SARASOTA, FL – TGM Associates announced the acquisition of TGM University Park, a garden style apartment community with 386 units in Sarasota, FL. 

The property, completed in two phases 1997 and 2001, is comprised of nineteen residential buildings built on a 40.5 acre site. The unit mix offers spacious one, two, and three bedroom apartment flats, averaging 1,086 square feet.

TGM University Park offers an ideal combination of location and lifestyle offering residents the opportunity to live, work and play all within a small distance of the community. Conveniently located off of I-75 and University Parkway, the community is within walking distance to the newly developed 880,000 square foot Mall at University Town Center, commonly referred to as UTC. 

Also, the community is in close proximity to downtown Sarasota’s business district, theaters, art galleries, shops and restaurants. University Park also provides simple access to the Sarasota-Bradenton International Airport, University of South Florida-Manatee and the beaches of Lido Key, Siesta Key and Longboat Key.  Furthermore, with the opening of the new 40,000 square foot Whole Foods Market in summer of 2017 residents will with have convenient walking access to the market located at the intersection of University Parkway and Honore Avenue.

The property has attractive amenities with two swimming pools, two whirlpool spas, a fitness center, an outdoor kitchen and a dog park. Residents also have full access to a tennis court, 9-hole putting green and a renovated clubhouse with a well-designed kitchen area. TGM will be completing renovation work to all apartment interiors, which will include new kitchen cabinets, countertops, appliances, flooring, lighting and hardware fixtures. Bathrooms will be renovated to match the finishes of the kitchen. The common areas such as the fitness center and pools will be upgraded with the state of the art equipment and new resort style furniture.  TGM successfully executed a similar renovation strategy at its neighboring community, TGM Palm Aire, which saw revenues grow by 17% and net operating income grow by more than 11% in only two small years. 

“We are pleased to expand our footprint in Sarasota with the acquisition of TGM University Park.  The staggering growth of the University Parkway corridor, which immediately surrounds TGM University Park and TGM Palm Aire has solidified North Sarasota as the dominant live, work, play district in all of Sarasota and Manatee Counties.  TGM is particularly attracted to this area because of the limited availability for new apartment construction in close proximity to UTC, Benderson Park, which is one of a few world class rowing and recreational facilities, and I-75,” 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 University Park is managed by TGM Associates’ management brand, TGM Communities.  Also owned and managed by TGM on the west coast of Florida is TGM Ibis Walk (Saint Petersburg) TGM Bay Isle (Saint Petersburg), TGM Bermuda Island (Naples), TGM Malibu Lakes (Naples), and TGM Palm Aire (Sarasota).  On the east coast of Florida, TGM owns and manages TGM Oceana (Boca Raton).  In late 2015, TGM sold TGM Vintage at Abacoa (Jupiter) and TGM Floresta (Jupiter).

TGM University Park, formerly known as Tuscany, was owned by AB Merion II Tuscany, LLC and managed by Wynnewood, PA based Merion Residential.  Brokering the transaction was Jamie May, Chairman and CEO and Eddie Yang, Principal and Executive Director at JBM Institutional Multifamily Advisors.

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IRVINE, CA – The Bascom Group, has bought Hillside Terrace, a 32-unit apartment community located at 322 Hillside Terrace, Vista, California for $6,200,000 or $193,750 per unit or $228.00 per square foot. Olga Alworth with Meridian Capital arranged the debt financing and San Diego Private Bank provided the new loan. This was an off-market transaction with Rita Lancaster-Hannah with ACRE representing Bascom.

Built in 1988, the property is truly unique.  Four apartment buildings are terraced along a slope just off one of Vista’s major thoroughfares. The terracing of buildings along with the limited number of units per building gives each home a private, condo-like feel. Each unit at Hillside is a corner unit, limiting shared walls and increasing the presence of natural light. The spacious patios and balconies at the property offer tenants ample outdoor living space to delight in the warm San Diego climate. Bascom’s plotted modernization program will remodel the interiors and enhance the amenities, exterior, and overall curb appeal.

Vista’s apartment market continues to strengthen as average rent has increased for six consecutive years to $1,556 in 1Q 2016, a 32% increase since 2010. In 2016, the effective rent growth is projected to be 5.58%, outpacing San Diego’s projected growth of 4.55%. The vacancy rate in Vista remained at 3.45%. High barriers to entry, including a scarcity of land for development and natural boundaries, constrain new supply.

Lee Nguyen, Senior Vice President for Bascom, adds “We’re acquiring a well located, stabilized building that is ready for renovations in an expanding north San Diego economy. Our San Diego projects have performed well over the years so we are excited about the project.”

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