EAST COUNTY — A real estate investment firm that owns more than 13,000 apartment units nationwide can’t stay away from the East County.
TGM Associates, under TGM Turnbury LLC, purchased Turnbury Park at Palm-Aire apartments for $45.15 million, or $157,867 per unit, July 8.
TGM Associates also owns TGM Yacht Club at Heritage Harbour.
One reason TGM Associates purchased the property is because of its proximity to the future Mall at University Town Center, slated to open in October.
“There’s an old rule that says location, location, location,” said John Gotchburg, partner and chief operating officer of TGM Associates. “It’s a wonderful location today and a positive growth sub-market.
The renovations and improvements of the surrounding retail, the new hotels, this is a stable, growing location on everyone’s mind.”
Since the purchase, the name has changed to TGM Palm Aire.
Along with the name change, the 286-unit complex, originally built in 1998, will undergo extensive renovation from the inside out.
Renovations include new cabinets, countertops, kitchen appliances, lighting fixtures, floor replacement and other enhancements.
Residents currently living at TGM Palm Aire will also receive remodeled apartments.
A makeover will mean slightly higher rent rates for occupants in exchange for remodeled homes with new flooring and appliances.
While the new rent rate hasn’t been calculated yet, renters will pay “a small amount more, with consideration of 2.5% to 3.5% inflation rates,” Gotchburg said.
Currently, rent ranges from $1,019 for select one-bedroom units to $1,420 for three-bedroom, two-bathroom units. The complex offers one-, two- and three-bedroom apartments with a variety of floor plans.
Renovations will begin anywhere from three to six months from now, Gotchburg said.
“We will recreate 100% of the units,” Gotchburg said, adding renovation costs have not been calculated yet. “We will start renovations on a few apartments each day and will finish by the end of the day. We’re willing to work with the tenants to determine schedules and the best times to come in and work.”
Gotchburg assures residents the all-day construction will be worth the hours of humming drills.
“It might sound like an inconvenience, but of the 9,000 renovations done in the last five years, I’ve never had someone complain during renovations,” Gotchburg said. “All I’ve gotten is a lot of ‘thank you’ letters.”
EAST COUNTY APARTMENT COMPARISON
Springs at Braden River Apartments
Amenities: Gated community, clubhouse, two-acre park with trails, resort-style pool, 24-hour fitness center, coffee bar, car care center, business center, sand volleyball court and a horseshoe pit
Units: 270 • Last sold: July 2001 • Buyer: Continental 115 Fund LLC • Price: $1.80 million
TGM Yacht Club at Heritage Harbour
Amenities: Gated community, pool, fitness center, cyber café with lounge and coffee bar, two lakes with walking paths, two playgrounds, two bark parks, valet dry cleaning service, access to Heritage Harbour amenities — one-acre pet park and jogging and hiking trails
Units: 392 • Last sold: June 2010 • Buyer: TGM Yacht Club Inc. • Price: $43.5 million
Carlton Arms of Bradenton
Amenities: Gated community, dog park, two pools, two lighted tennis courts, two on-site laundry facilities, fitness room with saunas and storage units
Units: 900 • Last sold: July 1978
• Buyer: Carlton Arms of Bradenton
• Price: $750,000
Eden Pointe Apartments
Amenities: Clubhouse, fitness center, two playgrounds and a pool Units: 270
• Last sold: December 2011
• Buyer: Eden Pointe LLC
• Price: $11.2 million
Amenities: Detached garages, two pools, playground, tennis court, sand volleyball court and fitness center
Units: 224 • Last sold: April 2013 • Buyer: Summer Cove Holdings LLC • Price: $26.87 million
TGM Palm Aire
Amenities: Gated community, swimming pool and spa, clubhouse, business center, fitness facility, aerobic classes, indoor racquetball court, tennis court and dog park
Units: 286 • Last sold: July 2014
• Buyer: TGM Turnbury LLC (TGM Associates LP) • Price: $45.15 million
Amenities: Poolside cabana, fitness center, nine-hole putting green, tennis court, on-site laundry facilities, propane and charcoal grilling area
Last sold: April 2007 • Buyer: Sherwood Holdings Revocable Statutory Trust • Price: $56.10 million
Amenities: Two pools, clubhouse, grilling and picnic area, clothing care center and fitness center
Units: 166 • Last sold: June 2004 • Buyer: Navayuga Limited Partnership • Price: $13.25 million
Colonial Grand at LWR
Amenities: Gated community, resort-style pool and wading pool, detached garages, car care center, children’s play area, cyber café and cardio/strength training center with yoga room
Units: 228 • Last sold: N/A • Buyer: Colonial Realty Limited • Price: $1.73 million (for land)
Contact Amanda Sebastiano at [email protected].