Source: TGM Associates / #Apartments #Multifamily
SOUTH LAWRENCE, MA - TGM Associates announces the acquisition of TGM Andover Park, a three and four-story garden property, totaling 240 units in eight buildings, located in Massachusetts on the Andover – Lawrence town line.
TGM Andover Park has superb commuting options. Its excellent proximity to Route 114, I-495 and rail services to downtown Boston via Andover Station make it a desirable location to live in. The property is less than two miles away from downtown Andover, which has plentiful dining and entertainment venues for the local residents.
The community was constructed in 2000 – 2001 and has a two-story clubhouse with an outdoor pool. The unit mix offers one and two bedroom apartments with select units having attached garages. "TGM is excited about acquiring the property in such a highly desirable, supply constrained Boston submarket. We feel that it has a material upside potential through our value-add program," said John Gochberg, Managing Principal and COO for TGM Associates.
TGM plans to renovate the interiors of all of the apartment homes to include new cabinets, countertops, appliances, light fixtures, and hardware. Additionally, TGM will be upgrading common area amenities by putting in a state of the art fitness center, media center, and cafe lounge area.
TGM provides investment advisory services regarding the acquisition, management and sale of multifamily properties throughout the United States. An affiliate of TGM provides property management under the brand TGM Communities. As of September 30, 2015, TGM has invested approximately $2.5 billion in 127 multifamily properties throughout 28 states. TGM's current multifamily portfolio contains properties in 9 states.