The Pearl Founders Square luxury apartment complex is under new ownership after recently selling for more than $125 million.
The new 400-unit apartment community in the Naples area was acquired this quarter by the Beitel Group, a real estate investment firm based in Brooklyn, New York. Construction on the five freestanding, four-story buildings at The Pearl was just completed last fall at 8820 Walter Way as part of the Founders Square mixed-use development on the southeast corner of Collier Boulevard and Immokalee Road.
On Jan. 31, Georgia-based Davis Development, doing business as DD Pelican LLC, sold The Pearl to The Pearl at Founders Square LLC, a company registered to Ben Beitel, CEO of the Beitel Group. A deed recorded Feb. 2 by the Collier County Clerk of the Circuit Court shows the 17.7-acre property sold for $125.1 million.
Initially building its real estate portfolio by investing in multifamily assets, Beitel Group owns 45 multifamily communities and other real estate investments, according to the company’s website. Other Florida acquisitions in Beitel’s portfolio are in Miami and Fort Walton Beach. In striving for the best investment opportunities, Beitel Group tries to capture the increase in market rate, so the company is super conservative in its underwriting and due diligence process, CEO Ben Beitel said in a 2021 informational video for the company. “We just cherry-pick the very best,” he said.
The Pearl’s one-, two- and three-bedroom floor plans offer high-end features and sleek finishes, such as 10-foot ceilings, wood-finish flooring, large walk-in closets and gourmet kitchens with stainless steel appliances, quartz countertops and custom Shaker-style cabinetry with wine racks. The multifamily community also features two resort-style pools with cabanas, a two-story fitness center, a golf simulator lounge, a gourmet coffee bar, a cinema room, a cyber lounge and a dog park.
The Pearl’s upscale amenities translate to upscale rents, of course. Its current rental prices range from $2,228 per month for a one-bedroom/one bathroom, 684-square-foot apartment to $4,360 per month for a three-bedroom/two-bathroom 1,535-square-foot apartment, according to its website.
Davis Development, which develops and manages luxury apartment communities, purchased the unimproved commercial property for $9.8 million three years ago from the corporate partnership behind the Founders Square development. Davis recently began construction on another 400-unit apartment complex about 6 miles east of Founders Square as part of The Randall at Orangetree mixed-use development.
Davis Development also is behind two other area apartment communities coming soon: Solay Cape Coral Apartments and the Sopra Luxury Living Apartments in Fort Myers, as well as a half-dozen other multifamily developments coming soon in Florida.