This was the fourth sizable acquisition in 2018 for Cardone Capital, which acquires and manages income-producing properties, mostly in the multifamily sector, in the growth markets of Georgia, Texas, Alabama and Florida. Community amenities include a fitness center, business center, clubhouse, swimming pool and spa. The buildings have a variety of floorplans with one-, two- and three bedroom units, all of which feature full-size washers and dryers. It is approximately 94 percent occupied, with monthly rents that range from $1,245 to $2,246 with an average of $1,586. The Class A multifamily community, located on 87.7 acres, contains 34 buildings and was completed in 2003. “Residents enjoy incredible convenience to major employers, upscale retail and recreational venues nearby at Lake Austin and Bull Creek Park.” “Sitting on the summit of one of the highest mountains in all of Austin and the surrounding metropolitan areas, the location of 10X at Grandview is irreplaceable, offering outstanding views,” CEO Grand Cardone said in a prepared statement. The one-mile radius surrounding the property has an average household income of more than $195,000. The neighborhood surrounding Grandview has single-family home values of nearly $900,000 and homes with views comparable to Grandview exceed more than $1 million, according to the firm. We expect this acquisition will be extremely rewarding for our investors,” Ryan Tseko, Cardone Capital portfolio manager, said in a prepared statement. “10X living at Grandview is exactly what we look for at Cardone Capital, a great location with affordable rents. CBRE Capital Markets originated a $60.7 million loan from Fannie Mae for the property in late December, Yardi Matrix reported. While unconfirmed, it is believed to be reasonably representative of the transfer, according to Yardi Matrix data. The sale price was not disclosed, but estimated to be approximately $80.1 million. Like what you’re reading? Subscribe for free.Cardone Capital, an Aventura, Fla.,-based private equity real estate firm, recently acquired the 458-unit Gables Grandview luxury apartment community in Austin, Texas, from Gables Residential and rebranded it as 10X Living at Grandview. The latest multifamily news, delivered every morning. The communities included the 186-unit Lincoya Bay 200-unit Hickory Creek 238-unit Jackson Grove in Hermitage, Tenn.¸ and the 202-unit Sheffield Heights property. In September, the firm sold an 826-unit portfolio in Nashville, Tenn. The 33-building property was developed in 1992 and features one- and two-bedroom apartments in six layouts. One of its new assets included The Woodway Square, a 507-unit luxury community in Houston acquired in February from Fairfield Residential. ![]() ![]() Cardone Capital, an Aventura, Fla.,-based private equity real estate firm, recently acquired the 458-unit Gables Grandview luxury apartment community in Austin, Texas, from Gables Residential and rebranded it as 10X Living at Grandview.
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