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5/08/25
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In an Arizona multifamily buy, New York-based TGM acquired Ocotillo Bay, a 296-unit res community in Chandler, for $90.5 mil, or about $305k/unit. The asset was sold by a national fund manager.
Built in 1997, Ocotillo Bay is located at 1889 W. Queen Creek Rd, at the intersection with Dobson Rd. The development features a low-density site plan at 15 units per acre and distinct Spanish architecture.
The community’s amenities feature two expansive pool areas with cabanas and barbecues. Select units and one of the community’s two pool areas have direct lakefront views.
An outdoor lounge area includes a bocce ball court, fireplace, barbecue, and covered seating areas. A resident clubhouse includes a business center and TV seating areas. The community has a contemporary fitness center with weight training and cardio equipment and a separate yoga/spin room.
The transaction represents TGM’s re-entry into the Phoenix market. Phoenix is a market in which TGM has invested in the past, acquiring and disposing approximately 2,300 units. The property has been renamed TGM Ocotillo Bay and is managed by TGM Communities LLC.
CBRE's Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller in the transaction.
“We believe TGM Ocotillo Bay is an excellent community with exceptional bones and an irreplaceable lakefront location. The community presented the ideal opportunity to re-enter the Phoenix market,” said TGM’s Managing Principals, Zach Goldman and John Gochberg. “We look forward to implementing our signature renovation strategy to add value for our residents and investors alike.”
TGM is a fully integrated group of companies with a single focus on multifamily communities located within the continental United States. As of April 30, 2025, TGM has made 142 property acquisitions throughout 28 states with aggregate purchase prices of approximately $3.8 bil.
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