Continental Realty Corp. fund buys Sierra Grande Apartments

BUYER: Sierra Grande Apartments LLC (CRC Fund III General Partner LLC), Baltimore
SELLER: Sierra Grande Holdings LLC
PROPERTY: a portion of 6975 Sierra Club Circle, Naples
PRICE: $43 million
PREVIOUS PRICE: $5.15 million, June 2011

BUYER: Sierra Grande Condominium Units LLC (CRC Fund III General Partner LLC), Baltimore
PROPERTY: a portion of 6975 Sierra Club Circle, Naples also known units 1-101, 1-108, 1-109, 1-112, 1-209, 1-212, 1-301, 1-311 and 1-312, Sierra Grande One Condominium, Naples
PRICE: $1.22 million
LAW FIRM ON DEED: Stearns Weaver Miller Weissler Alhadeff & Sitterson PA, Miami

PLANS, DESCRIPTION:
Continental Realty Corp.'s CRC Fund III purchased the 273-unit Sierra Grande Apartments in two transactions for a combined $44.25 million.

The price equated to $162,088 per unit. That figure is higher than the two-year average price per unit for multifamily space ($62,027) in Southwest Florida, according to the CoStar Group.