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Although its mid-August purchase of the Bay Isle Key apartments in St. Petersburg represented one of the largest multifamily deals throughout the Gulf Coast in years, New York-based TGM Associates' investment in the complex is far from over.
TGM is likely to spend millions of dollars to refurbish and upgrade hundreds of apartments in the 582-unit complex, at 11850 Dr. Martin Luther King Jr. St.
TGM's pending capital campaign will continue the work seller Heitman Capital Management LLC of Chicago began.
John Gochberg, a TGM managing principal and its chief operating officer, said the company intends to upgrade “approximately two-thirds of the units” in the community over the next 12 months.
He declined to say how much TGM would invest in all.
Upgrading the newly renamed TGM Bay Isle will be no easy task. The complex, consisting of 22 buildings on 50 acres, was completed in phases in 1998 and 2004.
In all, TGM, has invested more than $2.5 billion to acquire and rehabilitate 129 apartment communities in 28 states.
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