Executive Summary

Cardone Equity Fund XVIII is a $25 million fund that offers accredited investors the opportunity to invest in 10X Living Sunrise, a 387-unit, garden-style apartment community located in the ultra-convenient suburb of Sunrise, Florida, which is a 20-minute drive to downtown Fort Lauderdale. The property is located adjacent to the Sawgrass Mills shopping mall, which is one of South Florida’s top destinations. Sawgrass International Corporate Park, a 612-acre office park, and FLA Live Arena (f/k/a BB&T Center), home of the NHL’s Florida Panthers, are a short drive from the property. Cardone Capital intends to commence a valueadd program with an estimated budget of $5.8 million that targets improving the interior units, amenities, and overall aesthetics of the property.

Fund XVIII and Cardone Capital’s newest non-accredited vehicle co-invested in 10X Living Sunrise on December 10, 2021. Ownership proportions have yet to be determined, but it is anticipated Fund XVIII will have a majority ownership position. The property was acquired for $111 million (excluding fees and expenses) and Cardone Capital secured $92.1 million of debt financing from third party lenders for the acquisition.

The value-add program will be financed by future advances under the same credit facility.

The property will have a projected aggregate equity investment of approximately $24.7 million, contingent on acquisition fees and expenses and anticipated future reserves.