TGM re-enters Phoenix market with the purchase of Octillo Bay Apartments
CHANDLER, Ariz. (May 8, 2025) – CBRE negotiated the sale of Ocotillo Bay, a 296-unit multifamily community in Chandler, Ariz. CBRE's Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen represented the seller, a national fund manager. New York-based TGM acquired Ocotillo Bay for $90.5 million. The transaction represents TGM’s re-entry into the Phoenix market. Phoenix is a market in which TGM has invested in the past, acquiring and disposing approximately 2,300 units. The property has been renamed TGM Ocotillo Bay and is managed by TGM Communities LLC.
“Ocotillo Bay’s unique lakefront setting, resort-inspired amenities, and advantageous Chandler location adjacent to the Price Road Corridor employment hub created a very attractive offering and generated significant investor interest,” said CBRE’s Asher Gunter, vice chairman and managing director of the Southwest region.
Built in 1997, Ocotillo Bay features a low-density site plan at 15 units per acre and distinct Spanish architecture. The community’s amenities feature two expansive pool areas with cabanas and barbecues. Select units and one of the community’s two pool areas have direct lakefront views. An outdoor lounge includes a bocce ball court, fireplace, barbecue, and covered seating areas. A resident clubhouse includes a business center and TV seating areas. The community has a contemporary fitness center with weight training and cardio equipment, and a separate yoga/spin room.
“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.”
TGM is a fully integrated group of companies with a single focus on multifamily communities located within the continental United States. As of April 30, 2025, TGM has made 142 property acquisitions throughout 28 states with aggregate purchase prices of approximately $3.8 billion.