St. Pete's Icon Central apartments sold for $149 million
/An apartment complex on Central Avenue in downtown St. Pete has sold for $149.6 million.
According to Pinellas County property records, the 368-unit Icon Central luxury apartments sold on August 25th to Houston-based Camden Property Trust. The property will be renamed Camden Central.
By late afternoon on August 25th, signage started to go up reflecting the new ownership. A letter was also sent to all residents.
Camden owns and operates over 59,000 apartment units across 165 communities around the United States. Camden Central marks the company’s eighth apartment complex in the Tampa Bay region.
Located just east of the EDGE District at 801 Central Avenue, the Camden Central was developed by Miami-based Related Group for $80 million in construction and development costs. The building opened in late 2019 and reached stabilization 12 months later.
The sale breaks down to $406,666 per unit – one of the highest prices ever paid per unit for an apartment complex in St. Pete.
Less than a month ago, Related Group sold all 36,000 square feet of retail space at Icon Central to Tricera Capital, based in Miami, for $11.1 million. Currently, the retail space is home to a BurgerFi and Watts Dental.
In November 2019, Related Group sold 340-unit Icon Harbor Island in Tampa for $131.5 million, which equates to $387,000 per unit.
Camden is no stranger to downtown St. Pete. In 2018, Camden purchased the 358-unit AER Luxury Apartments at 303 3rd Street South in downtown St. Pete for $127 million. The community was renamed Camden Pier District.
Then in June, Camden paid $2.1 million for a 0.23-acre property that sits adjacent to Camden Pier District at 201 4th Avenue South. The company is planning an 18-story expansion of the community that will add 95 units.
