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.
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