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

TRD MIAMI /
Sep.September 01, 2018 02:50 PM

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


Related Articles

arrow_forward_ios
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

Nuveen pays $103M for West Palm luxury apartments
Edmund Ansin and the property (Credit: Google Maps)

Billionaire TV family sells Miramar property to Florida Crystals

Billionaire TV family sells Miramar property to Florida Crystals
Toscana apartments and Juan Porro of FCI Residential

Florida Crystals sells Margate rentals for $60M

Florida Crystals sells Margate rentals for $60M
Rendering of the project and John Catsimatidis (Credit: Arquitectonica via Tampa Bay Times)

Catsimatidis scores approval for $300M tower in St. Petersburg

Catsimatidis scores approval for $300M tower in St. Petersburg
From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

Diesel family dishes on Wynwood condo project
 4601 Le Jeune Road, Jose Boschetti and Maurice Boschetti

Gables Residential sells dev site near Shops at Merrick Park

Gables Residential sells dev site near Shops at Merrick Park
Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M

Fairfield Residential sells new Flagler Village apartments for $92M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...