Cardone Enterprises Grows in Boca Raton

As a manifestation of its new-fangled focus on the Florida multifamily market, Cardone Enterprises has added a Palm Beach County asset to its aggressively expanding portfolio
Realm Boca Raton

Realm Boca Raton

A 102-unit apartment property in Palm Beach County, Realm Boca Raton, has changed hands recently. The multifamily asset is located in East Boca Raton, just south of Camino Real and west of the South Dixie and South Federal highways. Constructed in three phases between 1965 and 1991, the Realm Boca Raton offers floor plans ranging from 425 to 1000 square feet, including studio units as well as apartments with up to three bedrooms and two baths.

Residents have access to a range of community amenities such as three courtyard pools with sundecks, a fitness center, a cyber café, numerous laundry facilities, tropical landscaping and parking. Its location provides quick access to Interstate 95, Florida State Road A1A, and several local parks and beaches.

The seller, New Jersey-based Blue Granite Partners, was represented by Vice President of Investments Joseph P. Thomas of Marcus & Millichap’s Fort Lauderdale office, along with Senior Associate Adam Duncan and Associate Derek Soven. Cardone Enterprises acquired the property for $12.5 million, which equates to just over $122,500 per unit and $186 per square foot.

The limited liability company has invested more than $140 million so far in its presence in the Sunshine State. Its Florida portfolio includes over 1700 units in five communities in Lake Worth, Stuart, St. Lucie, Daytona and Boca Raton. The buyer was secured and represented by Associate Marcus Christensen of Marcus & Millichap’s Miami office.

Photo credit: Yardi Matrix