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 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.
Patrick Dufour and Richard Donnellan of ARA Newmark arranged the transaction on behalf of the sellers, Miami-based American Land Ventures LLC and global equity partner Barings Real Estate — part of Barings LLC — on behalf of an institutional investor. American Land Ventures developed the property — originally known as AER Luxury Apartments — in 2016.
“AER was an especially important assignment for us as we represented the land owner in the sale of the site to the developer, sourced the equity for the development of the project, monitored the asset closely through lease up and ultimately secured an institutional buyer in the sale of the asset.” says Dufour.
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 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