New York's Sterling Closes Fifth Multifamily Joint Venture

ATLANTA-Sterling American Property Inc. of New York and Atlanta-based Gateway Management Co. Inc. have completed their fifth multifamily joint venture with the $12.9 million purchase of the 17-year-old, 85%-leased, 280-unit Park Crossing Apartments complex in Gwinnett County, GA, 14 miles northeast of Downtown Atlanta.

The acquistion equates to $46,071 per unit. Sterling bought the 26-building property through Sterling American Property III LP, an investment fund of Sterling Equities Inc. and American Securities Capital Partners. Gateway and Sterling will co-manage the property which sits on 21.5 acres

“The Park Crossing acquisition is a prime example of Sterling American property’s investment model,” Mel Mayers, Sterling vice president/acquisitions, says in a prepared statement. “Our funds develop niche markets for targeted investments of $10 million to $25 million.”