The sales price of Camden Pier District makes it the largest apartment deal in the history of the area on a per-unit basis.
ST. PETERSBURG, FLA. — Camden Property Trust (NYSE: CPT), a Houston-based multifamily REIT, has acquired Camden Pier District, a 358-unit apartment community in the Tampa suburb of St. Petersburg, for $127 million.
The sales price, which equates to about $354,745 per unit, makes this transaction the largest apartment deal in the history of the Tampa Bay area on a per-unit basis, according to the Tampa Bay Times.
“We believe the purchase price of this premier asset is 5 to 10 percent below current replacement costs,” says Richard J. Campo, CEO and chairman of Camden Property Trust. “We also believe that the acquisition will produce a yield of approximately 5 percent in its first full year of stabilization after lease-up is completed later this year.”
The 18-story, high-rise property, developed in 2016 by Miami-based American Land Ventures LLC, was originally known as AER Luxury Apartments. The community is located at 330 3rd St., less than a mile from the waterfront and within close proximity to Tropicana Field and the University of South Florida St. Petersburg.
The property offers a mix of studio, one-, two- and three-bedroom units, some of which feature walk-in closets and full-size washers and dryers. Amenities include a fitness center with yoga studio, 75-foot pool with outdoor bar and grilling areas, conference room, a dog park, and clubhouse. The property also features a five-story parking garage and ground-floor retail space.
Following this acquisition, Camden Property Trust now owns interests in and operates 156 multifamily properties totaling 53,391 units across the country. The company’s stock price closed at $84.77 per share on Friday, Jan. 12, up from $82.59 per share one year ago.
— Camren Skelton and Taylor Williams