TAMPA - Sterling American Property Inc., in a joint venture with The Collier Companies, has acquired St. Croix Apartments, a 540-unit, resort-style apartment complex. Sterling purchased the asset for $38.35 million from Sentinel Real Estate Corp., a real estate investment management services firm headquartered in New York.

Jeff Smith, senior vice president of acquisitions, handled the acquisition for Sterling. Sentinel was represented by James Bobbitt and John Selby, senior vice presidents in CB Richard Ellis’ Tampa office.

St. Croix Apartments boasts 700 feet of frontage on 14535 Bruce B. Downs Blvd. The property is located between Tampa Palms and the University of South Florida. Close to major employment centers and retail shopping, St. Croix is also near I-75 and I-275.

The private, gated community, built from 1988 to 1991, consists of one- and two-bedroom units averaging 753sf. The resort-style amenities include two tropical swimming pools, two heated spas, state-of-the-art fitness center, three tennis courts, a sand volleyball court, business center/video club, laundry facility, car wash station, clubhouse and lake views.

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 SAP V fund, a $610 million fund that is more than 60% invested. SAP V’s investment period is set to conclude in 2010.

The firm plans to upgrade both the buildings and the grounds, focusing on improving the quality of life for the residents at this property. Collier’s Paradigm Properties will manage the complex.

Sterling has committed to investing almost $3 million in both exterior and interior capital improvement projects aimed at enhancing the property’s market value. Among the upgrades planned are the complete renovation of the community clubhouse; new exterior paint to all the buildings; redesigned landscaping; new interior paint schemes; new kitchen and bathroom countertops and cabinets; new wood flooring and lighting; and completing the installation of unit washers and dryers.