Baltimore-based real estate company Continental Realty Corp. announced today it has acquired an apartment complex in Naples, Florida, for $44.25 million.
The company purchased the recently completed 273-unit Sierra Grande Apartments from two Miami-based companies, 13th Floor Investments and The Estate Cos. The purchase marks the second time in 18 months the company has acquired a property in Naples. It also purchased the 350-unit Aventine in summer 2013.
“Based on our continuing research and experience in Naples over the past 18 years, our team is extremely optimistic on the long-term economic prospects and continued growth of this sub-market, and this latest acquisition creates a critical mass of apartment units in our portfolio,” Anne Angel, vice president of the residential division, said in a news release. “We see expansion of the infrastructure taking place in the area, expansion of the universities and hospitals and a strong and stable labor market, along with consistently rising rental rates. In addition, people are continually attracted to the South Florida region based on its warm year-around climate.”
Amenities at Sierra Grande Apartments include a lounge area with Wi-Fi, a billiards room and state-of-the-art fitness center.
Initially, the project was intended to part of a larger, six-building condominium development. But “unfavorable market conditions” derailed those plans and only one building was completed. After a sale a new owner changed the project to an apartment complex and then finished all six buildings.
“We are extremely familiar with the Naples marketplace as our company owns and manages additional projects including The Gateway of Naples, Marquesa Plaza and The Colonnade on Fifth,” Angel said. “The area is growing at a rate well above the national average. New employers are entering the area and creating jobs and new residents. The vibrant pace of new commercial and residential construction along Collier Boulevard makes South Naples an enticing place to live, work and play. All of this bodes well for high-quality apartment communities.”