CHANDLER, ARIZ. — New York-based TGM has acquired Ocotillo Bay, a 296-unit community in Chandler, roughly 25 miles southeast of Phoenix. An undisclosed national fund manager sold the asset for $90.5 million.
Built in 1997, Ocotillo Bay offers features two pool areas with cabanas and barbecues; an outdoor lounge area with a bocce ball court, fireplace, barbecue and covered seating area; resident clubhouse with business center and TV seating area; and fitness center with weight training and cardio equipment, as well as a separate yoga/spin room.
Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller. The acquisition marks TGM’s entry into the metro Phoenix market. TGM Communities will manage the community, which has been renamed as TGM Ocotillo Bay.