NEW YORK, NY - TGM Associates, a full-service, SEC-registered real estate investment advisory firm, announced today the acquisition of Malibu Lakes, a 356-unit garden style apartment community in Naples, Florida, built in 2003. This is the second "A Class" apartment community acquisition for the New York-based TGM in Naples, FL in 2010.
Source: TGM Associates
Malibu Lakes is built in modern Mediterranean architecture style with spacious floor plans featuring lofty nine-foot ceilings with kitchens perfect for entertaining family and friends. All kitchens are complete with dishwasher, built in microwave, disposal and icemaker. Malibu Lakes has an abundance of distinctive amenities and a beautiful natural setting conveniently located near Naples-area beaches and Interstate 75. Malibu Lakes is within minutes of North Collier Hospital (NCH), Ave Maria Law School, Gulf Coast High School and Laurel Oaks Elementary. Hodges University is directly across the street.
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. "We are excited to continue our growth in the Naples and Southwest Florida markets. We look forward to providing the residents of Malibu Lakes the quality service, value and sense of community that TGM is known for," said John Gochberg, Partner & Chief Operating Officer for TGM Associates, which also acquired Bermuda Island in Naples and Yacht Club at Heritage Harbour in Bradenton, FL earlier this year.
Malibu Lakes include elegant 1, 2, 3 and 4-bedroom apartment homes ranging from 759 to 1,617 square feet with high-end finishes, full-size washers and dryers, scenic views, extra large private balconies or patios and attached direct-access and detached garages. The community welcomes pets and offers a pet play area.
Malibu Lakes was previously owned and managed by The Inland Real Estate Group.
Founded in 1991, TGM Associates L.P. is an investment advisory firm with a single focus - multifamily properties. TGM operates under a fully integrated organization that encompasses property acquisition, management, construction, maintenance, leasing/marketing and disposition. On behalf of its investor clients, TGM acquires, manages and sells apartment properties throughout the United States. Since 1991, TGM has invested approximately $2 billion in 118 multifamily residential properties throughout 28 states. TGM's current portfolio contains 49 properties in 23 states.