A 282-unit apartment complex near Naples’ Grey Oaks community has a new owner, and the deal comes with an unusual twist: alongside the $89.8 million purchase price, the buyer is adding 282 Bitcoin to its holdings. Cardone Capital, the Aventura-based real estate crowdfunding firm led by influencer and syndicator Grant Cardone, closed on Orchid Run at 10991 Lost Lake Drive according to the deed, marking his firm’s latest expansion into the Sun Belt apartment market.
The purchase works out to roughly $318,000 per unit for the 282-apartment community, which was completed in 2015 on land adjacent to Grey Oaks in central Naples, according to The Real Deal. Orchid Run was acquired from an affiliate of The Inland Real Estate Group of Companies, which had originally packaged the property in 2016 into a Delaware Statutory Trust 1031 exchange portfolio backed by a 10-year loan carrying an average interest rate of 3.19%, according to 1031Gateway. That earlier packaging bundled Orchid Run alongside three other Sun Belt multifamily assets for 1031 exchange investors, per the same filing.
The complex spans nearly 22 acres across five four-story mid-rise buildings totaling 293,244 rentable square feet, with 604 total parking spaces including 507 surface spots plus attached and detached garages, per 1031Gateway’s records. The unit mix includes 108 one-bedroom apartments, 126 two-bedroom units, and 48 three-bedroom units, averaging 1,040 square feet per residence, according to The Real Deal. Amenities include a yoga and pilates studio, a clubhouse and lounge, a pool with cabanas, outdoor spaces, and even a car wash.
A Bitcoin Kicker on a Sun Belt Deal
Berkadia, which arranged the sale, notes that the acquisition included an allocation of 282 Bitcoin, extending Cardone Capital’s pattern of pairing physical multifamily real estate with digital cryptocurrency reserves, according to Berkadia. The addition pushes the firm’s total Bitcoin holdings above 2,800 coins, per the brokerage’s account, as the company markets a hybrid model combining real estate cash flow with cryptocurrency upside. The deal follows a broader push announced in February by Cardone Capital to tokenize its entire $5 billion real estate portfolio — encompassing more than 14,000 apartment units — using blockchain technology under the ERC-1400 security token standard, as Forbes reported in March…