South Florida celebrity entrepreneur buys Naples apartments for $90M

Orchid Run, a Naples apartment community, has sold to a South Florida investment firm run by an entrepreneur known as much for his work on television as his business acumen.

The community is at 10991 Lost Lake Drive, adjacent to the city’s Grey Oaks gated country club community.

According to Collier County records, the 282-unit apartment complex sold for $89.75 million to Cardone Capital, a firm founded and run by Grant Cardone.

Berkadia, which represented the seller The Inland Real Estate Group of Cos. and announced the deal, says the garden-style community’s units include 108 one-bedroom, 126 two-bedroom and 48 three-bedroom apartments averaging approximately 1,040 square feet.

The units feature gourmet kitchens with granite countertops, stainless steel appliances, 9-foot ceilings and walk-in showers with glass enclosures.

Cardone is an author and founder of the 10X Growth Conference aimed at businesses and entrepreneurs. He regularly appears as a commentator on TV news shows and has appeared on several reality television shows.

As for Cardone Capital, its portfolio includes more than 14,800 apartment units and over $5.4 billion in assets under management. According to its website, it has raised $2 billion since its 2016 founding.

Berkadia’s Matt Mitchell and Director Chris Burtner represented Inland in the sale.