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

Miami /
Jan.January 21, 2018 01:00 PM

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. [Zacks.com]Mike Seemuth


Related Articles

arrow_forward_ios
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Alex Sapir and Giovanni Fasciano with Arte by Antonio Citterio in Surfside (Photos via Arte by Antonio Citterio/PR Newswire)
Miami penthouse sets cryptocurrency sale record: $22.5M
Miami penthouse sets cryptocurrency sale record: $22.5M
(iStock)
South Florida resi construction starts soar in March
South Florida resi construction starts soar in March
Eden Multifamily heads Jay Massirman and Jay Jacobson with Cypress Equity Investments CEO Michael Sorochinsky (rendering courtesy of MSA Architects)
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
Eden Multifamily, Cypress Equity score $24M construction loan for Tamarac apartments
(iStock)
Home prices across globe hit records, prompting worries of bubble
Home prices across globe hit records, prompting worries of bubble
Steven and Beth Millner with One Thousand Ocean (Patrick McMullan/Getty, Google Maps)
Private equity honcho pays $5M for Boca Raton condo
Private equity honcho pays $5M for Boca Raton condo
From left: Jim Cohen, Nancy Corey, Nathan Zeder, Alicia Cervera Lamadrid, Phil Gutman and Mike Pappas (iStock)
South Florida’s pandemic-fueled residential market poised for bull run in 2021
South Florida’s pandemic-fueled residential market poised for bull run in 2021
Kathleen DuRoss Ford and 300 North Lake Way (Getty, Google Maps)
Kate Ford’s Palm Beach estate sells for $55M
Kate Ford’s Palm Beach estate sells for $55M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...