Cardone Capital Acquires Property In Fort Lauderdale For $355 Million With Jaret Turkell As Seller's Rep

The transaction involved a two-property, multifamily portfolio located in the Fort Lauderdale market. The properties are San Michele Collection, which holds 585 units, and Colonnade Residences, with 387 units, totaling a purchase price of $355 million. San Michele Collection is situated at 1343 St Tropez Cir, Weston, FL, and offers two-, three-, and four-bedroom apartments ranging from 1,194 to 2,074 square feet. Colonnade Residences is located at 1640 NW 128th Drive and features one-, two-, and three-bedroom apartments ranging from 852 to 1,293 square feet. Both properties were reported to be over 98 percent occupied at the time of the transaction.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $355,000,000.00
• Seller's Representative: Jaret Turkell, Roberto Pesant & Omar Morales - Berkadia
• Buyer: Cardone Capital
• Lender: MF1
• Loan Amount for San Michele Collection: $182,900,000
• Loan Amount for Colonnade Residences: $97,930,000
• Loan Type: Floating-rate loans with two 12-month extension options

Senior Managing Directors Jaret Turkell and Roberto Pesant, along with Associate Director Omar Morales, represented the seller, while Mitch Sinberg, Matt Robbins, and Hugo Hernandez of Berkadia Boca Raton secured the acquisition financing on behalf of Cardone Capital. This transaction highlights the continued demand for well-amenitized, modern apartment communities in the area, particularly in light of the population growth to South Florida.