Cardone Capital Pays $89.9M for 282-Unit Naples Multifamily Community

Cardone Capital paid $89.9 million, including 282 Bitcoin, for Orchid Run, a 282-unit apartment development in Naples, Florida. The Inland Real Estate Group of Companies was the seller.

Berkadia’s Matt Mitchell and Chris Burtner arranged the sale on behalf of The Inland Real Estate Group.

Completed in 2015, Orchid Run is located at 10991 Lost Lake Drive in Central Naples. The garden-style community features 108 one-bedroom, 126 two-bedroom and 48 three-bedroom residences averaging approximately 1,040 square feet. Amenities include a swimming pool and spa with private cabanas, a large fitness center with a dedicated yoga studio, a sprawling clubhouse with a resident lounge and demonstration kitchen, a coffee bar, outdoor grilling and entertaining areas, a pet washing station, a car wash and gated entry.

The acquisition expands Cardone Capital’s portfolio to more than 14,800 apartment units and over $5.4 billion in assets under management.

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