WORCESTER, MA-A 330-unit luxury apartment complex in this central Massachusetts community is being acquired by New York City-based TGM Associates, GlobeSt.com has learned. Arborpoint at Plantation Ridge is a three-building enclave set on 27 acres.

“We do have it under contract,” TGM co-founder Thomas Gochberg tells GlobeSt.com. Built by National Development, Plantation Ridge is owned by Heitman LLC of Chicago, which paid $56.5 million for the asset in December 2004. Neither Gochberg nor broker Richard Robinson of Apartment Realty Advisors would disclose details of the pending deal, but one source predicts the property will fetch more than $60 million.

TGM Associates had not been in the Greater Boston multifamily market prior to 2007 when the company made two investments, one in Portsmouth, NH, and the other in Salem, MA. Gochberg says the series of purchases does not necessarily reflect a desire to expand TGM’s presence in the region, but rather the strengths of the individual assets. “It’s a factor of what we can find and the pricing we can get it for,” he relays in explaining the firm’s investment strategy. TGM has a national footprint, owning approximately 20,000 units in 23 states. New England has been difficult to penetrate, Gochberg says, simply because there had been little investment-grade product available prior to the mid-1990s.

During the past decade, however, national multifamily players Archstone-Smith, AvalonBay and JPI have dramatically ramped up their inventory under construction in Massachusetts and southern New Hampshire, supplementing the stock previously built by private operators such as the Flatley Co., Hamilton Co. and National Development. The latter firm, headquartered in Gochberg’s hometown of Newton, built Arborpoint at Plantation Ridge as part of a series of Arborpoint-branded apartment communities it constructed in recent years. The Portsmouth, NH, complex that TMG paid $50 million for last autumn was developed by a local company from that market, whereas the Salem, MA, asset was purchased from Archstone.

As for Plantation Ridge, Gochberg declined to discuss what aspects of the property drew TGM to make the commitment, but one industry observer familiar with the complex ranks it in the top tier of multifamily communities in Worcester. “They did a fantastic job,” the source says of National Development, which divested Plantation Ridge soon after construction was completed. Features include individual balconies, central air conditioning and wall-to-wall carpeting, plus an amenity center and fitness facility.

Whatever the allure, TGM is performing due diligence and working towards a close on the Worcester property, according to Gochberg. The company principal says TGM will consider additional multifamily opportunities in New England, but reports nothing else regionally is under contract at present.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.