The Real Deal Miami

Downtown St. Petersburg apartment building commands $127M

Houston-based Camden Property Trust paid $354,748 per unit for the 358-unit property built in 2016
January 21, 2018 01:00PM

The rooftop pool at the Camden Pier District apartment building in St. Petersburg

Camden Property Trust paid $127 million for a new 358-unit apartment building in the downtown area of St. Petersburg.

Camden, a Houston-based real estate investment trust (REIT), paid $354,748 per unit for the 18-story building formerly known as AER Luxury Apartments.

The apartment building, renamed Camden Pier District, was built in 2016, and includes retail space and a five-story parking garage.

The building, which is still in its lease-up phase, is expected to produce a 5 percent yield in the first full year of stabilization, according to Camden.

The Houston-based buyer also said its purchase price was 5 percent to 10 percent below the current cost of replacing the building. []Mike Seemuth