River Reach Apartments sell for $45 million

BUYER: Naples 3101 Place LLC (50% interest) and Naples Arlington LLC (50%), West Springfield, Mass.
SELLER: Naples-Oxford Limited Partnership
PROPERTY: 2131 and 2136 River Reach Drive, Naples
PRICE: $45 million
PREVIOUS PRICE: $34.6 million, June 1999
LAW FIRM ON DEED: Kutak Rock LLP, Denver

PLANS, DESCRIPTION: West Springfield, Mass.-based Aspen Square Management purchased the 556-unit River Reach Apartments for $45 million.

The price equated to $80,935 per unit.

Built in 1987, the two-story garden-style development features 26 residential buildings on a 50.15-acre site. Units average 908 square feet.

Situated along the Gordon River, the property features boat access and a dock, basketball, tennis and volleyball courts, a business center, clubhouse, fitness center, playground and two swimming pools. The site also contains a 10-acre lake and jogging trail.

The 505,144-square-foot apartment development was acquired from Naples-Oxford Limited Partnership, an affiliate of Denver's AIMCO.

Aspen Square Management already owns three other apartments in Naples: Bear Creek, Meadow Lakes and Somerset Palms.