The Real Deal Miami

13th Floor sells Naples apartment complex for $44M

Sierra Grande was purchased for $5M in 2011
January 19, 2015 04:30PM

Sierra Grande as it looks today

Sierra Grande as it looks today

Miami-based 13th Floor Investments sold a Naples apartment complex for more than $44 million, the company announced Monday.

A Maryland-based real estate investment trust purchased Sierra Grande, a 273-luxury unit complex.

13th Floor and the Estate Companies had purchased the distressed property, located at 6975 Sierra Club Circle, for $5 million in 2011, according to a company statement. The property was slated to become a condominium, but due to strong rental demand and a recovering market, Sierra Grande was re-marketed as Naples’ first luxury apartment complex to launch in more than a decade.

Units range in size from 900 to 1,300 square feet, and resort-style amenities include a lakefront pool, fitness center, barbecue and picnic areas and a dog park. Records say 95 percent of its 273 luxury units are now occupied. — Kristina Puga