TGM Snags Mid-Rise Community in St. Petersburg

Celotex Corp. sold the former Ibis Walk property for $68 million, roughly $170,000 per unit.

by Csilla Borsos

TGM Ibis Walk in Saint Petersburg, Fla.
TGM Ibis Walk in Saint Petersburg, Fla.

Saint Petersburg, Fla.—TGM Associates has recently purchased TGM Ibis Walk, a 401-unit, mid-rise apartment community in Saint Petersburg, Fla.

Celotex Corp. sold the property formerly known as Ibis Walk for $68 million, roughly $170,000 per unit, according to data provided by Yardi Matrix. Walker & Dunlop facilitated a $44.2 million Fannie Mae loan for the acquisition. JBM Institutional Multifamily Advisors Chairman & CEO Jamie Mayand and Principal & Executive Director Eddie Yang brokered the transaction.

Completed in 2014, the community consists of nine four-story, elevator-serviced residential buildings comprising one-, two- and three-bedroom units. Common-area amenities include a heated swimming pool and spa, fitness center, central courtyards with picnic areas, dog park and a multi-level structured parking with controlled access. Electric car charging stations are also available at the property. The community is managed by TGM Associates’ management brand, TGM Communities.

Situated at 871 Ibis Walk Place North, the transit-oriented community offers convenient access to I-275, Roosevelt Boulevard and Gandy Boulevard, and also provides a quick commute into downtown Saint Petersburg, Tampa, Westshore, and MacDill Air Force Base.

Image courtesy of Yardi Matrix