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13th Floor sells Naples apartment complex for $44M

Miami-based 13th Floor Investments sold a Naples apartment complex for more than $44 million, the company announced Monday. 13th Floor and the Estate Companies had purchased the property, located at 6975 Sierra Club Circle, out of distress for $5 million in 2011, according to a company statement. The property was slated to become a condominium, but due to a 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.A Maryland-based real estate investment trust purchased Sierra Grande, a 273-luxury unit complex.

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.

From Kristina Puga | Source: TheRealDeal

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