Baltimore-based real estate investment and management company Continental Realty Corporation (CRC) Tuesday sold Sierra Grande Apartments, a 300-unit multifamily community in Naples, Florida, to TPG Real Estate, the dedicated real estate investment platform of alternative asset management firm TPG, in partnership with The Bainbridge Companies.
Terms of the deal were not disclosed. CRC was represented by Newmark Knight Frank.
Sierra Grande Apartments is the second investment that TPG Real Estate and Bainbridge have made together, following their acquisition of Annapolis’ Watergate Pointe in June of 2021.
Located several miles south of Interstate 75 and US Route 41 in Lee County, Sierra Grande Appartments benefit from a modern design and recent renovations to its clubhouse, gym and community rooms. During 2021, Sierra Grande experienced average rent increases of 34.8%.
Over the past 11 years, the population immediately surrounding Sierra Grande Apartments has increased by more than 85%. The average household income within a one-mile radius of the community is nearly $140,000 and the average home value is approximately $530,000.
CRC owns five retail centers in the greater Naples area, including Marquesa Plaza, The Colonnade on Fifth and The Gateway of Naples and formerly owned the 350-unit Aventine at Naples. CRC also owns and manages a retail center on Marco Island.