Fractured condo in North Redington Beach sold for $55 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Oct 28, 2020

An investor has purchased the majority of units in a fractured condominium in North Redington Beach.

JLL Inc. said Wednesday that 90 percent of the units in Gull Harbor — 237 of the building's 263 units — have been sold. JLL did not disclose the buyer or a sales price, but public records show that a corporate entity linked to Richmond, Virginia-based General Services Corp. paid $55 million or $232,067 per unit for the property in a sale that closed Tuesday.

In a fractured condo, a single owner controls the majority of units and operates them as apartments, but some units remain individually owned condos.

JLL's capital markets team, led by senior managing director Matt Mitchell and senior director Zach Nolan, represented the seller, InvestRes, in the transaction.

Tampa Bay's multifamily market has proven resilient through the novel coronavirus pandemic, between sales like this one and developers proposing new projects. In Tampa, Charlotte-based Crescent Communities is planning a luxury project on the Westshore waterfront, and an Alabama developer has started construction on a new tower in downtown's Channel district.

“Gull Harbor is exemplary of the strength of the Tampa Bay multi-housing market as buyers are attracted to the region’s resilience during the pandemic, owing to its diverse economy and strong in-migration," Mitchell said in a statement. "Properties are generally seeing minimal impact to property performance, which combined with the historically low interest rate environment, is helping to maintain a healthy transaction market.”