MIAMI, Nov. 20, 2012 (GLOBE NEWSWIRE) -- Grant Cardone announced today the purchase of five southeast Florida apartment communities in Stuart, Port St. Lucie, and Palm Bay, Florida through his real estate investment company Pacific Star 5, Inc. The entire portfolio was purchased for $59 million from the Max and Marian Farash Charitable Foundation totaling 1,076,112 square feet and 1,016 units.
The investments were executed based on the outlook for population growth in the region and other factors including that there is currently no new supply project for delivery for the next three years in the Palm Bay, Port St. Lucie, or Stuart markets and the last new product was delivered in 2008. At the time of closing, the portfolio averaged an impressive 98% occupancy. Occupancy rates within Stuart and Palm Bay average 94%–95%.
"Multi-family product across Florida is in high demand which has resulted in rising rent rates combined with very little to no new product being constructed," said Grant Cardone, CEO, Pacific Star 5, Inc. "I believe this type of acquisition represents an excellent financial opportunity to participate in a stable, dependable long-term investment given the changing demographics and ongoing housing crisis which is turning the United States into a 'renter nation.' This purchase puts me on track to double all acquisitions for 2012."
Capital Markets Multi-Housing group professionals, Robert Given and Richard Tarquinio of South Florida, Shelton Granade in Orlando, and William Roohan and Martha Hastings in Baltimore, MD, partnered together to market the asset for sale and negotiate the transaction on behalf of the seller. Title and legal were provided by Marcie Kammerman. William Cave of Wells Fargo in Dallas provided Fannie Mae funding.
About Grant Cardone
Grant Cardone is a New York Times best-selling author, star and executive producer of the reality TV show Turnaround King, host of the Cardone Zone radio show and is regularly seen on Fox, Fox Business, and Business Insider and also provides commentary on business, financial and social issues at publications including Huffington Post, Entrepreneur, and Forbes, Inc.
A professional real estate investor, Cardone has bought and sold over 2,500 units in property markets across the United States including San Diego, CA. Austin, TX, Charlotte, NC, and now in Florida. Cardone's main business is providing consulting services for companies and individuals rooted in best practices for increasing revenue, customer satisfaction, and motivating employees. He recently relocated his family and companies from Los Angeles California to Miami, Florida due to concerns about the direction of the State of California and its ability to address political and financial challenges.
He is the author of five books (listed below) all written since the 2008 financial crisis:
- Sell to Survive
- The Closers Survival Guide
- If You're Not First You're Last
- The 10X Rule
- Sell or Be Sold
Contact: Fred Tanaka, 323-246-7468, fred@grantcardone.com
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