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Gordon River Apartments (96 units) and River Park Apartments (104 units) are located in Naples, Florida and represent a “Value Add” opportunity to acquire under court appointed receiver ordered short sale. The two property portfolio contains a total of 200 units and is operated as a single property but can be purchased either together or separately at a combined asking price of $4,950,000 ($24,750/unit) which is well below replacement cost.
Both properties are located just off of US 41 which is the main north/south traffic artery and is just off downtown. Gordon River was built in 1969 and River Park in 1960, both are concrete block construction and contain a mix of one, two and three bedroom units.
The property is currently 87±% occupied. Future upside will be achieved by renovating the units and repositioning the rents with comparable properties in the market. Please call us to discuss the specific details regarding this opportunity.
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