Grant Cardone buys Boca apartments for $12.5M
Community sold at $5.3M premium from last transaction in 2011
September 21, 2015 04:30PMBy Sean Stewart-Muniz
The Realm apartment community in Boca Raton
Grant Cardone, better known as the author of “If You’re Not First, You’re Last,” just paid $12.5 million for an apartment community in Boca Raton.
The community is named Realm and is composed of five buildings with 102 units. It was built in the 1960’s on a 3.3-acre development site at 1150 Southwest Second Avenue. The first phase was made up of four buildings with 70 units, and a fifth building with another 32 units was constructed in 1974, according to Palm Beach County property records.
Realm was most recently owned by a company affiliated with New Jersey-based Blue Granite Partners, a real estate investment company that focuses on multi-family properties. The company paid $7.3 million, or $71,568 per unit, in 2011.
In a deed recorded Monday, Blue Granite offloaded the community for $122,549 per unit to a company titled Realm 102. It’s managed by Grant Cardone, and its address leads back to his company Cardone Acquisitions, located in Miami Beach. The company assumed a roughly $6.8 million mortgage with Deutsche Bank USA as part of the purchase.
Cardone is a motivational speaker, author and real estate investor. His property acquisitions focus on multifamily assets, with transactions taking place in South Florida and seven other states.
According to his website, Cardone’s exploits have included speaking at the Pentagon, commentating for television networks and authoring a handful of books with titles like “Sell to Survive.”
Source: The Real Deal