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.