New York investment firm, TGM Associates, has spent $93.75 million to purchase the Bay Isle Key apartments in St. Petersburg. The 582-unit complex, located on Dr. Martin Luther King Jr. St., changed hands for just over $181,082 per unit. The newly acquired asset, to be renamed TGM Bay Isle, features 22 buildings on 50 acres, and is in close proximity to Interstate 275. Completed in phases in 2004, the property’s amenities include three swimming pools, two athletic clubs, a pair of outdoor kitchens with gas grills and firepits. TGM will continue its investment by upgrading a series of units, work which the seller Heitman Capital Management of Chicago had begun. Regionally, TGM also owns and manages the TGM Bermuda Island and TGM Malibu Lakes, in Naples; and the TGM Palm Aire, in Sarasota.
“We are very excited to bring TGM Bay Isle into our multifamily portfolio. The property’s incredibly centralized location and best in-class amenities with access to the area’s major employment centers makes TGM Bay Isle one of the most desirable residential locations in the Tampa Bay area,” said Zach Goldman, Managing Principal and Director of Operations for TGM Associates.
