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04 MARKET ANALYSIS / HERMITAGE APARTMENTS CASE STUDY <br />The city had a great waterfront park, vibrant <br />restaurant scene, established infrastructure, good <br />city government and most importantly, high <br />paying jobs. The site we selected for Hermitage <br />Apartments is a few blocks away from the new <br />pediatric campus for Johns Hopkins and a University <br />of South Florida campus. <br /> <br />We started leasing the Hermitage Apartments in late <br />2016 and have experienced robust absorption at the <br />highest price per square foot and absolute rental <br />rates in the St. Petersburg market. We believe this <br />accomplishment is due mostly to the extraordinary <br />design of the building, and its amenities and <br />finishes. We never lose sight of the fact that our <br />residents are leasing a "lifestyle" as well as their <br />new home. The Hermitage is a good example <br />of people paying strong rents for a <br />superior product. <br />The Allen Morris Company passionately identifies and pursues sites in urban sub-markets that are well suited to create long term value. Four years ago we saw some special things happening in downtown St. Petersburg, Florida that compelled us to make an investment there. <br />28 <br />Hermitage Apartments Sponsor success story in downtown St. Petersburg, Florida