The Hermitage Apartment Homes, now named windsor central arts | costar

A 348-unit apartment complex in the heart of downtown St. Petersburg has a new owner and a new name.

Boston-based real estate investment and development firm General Investment & Development (GID) has purchased The Hermitage Apartment Homes, located at 151 7th Street South, for $104.46 million or $300,172 per unit. The buyer was also assigned the $75.254 million mortgage from Walker and Dunlop LLC.

The property was previously owned by Toronto-based Brass Enterprises, a private real estate investment firm, which acquired the eight-story luxury apartment community in January 2019 for $107.6 million.

The eight-story complex is across from tropicana field (pictured prior to hurricane milton) | windsor central arts

The multifamily property currently has a vacancy rate of 8.3%, with an average rent of $3,079 per unit, or $3.43 per square foot, according to CoStar.

Under new ownership, the property, originally named after the renowned art museum in St. Petersburg, Russia, has been rebranded as Windsor Central Arts.

The sale price of just over $300,000 per unit is well below the record high for downtown St. Pete, set four years ago when the 368-unit Camden Central (formerly Icon Central) sold for nearly $150 million—an average of $406,667 per unit.

Windsor Property Management Company, GID’s multifamily management arm, is now overseeing management at Windsor Central Arts. Windsor also manages the Windsor Clearwater Apartments and Windsor Highland Preserve Apartments in Tampa.

In a letter sent to residents on Wednesday, May 28th, Windsor wrote, “We would like to take this opportunity to introduce ourselves and assure you that, while some things may change, what makes Hermitage Apartment Homes your home will not.”

The letter also introduced the new staff, noting that several current team members would remain through the transition. “We are bringing a few experienced Windsor employees to your community during the transition weeks,” the letter continued.

Originally developed by Allen Morris Residential in 2017 and situated along the Pinellas Trail, the complex includes 348 studio, one-bedroom, and two-bedroom residences.

Features include a lobby with a rotating art gallery curated by local museums and artists, ground-floor retail, and a suite of high-end amenities.

Apartment interiors feature designer cabinetry, granite countertops, stainless steel appliances, balconies, and 10-foot ceilings in select units.

A kitchen, bar, and dining room in the sky lounge | windsor central arts

Amenities include a rooftop pool and spa, Sky Lounge, club room and poker room, meeting spaces, a 24-hour state-of-the-art fitness center, a courtyard, pet spa, and seven levels of parking.

The ground-floor retail space includes 2,000 square feet anchored by Fabrica Pizza, a Neapolitan pizzeria.

Windsor has not yet disclosed any planned changes to the apartments, but the company is organizing a resident event in the near future.