Grant Cardone’s Real Estate Portfolio: What’s Actually Verified

Grant Cardone has built one of the more visible platforms for pooling retail investor capital into large multifamily real estate deals. Cardone Capital currently reports 47 assets and approximately $5.3 billion in assets under management, including 14,850 multifamily units and more than 500,000 square feet of office space. Those are company-reported figures rather than independently audited valuations, and it’s worth understanding that distinction, along with the gap between Cardone Capital’s projected returns and at least one fund’s actual performance, before drawing conclusions about the platform.

Key Takeaways

• Cardone Capital reports 47 assets representing approximately $5.3 billion in assets under management, including 14,850 multifamily units, more than 500,000 square feet of office space, $1.9 billion raised since 2016, and nearly 20,000 investors.
• Cardone Capital primarily focuses on Class A and Class B multifamily properties but also holds office assets and can invest in other commercial property types under its offering documents.
• In 2024, Cardone-affiliated funds spent more than $500 million in cash on three Broward County apartment properties, which The Real Deal ranked as South Florida’s largest multifamily transaction cluster of that year.
• A July 2025 analysis from independent research firm NOYACK estimated that Cardone REIT I has delivered an approximately -11% annualized return since its 2021 launch, based on reported book-equity figures; this is an independent estimate, not an audited investor return figure published in the fund’s SEC filings.
• Targeted returns vary significantly by offering: Cardone Capital’s overall platform has cited a roughly 15% IRR target with about 6% in annualized income, while individual current property listings show a range of projected IRRs, some below 12% and some above 20%.
• Fund interests are illiquid, non-traded securities; Cardone REIT I’s own disclosures note investors should expect to hold for a minimum of ten years, with no guaranteed exit.

Grant Cardone’s Investment Approach

Scale as Strategy

Cardone Capital’s stated approach centers on acquiring large multifamily properties, generally 100 or more units, in high-growth Sunbelt markets, with an emphasis on properties available below replacement cost. The firm’s leadership has described a goal of scaling toward a 100,000-unit portfolio over time.

The 2024 All-Cash Acquisitions

While many debt-reliant buyers stayed on the sidelines during the high-interest-rate environment of 2023-2024, Cardone Capital completed several notable all-cash purchases. In Broward County, Florida, Cardone-affiliated funds spent more than $500 million acquiring three properties: 10X at Jacaranda (468 units in Plantation), Manor at Flagler Village ($149.5 million for 382 units, or roughly $391,000 per unit, in Fort Lauderdale), and Edge at Flagler Village (331 units, also in Fort Lauderdale). Combined, these total roughly 1,181 units, and The Real Deal recognized the cluster as South Florida’s largest multifamily transaction group of 2024.

Cardone Capital has said these acquisitions came at an estimated 40-50% below replacement cost. That figure is the company’s own characterization; independent reporting confirms the all-cash structure of the purchases but doesn’t independently verify the specific replacement-cost discount.

The Portfolio’s Composition

Multifamily Holdings

Multifamily properties make up the bulk of Cardone Capital’s portfolio. Notable individual holdings, per the company’s current listings, include:

• 10X Weston (588 units, Weston, Florida): the largest single asset, with a company-targeted IRR in the high teens
• 10X Port Royale (553 units, Fort Lauderdale): targeted in the mid-teens
• 10X Columbia Town Center (531 units, Maryland): the largest holding outside Florida, targeted in the mid-teens
• 10X Woodway Square (507 units, Houston): the primary Texas holding

These IRR figures are sponsor projections tied to specific offerings, not results the properties have already achieved.

Office and Other Commercial Exposure

Cardone Capital’s portfolio isn’t exclusively multifamily. Its primary office holding, Cardone Corporate Center in Scottsdale, Arizona, is described in the company’s marketing materials as approximately 256,308 square feet, while the most recent Cardone REIT I SEC filing describes the same two-tower property as approximately 262,187 square feet; the discrepancy between the company’s own materials hasn’t been resolved here. A 2024 SEC filing showed no interest expense recorded for the property during that period, which suggests it may carry little or no debt, though the filing doesn’t include a full debt schedule confirming that status definitively.

Bitcoin-Linked Real Estate Fund

Cardone has also launched a fund pairing multifamily property ownership with Bitcoin exposure. Current listings show four properties in that structure, totaling 1,294 units across Boca Raton, Naples, Miami, and Melbourne, Florida.

Geographic Concentration

Florida represents Cardone Capital’s largest geographic concentration, though the often-cited “75% of the portfolio” figure traces to third-party analysis of Cardone REIT I specifically, not necessarily the full Cardone Capital platform, and it isn’t clear from public sources whether that percentage is based on unit count, property count, or dollar value. Beyond Florida, the portfolio includes properties in Texas (Houston and Austin), Maryland (Columbia, in the DC metro area), and Arizona (the Scottsdale office complex).

Understanding Cardone REIT I’s Actual Performance

What NOYACK Found

An independent July 2025 analysis from NOYACK Investment Research estimated that Cardone REIT I has produced an approximately -11% annualized return since its 2021 inception, with an implied net asset value decline from $10,000 to roughly $7,047 per $10,000 invested. NOYACK’s write-up also flagged the fund’s variable-rate debt, geographic concentration in South Florida, and lack of a redemption program as risk factors.

It’s important to understand what this figure is and isn’t. NOYACK’s estimate is derived from figures in the fund’s SEC filings, including GAAP book equity, which reflects noncash depreciation, accounting losses, capital activity, and distributions, not a direct, audited calculation of investor total return. Cardone REIT I’s SEC filings themselves don’t publish a figure labeled as an audited “-11% annualized return” or a “$7,047 NAV.” The two things, a third party’s return estimate built from accounting data, and the fund’s own regulatory filings, should be read as related but distinct sources, and any full evaluation of the fund’s actual investor-level performance would need to separately account for the cash distributions the fund has made.

Interest Rate Exposure

Regulatory filings do support the broader concern about interest rate sensitivity: the fund’s June 2024 SEC filing reported variable-rate loans in the range of roughly 7.7% to 8.4%, and identified several properties with debt-service coverage ratios below 1.15 times, a level that indicates thin operating cushion relative to debt payments.

What SEC Filings Show for Individual Properties

Cardone REIT I’s H1 2024 SEC filing includes verifiable, property-level figures:

• 10X Las Olas Walk: approximately $8.57 million in revenue, with the fund holding a 20% interest representing roughly a $12.58 million investment
• The Edison: approximately $4.06 million in revenue and a $1.12 million net gain, also a 20% REIT I stake
• Aggregate portfolio occupancy: approximately 94.4% across the fund’s multifamily holdings (this is a portfolio-wide figure, not specific to any single property)
• 10X Sunrise: an approximately negative $330,000 equity-method carrying balance as of June 30, 2024; the filing doesn’t specify a cause for this figure, so it shouldn’t be read as evidence of a particular operational problem without further documentation

Evaluating the Investment Structure

Fees and Terms

Cardone Capital’s funds generally charge asset acquisition and disposition fees (around 1% each) and an annual management fee, along with a performance-based promotion structure once distributions exceed a preferred return threshold. Distribution frequency and preferred-return targets vary by specific fund and should be confirmed against each offering’s own circular rather than assumed to be uniform across the platform.

Liquidity

Cardone Capital’s fund interests are private, non-traded securities. There is no established secondary market, and Cardone REIT I’s offering documents describe an expected holding period of roughly ten years, with no guaranteed liquidity event or redemption program. Investors should be prepared to hold their position for an extended, potentially indefinite, period.

How Cardone Capital Compares to Other Access Points

Cardone Capital’s minimum investment for its non-accredited offering is currently listed at $5,000, with a $100,000 minimum for accredited-investor funds; other Cardone offerings may have different terms, so the specific figure should be checked against the applicable offering document. For investors comparing large-scale, syndication-style multifamily investing against lower-minimum, share-based fractional real estate platforms, Ark7 offers an alternative entry point starting at $20 per share, where offerings are available, subject to offering availability and eligibility, with different liquidity, diversification, and fee characteristics than a single large syndicated fund.

Frequently Asked Questions

How large is Cardone Capital’s real estate portfolio?

Cardone Capital reports 47 assets and approximately $5.3 billion in assets under management, including 14,850 multifamily units and more than 500,000 square feet of office space, funded by more than $1.9 billion raised from nearly 20,000 investors since 2016. These are company-reported figures rather than independently audited valuations.

Has Cardone REIT I actually delivered its targeted returns?

Not according to independent analysis. NOYACK Investment Research estimated the fund has produced an approximately -11% annualized return since its 2021 launch, using figures drawn from the fund’s SEC filings. That estimate is derived from accounting data rather than an audited total-return figure published by the fund itself, and it’s a different measure than the fund’s targeted or projected returns cited in marketing materials.

What return does Cardone Capital target for new investors?

Targets vary by offering. The overall platform has cited a roughly 15% IRR target with around 6% coming from annualized income, but individual current property listings show a range of projected IRRs, some below 12% and some considerably higher. These are forward-looking sponsor projections, not guaranteed or realized results.

Can investors sell their Cardone Capital fund shares before the fund liquidates?

Generally, no. Cardone Capital’s fund interests are illiquid, non-traded securities with no established secondary market. Offering documents for Cardone REIT I describe an expected holding period of about ten years, and there’s no guarantee of a liquidity event on that timeline.

What are the minimum investment amounts for Cardone Capital?

Minimums vary by offering. At least one current non-accredited fund lists a $5,000 minimum, while accredited-investor offerings have listed $100,000 minimums. Investors should verify the specific minimum in the offering document for the fund they’re considering.

This article compiles publicly reported information, company-stated figures, and SEC filing data. Dollar amounts and performance figures reflect the sources cited as of the dates referenced and may change; where sponsor projections, accounting figures, and independent return estimates could be conflated, this piece treats them as distinct categories of information.