Investors buy Sarasota apartment complex for $70.5M

A New York-based investment firm on Tuesday acquired the Tuscany Apartments on University Parkway in Sarasota for $70.55 million.

The purchase of the 386-unit complex by TGM Associates marks its second Sarasota acquisition since 2014. In August of that year, TGM bought the TGM Palm Aire apartments, also just off University Parkway. Since then, the company has boosted revenue there by nearly 17% and net operating income by more than 11%, says John Gochberg, the company's CEO and co-founder.

In all, TGM owns a handful of apartment communities along the Gulf Coast. Most recently, the company last month acquired the Ibis Walk apartments, in St. Petersburg, for $68 million.