AUSTIN, TX – Cardone Capital announced the acquisition of 10X Living at Grandview, a premier garden-style residential rental community of 458 units built in 2004 in Austin, Texas. The deal closed on December 27th, making it the fourth sizable acquisition for Cardone Capital in 2018. 

Cardone Capital, with over 4,500 units currently under management, has spent over 25 years focusing on investing in income-producing, affordable living in secondary and tertiary markets and is changing the way people invest in multifamily real estate by offering real asset ownership, no broker fees, monthly distribution of funds as well as accredited and non-accredited fund offerings. 

Grant Cardone, CEO of Cardone Capital commented, “Sitting on the summit of one of the highest mountains in all of Austin and the surrounding metropolitan areas, the location of 10X Living at Grandview is irreplaceable, offering outstanding views. Residents delight in incredible convenience to major employers, upscale retail, and recreational venues at nearby Lake Austin and Bull Creek Park.” 

Assess to the community is from a scenic private roadway. The neighborhoods surrounding Grandview currently have single family home values of nearly $900,000 and homes with views comparable to Grandview exceed $1 million. In addition, the one mile radius surrounding Grandview has an average household income exceeding $195,000.

“10X Living at Grandview is exactly what we look for at Cardone Capital—a fantastic location with affordable rents. We expect this acquisition will be extremely rewarding for our investors.” —Ryan Tseko, Portfolio Manager at Cardone Capital.

Non-accredited investors now have the opportunity to invest with Cardone Capital. Sheri Hamilton, Chief Operations Officer of Cardone Capital, noted, “This opportunity gives the less experienced, less capitalized investor access to the kind of deals usually reserved for huge players on Wall Street.”

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IRVINE, CA – Signaling a new direction in senior living, South Bay Partners, Inc., through its joint venture with LAMB Properties, LLC, has bought 3.02 acres directly across from The District at Tustin Legacy in Irvine to develop an upscale eight-tale Class A rental senior living midrise.  Construction will start this summer on the highly amenitized urban community comprised of 230 independent living units, 110 helped living units and 30 memory care units with secure underground parking.

Located across Barranca Parkway from The District, this will be the area’s first senior living community with simple, walkable access to dining, shopping and entertainment. In addition, the new community will feature best-in-class onsite amenities including:  indoor therapy pool and spa, wellness gym, yoga studio, bar/lounge areas, two theaters, art studio and courtyards with barbeque grills, fire pits and seating areas. Residents will also delight in top-quality cuisine prepared by local chefs and served in a choice of dining venues at the community.

“There is tremendous demand for urban-style rental senior housing in locations where active seniors live,” said Patrick McGonigle, President for South Bay Partners, Inc. “This new community will be a fantastic fit for this dynamic area, providing an brilliant opportunity for seniors from Irvine and the surrounding area.” 

Projected for completion in early 2021, the Orange County community will start pre-leasing in 2020. The community will be managed by West Bay Senior Living, a Los Angeles-based company providing management and operational services to senior living communities in Southern California.

“This new community directly aligns with the desires of today’s seniors who want to stay connected to their surroundings, while also having the assurance of a full range of senior services right where they live,” says Jim Biggs, West Bay Chief Executive Officer. “We’re excited to bring it all together here in Irvine.”

West Bay and South Bay Partners are plotting several similar projects in the LA basin, including a community that will break ground soon in Warner Center. All of these communities will reflect Southern California values and lifestyles, clarified Biggs.

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DALLAS, TX – The Dallas Housing Authority (DHA) announced that it has selected 12 firms to join its roster of qualified private developers as partners to make more affordable housing opportunities across North Texas. The initial group of partners are: AMTEX Multi-Housing, Carleton Development, Fairfield Residential, Matthews Southwest, McCormack Baron Salazar, Michaels Development Company, Ojala Partners, Steele Properties, The NRP Group, Trammell Crow Company, Volunteers of America National Services and the combined team of DFW Advisors, KRR Construction, and Michael R. Coker Company.

The partners will work with DHA to redevelop seven of its properties that currently encompass 650 housing units and nearly 146 acres of land, and other affordable housing projects. Additional development partners will continue to be vetted and may be selected to join this group.

The first project DHA is redeveloping will be the former Brooks Manor site located in Oak Cliff/District 1. Brooks Manor is a 6.694-acre tract of land, zoned for retirement housing. The site formerly helped 225 households with public housing for seniors and persons with disabilities. DHA is seeking to redevelop the property to its highest and best use, including both market and subsidized rental housing. No specific developer has been selected to develop this project as of this announcement.

The developer selected for the redevelopment of Brooks Manor will also have an opportunity to redevelop the Cliff Manor site, which is also located in Oak Cliff/District 1. Cliff Manor is currently fully occupied. The residents (seniors and persons with disabilities) will be relocated prior to redevelopment. It is anticipated the majority of the Cliff Manor residents will be relocated to the redeveloped Brooks Manor site to ensure they continue to reside in affordable, safe and decent rental housing.

“We appreciate the willingness of these leading developers to form a public-private partnership to make more affordable housing across North Texas,” says Troy Broussard, president and chief executive officer for DHA. “Our goal is to increase the amount of much needed affordable housing across the communities we serve. We look forward to working with this network of premier developers to generate fresh thoughts for accomplishing this goal. We can deliver better housing solutions by working together.”

“I am pleased to see that the Brooks Manor and Cliff Manor public housing communities will be redeveloped by DHA with both market and subsidized rental housing so that these properties can better serve the community,” says Scott Griggs, City of Dallas Councilman for District 1. “As we continue to address poverty across our fantastic city, ensuring our citizens have access to safe, decent affordable housing is key. I look forward to working with DHA in this effort.”

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