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New York City-based real estate investment advisory firm TGM Associates purchased the 286-unit Turnbury Park At Palm Aire apartments for $45.15 million.
LOCATION: 6104 Turnbury Park Drive, Sarasota
PURCHASE DATE: July 2
PRICE PER UNIT: $157,867
PREVIOUS PRICE: $27.65 million, September 2010
DETAILS: The gated apartment complex has since been renamed TGM Palm Aire. Amenities include a swimming pool and spa, clubhouse, business center, fitness facility, indoor racquetball court, tennis court and dog park. It was built in 1998. The CoStar Group reports the development's units average 1,035 square feet.
Organized in 1991, TGM Associates owns more than 13,000 apartment units and 50 properties in 23 states. Locally, it owns the TGM Yacht Club At Heritage Harbour Apartments in Bradenton and the TGM Bermuda Island Apartments and TGM Malibu Lakes Apartments in Naples.
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