Camden Snags St. Petersburg Community
The company acquired the newly constructed property for approximately $127 million. Previously known as Aer Luxury Apartments, the asset will be rebranded as Camden Pier District.
By Evelyn Jozsa
Camden Pier District
Camden Property Trust has purchased a 358-unit, class A property in St. Petersburg, Fla., for approximately $127 million. The community, previously known as Aer Luxury Apartments, will be rebranded as Camden Pier District.
Located at 330 3rd Street South, the property is close to many downtown office buildings, the waterfront district, as well as to various entertainment venues. Constructed in 2016, the asset is an 18-story building, comprising a mix of one-, two- and three-bedroom units, averaging 989 square feet. The units include private balconies or patios, indoor corridors and fire sprinklers. Communal areas feature amenities such as:
- controlled access
- fitness center
- business center
- clubhouse
- swimming pool
- spa
- five-story parking garage
“We believe the purchase price is five to 10 percent below current replacement cost, and the acquisition will produce a yield of approximately five percent in its first full year of stabilization after lease-up is completed later this year,” said Richard Campo, chairman & executive officer of Camden, in a prepared statement.
Image courtesy of Yardi Matrix
