13th Floor Investments acquired Sierra Grande, a partially completed, broken condominium development in June 2011. Located in the exclusive, high-income Lely submarket of Naples, Florida, Sierra Grande was re-purposed as a 272-unit multifamily community. At the time, Sierra Grande was the only 4-story, elevator-serviced rental community in Southwest Florida. Its unique program coupled with modern finishes give it a distinct advantage over the traditional garden-style walk-up communities throughout the market. The property's unique program also made it an ideal candidate for future condominium conversion.

In January 2015, 13th Floor successfully sold Sierra Grande. The sale represents a milestone achievement for 13th Floor with a sizable profit margin. Sierra Grande has outperformed across dimensions; surpassing return expectations, achieving stabilization ahead of schedule, all while meeting budget expectations. These results were achieved through an innovative approach to re-development, product selection, and execution.