A New York buyer has acquired a hotel-condo resort in Ruskin with plans to transform the property into a top-tier apartment building.
ESG Kullen paid $22 million for the 154-unit Harborside Suites, Miami-based GLT Group Brokerage said Tuesday. GLT’s Sean Shahar A. Ziv represented the seller, California-based Carter Hospitality Group, in the off-market transaction.
The purchase price breaks down to $142,857 per unit. Granite Point Mortgage Trust Inc. provided a $20.6 million mortgage, according to Hillsborough County property records.
The plans to transform the resort into a rental property speak to the demand for housing in the Tampa Bay area. While the novel coronavirus pandemic briefly paused activity in the apartment sector, multifamily investors and developers were pursuing deals again by late 2020. A garden-style apartment property in Riverview recently sold for a record price for that property category.
“The Tampa Bay area is becoming one of the strongest housing markets in the nation. We anticipate the trend to increase as more people move to Florida,” Ziv said in a statement.
Harborside Suites was built as a hotel-condo in 2007, according to property records, and Carter bought the property out of foreclosure in 2012. It has 154 units — studio, one-, two- and three-bedroom apartments with kitchens in three connected buildings — and the property amenities include three heated outdoor pools, two Jacuzzis, two fitness centers and six sports courts.