Executive Summary

Cardone Equity Fund XVII is a $35 million fund that offers accredited investors the opportunity to invest in 10X Living Riverwalk, a 260-unit, Class AAA apartment community located in the heart of downtown Fort Lauderdale, Florida. This newly built multifamily property is located directly on downtown Fort Lauderdale’s New River. The high-rise community sits at the connecting point of the Las Olas Riverfront and Las Olas Boulevard, providing residents with amongst the highest connectivity of any new development in Fort Lauderdale through its walkability to offices, grocers, the Brightline, and dining and nightlife.

Fund XVII and Cardone Capital’s newest non-accredited vehicle co-invested in 10X Living Riverwalk on December 10, 2021. Ownership proportions have yet to be determined, but it is anticipated Fund XVII will have a majority ownership position. The property was acquired for $133.5 million (excluding fees and expenses) and Cardone Capital secured $103.5 million of debt financing from third party lenders for the acquisition. The property will have a projected aggregate equity investment of approximately $35.2 million, contingent on acquisition fees and expenses and anticipated future reserves.