Downtown St. Pete apartments sold for $57.5 million
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: May 14, 2015

Fusion 1560, a five-story apartment complex on the fringe of downtown St. Petersburg, has been sold to a group of Chicago investors.

Mesirow Financial Real Estate Value Fund paid $57.5 million for the complex at 1560 Central Ave. in a deal that closed May 7, according to a Pinellas County deed filed Wednesday.

The deal breaks down to $176,923 per apartment. The community was built in 2011, according to property records. Rents in Fusion 1560 start at $1,035 for a 563-square-foot studio apartment and go up to $1,900 for a 1,156-square-foot two-bedroom, two-bathroom apartment.

The residential market in and around St. Pete's urban core continues to gain strength. Several condominium projects are planned or under construction, and a $70 million apartment complex, The Hermitage, recently broke ground.

The residential growth is fueling demand for downtown office space and drawing retailers to downtown St. Pete.