Investor Grant Cardone has acquired five apartment properties in Stuart, Port St. Lucie and Palm Bay for $59 million.
The Rochester, New York-based Max and Marian Farash Charitable Foundation sold the properties, which total 1,016 units.
Cardone, a New York Times best-selling author and the star and executive producer of the reality TV show Turnaround King, acquired the properties through his real estate investment company, Pacific Star 5.
At the time of closing, the portfolio had an average occupancy rate of 98 percent.
“This type of acquisition represents an excellent financial opportunity to participate in a stable, dependable long-term investment given the changing demographics and ongoing housing crisis, which is turning the United States into a ‘renter nation,’ ” Cardone said in a news release.