NEW YORK, Nov. 14, 2016 /PRNewswire/ -- TGM Associates announced today the acquisition of TGM University Park, a garden style apartment community with 386 units in Sarasota, FL.
The property, completed in two phases 1997 and 2001, is comprised of nineteen residential buildings built on a 40.5 acre site. The unit mix offers spacious one, two, and three bedroom apartment flats, averaging 1,086 square feet. TGM University Park offers an ideal combination of location and lifestyle offering residents the opportunity to live, work and play all within a short distance of the community. Conveniently located off of I-75 and University Parkway, the community is within walking distance to the newly developed 880,000 square foot Mall at University Town Center, commonly referred to as UTC. Also, the community is in close proximity to downtown Sarasota's business district, theaters, art galleries, shops and restaurants. University Park also provides easy access to the Sarasota-Bradenton International Airport, University of South Florida-Manatee and the beaches of Lido Key, Siesta Key and Longboat Key. Furthermore, with the opening of the new 40,000 square foot Whole Foods Market in summer of 2017 residents will with have convenient walking access to the market located at the intersection of University Parkway and Honore Avenue. The property has attractive amenities with two swimming pools, two whirlpool spas, a fitness center, an outdoor kitchen and a dog park. Residents also have full access to a tennis court, 9-hole putting green and a renovated clubhouse with a well-designed kitchen area. TGM will be completing renovation work to all apartment interiors, which will include new kitchen cabinets, countertops, appliances, flooring, lighting and hardware fixtures. Bathrooms will be renovated to match the finishes of the kitchen. The common areas such as the fitness center and pools will be upgraded with the state of the art equipment and new resort style furniture. TGM successfully executed a similar renovation strategy at its neighboring community, TGM Palm Aire, which saw revenues grow by 17% and net operating income grow by more than 11% in only two short years.