The Tuscany Apartments on University Parkway in Sarasota has been purchased by New York-based investment firm TGM Associates. Selling for $70.55 million, the 386 unit three-story apartment complex was 96 percent leased at the time of the sale. The complex features a nine-hole putting green, lighted tennis courts, a pair of swimming pools, a Wi-Fi café and fitness center. The property will be rebranded TGM University Park and according to TGM, plans a large capital campaign to update units and features at the complex. The purchase is the second for the firm in the last two months, having acquired the Ibis Walk apartments, in St. Petersburg, for $68 million.
“There’s no new competition on University Parkway at Interstate 75,” said John Gochberg, TGM’s CEO and co-founder. “And unlike Tuscany, what is being built is not conducive to the eat, work, play lifestyle that people want, at a time when people are still moving to the area and there are more jobs. “We look forward to re-positioning Tuscany in a similar manner as Palm Aire.”
