TGM Associates' acquisition of the Tuscany Apartments in Sarasota marks the second time in as many years that the 386-unit community has traded hands, property records show.
TGM, a New York investment firm that has been on a buying tear around the Gulf Coast in the past year, bought the 6001 Medici Court complex for
$70.55 million on Nov. 8.
It plans a “very large” capital campaign aimed at modernizing units and amenities alike, says John Gochberg, the company's co-founder and its CEO. The community also will be rebranded as TGM University Park.
Currently, the 40-acre complex is 96.4% occupied, and rents range from $1,115 to $1,930 monthly, according to its website.
Tuscany last traded hands in 2015, when Merion Realty Partners and AllianceBernstein U.S. Real Estate Partners L.P. teamed up to acquire it for $48.7 million.
TGM, meanwhile, has been adding steadily to its Gulf Coast portfolio since 2014, when it bought the TGM Palm Aire complex — like Tuscany just off of University Parkway, in Sarasota.
Last month, it bought the Ibis Walk apartments in St. Petersburg for $68 million, and in August it spent $93.75 million to purchase the 582-unit Bay Isle Key apartments, also in St. Petersburg. That deal ranks as one of the largest multifamily transactions in Gulf Coast history.
The company also owns the TGM Bermuda Island and TGM Malibu Lakes communities, in Naples. Formed in 1991, TGM has invested in excess of $3 billion to acquire multifamily rental complexes containing some 60,000 units in more than two dozen states in all.