Miami investors buy Sierra Grande

BUYER: Sierra Grande Holdings LLC (Florida Real Estate Value Fund LP), Miami

SELLER: CRM Florida Properties LLC

PROPERTY: a portion of Rattlesnake Hammock Road near the intersection with Collier Boulevard, Naples

PRICE: $5.15 million

LAW FIRM ON DEED: Shutts & Bowen LLP, Fort Lauderdale

PLANS, DESCRIPTION: Miami-based 13th Floor Investments purchased the partially completed Sierra Grande development for $5.15 million.

The sale included nine completed condominiums, 12 garage units and a clubhouse and pool. The deal also included 36 partially completed units, 228 building pads and 46 garage pads. It was previously bank-owned.

Gary Tasman of Commercial Property Southwest Florida, an affiliate of Cushman & Wakefield, handled the sale.

“Their strategy is to acquire the property, finish the development out and then operate it as a rental community,” Tasman says. “It's in a very desirable location, and the development is mostly done.”

Tasman attributed the somewhat modest price for the asset to the level of risk of building it out.

A former developer, 13th Floor Investments is now a real estate investment and management firm. It owns 11 developments stretching from Pampano Beach to Homestead along Southwest Florida.