NS. PETERSBURG – Icon Central, a residential tower in downtown St. Petersburg, sold for $ 149 million.
Camden Property Trust, a Houston-based real estate investment trust, acquired the 15-story complex with 368 units
A spokeswoman for JLL Capital Markets, which marketed the property, said in an email that the company would not disclose the selling price. But according to real estate research firm CoStar Group, Camden’s $ 149 million purchase price was the highest for an apartment building in the city in a decade.
According to CoStar, Camden was paying $ 404,891 per unit, far more than the average unit retail price of $ 232,799. The researcher calls it “the most expensive home sales in town and the third most expensive home sales in the Tampa Bay area in a decade.”
CoStar reports that the building is 2.1% vacant, which together with Icon’s location could have contributed to the selling price. The average vacancy rate in St. Petersburg is 5.8% and in Tampa 4.8%.
Icon Central was completed in 2019 and is located near the Central Arts and Edge Districts in downtown St. Petersburg. Apartments range from studios to three-bedroom with rents starting at $ 1,963 and $ 7,744, according to Apartments.com.
Units include private balconies and Italian closets, plus extensive amenities like a rooftop terrace, steam room, and zen lounge, JLL says in a statement announcing the sale.
Miami-based Tricera Capital bought the 15,000-square-foot retail section of the building on the ground floor for $ 11.1 million in July. The sale of the retail share was carried out separately from the apartments, says the spokeswoman.
The post Downtown Tower brings in $ 149 million, the highest selling price in a decade | Business watchers first appeared on Daily Florida Press.
from Daily Florida Press https://dailyfloridapress.com/downtown-tower-brings-in-149-million-the-highest-selling-price-in-a-decade-business-watchers/
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