Cardone Capital Buys Miami River Apartments

Grant Cardone raised more than $45M of the purchase price through crowdfunding

This past weekend, 10X Growth Conference came and went but Grant Cardone topped off the weekend by closing on the Miami River apartment complex for more than $100 million.

Cardone Capital bought the first phase of Waterline Miami River at 1001 Northwest 7th Street. More than $45 million was provided by 2,100 non-accredited and 310 accredited retail investors. Coconut Grove-based Mast Capital and Boston-based AEW Capital Management are the sellers of the property and the joint venture completed the eight-story, 346-unit apartment complex in 2020.

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, a playground, and a dog park.

The apartments will be renamed as 10X Miami River to tie into the branding of the rest of the Cardone Capital properties.

Cardone has now amassed a portfolio of $5.2 billion since the addition of the new property.

H/T: The Real Deal


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