Key Takeaways
- • Cardone Capital acquired Orchid Run, a 282-unit multifamily complex in Naples, Florida, for $89.75 million ($318,000 per unit), financed as part of the 10X Naples + Bitcoin Fund.
- • The hybrid fund structure allocates $15 million to Bitcoin alongside the real estate acquisition, positioning cryptocurrency and income-producing property as complementary portfolio assets.
- • The sale was triggered by maturity of Inland Investments' $41.25 million loan at 3.14% interest, originally taken in 2016 and due this year, reflecting debt-driven exit pressure in the multifamily sector.
- • The property, developed in 2015 by PAC Land Development on 22 acres with five buildings, represents significant appreciation from the raw land purchase price of $4.1 million in 2014.
- • Berkadia's Matt Mitchell and Chris Burtner brokered the transaction on behalf of the seller, Chicago-based Inland Investments, which held the asset for 10 years.
Summary
Cardone Capital, the Aventura-based alternative investment firm, completed the acquisition of Orchid Run, a 282-unit multifamily complex located off Livingston Road in Collier County, Florida, for $89.75 million. The deal represents a strategic pairing of income-generating real estate with cryptocurrency exposure through Cardone Capital's newly marketed 10X Naples + Bitcoin Fund.
The fund structure allocates $15 million toward Bitcoin while deploying capital into the Orchid Run acquisition, reflecting a hybrid investment thesis that positions real estate cash flows and digital asset appreciation as independent but complementary portfolio components. According to Cardone Capital's marketing 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."
The transaction involved the sale of the property by Chicago-based Inland Investments, which had owned the complex for 10 years. The sale was precipitated by the maturity of a $41.25 million loan—representing 51% of Inland Investments' original 2016 purchase price—carrying a 3.14% interest rate on a 10-year term maturing in 2026. Inland Investments' entity, National Multifamily Portfolio I DST, acquired the property development LLC in 2016 for between $80 million and $81 million, according to 1031 Gateway documentation from September 2016.
The Orchid Run complex, developed in 2015 by PAC Land Development, sits on approximately 22 acres with five buildings and 604 parking spaces. The property comprises 108 one-bedroom, 126 two-bedroom, and 48 three-bedroom units at a sale price of approximately $318,000 per unit. The property demonstrates significant value creation: the underlying raw land was purchased for $4.1 million in 2014, illustrating substantial appreciation through development and stabilization. Tampa-based Berkadia, led by senior managing director Matt Mitchell and director Chris Burtner, brokered the transaction on behalf of the seller.
The fund structure allocates $15 million toward Bitcoin while deploying capital into the Orchid Run acquisition, reflecting a hybrid investment thesis that positions real estate cash flows and digital asset appreciation as independent but complementary portfolio components. According to Cardone Capital's marketing 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."
The transaction involved the sale of the property by Chicago-based Inland Investments, which had owned the complex for 10 years. The sale was precipitated by the maturity of a $41.25 million loan—representing 51% of Inland Investments' original 2016 purchase price—carrying a 3.14% interest rate on a 10-year term maturing in 2026. Inland Investments' entity, National Multifamily Portfolio I DST, acquired the property development LLC in 2016 for between $80 million and $81 million, according to 1031 Gateway documentation from September 2016.
The Orchid Run complex, developed in 2015 by PAC Land Development, sits on approximately 22 acres with five buildings and 604 parking spaces. The property comprises 108 one-bedroom, 126 two-bedroom, and 48 three-bedroom units at a sale price of approximately $318,000 per unit. The property demonstrates significant value creation: the underlying raw land was purchased for $4.1 million in 2014, illustrating substantial appreciation through development and stabilization. Tampa-based Berkadia, led by senior managing director Matt Mitchell and director Chris Burtner, brokered the transaction on behalf of the seller.
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