NEW YORK, Nov. 14, 2016 /PRNewswire/ -- TGM Associates announced today the acquisition of TGM University Park, a garden style apartment community with 386 units in Sarasota, FL.
The property, completed in two phases 1997 and 2001, is comprised of nineteen residential buildings built on a 40.5 acre site. The unit mix offers spacious one, two, and three bedroom apartment flats, averaging 1,086 square feet. TGM University Park offers an ideal combination of location and lifestyle offering residents the opportunity to live, work and play all within a short distance of the community. Conveniently located off of I-75 and University Parkway, the community is within walking distance to the newly developed 880,000 square foot Mall at University Town Center, commonly referred to as UTC. Also, the community is in close proximity to downtown Sarasota's business district, theaters, art galleries, shops and restaurants. University Park also provides easy access to the Sarasota-Bradenton International Airport, University of South Florida-Manatee and the beaches of Lido Key, Siesta Key and Longboat Key. Furthermore, with the opening of the new 40,000 square foot Whole Foods Market in summer of 2017 residents will with have convenient walking access to the market located at the intersection of University Parkway and Honore Avenue.
The property has attractive amenities with two swimming pools, two whirlpool spas, a fitness center, an outdoor kitchen and a dog park. Residents also have full access to a tennis court, 9-hole putting green and a renovated clubhouse with a well-designed kitchen area. TGM will be completing renovation work to all apartment interiors, which will include new kitchen cabinets, countertops, appliances, flooring, lighting and hardware fixtures. Bathrooms will be renovated to match the finishes of the kitchen. The common areas such as the fitness center and pools will be upgraded with the state of the art equipment and new resort style furniture. TGM successfully executed a similar renovation strategy at its neighboring community, TGM Palm Aire, which saw revenues grow by 17% and net operating income grow by more than 11% in only two short years.
"We are pleased to expand our footprint in Sarasota with the acquisition of TGM University Park. The staggering growth of the University Parkway corridor, which immediately surrounds TGM University Park and TGM Palm Aire has solidified North Sarasota as the dominant live, work, play district in all of Sarasota and Manatee Counties. TGM is particularly attracted to this area because of the limited availability for new apartment construction in close proximity to UTC, Benderson Park, which is one of a few world class rowing and recreational facilities, and I-75," said Zach Goldman, Managing Principal and Director of Operations for TGM Associates, a SEC-registered real estate investment advisory firm based in New York City. TGM University Park is managed by TGM Associates' management brand, TGM Communities. Also owned and managed by TGM on the west coast of Florida is TGM Ibis Walk (Saint Petersburg) TGM Bay Isle (Saint Petersburg), TGM Bermuda Island (Naples), TGM Malibu Lakes (Naples), and TGM Palm Aire (Sarasota). On the east coast of Florida, TGM owns and manages TGM Oceana (Boca Raton). In late 2015, TGM sold TGM Vintage at Abacoa (Jupiter) and TGM Floresta (Jupiter).
TGM University Park, formerly known as Tuscany, was owned by AB Merion II Tuscany, LLC and managed by Wynnewood, PA based Merion Residential. Brokering the transaction was Jamie May, Chairman & CEO and Eddie Yang, Principal & Executive Director at JBM Institutional Multifamily Advisors.
About TGM Associates
Founded in 1991, TGM Associates is an SEC registered investment advisory firm with a single focus -- multifamily properties. TGM, a vertically and horizontally integrated operating company, specializes in acquisitions, property management, leasing, construction, property maintenance and dispositions for over 25 years. TGM has provided investment advisory expertise regarding the acquisition, management and sale of multifamily properties throughout the United States. An affiliate of TGM provides property management under the brand TGM Communities. As of September 30, 2016, TGM has invested approximately $2.7 billion in 131 multifamily properties throughout 28 states.
To learn more about TGM Associates please contact John Gochberg, Managing Principal and Chief Operating Officer. Phone: (212) 830-9312, E-mail: jgochberg@TGMAssociates.com
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SOURCE TGM Associates