Please ensure Javascript is enabled for purposes of website accessibility

TGM Associates LP buys Heritage Harbour yacht club

  • By
  • | 1:09 p.m. July 16, 2010
  • | 2 Free Articles Remaining!
  • Charlotte–Lee–Collier
  • Share

BUYER: TGM Yacht Club Inc. (principals: Thomas Gochberg and Michael Frazzetta), New York City

SELLER: Heritage Harbour Apartments LLC

PROPERTY: 6510 Anchor Loop, various units, Bradenton

PRICE: $43.5 million

PREVIOUS PRICE: $3 million, June 2004

LAW FIRM ON DEED: Wilmer Cutler Pickering Hale and Dorr LLP, Boston

PLANS, DESCRIPTION: New York City-based TGM Associates LP purchased the 392-unit The Yacht Club at Heritage Harbour for $43.5 million.

The price equated to $110,969 per unit.

The gated, 20-building apartment complex was built in 2007. It features a clubhouse, pool with lakeside tanning deck, fitness salon, two lakes with walking paths, indoor children's play area, outdoor playground, cyber cafe, tennis, basketball and sand volleyball courts and an enclosed dog park. It was 97% occupied at the time of the sale.

“It is a wonderful community and a wonderful location,” says John Gochberg, partner and chief operating officer of TGM Associates. “We were lucky enough to be able to buy it in a down market. We expect when the market returns this will have been a great investment. We bought a very nice cash on cash return, but we expected that this return will improve greatly as the Florida market improves over the next few years.”

TGM Associates plans to self manage The Yacht Club. The apartment complex was previously managed by Seattle-based Pinnacle.

The multi-family real-estate investment firm sold the majority of its Florida assets between 2006 and 2007. Since late 2008, TGM Associates has purchased four other apartment complexes, with 1,453 units, in Florida. Earlier this year, TGM Associates purchased the 360-unit Bermuda Island Apartments in Naples for $29.5 million. It also owns the Floresta Apartments and Vintage at Abacoa Apartments in Jupiter and Hunters Way Apartments in Jacksonville. TGM's national portfolio contains 49 properties in 23 states.

Jamie May and Matt Mitchell of Marcus & Millichap's Institutional Property Advisors represented the sellers, Bainbridge Communities, and an institutional joint-venture partner. According to May, the per-unit price was the highest paid for a stabilized institutional-grade multifamily property in Central and Southwest Florida within the past 12 months.


Latest News


Special Offer: Only $1 Per Week For 1 Year!

Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.