TGM Associates announced today the acquisition of TGM Oceana, a two building mid-rise apartment community with 160 units and 10 deep-water boat slips, located in Boca Raton, FL.
The four-acre community spans the entire width of Boca Raton’s barrier island boasting 100 feet of beach frontage and 10 boat slips on the Intracoastal Waterway. The property offers generously sized units with an average size of 1,090 square feet. All units feature granite counters, ceramic tile throughout all living spaces, patio/balcony, washer and dryer, walk-in closets, and pristine ocean or intracoastal water views from select units. The community provides residents with an unparalleled amenity package that includes private ocean beach access, swimming pool, intracoastal patio with boat dockage and BBQ area, fitness center, on-site kayaks and paddle boards, and covered parking. The 10 boat slips are available for transient and seasonal rental to both residents and non-residents.
TGM Oceana’s location in the southeastern part of Palm Beach County provides convenient access to job centers in both Palm Beach and Broward counties. Boca Raton boasts over 17.2 million square feet of office space. The city possesses one of the largest concentrations of employment in Florida. Boca Raton offers residents beaches, golf courses, museums, universities, upscale shopping, and a variety of restaurants and nightlife.
“We are very excited to bring TGM Oceana into our multifamily portfolio. TGM Oceana will complement our existing TGM Communities in Florida well. The property’s location proximate to a diverse array of employment, high quality retail, vibrant night life, and world class recreational amenities makes TGM Oceana one of the most desirable residential locations in South Florida” said Zach Goldman, Managing Principal and Director of Operations for TGM Associates, a SEC-registered real estate investment advisory firm based in New York City. TGM Oceana is managed by TGM Associates’ management brand, TGM Communities. TGM also owns and manages on the west coast of Florida; TGM Bermuda Island in Naples, TGM Malibu Lakes in Naples, and TGM Palm Aire in Sarasota, FL. In late 2015, TGM sold Vintage at Abacoa and Floresta both in Jupiter, FL.
TGM Oceana, formerly known as Villa Oceana, was owned and managed by Chicago, IL based Laramar. The broker on the transaction was Hampton Beebe, Executive Managing Director at ARA Newmark.