Largo apartment complex sells in $42.1M deal
By Breanne Williams
Tampa Bay Business Journal
Published: Nov 10, 2021

Mystic Bay, a Largo apartment complex on Starkey Road, has sold in an approximately $42.1 million deal.

The apartments, located at 600 Starkey Road, were built in 1974 and include 228 units ranging from one- to three-bedroom floor plans. The units are dispersed across the community in two-story buildings and come with private patios and balconies.

Indiana-based Sterling Group acquired the property for approximately $42.1 million, or around $184,649 per key, from New York-based Ashcroft Capital. Founded in 19876, Sterling Group is a real estate investment services firm that specializes in multifamily housing and self-storage facilities. It currently oversees properties in more than 12 states.

Ashcroft was formed in 2014 and owns more than 20 properties across the country, including the 416-unit Anthem Clearwater complex.

The complex sits on roughly 10 acres and includes two resort-style pools, a 24-hour fitness center, outdoor game spaces, a premium coffee bar, two 24-hour clothing care centers, a tennis court and a dog park. On the property, there is also a laundry facility, playground and business center.

Currently rents range from $1,160 to $1,739 a month.

The Sterling Group agreed to assume the $23 million mortgage Ashcroft Capital had taken out for the property.