June 11, 2018
CRC Completes Amenity Renovations to Sierra Grande Apartments
CRC has completed comprehensive renovations to the resident amenities of Sierra Grande Apartments, an apartment community in Naples, FL community acquired by CRC in early 2015. The amenity improvement project was the final phase of a complete asset repositioning, which began shortly after CRC’s acquisition. CRC initially purchased 263 apartment units and nine condominiums. Over the course of 2016 and 2017, the company acquired the remaining 27 individually-owned condominiums.
With the condo take-down complete, CRC shifted focus to physical improvements to the community, primarily focusing on the clubhouse and common area. CRC upgraded the fitness center with new equipment, including Peloton bikes, refurbished the business center, created a private party room, an outdoor fire pit, grilling station, and added resort-style cabanas.
“We are thrilled to have completed the next phase of our value-add business plan at Sierra Grande”, stated David Donato, Senior Vice President at Continental Realty Corporation. “Our team has been very focused on this asset for the last three years. We are glad to offer the Sierra Grande residents a new batch of top-notch amenities, and reinvigorate a great community.”
The community is positioned within close proximity to Interstate 75 and is approximately eight miles from Naples Municipal Airport. The community is surrounded by numerous retail amenities, including the Publix-anchored Naples Lakes Village Shopping Center, and is fifteen miles away from Marco Island and downtown Naples.
Continental Realty Corporation (CRC), headquartered in Baltimore and founded in 1960, is a full-service commercial real estate investment and management company. The privately-owned firm owns and manages a diversified portfolio of retail centers consisting of over 3.5 million square feet of space, as well as apartment communities featuring nearly 10,000 apartment homes. Positioned throughout the Mid-Atlantic and Southeast regions, the value of the portfolio exceeds $2 billion.