Massachusetts apartment investor buys TGM Yacht Club in Bradenton for $70.5M
EAST MANATEE -- A New York company that inked the most expensive real estate transaction in Manatee County in 2014 has closed out 2015 by selling an apartment complex in one of the county's priciest transactions in recent memory.
TGM Associates of New York sold its TGM Yacht Club Apartments in Heritage Harbour on Dec. 15 for $70.5 million to another national apartment owner, Northland Investment Corp. of Newton, Mass. According to Manatee County property records, the price was the highest paid for any property in the county in 2015.
The sale of the 392-unit complex brings a new order of magnitude to the apartment real estate market in Manatee County. In 2014, TGM bought another complex, the former Turnbury Park at Palm Aire apartments, for $45.15 million. The purchase price for that 286-unit, 32-acre property exceeded the $43.5 million the company paid for TGM Yacht Club in 2010.
Built in 2006 as the Heritage Harbour Apartments, TGM Yacht Club is one of the largest apartment complexes in the county. It occupies 28 acres and 433,000 square feet of indoor living space. The complex leases apartments ranging from one-bedroom models to three bedrooms. According to apartment rental website Apartments.com, rental rates at the complex range from $1,059 to $1,679 per month.
The deed of sale filed with the county shows that Northland purchased the apartment complex as Northland Yacht Club. Officials with Northland were not immediately able to respond to a request to comment on the purchase.
Northland owns 69 apartment properties in seven states, according to its website. Twenty-three of those properties are in Florida. The Yacht Club is the company's only property in Manatee County.
TGM owns about 50 properties and 13,000 housing units across the nation.
Matt M. Johnson, Herald business reporter, can be reached at 941-745-7027 or on Twitter at MattAtBradenton.
This story was originally published January 5, 2016 at 5:57 PM with the headline "Massachusetts apartment investor buys TGM Yacht Club in Bradenton for $70.5M ."