Miami-based sales guru, investor pays $50M+ for Class A apts near Darden HQ
By Mike Salinero
Feb 23, 2018 at 1:44 PM
A multifamily investment affiliate of Grant Cardone, a Miami-based entrepreneurial speaker and author, paid $50.15 million this week for its first Class A property in Orlando.
Aventura-based Cardone Acquisitions bought the 240-unit Murano at Grand Lakes apartment complex, located at 9932 Grand Lakes Blvd., according to a deed signed Tuesday and recorded Friday in Orange County.
The company sourced a mortgage on the property for $33.5 million from Teachers Insurance and Annuity Association of America. Bridge Real Estate Group was brought on this week as property manager.
The seller was JY-TV Associates LLC, an affiliate of Miami-based real estate firm Courtelis Co., which developed and built the property in 2016 with Kislak Organization and HMG/Courtland Properties.
Cardone is the author of popular self-help books, including "The 10X Rule," and "If You're Not First, You're Last," and has produced training videos dealing with entrepreneurship, real estate acquisition and wealth creation. On his website, Cardone claims to have worked with Fortune 200 companies such as Google, Wells Fargo and Ford to customize sales processes and improve customer experience.
Officials with Cardone Acquisitions did not respond to requests for comment on Friday. The company claims on its website to control nearly 4,000 units in Florida and the southeast, and is looking to expand its portfolio to 10,000 units over in the next few years.
The Murano at Grand Lakes lies on 9.53 acres on the southeast corner of Taft Vineland Road and S. John Young Parkway. It features four-story buildings with three- and two-bedroom market rate apartments.
That area, near the Darden Corp. headquarters, has seen a recent boom in multifamily housing developments.
National multifamily developer Wood Partners has Darden property under contract and is seeking land-use approvals to allow apartments on property on the western side of John Young Parkway, south of Taft Vineland Road and north of Central Florida Parkway.
The property is neighbored to the west by a Courtyard by Marriott hotel, to the north by Darden's 45.85-acre corporate campus and the site of IAAPA's planned headquarters, and to the south by the Ritz Carlton & JW Marriott Grande Lakes Resort.
That deal would be Wood's second new apartment project in that immediate area of John Young and Central Florida parkways in the past two years. The developer broke ground last May on the 314-unit Alta Grande apartments, set off the northeast corner of the two parkways' intersection.
Have a tip about Central Florida development? Contact me at email@example.com. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.