CoStar News – Sierra Grande at Naples Sold for $44.3M
Continental Realty Corporation acquired the Sierra Grande at Naples Apartments, a 273-unit luxury multifamily complex at 6975 Sierra Club Cir. in Naples, FL, from 13th Floor Investments LLC and Estate Investments Group for $44.25 million, or $147,500 per unit.
The sellers purchased the distressed asset in June 2011 for just $5.15 million, according to CoStar data. At the time, construction had just begun at the property, originally slated for condominium development. Recognizing a strong demand and lack of inventory in the area's rental market, 13th Floor instead repositioned the property as Naples' first luxury apartment complex in more than a decade. Construction wrapped in two years, with occupancy beginning in March 2014.
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