Like a Rocket

Chicago investment firm DRW paid a premium to acquire the St. Charles Row apartments in St. Petersburg two years ago, more than doubling the $11 million the seller had invested just 17 months earlier.

But after injecting millions of dollars in capital improvements into the 84-unit community, DRW has managed a profit on its $22.5 million transaction -- and then some, according to Pinellas County property records.

Last month, a DRW affiliate sold the 1175 Pinellas Point Drive complex to a subsidiary of Goldelm Apartments, of Nevada, for $37.46 million — a 66.5% gain in appreciation in less than two years.