Naples' Most Dramatic Turnaround Story

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.