Bitcoin-fueled Cardone Capital buys Orchid Run apartments for $89.75M

Orchid Run, a 282-unit apartment complex off Livingston Road in Collier County, sold for $89.75 million to Cardone Capital as part of a fund that combines multifamily real estate with a separate Bitcoin investment. 

Aventura-based Cardone Capital bought the complex, developed in 2015 by PAC Land Development, from Chicago-based Inland Investments, which had owned the property for 10 years. 

The sale price broke down to about $318,000 per unit. 

Cardone Capital is marketing the 10X Naples + Bitcoin Fund as a hybrid investment combining cash-flowing real estate with cryptocurrency exposure. The fund is acquiring Orchid Run while allocating $15 million to Bitcoin, according to company materials. 

“Real estate generates monthly distributions to investors. Bitcoin provides portfolio exposure to digital gold with a fixed 21 million coin supply cap. Both assets grow independently. Both work for you,” Cardone Capital’s website states. 

Inland Investments bought the LLC that began building the apartments in 2014 for between $80 million and $81 million in 2016, according to a 1031 Gateway document dated Sept. 7, 2016. 

That document shows Inland Investments’ entity, National Multifamily Portfolio I DST, took out a $41.25 million loan at 3.14% interest on a 10-year term maturing this year — which prompted the latest sale. The loan was 51% of the purchase price, the document states. 

The raw land sold for $4.1 million in 2014, property records show. 

Located at 10991 Lost Lake Drive, fronting Livingston Road, near Golden Gate Parkway, the complex sits on about 22 acres with five buildings, 604 parking spots, 108 one-bedroom, 126 two-bedroom and 48 three-bedroom units. Rents start at about $1,800 per month. 

Matt Mitchell, senior managing director of investment sales at Tampa-based Berkadia, and Director Chris Burtner brokered the deal on behalf of the seller. 

Cardone Capital paid about 12% more for the property a decade later. 

“The market conditions are soft,” Mitchell said of the multifamily market in 2026. “That’s driven mostly by the supply. Naples has not avoided that. But I think the market is starting to turn the corner. 

“Rents have already gone down in the Naples market. Naples was one of the first markets to see some softness. The trend started a couple of years ago.” 

Cardone Capital could not be reached for comment. The company’s website shows founder Grant Cardone is social media and tech savvy, with a presence on most social media platforms and millions of combined followers. 

According to its website, Cardone Capital has more than $5 billion in assets under management, including 14,850 multifamily units and 500,000 square feet of commercial office space. The company states it has raised more than $2 billion from nearly 20,000 investors and distributed more than $400 million in returns, claiming no losses of investor principal. 

Cardone Capital owns other Southwest Florida assets, according to its website, including The Edison and The Forum apartments in Fort Myers and Addison Place in North Naples. 

Mitchell said Cardone Capital made a smart move to further invest in multifamily in the Naples area despite softening demand because the demand eventually would bounce back. 

“Naples will also be one of the first markets to stabilize,” Mitchell said. “We’re seeing that in pockets across the country right now. There are some sellers who wouldn’t be thrilled with that kind of pricing. But I think it’s a good number for the asset.”