TGM Associates buys, renames Turnbury Park At Palm Aire

BUYER: TGM Turnbury LLC (TGM Associates LP), New York City
SELLER: Fund IX - Turnbury Park LLC
PROPERTY: 6104 Turnbury Park Drive, Sarasota
PRICE: $45.15 million
PREVIOUS PRICE: $27.65 million, September 2010
LAW FIRM ON DEED: Friedlander Misler PLLC, Washington, D.C.

PLANS, DESCRIPTION:
New York City-based real estate investment advisory firm TGM Associates purchased the 286-unit Turnbury Park At Palm Aire apartments for $45.15 million.

The price equated to $157,867 per unit. That figure is higher than the average price per unit for multifamily space ($70,803) in the Tampa Bay area, according to the CoStar Group.