Addison Place Naples, Cardone Capital Fund opportunity with stability and full occupancy.
Addison Place Naples, Cardone Capital Fund opportunity with stability and full occupancy.Basics
- Date added: Added 2 months ago
- Category: LP
- Type: Multi-family
- Status: Stabilized
- IRR: 16% targeted
- Equity Multiple: 3.0 target
- Hold Period: See PPM
- Stabilized Cash on Cash: Annualized Cash on Cash 6.26%
- Year 1 Cash on Cash: Annualized Cash on Cash 6.26%
Description
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Description:
Target IRR 16% with 3X Multiple, Cardone Equity Fund VIII (CEF VIII) CEF VIII invested in four quality assets totaling 1,473 units. The portfolio is located across Florida and Maryland: 10X at Panama City Beach, 10X at Columbia Town Center, Retreat at Panama City Beach, and Addison Place. The portfolio revenues were up year-over-year for Q3, and occupancy averaged 95.03% for the quarter. The fund distributed an annualized 6% cash on cash return in Q3 of 23. See the attached detailed reports on each property
Addison Place is a 294-unit, garden-style apartment community located in Naples, Florida. This property has significant demand drivers, such as near-by beautiful white-sand beaches and upscale shopping and golf courses. The property’s amenities include a clubhouse featuring a business center, theater room and game room, zero-entry heated pool with cabanas, fitness center featuring Peloton bikes, and pet park and spa.
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