New York–TGM Associates has acquired Malibu Lakes, a 356-unit garden-style apartment community, making this the second Class A acquisition for the New York-based TGM in Naples, Fla. in 2010.
Malibu Lakes is built in modern Mediterranean architecture style with spacious floor plans featuring lofty nine-foot ceilings and kitchens complete with dishwasher, built-in microwave, disposal and icemaker. The community features two heated resort-style pools with poolside cabanas, hot tub, a premier clubhouse, expansive fitness center, picnic areas, tennis court, business center and a pet play area.
The community includes one-, two-, three- and four-bedroom apartment homes ranging from 759 to 1,617 square feet with high-end finishes, full-size washers and dryers, scenic views, private balconies or patios, and attached direct-access and detached garages. Malibu Lakes was previously owned and managed by The Inland Real Estate Group.