NAPLES, FLA. — The Inland Real Estate Group of Cos. has sold Orchid Run, a 282-unit property in Naples, to Cardone Capital, a Miami-based firm founded by real estate investor and sales entrepreneur Grant Cardone. Matt Mitchell and Chris Burtner of Berkadia North & Central Florida arranged the sale on behalf of Inland.
According Cardone’s investment memoranda on the deal, the asset traded for $89.8 million. The investment vehicle acquiring Orchid Run also plans to hold 282 Bitcoin, part of Cardone Capital’s strategy of pairing multifamily real estate with cryptocurrency exposure. Cardone Capital says the fund is designed to provide monthly distributions from the apartment property while giving investors exposure to Bitcoin’s potential appreciation.
Orchid Run was developed in 2015 and is comprised of one-, two- and three-bedroom units along with a pool and hot tub area with private cabanas, a fitness center with a yoga studio, a clubhouse with a resident lounge and demonstration kitchen, coffee bar, pet spa, grills, a car wash and gated entry.