Fresh off his annual investor conference, Grant Cardone’s firm closed on a Miami River apartment complex for more than $100 million.
Aventura-based Cardone Capital, the real estate investment firm founded by the social media star, author and motivational speaker, bought the first phase of Waterline Miami River at 1001 Northwest 7th Street, according to a press release. The seller is a joint venture between Coconut Grove-based Mast Capital and Boston-based AEW Capital Management. The joint venture completed the eight-story, 346-unit apartment complex in 2020, records show.
Cardone Capital declined to comment on the purchase price. The deal involved transferring ownership of the corporate entity that owns the property instead of a typical sale by deed.
A source close to Grant Cardone told The Real Deal that Cardone Capital paid more than $100 million for the complex, including more than $45 million provided by 2,100 non-accredited and 310 accredited retail investors who follow Cardone’s social media accounts. He is active on Instagram, LinkedIn, Facebook and YouTube.
Miami-based Berkadia arranged financing for the deal with USAA Real Estate and Square Mile Capital, the source said.
Mast Capital CEO Camilo MIguel Jr. and Managing Director Jordan Kornberg did not respond to phone messages and emails requesting comment. A Berkadia spokesperson said company executives could not be reached by deadline.
Waterline Miami River is a luxury multifamily project with more than 1,000 feet of river frontage. It includes a private, riverside recreational park. The property’s amenities include poolside loungers, private offices, a fitness center, playground and dog park.
Cardone Capital will rebrand the complex as 10X Miami River to tie into Cardone’s 10X business growth platform, the release states. Last week, Cardone held his annual 10X Growth Conference in Hollywood that featured surprise celebrity speakers, including real estate developer and former president, Donald J. Trump.
In the past year, Cardone Capital has beefed up its South Florida multifamily portfolio with 10 acquisitions. During that time, Cardone scooped up more than 3,200 apartments and 230,000 square feet of office and retail space. Cardone funded the purchases with his own money and funds raised from regular investors, the release states.
With the acquisition of Waterline Miami River, Cardone Capital now manages a nationwide multifamily portfolio valued at approximately $5.2 billion, according to the source close to Cardone. In October, The firm paid $744 million for four apartment properties in Broward County, marking South Florida’s largest multifamily deal of 2021.
Meanwhile, Mast Capital and AEW are plowing ahead with plans to build phase two of Waterline Miami River. In January, the joint venture closed on a $70.5 million loan to begin construction on its next 342-unit apartment project.
