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The CBRE Group, Inc. announced it has negotiated the sale of Ocotillo Bay, a 296-unit multifamily community in south Chandler.
New York-based TGM bought the complex for $90.5 million, according to a news release.
TGM has invested in the past, acquiring aggregate purchase prices of approximately $3.8 billion and “disposing” about 2,300 units, the release states.
The property has been renamed TGM Ocotillo Bay and is now managed by TGM Communities LLC.
Built in 1997, Ocotillo Bay brags on having low-density site plan at 15 units per acre and distinct Spanish architecture, the release states. Amenities include two expansive pool areas with cabanas.
Select units and one of the community’s two pool areas have direct lakefront views. A resident clubhouse includes a business center and TV seating areas.
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