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ST. PETERSBURG, FL-The 1,006-unit Coquina Key Arms apartment complex here has changed hands for $111 million and will be converted to condominiums. The new owners of the 88-acre development are Marathon Asset Management, Robert Martin Co. and Prospect Capital Group. Marathon’s investor group, Marathon Real Estate, was the lead equity investor. The group says the first sales are expected to close before the end of the year.Coquina Key Arms, now called Waterside at Coquina Key, has three miles of seawall and is located about four miles from Downtown. After smaller units are combined, the complex will have a total of 912 one-, two- and three-bedroom units for sale, each with water views and a terrace. Marathon Real Estate managing director Ron Bernstein says the size and scale of this residential complex will allow ownership to offer competitively priced oceanfront property to local and other potential purchasers.The Mahaffey family developed the property in 1979. The name of the seller was not immediately available. In advance of the condo sales, the new ownership plans to renovate the property. The bay front clubhouse will be converted to the Waterside Yacht Club with a private resident-only restaurant; the number of boat slips with dry dock facilities will be increased, with boat ramp access to leading to historic Tampa Bay; and an on-site market will be added for residents’ shopping convenience. Other resort-styled amenities will be expanded and upgraded including a second clubhouse, lighted tennis courts, fitness centers, swimming pools and spas, jogging trails, wireless service and a business center.Marathon Real Estate invests in US real estate. It is a subsidiary of New York-based Marathon Asset Management, which specializes in sourcing, analyzing and investing in global credit sensitive debt instruments. Robert Martin Co., also based in New York, is involved in residential and retail development and management. Prospect Capital Group is a Connecticut-based entrepreneurial investment firm that focuses on condominium conversion opportunities in the office, retail and multifamily segments.

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