NAPLES, FL – 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.
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. 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.