Cardone Capital, the real estate investment firm led by high-profile investor Grant Cardone, announced the all-cash acquisition of The Edge at Flagler Village, a luxury 331-unit multifamily property in Fort Lauderdale.
The financial aspects of the transaction were not disclosed; the property last changed hands when the financial services company TIAA purchased the property for $114.4 million in 2016. The deal was handled through the firm’s latest investment vehicle, Cardone Equity Fund 25. Cardone Capital stated it has assembled a portfolio of more than 2,000 Class A multifamily units in the Downtown Fort Lauderdale submarket.
“This acquisition presents a tremendous opportunity for our investors,” said Grant Cardone, CEO of Cardone Capital. “We’ve secured a premium asset with immediate cash flow at a compelling price. With the Fed’s recent rate cut, we expect to enjoy significant capital appreciation on this investment.”
Photo courtesy of The Edge at Flagler Village
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