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Sale Value
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Completed
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Project Highlights
- Over 15,000 Square Feet Of Amenity Space
- Martini Bar
- Coffee Bar & Mobile Lounge Twitter & Chalk Board Wall
- Wellness lounge with sauna, hot tub, experience shower, Fire pit
Case Study
The sale of Aer St. Pete to a renowned public REIT set a multifamily record high price-per-unit for the entire Tampa Bay market.
Challenge
The undeveloped vacant lot detracted from the downtown area and the existing run-of-the-mill rental communities lacked appeal to the affluent renter.
Solution
The project design introduced amenity rich public spaces and a variety of floorplans, featuring oversized balconies, formal dining rooms, floor to ceiling windows and stunning views.
Results
By meeting the needs of renters seeking a social, upscale and highly walkable living experience we were able to lead the market at $2.42 per ft. average rent and an average renewal conversion of 64%. In and of itself, Aer became a destination spot and continues to be one of the most desirable downtown residences. As of Q2 2021, the building maintained near 100% occupancy despite a flood of new supply entering the urban core.