Camben Property buys new St. Petersburg scheme for $127m

Camden Property Trust has closed on the $127 million acquisition of a new apartment complex in St. Petersburg. Previously known as Aer Luxury Apartments, the 358-unit property will be rebranded as Camden Pier District. Built in 2016 on 3rd Street South, the 18-story building features controlled access, fitness and business centers along with retail space and a five story parking garage. The building, which is still in its lease-up phase, traded for just under $354,750 per unit. “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.