TGM Associates buys Malibu Lakes

BUYER: TGM Malibu Lakes LLC (TGM Associates), New York City

SELLER: Inland American Naples Malibu Lakes LLC

PROPERTY: 6546 20th Ave. N.W., Naples

PRICE: $42.6 million

PREVIOUS PRICE: $31.02 million, January 2010

LAW FIRM ON DEED: The Inland Real Estate Group Inc. Law Department, Oak Brook, Ill.

PLANS, DESCRIPTION: New York City-based TGM Associates purchased the 356-unit Malibu Lakes apartments for $42.6 million.

The price equated to $119,663 per unit.

Built in 2003, the gated apartment community features two heated pools, a clubhouse, a fitness center, tennis courts and a business center.

TGM Associates, a multifamily-focused real estate investment firm, expanded into the Gulf Coast early last year. It purchased the 360-unit Bermuda Island apartments in Naples for $29.5 million in March and the 392-unit Yacht Club at Heritage Harbour in Bradenton for $43.5 million in June.

Malibu Lakes was previously owned and managed by The Inland Real Estate Group.

TGM Associates acquires, manages and sells apartment properties throughout the United States. The firm has invested $2 billion in 118 multifamily residential properties throughout 28 states since 1991. Its current portfolio contains 49 properties in 23 states.