 10 million followers across social media.

Cardone has been focused on acquiring large, income-producing apartment communities across the U.S. His strategy centers on long-term cash flow, capital appreciation, and tax efficiency. Past acquisitions have included major multifamily portfolios in Texas, Arizona, and other Florida markets.

This isn’t his first South Florida play. Cardone Capital already holds properties in Aventura and Fort Lauderdale, but this Boca Raton bid may be one of the firm’s largest and most strategic yet.

Inside Grant Cardone’s $230M Luxury Apartment Bid in Boca Raton

A Grant Cardone-led entity submitted a $230 million stalking horse bid for 101 Via Mizner, a 14-story, 366-unit luxury apartment building located at 101 East Camino Real in Boca Raton. The seller is Boca Raton-based Penn-Florida Companies, led by Mark Gensheimer.

• Cardone is paying all cash and will provide a $20 million deposit to be applied to the purchase.

• If another bidder tops the offer at the upcoming, Cardone's group will receive a $2 million termination fee and a $100,000 expense reimbursement.

• The asset is currently valued at $272.5 million and is being marketed by a CBRE team led by Robert Given and Zach Sackley. 

The bid was submitted shortly after Penn-Florida filed for Chapter 11 bankruptcy. The move came in response to  Blackstone Mortgage Trust pursuing foreclosure due to a $145 million unpaid loan. 

Why Boca Raton Real Estate Is Drawing National Investors

1. Strong Rental Demand in Boca Raton: The demand for rentals in Boca Raton has remained high. With median home prices well above $600,000, many professionals and retirees opt to rent, fueling occupancy rates that hover above 95%.

2. Affluent Demographic and High-Income Tenants: Boca Raton draws executives, seasonal residents, and international renters. The city’s median household income is over $94,000, according to the U.S. Census Bureau, making it ideal for luxury apartment communities.

3. Limited Multifamily Inventory: Local zoning laws and land constraints limit new development. That’s why existing multifamily properties in great locations are in high demand—they’re hard to replicate.

The Rise of Luxury Multifamily Apartments in Boca Raton

Today’s renters expect more than just a roof. High-end finishes, walk-in closets, EV charging stations, and high-speed internet are becoming standard. Cardone’s target properties already meet or exceed these expectations.

Class A properties, while more expensive to acquire, often deliver stable returns with less volatility. According to CBRE, luxury apartment returns in top-tier markets like Boca Raton average around 5-6% annually.

Many newer buildings incorporate wellness-focused amenities, pet spas, concierge services, and digital leasing platforms. These features appeal to the tech-savvy and wellness-oriented tenant.

What Cardone’s Move Means for Investors

1. Market Confidence

When investors like Cardone buy in, it's a signal of long-term market confidence. These deals increase competition and drive property values higher.

2. Opportunities for Smaller Investors

You don’t need $230 million to invest. Duplexes, triplexes, and Airbnb-style short-term rentals are strong entry points near beaches or downtown Boca.

3. Know the Risks

• Insurance premiums are rising in Florida

• Interest rates are volatile

• Property taxes are increasing

Still, Boca Raton’s limited inventory and wealthy tenant base offset much of that risk.

Thinking About Investing in Boca Raton Real Estate?

Tips for First-Time Multifamily Investors

• Start small: A duplex or triplex can be a great entry point.

• Focus on location: Properties near schools, shopping, and the beach retain value.

• Build a team: A local Boca Raton real estate agent is your best ally.

Why Location Still Matters Most

Even in a hot market, not all properties are created equal. Proximity to major employers, hospitals, and walkable retail can make or break your ROI.

Talk to a Local Expert First

The Boca Raton real estate market is fast-moving. Get pre-approved, stay educated, and build a relationship with a knowledgeable agent.

Work With a Trusted Boca Raton Real Estate Team

Whether you’re a seasoned investor or just starting out, The Mastropieri Group, Realtors® can help you find the right property in Boca Raton. With local insight, real-time market data, and experience in both luxury and investment properties, we help clients make smart moves in this high-demand market.

Call us today at (561) 544-7000 or visit The Mastropieri Group, Realtors® to start your investment journey in South Florida.