Grant Cardone’s Broward Blitz: $200M Apartment Spree and a New $100M Deal on the Horizon

Grant Cardone is doubling down on Broward County, adding to his impressive real estate portfolio with a series of recent acquisitions.

In a whirlwind of activity, funds affiliated with Cardone’s Aventura-based Cardone Capital have purchased two significant apartment complexes in Fort Lauderdale and Plantation, part of a broader $500 million acquisition spree across Florida. Known for his multifamily syndication and business advice, Cardone is also reportedly eyeing a third Broward rental community, potentially finalizing the deal next month.

In May and June, Cardone’s funds spent over $200 million on two key properties. They acquired a 382-unit complex located at 501 Northeast Fifth Terrace in Fort Lauderdale’s Flagler Village and a 468-unit garden-style community at 9733 Northwest Seventh Circle in Plantation, according to the South Florida Business Journal. These properties have been rebranded as 10X at Flagler Village and 10X at Jacaranda, respectively, as noted on Cardone Capital’s website.

Cardone Capital had already made a significant impact in Broward County, acquiring four additional multifamily projects in 2021 for a combined total of $744 million.

Currently, Cardone’s firm is under contract to purchase Edge at Flagler Village, another Fort Lauderdale property with 382 units, for more than $100 million. This deal is expected to close in September, according to Ryan Tseko, Vice President at Cardone Capital. The seller, Chicago-based Nuveen, previously sold the other two Broward properties to Cardone’s funds.

Nuveen's prior investments in these properties were substantial: they paid $148.8 million for the Flagler Village complex in 2015, $93 million for the Plantation community in 2017, and $114.3 million for Edge at Flagler Village in 2016.

Despite inquiries, Cardone declined to confirm the specific sale prices of the two recent Broward acquisitions or the pending deal for Edge at Flagler Village. The purchases were made through entity acquisitions rather than traditional deed transfers, allowing Cardone Capital to avoid public disclosure of sale prices and substantial deed doc stamp taxes, as revealed by state records.

Since December, Nuveen has sold these two Broward properties, along with three multifamily projects in Fort Myers and Tampa, to Cardone Capital for a total of $500 million. Cardone emphasized the strategic nature of these acquisitions in a text exchange, stating, “Paid all cash. We continue to buy while institutions are sidelined.…I believe rents in Miami/Fort Lauderdale will double in the next five years. And we are buying as much as we can here.”

However, recent data indicates a slowdown in rent growth across South Florida. In the first half of the year, the average monthly rent in the tri-county area reached $2,530, marking a modest 0.6 percent increase from the previous year, as reported by Berkadia. This contrasts sharply with the 25.2 percent rent increase observed from mid-2021 to mid-2022.

Moreover, developers are set to introduce 23,863 new apartments in Miami-Dade, Broward, and Palm Beach counties by year-end, the highest number since 2002, according to Berkadia.

Cardone Capital raises funds from a mix of accredited and non-accredited investors, including contributions from Cardone himself. Accredited investors receive monthly disbursements, while non-accredited investors are paid quarterly from the rental income collected.

Cardone’s investment strategies and wealth management are frequently showcased through his social media platforms, where he has a combined following of 17.6 million. He often shares his financial insights and success stories, maintaining a high profile as a business and real estate guru.