13th Floor Investments Sells Luxury Apartment Community in Naples for $44.3M

NAPLES, FLA. — Miami-based 13th Floor Investments has sold Sierra Grande, a 273-unit luxury apartment community located at 6975 Sierra Club Circle in Naples, for $44.3 million. 13th Floor and The Estate Cos. purchased the asset, which was under construction as a condominium project, out of distress in 2011 for $5.2 million. Construction was completed approximately two years after the purchase and the first tenants moved into the complex in March 2014. The community was approximately 95 percent occupied at the time of sale. Sierra Grande’s amenities include a clubhouse, lakefront pool, fitness center, yoga and pilates wellness center, Wi-Fi lounge, tennis courts, a children’s play room, sand volleyball court, barbecue and picnic areas and a dog park. Hampton Beebe and Avery Klann of ARA’s Boca Raton office represented the seller in the transaction. The buyer was Continental Realty Corp., a REIT based in Maryland.