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The Metro Apartments Sets Per-Square-Foot Record for Pinellas County Multifamily
Multifamily brokerage firm and advisory services provider Capstone Companies has closed the $28.2-million sale of The Metro, a newly completed, seven-story, all-studio furnished apartment community located in St. Petersburg, FL. The property’s $655-price-per-square foot set a multifamily sales record for Pinellas County, according to Capstone Companies.
Jad Richa and Cameron Hooper of Charlotte, NC-based Capstone Companies represented seller DevMar Development and procured the buyer, a CA-based private investor.
“This is a perfect illustration of the continued demand for multifamily investment assets across the Gulf Coast of FL, said Richa. “Notwithstanding the current market dynamics, we were excited to successfully execute what I considered to be a significant premium to the current market.”
The buyer is contracting with Mint House, a short-term rental firm, to operate the property.
Capstone Companies is partnering with DevMar Development on development projects in Fort Myers and St. Petersburg, for which Capstone is fulfilling the debt and equity capital requirements.
- ◦Sale/Acquisition
