Urban Style Flats trades for $46.25 million

Urban Style Flats, a 481-unit St. Petersburg apartment project, has been sold to a New York joint venture for $46.25 million, Pinellas County property records show.

The purchase by Novel Property Ventures and Atlas Real Estate Partners — the pair's first in Florida — continues a trend involving dense, urban multifamily rental properties along the Gulf Coast.

Investors like Novel and Altas have been drawn to the region primarily by job growth and population influx that have outpaced the nation as a whole.