$15.9 Million Townhome Community Sold by IPA in Naples, FL

Berkshire Reserve townhome community, 3536 Winifred Road Lane, 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 Berkshire Reserve, a 146-unit townhome community in Naples, Fla. The $15.9 million sales price equates to $108,904 per unit.

Jamie B. May

            IPA Florida executive director Jamie B. May advised the seller, The Benchmark Group. The buyer is Inland Real Estate Acquisitions Inc.

            “Berkshire Reserve is a stabilized asset that is currently producing strong cash flow,” says May.  “The acquisition presents the new owner with an excellent and timely opportunity to implement additional income generators as the Naples apartment market enters a prolonged period of growth.”

Located at 3536 Winifred Road Lane in Naples, Collier County, Fla., the property is just north of Interstate 75 and seven miles from the Naples-area’s famous beaches.

 Collier County has one of the strongest economies in Florida and is one of the fastest-growing regions in the United States. The county’s population grew 27 percent between 2000 and 2009 and is projected to continue to lead the nation over the next 10 years in population growth, personal income and new job creation.

Collier County, FL Night skyline

            Constructed in 2001, Berkshire Reserve is composed of 37 two-story apartment buildings and a leasing office set amidst landscaped grounds around a large central lake and fountain. 

The 1,300-square-foot townhome-style floor plan features three bedrooms and two-and-one-half baths. Interiors have a full appliance package that includes a microwave and a refrigerator with automatic icemaker, a full-size washer and dryer, water and sewer submeters, ceramic tile tub surrounds, private patios and vaulted ceilings upstairs.

Community amenities include a spacious swimming pool with sundeck, picnic areas, a children’s playground and a car care station.

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716

www.IPAusa.com

$45 Million Southwest Florida Multifamily Sale Arranged by Jamie B. May of IPA Florida

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