Sale follows value-add property enhancements and increased rental performance
Continental Realty Corporation (CRC), a Baltimore-based real estate investment and management company, today announced that they have completed the sale of Sierra Grande Apartments, a 300-unit multifamily community located 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 (Bainbridge). 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 Apartments 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%.
“Sierra Grande is an all-encompassing example of our team’s strengths and showcases the outcomes of a vertically integrated model,” stated JM Schapiro, CEO of Continental Realty Corporation. “When CRC made this purchase in 2015, the community included a mix of multifamily units and individually owned condos. During the hold, were able to purchase all condo units, removing complexities and inefficiencies. Following the condominium collapse, the team executed on a renovation of the community’s amenities that elevated the asset within the market. All of these factors contributed to exceptional operational outcomes.”
“Sierra Grande is representative of the high-quality multifamily communities we are looking to acquire in strong, growth-oriented markets benefitting from attractive population and employment growth drivers,” said Dan Frydman, Business Unit Partner at TPG Real Estate.
“We are excited to extend our partnership with Bainbridge on this strategic acquisition in Naples.”
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 isnearly $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.
CRC was represented by Newmark Knight Frank.
About Continental Realty Corporation
Headquartered in Baltimore and founded in 1960, Continental Realty Corporation is a full-service commercial real estate and investment company focused on acquiring and operating retail and multifamily properties. The privately-held firm owns and manages a diversified portfolio of retail centers consisting of more than five million square feet of commercial space and over 9,000 apartment homes across ten states, with a portfolio value exceeding $3 billion. For additional information, visit www.crcrealty.com.
About The Bainbridge Companies
Bainbridge is a leading owner, developer, and manager of luxury multifamily apartment communities in the Eastern United States and Texas. Founded in 1997, Bainbridge is a fully integrated family of real estate companies engaged in the development, construction, acquisition, and management of multifamily real estate. Since inception, Bainbridge has closed on nearly 40,000 apartments representing $6.5 billion in total capitalization. Bainbridge is headquartered in Wellington, FL with regional offices in Orlando and Tampa, FL; Atlanta, GA; Bethesda, MD; Charlotte and Raleigh, NC; and Dallas and Austin, TX. Bainbridge currently owns and manages in excess of 20,000 apartments and develops and operates assets in 8 states and 33 markets with more than 600 associates across its offices and portfolio. To learn more about Bainbridge’s communities and recent development and acquisition activities, please visit: www.BainbridgeCompanies.com.