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