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Florida & Gulf Coast  + Apartments  |  September 22, 2020
David Cohen
By: David Cohen

Cardone Capital Acquires 533-Unit Apartment Community in Fort Lauderdale

Real estate investment firm Cardone Capital has acquired Port Royale Apartments, a 533-unit apartment community in Fort Lauderdale. The sales price was not disclosed.

Situated along the Intracoastal Waterway, Port Royale is one of only three waterfront apartment communities in Broward County. The property spans approximately 22 acres, with a private marina and a 161-unit mid-rise building situated on 380 feet of water frontage. This acquisition brings the firm’s portfolio up to 8,275 units across 26 properties, and a total of $1.9B in assets under management.

Robert Given of Cushman & Wakefield represented the seller, Waterton, in the transaction. Cardone Capital raised $50M in equity through crowdfunding and CBRE Group provided financing with a 10-year interest-only note at a fixed rate of 2.3%.

For comments, questions or concerns, please contact David Cohen

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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