The Real Deal Miami

Chicago firm sells St. Pete rental complex for 41% gain over 3 years

Mesirow Fnancial sold the 325-unit property to TH Real Estate for $81.1M, the highest price this year for a St. Petertsburg apartment property
September 01, 2018 02:50PM

Fusion 1560

Chicago-based Mesirow Financial sold a nine-year-old apartment complex in St. Petersburg for 41 percent more than company paid about three years ago.

TH Real Estate, an affiliate of the investment arm of Teachers Insurance & Annuity Association, bought  the 325-unit apartment complex, called Fusion 1560, for $81.1 million.

Mesirow had acquired the eight-story property in 2015, four years after it opened, for $57.5 million.

The latest sale price for the apartment complex at 1560 Central Avenue is the highest in St. Peterburg so far this year for a multifamily rental property.

The property’s amenities include a two-story gym, a swimming pool, cafe, and on-site wine storage. Fusion 1560 also has about 9,000 square feet of retail space.

Carlos Burneo, a director of Teachers Insurance affiliate TH Real Estate who oversees Florida multi-family property investments, said in a prepared statement that Fusion 1560 is “near the main thoroughfare in St. Petersburg, providing connectivity to surrounding employment, retail and entertainment centers.” [Business Observer]Mike Seemuth