Fractured condo near Brandon sells for more than $82 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Jan 20, 2022

The rental units in a fractured condominium near Brandon have been sold for $82.5 million.

ESG Kullen sold 326 of the 453 units in Crosswynde, which sits between Interstate 75, U.S. 301 and the Lee Roy Selmon Expressway, to Atlanta-based Osso Capital, according to Hillsborough County property records.

ESG Kullen purchased 252 units in the building in January 2017 for $28.3 million or $112,441 per unit with plans for an interior renovation. Since that closing, the firm bought 74 additional units within the complex. The new purchase price breaks down to $253,211 per unit.

A fractured condo is a multifamily property in which the majority of the units are operated as rental apartments, but the remaining units are individually owned condos.

Meland Budwick attorneys Mark Meland and Bryan Vega represented ESG Kullen in the transaction.

"The contract and closing had some interesting issues," Meland said in a statement. "Our client continued to acquire individual condo units while it was under contract for the units it owned. The contract provided for a mechanism for the new units to be added to the bulk of the units in the original PSA. So our legal team had to work quickly and strategically to complete individual unit closings up until the closing and add these new units to the sale."