PRESS RELEASE: $15.9 Million Townhome Community Sold by IPA

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

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.

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. 

TAGS: Investment