NAPLES, FL—River Reach Apartments, a 556-unit multifamily complex located on the Gordon River in Naples, FL, has a new owner. The multifamily asset traded for $45 million, which equals $81,000 per unit.
Institutional Property Advisors (IPA), a multifamily brokerage division of Marcus & Millichap, brokered the deal. 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 community is located just off Airport Pulling Road at 2000 River Reach Drive in southern Naples. River Reach is the only multifamily community in the area with boat access leading directly to the Gulf of Mexico.
The location is near the area’s beaches, 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.
Built in 1989, River Reach Apartments offers 36 two-story multifamily buildings on about 50 acres. The multifamily community has a park-like setting with tropical foliage, picnic areas and a 10-acre lake with a jogging path around its perimeter.