Baltimore-based real estate investment and management firm Continental Realty Corporation (CRC) on 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 company TPG, in partnership with The Bainbridge Companies.
The terms of the contract are 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 2021.
Located several miles south of Interstate 75 and US Route 41 in Lee County, Sierra Grande Appartments boasts a modern design and recent renovations to its clubhouse, gym, and guest rooms. its community halls. In 2021, Sierra Grande saw an average rent increase of 34.8%.
Over the past 11 years, the population immediately surrounding the Sierra Grande Apartments has increased by over 85%. The average household income within a one-mile radius of the community is nearly $140,000 and the average home value is around $530,000.
CRC owns five malls in the greater Naples area, including Marquesa Plaza, The Colonnade on Fifth and The Gateway of Naples and previously owned the 350-unit Aventine in Naples. CRC also owns and operates a shopping mall on Marco Island.