Cardone Capital Snaps Up Orchid Run Apartment Complex in $89.75M Deal

Cardone Capital has acquired Orchid Run, a 282-unit apartment complex in Collier County, for $89.75 million as part of its 10X Naples + Bitcoin Fund. The fund combines multifamily real estate with a separate Bitcoin investment.

The sale price works out to about $318,000 per unit, more than Cardone Capital paid for the property a decade ago. Inland Investments, which owned Orchid Run since 2016, sold the complex after taking out a $41.25 million loan at 3.14% interest on a 10-year term.

Cardone Capital's fund is allocating $15 million to Bitcoin, according to company materials. The company claims that real estate generates monthly distributions for investors, while Bitcoin provides exposure to digital gold with a fixed 21 million coin supply cap.