Atlanta, GA and Orlando, FL (July 12, 2012) – Pollack Shores Real Estate Group has acquired Heather Glen, a 396-unit apartment community in Orlando, Fl. The $23.6 million transaction closed July 2. The firm also plans to spend an additional $1.5 million to renovate and upgrade the pool area, clubhouse, fitness center, landscaping and other amenities.
The community, which boasts a desirable 95% occupancy rate, is located on University Boulevard less than two miles from the University of Central Florida (UCF). UCF is one the largest and fastest growing universities in the nation.
“The Orlando rental market continues to improve making this property a great addition to our rapidly expanding Central Florida portfolio,” said Pollack Shores Vice President of Acquisitions Graham Carpenter (lower left photo).
“Heather Glen is in a great location. Our planned renovations will make the property even more popular with the students at UCF as well young professionals working at many of the nearby office parks.”
The firm’s combined acquisitions and developments in the Southeast over the past two years now total almost $350 million. Pollack Shores’ other Orlando properties include The Preserve at Econ River, which it acquired last year. It is also developing the brand new SteelHouse Apartments in the heart of Downtown. Heather Glen is located at 10801 Heather Ridge Circle in Orlando. Matrix Residential, a subsidiary of Pollack Shores, will manage the community.
Pollack Shores Real Estate Group (www.pollackshores.com) focuses on the development, acquisition, management, finance and investment of high quality, community-enhancing multifamily, residential and mixed-use real estate projects. It is committed to the highest standards in all facets of its business.
Contact:
Terri Thornton
404-932-4347
No comments:
Post a Comment