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BUYER: TGM Bermuda Island Inc. (principals: Thomas Gochberg, Steven Macy, Veta Bills and Michael Frazzetta), New York City
SELLER: Bermuda Island Tarragon LLC
PROPERTY: 3320 Bermuda Isle Circle, Naples
PRICE: $29.5 million
PREVIOUS PRICE: $50 million, December 2005
LAW FIRM ON DEED: Cheffy Pasidomo, Naples
PLANS, DESCRIPTION: Investment firm TGM Associates LP purchased the 360-unit Bermuda Island Apartments for $29.5 million. The price equated to $81,944 per unit for the complex, which was 90% occupied at the sale.
The development, on Livingston and Vanderbilt Beach roads, is adjacent to the Ritz Carlton's Tiburon Resort and Club.
Built in 1998, the 376,512-square-foot Bermuda Island Apartments features 12 three-story buildings surrounded by a two-acre lake. The gated complex also features a 2,000-square-foot fitness center, garages, a beach volleyball court, a jogging path and two lighted tennis courts.
Apartments in the development range from $769 a month for a two-bedroom unit to $1,069 for a three bedroom.
Jamie May and Matt Mitchell of Marcus & Millichap brokered the sale on behalf of Tarragon Corp. and Bank of America.
TGM Associates will manage the facility. The New York City-based investment firm already owns the Floresta Apartments and Vintage at Abacoa Apartments in Jupiter and Hunters Way Apartments in Jacksonville.<
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