DEAL OF THE DAY: Sterling, Collier Cos. Jointly Acquire 540-Unit Apartment Community for $38.35M

By Anuradha Kher, Online News EditorTampa, Fla.–Sterling American Property Inc., in a joint venture with The Collier Cos., recently acquired St. Croix Apartments, a 540-unit resort-style apartment community located in Tampa, Fla. for $38,350,000. “We are cementing this property’s position as the ideal live/play environment for the 20- to 30-year-old age demographic that populates this area,” says Jeff Smith, senior vice president of acquisitions at Sterling.St. Croix Apartments boasts 700 sq. ft. of frontage on 14535 Bruce B. Downs Blvd., in northeast Hillsborough County. The property is located between Tampa Palms and the University of South Florida, the ninth largest university in the U.S.The private gated community, built from 1988-1991, features one- and two-bedroom units averaging 753 sq. ft. Amenities include two swimming pools, two heated spas, fitness center, three tennis courts, a sand volleyball court, business center/video club, laundry facility, car wash station and clubhouse. Although Sterling American has invested in the Tampa market in the past, the purchase of St. Croix Apartments marks its first residential acquisition through Sterling’s $610-million SAP V fund that is more than 60 percent invested. SAP V’s investment period is set to conclude in 2010 and Sterling has already begun discussions to raise its next fund, SAP VI.“We will upgrade both the buildings and the grounds, focusing on improving the quality of life for the residents at this property. We will look to Collier’s Paradigm Properties for management,” says Smith.