Cardone Capital acquires Camino Real Apartments, a 325-unit multifamily property in Boca Raton, FL.
Real estate investment firm, Cardone Capital LLC, announces their acquisition of Camino Real Apartments, a 235-unit apartment community located in downtown Boca Raton. This acquisition is part of the firm’s strategy to provide investors with the opportunity to participate in institutional-grade real estate deals in high-growth markets.
The property features an average unit size of 1,117 square feet and several resort-like amenities, including an ocean view sundeck, private pool area, fitness center, movie theatre, racquetball court, and steam rooms. Mr. Cardone also commented on the local market saying “The migration trends to Florida continue as businesses and people seek more affordable and tax-friendly areas to live and work as compared to other parts of the country.”
Cardone Capital EVP, Ryan Tseko, said “This is a true value-add opportunity for our investors. We purchased the property below replacement cost and plan to make significant enhancements focused on unit interiors and the property’s common areas.”
This purchase brings Cardone Capital’s multifamily portfolio to 9,218 units across 29 properties with a value of approximately $2.2 billion.
