New Purchase - Del Ray Beach Florida

[Grant Cardone]

Investment Info:

Large multi-family (5+ units) commercial investment investment in Miami.

Purchase price: $93,000,000
Cash invested: $33,000,000

341 units in Del Ray Beach -
Property should produce 4-6% cash flow in year one, then improve over time.
Irreplaceable garden style property.

What made you interested in investing in this type of deal?

31 acres of garden style apartments located in well known Del Ray Beach.
Property provides positive cash flow while we wait for rental growth that is
almost guaranteed in this market.

How did you find this deal and how did you negotiate it?

Broker contacted me.

How did you finance this deal?

We used 10 year debt, five year of IO

How did you add value to the deal?

by servicing the tenants

What was the outcome?

yet to be seen

Lessons learned? Challenges?

Takes a lot of money to buy a deal like this