Now that the New York-based investment fund management firm hasmet its objectives with the 36-story building, it's looking to sellit at a possible 30% profit. Yet it isn't looking to pull out ofTampa Bay for good, partnering in an apartment complex near theUniversity of South Florida campus with a collegiate housingdeveloper.

Sterling American announced July 21 that it purchased the540-unit St. Croix Apartments in a joint venture withGainesville-based Collier Cos. The deal is valued at just under$38.4 million, with Sterling American committing nearly $3 millionto capital improvements geared toward enhancing the property'smarket value.

Jeffrey Smith, senior vice president of acquisitions forSterling American, says practically every aspect of the St. Croixcomplex is subject to renovation, from new appliances in units tosetting up a Web site for the complex. He views the acquisition asa solid bet, given its proximity to USF and its growing medicalresearch segment.