Sterling buys 832-unit Deer Valley Village

Sterling American Property, Inc., in a joint venture with Thompson Michie Communities, has purchased Deer Valley Village, an 832-unit garden-style apartment complex. Sterling acquired the asset from SCI Real Estate Investments for $85.2 million. SCI was represented by Scott Derrick, chief investment officer. The acquisition was made via Sterling's SAP V fund, a $610 million fund that is 50% invested.