NY firm buys St. Pete apartment complex for $93M

In one of the largest multifamily transactions along the Gulf Coast in the past decade, a New York investment firm acquired the Bay Isle Key apartments in St. Petersburg for $93.75 million.

TGM Associates bought the 582-unit complex, at 11850 Dr. Martin Luther King Jr. St., on Aug. 11, a company official says. As part of its purchase, TGM intends to continue upgrading a series of units, work which seller Heitman Capital Management LLC of Chicago had begun.

“We think this asset is fantastic and it has great bones,” says TGM managing principal and chief operating officer John Gochberg. “But its location is just phenomenal.”