Palm Harbor fractured condo sells for $201 million
By Ashley Gurbal Kritzer and Breanne Williams
Tampa Bay Business Journal
Published: Jul 12, 2023

All of the units in a fractured condominium community in Palm Harbor have sold for $201 million.

North Carolina-based Bell Partners has acquired the 774-unit Lansbrook Village, according to Pinellas County property records. The sales price breaks down to $259,689 per unit. The sale closed Tuesday, property records show.

The seller was New York-based Osso Capital, according to public records. Osso is active in Tampa Bay’s fractured condo market; in 2022, the group bought a fractured condo in Brandon.

A team of brokers from the Orlando office of Institutional Property Advisors, including Shelton Granade and Sean Williams, marketed the property for sale. Granade was not immediately available for comment Wednesday.

Bell Partners purchased the property under a value-add fund that closed $1.3 billion in equity commitments in late June. The fund is targeting properties in Tampa as well as a range of Sun Belt and gateway markets, according to a news release from Bell.

In the Tampa market, Bell’s portfolio includes Bell Channelside, which is in downtown Tampa’s Channel district.

The fund that purchased Lansbrook Village is focused on properties in need of renovation, enhanced operations and those in transitioning neighborhoods.

“Apartment fundamentals remain solid, and we are confident that multifamily housing is well-positioned to withstand changing market conditions,” Joe Cannon, Bell executive vice president of portfolio management, said in a statement. “As we evaluate opportunities to invest Bell Fund VIII, we will continue to leverage the insights and capabilities from Bell’s vertically integrated operating platform to identify attractive investment opportunities and maintain our record of creating value for our investors.”