Newly built St. Pete studio apartments sold, to become short-term rentals

DevMar Development has sold The Metro, a newly built 100-unit residential project in St. Petersburg’s Edge district, for $28.2 million. Mark DeMaria, CEO of St. Pete-based DevMar, confirmed to the Tampa Bay Business Journal that the seven-story building was sold to a private investment firm, which has offices throughout the U.S. and London, Luxembourg. Jad Richa, managing director of Capstone Apartment Partners Florida, was the broker for the transaction. According to Richa, the sale price was…Original Article