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.