Commercial Real Estate, Capital, Insurance, Leasing & Management

St. Petersburg’s Fusion 1560 sells for $81.1 million in mega apartment deal

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Franklin Street's Darron Kattan, managing director of multifamily investment sales, discusses the $81.1 million sale of Fusion 1560, a 325-unit complex in St. Petersburg, Florida.

Excerpted from Tampa Bay Times story.

ST. PETERSBURG — Fusion 1560, a 325-unit complex that was in the vanguard of St. Petersburg’s apartment boom, has sold for $81.1 million to a giant Chicago firm that manages Tampa’s International Plaza.

The price is nearly $25 million more than Fusion sold for three years ago, a sign of the rebirth of the city’s once seedy Edge District. And at nearly $250,000 per unit, it is among Tampa Bay’s biggest apartment deals ever.

“It’s a vote of confidence in St. Petersburg,” said Darron Kattan, an expert in multi-family housing for Tampa’s Franklin Street brokerage.

For full story, visit https://www.tampabay.com/news/business/realestate/St-Petersburg-s-Fusion-1560-sells-for-81-1-million-in-mega-apartment-deal-_171174754

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