Naples Daily News – 13th Floor Investments Completes $44.25M Sale of Sierra Grande Luxury Apartments in Naples
One of the most dramatic turnaround stories in southwest Florida’s current real estate cycle has come to a close with the $44.25 million sale of Sierra Grande, a 273-unit luxury apartment complex in Naples. When Miami-based 13th Floor Investments, in partnership with The Estate Companies, purchased the asset out of distress for $5.15 million in 2011, construction had just begun and the property was slated to become a condominium. Recognizing strong rental demand and a lack of inventory in a recovering market, 13th Floor soon repositioned Sierra Grande as Naples’ first luxury apartment complex to launch in more than a decade.
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