I invested in Cardone Equity Fund 20, a single-asset core deal: 10X Miami River, a 346-unit luxury midrise on the Miami River built in 2020. The fund underwrote $46.4M in equity, a 10-year hold with a Year 3 cash-out refi, and a net IRR target of 14.3%. The property was 98% occupied at acquisition — this was not a value-add play, it was a core hold in one of the strongest rental markets in the country.
Before investing, I spoke with the Cardone Capital team, reviewed the investment memorandum in detail (unit mix, debt structure, 10-year cash flow model), and spoke with other LPs who had invested in earlier Cardone funds. The IM was thorough — it showed the full unit mix (49 studios, 172 one-beds, 96 two-beds, 29 three-beds), average in-place rents of $2,168 vs. market rents of $2,671, and a clear path to rent growth.
The deal has been on target. Distributions come like clockwork. The communication is comprehensive — you get regular updates on property performance, financials, and market conditions. I feel good about this investment and about investing with Grant Cardone's team. The asset management fee is $463,800/year (roughly 1% of equity), which is reasonable for the quality of execution.
One thing worth noting: the deal used floating rate debt with an interest rate cap purchased in Year 1. In this rate environment, that's a risk factor. However, the Miami River submarket (proximity to Brickell, Downtown, Jackson Memorial / Health District with 50,000+ employees) provides demand that has held up.
For other LPs considering Cardone: The brand gets a lot of social media attention, which makes some people skeptical. I'd encourage you to look past the marketing and evaluate the actual deal structure. This was a well-located, newly built core asset with strong occupancy and a clear business plan. The execution has matched the pitch.
