Apartments in Skyway Marina District sell for $123 million
By Breanne Williams
Tampa Bay Business Journal
Published: May 25, 2022

The Addison Skyway Marina apartment complex in St. Petersburg has been sold to Denver-based Treeline Partners for $123.2 million.

The apartments, located at 3951 34th St. S., feature studios to three-bedroom units ranging from 619 to 1,361 square feet. There are 308 total units, which breaks the sale price down to $400,000 a unit.

ContraVest Development Partners sold the apartments to TMP Skyway Marina Project LLC, which is linked to the real asset investment firm Treeline Partners, according to a deed filed in Pinellas County. The LLC took out an $86.24 million mortgage from WSCO Core Lender LP.

The apartments opened in 2021 and have amenities like a clubhouse, fitness center, business center, dog park, car detail center, tanning spa and pool. The apartments are spread throughout three four-story buildings and have features including private balconies and patios.

The Addison is a key part of the Skyway Marina District's wave of redevelopment. In 2021, another development — Sur Club, a $65 million, 296-luxury residential apartment community — opened in the district. Totaling 484,855 square feet, the community has two pools, a resident lounge and coffee bar, bark park, cornhole and pickleball courts and a fitness center.

Skyway Lofts, an affordable apartment community in the district, opened its doors in February 2022. The complex was built by Tampa-based Blue Sky Communities, which develops affordable housing across Florida.

Additionally, the 34-acre Ceridian Office Park in the district was purchased in December by Coral Gables-based Altis Cardinal for $40 million. The plan, according to Frank Guerra, principal and founder of Altis, is to redevelop the site into a mixed-use project that will have retail, multifamily — up to 1,520 units— and commercial space.

Altis Cardinal is the developer behind Elements on Third, the 10-acre, 431-unit apartment campus with a 112,000-square-foot self-storage project in St. Petersburg’s Historic Kenwood. Guerra redeveloped the Mosley Hotel property and Cornerstone Office Complex into Elements on Third.