MIAMI—This is one of the most dramatic turnaround stories in southwest Florida's current commercial real estate cycle. 13^th 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, 13^th 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—13^th 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 13^th Floor, tells GlobeSt.com. “The success of this community demonstrates how 13th Floor brings our forward-thinking investment philosophy to life and is one of a series of multifamily communities our firm currently has under development.”