Cardone Capital, a Miami-based private equity real estate firm founded and managed by Grant Cardone, announces the close of Cardone Equity Funds VI and VIII, which were collectively oversubscribed by $4.2 million, totaling $6.3 million.
The funds utilized $112 million of equity and capital raised to purchase four multifamily properties for $350 million, bringing the firm’s total assets under management to $1.7 billion.
Cardone Capital invests in income-producing multifamily apartment buildings across the southeast United States. Fund VI’s and Fund VIII’s assets generate positive cashflow, with an expected annual return of 6 percent to 8 percent, and a total return of 15 percent, making monthly distributions to investors. The closing of Funds VI and VIII brings Cardone Capital’s portfolio to 7,722 units. The company is currently active in six states, including Florida, Georgia, Tennessee, Texas, Alabama and Maryland.
The properties purchased in Funds VI a