Miami—Locally-based private equity real estate firm Cardone Capital has closed two funds to purchase four properties worth $350 million. The firm also launched a new opportunity fund focused on distressed properties.
Funds VI and VIII were oversubscribed by $4.2 million with Cardone Capital raising $112 million of equity and capital. The properties purchased through the funds include the 288-unit 10X Living at Panama City Beach; Columbia, MD's 531-unit 10X Living at Columbia Towncenter; a 360-unit retreat at Panama City Beach; and 294-unit Addison Place in Naples.
Cardone Capital says it expects an annual return of 6-8% and total return of 15% from the properties. After its recent purchases, Cardone Capital's portfolio now includes 7,722 units and assets valued at $1.7 billion.
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Victoria Hudgins
I am a reporter for Legaltech News where I cover data privacy, cybersecurity and technology's impact on the business and practice of law.
