River Reach Apartments, Naples, FL |
NAPLES, FL, Nov. 13, 2013 – Institutional Property Advisors
(IPA), a multifamily brokerage division of Marcus & Millichap serving the
needs of institutional and major private investors, has arranged the sale of River
Reach Apartments, a 556-unit apartment complex located on the Gordon River
in Naples, Fla. The $45 million sales price equates to $81,000 per unit.
Jamie B. May |
IPA
Florida executive director Jamie B. May advised the seller, Aimco. The
buyer is Aspen Square.
“River
Reach Apartments is a unique, waterfront, garden-style community that has
recently received numerous capital improvements,” says May. “Continued
enhancement of the interior units will help put the property in position to
outperform the competition.”
The multifamily
asset is located just off Airport Pulling Road at 2000 River Reach Drive in
southern Naples, Fla. It is the only
apartment community in the area with boat access leading directly to the Gulf
of Mexico.
The location is near the area’s famous beaches, excellent
arts and cultural centers and downtown Naples. Nearby employment drivers
include Naples’ largest and only enclosed shopping mall, Coastland Center,
Physicians Regional Healthcare Center, ASG Software Solutions and Naples
Community Hospital.
Gordon River, Naples, FL |
Edison State College, part of the Florida College
System, is less than 10 minutes from the property and Marco Island, the largest
barrier island in Southwest Florida, is 12 miles away.
Completed
in 1989, River Reach Apartments consists of 36 two-story residential buildings
situated on approximately 50 acres.
The community has a tranquil, park-like
setting with tropical foliage, picnic areas and a 10-acre illuminated lake with
a fountain in it and a jogging path around its perimeter. Boating, kayaking and
fishing are available on the Gordon River.
The residences average 909 square feet and consist of 248
one-bedroom units and 308 two-bedroom apartments. Every unit interior has
laminate countertops and flat-panel cabinetry and most units feature stainless
GE appliances. All apartments have full-size washers and dryers and more than
20 percent of the units have been updated with designer faux-wood flooring in
the living, dining and kitchen areas.
For a complete
copy of the company’s news release, please contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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