TAMPA, Fla., ORLANDO, Fla. and JACKSONVILLE, Fla. — December 1, 2021 — Berkadia announced today the $42.1 million sale of Mystic Bay Apartments, a 228-unit garden-style multifamily property in Largo, Florida. Senior Managing Director Jason Stanton of Berkadia Tampa, Senior Managing Director Cole Whitaker, Senior Director David Etchison, Director Mary Beale and Associate Director Lauren Gassie of Berkadia Orlando, and Director Greg Rainey of Berkadia Jacksonville, completed the sale on behalf of the seller, New York-based Ashcroft Capital. The buyer was Indiana-based The Sterling Group, and the deal closed on November 3.
“Mystic Bay represented an excellent opportunity to acquire a well-positioned community in the Largo Central Pinellas submarket with tremendous potential to build upon the capital improvements that the seller has recently completed,” said Stanton.
Located at 600 Starkey Road, Mystic Bay Apartments features one-, two- and three-bedroom floor plans with walk-in closets, granite countertops and balconies. Community amenities include a pool, a fitness center, a tennis court and a business center. The property affords convenient access to the Largo Central Park Nature Preserve, Gulf Coast Beaches and Old Tampa Bay.