AURORA, IL-New York City-based TGM Associates has acquired the 600-unit former Chesapeake Landings rental apartment complex here from Denver-based AIMCO.
No purchase price was disclosed in the transaction, TGM announced in a release distributed on PR Newswire. TGM, which has renamed the two- and three-story garden apartment community TGM Springbrook, plans to undertake considerable renovations to the complex located at 4101 Chesapeake Drive. The property is across the street from the Fox Valley Mall, Whole Foods, Home Depot, and other major national retailers. The community features a 24-hour fitness center, sauna, tennis and racquetball courts, and a clubhouse.
Some of the improvements planned include a brand-new fitness center, cyber cafe and resident lounge, two bark parks, and upgrades to kitchens and baths in all units. “We are very excited to add TGM Springbrook to our multifamily portfolio. TGM Springbrook will complement our Schaumburg, IL community, TGM Park Meadows (576 units) very nicely,” said John Gochberg, COO for TGM Associates. The real estate investment advisory firm states that TGM Associates’ management brand, TGM Communities, will manage the firm’s new asset. See announcement on PR Newswire.