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.
Matt Mitchell and Chris Burtner of Berkadia North & Central Florida arranged the Orchid Run transaction. The same brokers also handled the $92.1 million sale of the 304-unit Vida Lakewood Ranch apartment community in Bradenton last July, according to Multi-Housing News, underscoring strong institutional demand for luxury garden-style properties along the Tampa-Sarasota-Naples corridor.
How Orchid Run Fits Into the Naples Rental Market
A bi-annual rental inventory survey from Collier County found Orchid Run maintained 90.8% occupancy across its units in January, with advertised monthly rents averaging $2,030 for one-bedrooms, $2,655 for two-bedrooms, and $3,020 for three-bedrooms, according to the Collier County Community and Human Services Division. Those figures sit well above broader Naples averages, where market tracking data from Point2Homes put typical apartment rents around $1,863 to $1,873 per month in early 2026 — a 1.6% year-over-year decline from post-pandemic peaks, though still among the highest rates in Southwest Florida.
The Orchid Run purchase expands Cardone Capital's portfolio to more than 14,800 apartment units, The Real Deal reports, continuing a buying spree that has included $744 million spent on four multifamily properties in Fort Lauderdale, Sunrise and Weston in 2021 and $200 million on two projects in Fort Lauderdale and Plantation in 2024. In Boca Raton, a bankruptcy judge last year approved the $235 million sale of the rental complex at 101 Via Mizner to a partnership between the property's owner and a Cardone Capital affiliate, with the joint venture planning to convert the 366-unit building into condos.
Legal Scrutiny Continues Over Investor Pitches
Cardone has built the firm's rapid growth on retail crowdfunding: since launching its online capital structure in 2016, Cardone Capital has raised over $1.9 billion from more than 20,000 individual accredited and non-accredited investors across more than 30 real estate funds, according to the company's own figures. That model has drawn criticism from real estate and financial professionals over Cardone's aggressive marketing tactics, and Cardone himself has faced lawsuits alleging he misled investors and over-promised returns.
Those legal questions gained new weight last June when the U.S. Court of Appeals for the Ninth Circuit revived a putative class action, Pino v. Cardone Capital, LLC, alleging Cardone made misleading social media statements about projected 15% annual returns without disclosing that the SEC had requested those figures be removed from offering circulars, according to Duane Morris. The law firm's analysis notes the ruling clarified that removing projections after SEC comments, without offering any rebuttal, can support claims of misleading investor communications. SEC filings from August 2025 show Cardone Real Estate Acquisitions LLC then managed approximately $5.3 billion across 44 multifamily communities and two commercial office properties, led by Cardone alongside COO James Derow and EVP Ryan Tseko; the firm's assets under management have since grown to over $5.4 billion.
