SAINT PETERSBURG, FL—Capstone has closed the $28,200,000 sale of The Metro: a 7-story, all studio furnished apartment community in St. Petersburg, Florida. The property’s $655 price per square foot set a multi-family sales record for Pinellas County.
Capstone’s Jad Richa and Cameron Hooper sold The Metro on behalf of DevMar Development and procured the buyer, a private investor out of the state of California.
“DevMar continues their Florida success story with the completion of The Metro. Our team was excited we could deliver the sale with a record setting PPSF, which showcases the quality and creativity the DevMar team takes in delivering on their mission of redefining urban living.” said Cameron Hooper, Capstone Senior Advisor.
The buyer is contracting with Mint House, a short-term rental firm, to operate the property. The Metro’s location within the Saint Pete Edge district makes it a perfect candidate for the proposed operational strategy.
According to Capstone managing director, Jad Richa: “This is a perfect illustration of the continued demand for multifamily investment assets across the Gulf Coast of Florida. Notwithstanding the current market dynamics, we were excited to successfully execute what I considered to be a significant premium to the current market.”
The Capstone team is currently partnered with DevMar on two additional developments in Fort Myers and St. Petersburg, for which Capstone is fulfilling the debt and equity capital requirements.
Established in 2008, Capstone Companies has consistently maintained its exclusive focus on multi- brokerage, and the entrepreneurial pursuit of its service lines in the commercial real estate industry. Since its inception, the firm has become the largest privately owned multi-family brokerage nationwide, ranked top 15 nationally in multi-family sales volume, with over 145,000 units sold.
Capstone provides brokerage and advisory services for clients across the private, public, institutional, and non-profit sectors with expertise in various types of multifamily, including conventional apartments, student housing, affordable housing, manufactured housing, development sites, and capital placement. This comprehensive multifamily-focused service offering paired with our relentless drive to win on behalf of our clients is what sets us apart. Capstone simply put: Experience. Expertise. Extra-Mile.
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