A Houston-based real estate investment trust has acquired an apartment community in Florida for $127 million.

Camden Property Trust (NYSE: CPT), based in Houston, announced Jan. 11 that it purchased the 18-story, 358-unit former AER Luxury Apartments at 303 3rd St. S in downtown St. Petersburg. The acquisition brings Camden’s Tampa Bay portfolio to seven properties.

The purchase price breaks down to $354,748 per apartment — far surpassing the Tampa Bay region’s previous record of $303,814 per…