Bask in Harbor Park in Fort Lauderdale, Florida is a 310-unit luxury apartment community built in 2018. It is situated along Fort Lauderdale’s fast growing 17th Street corridor and it is the latest acquisition made by Cardone Capital.
This acquisition brings Cardone Capital’s portfolio to 8,983 units across 28 properties in Florida, Texas, Alabama, Georgia, and Maryland, with total assets under management now at $2.1 Billion. The property will be renamed 10X Living at Fort Lauderdale to fit with CEO Grant Cardone’s 10X brand.
Cardone Capital seeks to provide accredited investors with institutional grade real estate investment opportunities in high-growth markets using a crowdfunding model, and their stated focus on acquiring and managing income producing Class A multifamily properties is given excellent expression with this acquisition.
The development consists of 310 units in a single midrise building with 8 stories. Built on a site of 2.95 acres, or 128,501 SF, a total of 28,610 SF (22%) is dedicated to various amenities. The parking ratio is 1.9 parking spaces per unit. A review of the building details and location information, the property can be described with three words: Location, Amenities, and Space.
The location on 17th Street provides proximity to major employers in Downtown Fort Lauderdale, Port Everglades, Fort Lauderdale International Airport, and along the I-595 Corridor. In addition, for life beyond work, the location also has proximity to a wealth of shopping, dining, and entertainment opportunities, many within walking distance of the property. The property itself provides renters with a variety of amenities including a business center, a fitness center, and outdoor space, such as a clubhouse and a pool. Finally, the property has above average unit sizes compared to the average of other similar properties and properties under construction in the area, which is 1,074 SF compared to the average of 900 SF. The property also has the advantage of having been built with a higher number of two-bedroom units which is attractive in a rental market with a growing number of people that work from home.
Based on these features, the property seems likely to give renters the features they want in their living space, which in turn is likely to meet the investment objectives of investors. In its prospectus, Cardone Capital is projecting a 15.09% Internal Rate of Return
The purchase was made by Cardone Capital’s Cardone Equity Fund XI, LLC. On the sell-side, Cushman and Wakefield PLC played the role of broker, and on the buy-side, New York Community Bank assisted Cardone Capital and provided the financing, a full-term interest only note.