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Cardone Capital buys 282-unit Naples apartment for $89.9M

The deal includes a Bitcoin component, and the acquisition brings Cardone Capital to more than 14,800 apartment units and over $5.4 billion in assets under management.

Reported · Written up by our desk · Industry

Cardone Capital has purchased Orchid Run, a 282-unit garden-style apartment community in Central Naples, Florida, for $89.9 million, ConnectCRE reports. The seller was the Inland Real Estate Group of Companies.

The purchase includes 282 Bitcoin as part of the $89.9 million consideration. Orchid Run, located at 10991 Lost Lake Drive, was completed in 2015.

ConnectCRE says Berkadia’s Matt Mitchell and Chris Burtner arranged the sale on behalf of The Inland Real Estate Group. The community includes 108 one-bedroom units, 126 two-bedroom units, and 48 three-bedroom units, averaging about 1,040 square feet.

According to the report, the acquisition expands Cardone Capital’s portfolio to more than 14,800 apartment units and over $5.4 billion in assets under management. Amenities listed include a swimming pool and spa with private cabanas, a fitness center with a yoga studio, and a gated entry.

Latest closeBitcoin $63,299.19 ▼0.4%

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