Globestreet – Naples' Most Dramatic Turnaround Story
MIAMI– This is one of the most dramatic turnaround stories in southwest Florida's current commercial real estate cycle. 13th Floor Investments just sold the once-distressed Sierra Grande, a 273-unit luxury multifamily complex in Naples, for $44.25 million.
Partnering with The Estate Companies, 13th Floor purchased the asset out of distress for $5.15 million in 2011. At that time, construction had just begun on the property, which was supposed to be a condominium. Aware of the strong rental demand– and lack of inventory in Naples recovering market– 13th Floor repositioned Sierra Grande.
"Sierra Grande marks the first luxury apartment complex to come online in Naples in more than a decade and is already more than 95% occupied in less than 18 months from the time construction commenced," Michael Nunziata, a principal at 13th Floor tells GlobeSt.com
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