Downtown St. Pete apartment complex Beacon 430 sells for $131 million

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beacon 430, located at 430 3rd Avenue South, was constructed in 2014 | Beacon 430

A downtown St. Pete apartment complex has traded hands in a nine-figure deal.

Beacon 430, a four-story, 327-unit luxury apartment community at 430 3rd Avenue South, sold for $131 million, or just over $400,000 per unit, according to a deed recorded Wednesday with the Pinellas County Clerk’s office.

The buyer, Ram Realty Advisors, also secured an $88 million mortgage through Wells Fargo.

The sale places Beacon 430 among the priciest multifamily trades in downtown St. Pete on a per-unit basis. Only Camden Central, formerly Icon Central, has sold for more per unit, trading for $406,667 per unit in 2021.

More recently, Windsor Central Arts, formerly The Hermitage, sold for $104.46 million, or $300,172 per unit, in 2025, while 930 Central Flats sold for $81 million, or $371,560 per unit, in 2024.

According to CoStar data, Beacon 430’s average unit spans 883 square feet, with average rents of $2,237 per month and current occupancy at 93.6%.

Constructed in 2014, Beacon 430 offers studio apartments as well as one, two and three-bedroom apartments with amenities like a heated saltwater swimming pool with private cabanas, yoga studio, fitness center, a dog park, two courtyards, a library, and a conference room.

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Beacon 430 has heated saltwater swimming pool with private cabanas | Beacon 430

Ram Realty Advisors plans to conduct operational enhancements, amenity improvements, and select unit interior upgrades on property.

“Beacon stood out to us because of its scale, location, and ability to offer a different residential experience than much of the new product in Downtown St. Pete,” said Nate Wilson, Vice President of Multifamily Investments at Ram, in a press release.

In 2015, Alabama-based B&M Management purchased Beacon 430 for $84.5 million dollars from NRP Group of Cleveland, the developers of the complex.

NRP acquired the 4.3-acre site, formerly a surface parking lot, for $6 million in 2012 from Times Publishing Co. before constructing Beacon 430.

Ram Realty Advisors’ purchase of Beacon 430 marks its first acquisition in St. Pete, although it owns several multifamily, retail, and mixed-use properties throughout Florida, North Carolina, Tennessee, and Georgia.

In 2022, Ram Realty Advisors  submitted a proposal to redevelop a portion of Corey Avenue on St. Pete Beach into a mixed-use development. It was approved in March 2022, but the project was later abandoned by Ram.

By 2024, Delray Beach-based developer Kolter Urban had purchased the site to develop an expanded version of the mixed-use luxury condo development. The project has yet to break ground.