Results Through Collaboration

St. Petersburg apartment building sells for near record $107 million

Published: Jan 10, 2019
Excerpted from Tampa Bay Times story.

ST. PETERSBURG — The Hermitage apartments in downtown St. Petersburg have sold for $107.6 million, a near record price per unit for a rental project in the Tampa Bay area.

The eight-story, two-year-old building at +just east of the city's thriving Edge District was purchased by Dedicated Hermitage LP, which has a Toronto, Canada, address.

The Hermitage's new owners paid $309,267 per unit, second only to the $354,000 per unit for the the 17-story Camden Pier District tower on Third Street S several blocks closer to the city's waterfront.

The price for the Hermitage "speaks volumes for the continued strength of the multifamily investment world,'' said Darron Kattan of the Tampa brokerage Franklin Street. "The recent volatility of the stock market will continue to shift investors’ dollars, private and institutional, into the sector.''

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Credit: Susan Taylor Martin
Source: Tampa Bay Times