Florida investor buys Heights apartment portfolio


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A billionaire Florida buyer bought a pair of recently built mid-size apartments in the heights.

Cardone Capital, an Aventura, Florida-based investment firm headed by Grant Cardone, purchased 15th Street Flats, at 1414 N. Shepherd Drive, and Heights Waterworks, at 515 W. 20th St. The seller was the developer. Alliance Residential.

In addition to investing in commercial real estate, Cardone is an author, business coach and star of Discovery Channel’s “Undercover Billionaire” TV show.

Berkadia marketed the portfolio and organized the financing of the acquisition.

“The Heights Collection has provided Cardone Capital with a unique opportunity to add two new multi-family assets, consisting of 646 units both purchased below replacement cost, to their existing 800 units in Houston,” said Chris Curry, broker. at Berkadia.

Wallet Heights hit the market as demand for living in urban areas near stores and restaurants began to rebound after a COVID-induced theft to the suburbs. Residents of Heights can walk to three restaurants, bars and cafes on average in five minutes, according to Berkadia.

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The eight-story buildings contain high-end amenities such as a rooftop pool and outdoor kitchen with pizza oven at 15th Street Flats, as well as a gym, library, and computer lounge at Heights Waterworks.

Rising apartment rents are attracting investors and stimulating development. Houston rents jumped 10.7% in August from August 2020, according to ApartmentData.com.

The volume of apartment transactions in the United States more than doubled to $ 18.5 billion in August from August 2020, with investors chasing a limited number of properties, according to Real Capital Analytics.

Strong demand pushed up prices investors paid for apartments by 14.7% year-on-year in August, according to Real Capital Analytics.

Cardone Capital owns and operates 10,000 apartments and 250,000 square feet of office space in the Southeastern United States. The company acquired the 351 Stella at Riverstone apartments in Sugar Land from Alliance Residential in 2019.

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