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Florida & Gulf Coast  + Central Florida  + Apartments  | 
Capstone Companies has closed the $28.2-million sale of The Metro, a newly completed all-studio community in St. Petersburg, FL on behalf of seller DevMar Development.

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.

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Capstone Companies' Richa

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.