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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

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

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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

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