Inland Private Capital has sold the Berkshire Reserve Townhomes community in Naples, FL. for $20.3 million. The 146-unit community was built in 2000 and is located approximately five miles northeast of the Naples central business district, in the Naples-Marco Island metropolitan area. The 189,800 square-foot residential property consists of 37 two-story apartment buildings, a clubhouse building with a swimming pool, a barbecue area and a children’s playground.
“This investment was very successful, and marks IPCC’s first full-cycle deal on our company’s multifamily investment platform,” said Keith Lampi, president & chief operating officer of IPCC. “We purchased the property in August 2013, and it performed positively due to the property’s compelling location and demographic fundamentals. The result was a substantial return for our investors and an opportunity for them to invest a significant portion of the proceeds into other properties owned by different Inland-sponsored programs.”
