Mesirow investment fund buys St. Pete's Fusion 1560

BUYER: MFREVF II-Fusion LLC (Mesirow Financial REVF II REIT LLC), Chicago
SELLER: Zarcalres Central LLC
PROPERTY: 1560 Central Ave., St. Petersburg
PRICE: $57.5 million
LAW FIRM ON DEED: Cox Castle & Nicholson LLP, Los Angeles, Calif.

PLANS, DESCRIPTION:
Mesirow Financial Real Estate Value Fund II LP purchased the 325-unit Fusion 1560 apartments for $57.5 million.

The price equated to $176,923 per unit.

The 4-year-old apartment complex is contained in a 547,258-square-foot, five-story building on 3.24 acres north of Interstate 375. Units average 826 square feet.

Amenities include a guest apartment, business center, clubhouse, two-story fitness center, laundry facilities and a swimming pool.

The Chicago financial services firm Mesirow Financial Institutional Real Estate manages the fund. It had $98.7 billion in assets under management as of March 31.