Cardone Capital dropped $89.8 million on a rental community in Naples, according to a deed recorded Wednesday.
The Aventura-based firm, headed by crowdfunding multifamily syndicator and online influencer Grant Cardone, acquired Orchid Run, a 282-unit complex at 10991 Lost Lake Drive, from an affiliate of The Inland Real Estate Group of Companies, according to a news release. The deal penciled out to $318,000 per unit.
Matt Mitchell and Chris Burtner of Berkadia North & Central Florida arranged the sale.
The complex, completed in 2015, includes 108 one-bedroom units, 126 two-bedroom units and 48 three-bedroom units with residences averaging 1,040 square feet, the release said. The community has a pool with cabanas, a yoga and pilates studio, a clubhouse and lounge, a car wash and outdoor spaces.
The acquisition expands Cardone Capital’s portfolio to more than 14,800 apartment units. The firm has over $5.4 billion in assets under management and is on the hunt for more across Sun Belt markets, according to the release.
Cardone is known for making waves in real estate and politics. Last year, he raised $88.1 million for a fund that invested in Bitcoin and a Central Florida apartment project while also floating the idea of running for governor of California.
He ultimately bailed on the latter idea, telling TR3 Capital Partner Matthew Teifke on YouTube that while he would “probably be No. 1 or No. 2 to win,” his family’s lack of enthusiasm, the cost of running and California’s political climate dissuaded him.
Cardone has been the target of lawsuits alleging he misled investors and over-promised returns. The social media celebrity has received criticism from real estate and financial professionals who have denounced his aggressive marketing tactics and crowdfunding models.
Still, Cardone, who told Teifke he likes “the game of drama and conflict,” has steamrolled ahead with large acquisitions in South Florida.
In 2021, Cardone paid $744 million for four multifamily properties across Fort Lauderdale, Sunrise and Weston, The Real Deal previously reported. In 2024, Cardone forked out $200 million for two projects in Fort Lauderdale and Plantation.
Last year, a bankruptcy judge approved the $235 million sale of a rental complex at 101 Via Mizner in Boca Raton to a partnership between the property’s owner and an affiliate of Cardone Capital. The joint venture plans to convert the 366-unit building into condos.
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