SARASOTA, FL - TGM Associates announced the acquisition of TGM Palm Aire, a two and three-story garden style property, totaling 286 units in 16 buildings situated on 31.8 acres, in Sarasota, FL. TGM Palm Aire offers resort style amenities and 5 modern floor plans with average apartment square footages of 1,043 feet.
TGM Palm Aire represents one of the highest quality multifamily assets in the Sarasota market, which is one of the most sought after markets in the Tampa Bay region. The property benefits greatly from its central location with convenient access to the major employment areas including the new Mall at University Town Center, Lakewood Ranch, Sarasota Bradenton International Airport, and the Sarasota and Bradenton Central Business Districts.
Less than two miles east of TGM Palm Aire is the new Mall at University Town Center. Opening in October 2014, the Mall will be the dominant fashion and dining destination in the entire Sarasota-Bradenton area. The Mall will be anchored by Saks Fifth Avenue, Macy's and Dillard's and will include restaurants such as Capital Grille, Seasons 52 and Kona Grill.
"We are very excited to bring TGM Palm Aire into our multifamily portfolio. TGM Palm Aire will complement our other TGM Communities in Florida, offering even more Premium Apartment Living options in the area," 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 Palm Aire is managed by TGM Associates' management brand, TGM Communities.
With the addition of TGM Palm Aire, TGM now owns six properties in Florida. In addition to TGM Palm Aire, TGM owns TGM Yacht Club at Heritage Harbour in Bradenton, and two communities in Naples and Jupiter.
TGM plans to renovate the interiors of all of the apartment homes to include new cabinets, countertops, appliances, light fixtures, and hardware. Additional renovations will occur to the resident amenities including a state of the art fitness center, media center, and cafe lounge.
TGM Palm Aire, formerly known as Turnbury Park at Palm Aire, was owned by TA Associates and managed by the Michelson Organization.
Founded in 1991, TGM Associates is a SEC registered investment advisory firm with a single focus -- multifamily properties. TGM specializes in acquisitions, property management, leasing, construction, property maintenance and dispositions. TGM provides investment advisory services regarding the acquisition, management and sale of multifamily properties throughout the United States.