CHANDLER, AZ - TGM announced the acquisition of TGM Ocotillo Bay, a lakefront community in the Ocotillo Master Plan, an upscale residential enclave with outstanding recreational amenities. The 296-unit garden style community with resort-inspired Spanish architecture and unique lakefront setting has a low-density site plan over 19 acres.
This acquisition marks TGM's reentry into Phoenix, a market in which TGM has invested in the past, acquiring and disposing of approximately 2,300 units. TGM Ocotillo Bay is managed by TGMs' property management company, TGM Communities LLC.
TGM Ocotillo Bay is within a mile of the Price Road Corridor, largest high-tech employment hub in Arizona, including Intel's largest manufacturing facility in the world. TGM believes Chandler has some of the strongest fundamentals of the Phoenix submarkets because of its convenient access to desirable live/work/play opportunities. In addition to having the number 1 school district in the state of Arizona, Chandler ranked at number 37 in Fortune's 2024 "50 Best Places to Live for Families" list, the sole Arizona city to make the cut. The City of Chandler is one of the most financially stable cities in the United States, which is reflected in the city receiving AAA ratings from each of the major bond rating agencies (Moody's, S&P Global, Fitch from 2023 through June 2024).
Completed in 1997 and partially renovated in 2015, we believe the design, layout and construction of the apartments are excellent with one- two- and three-bedroom apartments. TGM will be undertaking renovations of apartment interiors with new kitchen cabinets, countertops, appliances, flooring, lighting, and hardware fixtures. Bathrooms will be renovated to match the finishes of the kitchen. Community amenities include two swimming pools with sundecks and grills, a landscaped entertainment courtyard with bocce ball, an outdoor fireplace, lounge, and grill area, a contemporary fitness center with yoga/spinning room, and lake views from many buildings and amenity areas. TGM plans to transform the current clubhouse with modern, state-of-the-art amenities.
"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."