New York real estate investor has bought The Pearl at Founders Square

A real estate investor from New York City has purchased the apartment complex known as The Pearl at Founders Square in Naples. It acquired the 400-unit property right off of Collier Boulevard for the price of $125.1 million. The complex was marketed as a luxury development when it was put up for sale in May, and it was described as having five four-story concrete block buildings with elevator service. These buildings included a clubhouse that was more than 20,000 square feet in size, and it featured a gourmet demonstration kitchen, lounge areas, and private offices. Almost $241,000 was the annual income that was brought in by the typical tenant. The real estate investment company Beitel Group is located at the same address in Brooklyn as each of the buyers. According to the records kept by the state, the CEO of the company, Ben Beitel, is designated as the manager of the LLCs.