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.

The gated apartment complex has since been renamed TGM Palm Aire. Amenities include a swimming pool and spa, clubhouse, business center, fitness facility, indoor racquetball court, tennis court and dog park. It was built in 1998.

The real estate research firm CoStar Group reports the 296,694-square-foot development was 4.9% vacant as of its last review a month ago. Further, it says that units average 1,035 square feet.

The purchase entity, TGM Turnbury LLC, mortgaged the property to Walker & Dunlop LLC for $34.13 million.

Organized in 1991, TGM Associates owns more than 13,000 apartment units and 50 properties in 23 states. Locally, it owns the TGM Yacht Club At Heritage Harbour Apartments in Bradenton and the TGM Bermuda Island Apartments and TGM Malibu Lakes Apartments in Naples.