November 15, 2016
New York-based TGM Associates now owns the 386-unit University Park in Sarasota, FL. The buyer paid seller AB Merion II Tuscany LLC an undisclosed amount for the asset, representing its second Sarasota buy. Jamie May and Eddie Yang with JBM Institutional Multifamily Investors brokered the transaction. The previous owner acquired the property for $48.7 million in 2014.
Situated on 40.5 acres at 6001 Medici Court, University Park delivered in 1997 and 2001. The complex offers one, two and three-bedroom apartments that average 1,086 square feet. Amenities include two swimming pools and whirlpool spas, a fitness center, outdoor kitchen and dog park.
TGM is planning renovations to the unit interiors and common areas. Renovation work will include new kitchen cabinets, countertops, appliances, flooring, lighting and hardware fixtures.
For comments, questions or concerns, please contact Amy Sorter