TGM Snags Second Sarasota Community for $70M
- Nov 17, 2016
By Robert Demeter
Sarasota, Fla.—TGM Associates has recently acquired TGM University Park, a 386-unit, garden-style community in Sarasota. TGM University Park, formerly known as Tuscany Apartments, was previously owned by AB Merion II Tuscany LLC and managed by Wynnewood, Pa.-based Merion Residential. The property traded for $70.5 million.
Situated on 40.5 acres at 6001 Medici Court, the community is conveniently located just off Interstate 75 and University Parkway, within walking distance from the newly developed 880,000-square-foot Mall at University Town Center. Additionally, the community is in close proximity to downtown Sarasota’s business district, theaters, art galleries, shops and restaurants.
Completed in two phases in 1997 and 2001, the property comprises 19 residential buildings offering one-, two-, and three-bedroom units, averaging 1,086 square feet. Property amenities include two swimming pools, two whirlpool spas, a fitness center, an outdoor kitchen, dog park, tennis court and golf course, as well as a renovated clubhouse. TGM University Park is managed by TGM Associates’ management brand, TGM Communities.
The new owner plans to refurbish all apartment interiors with new kitchen cabinets, countertops, appliances, flooring, lighting and hardware fixtures. Bathrooms will be renovated to match the finishes of the kitchens, and common areas will be upgraded with state of the art equipment. The company executed a similar renovation strategy at its neighboring community, TGM Palm Aire.
“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,” Zach Goldman, managing principal & director of operations at TGM Associates, said in prepared remarks.
JBM Institutional Multifamily Advisors’ Chairman & CEO Jamie May and Principal & Executive Director Eddie Yang brokered the transaction.
In addition to TGM University Park and TGM Palm Aire, the company also owns and manages several other properties on Florida’s west coast, including TGM Ibis Walk and TGM Bay Isle in Saint Petersburg, and TGM Bermuda Island and TGM Malibu Lakes in Naples.
Photos courtesy of TGM Associates