Pollack Shores Acquires Atlanta Apartment Communities; Multifamily Firm Closes on $128 Million In Southeast Properties This Year

Atlanta, GA – Pollack Shores Real Estate Group has acquired two Metro Atlanta apartment communities for a total of $49.1 million.

They are:

• Oxford Springs (middle right photo), a 268-unit community in DeKalb County, just south of the Shallowford Road exit off I-85, inside the Perimeter
• Oxford Oak (top left photo), a 288-unit property in the City of Lawrenceville, near Highway 316 and Gwinnett Medical Center

 Both “Class A” luxury communities were built in 2008. They were previously owned by Oxford Properties. The deals closed on November 1.

“This was a great opportunity to acquire newly-constructed assets at a significant discount to replacement costs,” said Steven Shores (lower left photo), the firm’s President.  “The communities are a perfect fit for our current investment strategy,” he added.

These are just the two most recent acquisitions the firm has made. Pollack Shores has acquired more than 1,500 units for a total of $128 million so far in 2011.

• It acquired the 447-unit Audubon Village apartments in Tampa on September 14 for $32.5 million.
• The Preserve at Econ River, a 356-unit Orlando apartment community joined the firm’s portfolio in a $20.8 million deal in August.
• It acquired Velocity – a 220-unit “fractured” condo in Nashville’s thriving Gulch submarket in March for $25.3 million.

 Pollack Shores manages its own assets, and those of its investment partners, through its wholly-owned management company.

“We’re continuing to look for multifamily investment opportunities throughout the Southeast,” added Graham Carpenter (lower right photo) Vice President of Acquisitions. “Our current focus is Class A and B value-add properties, financially or operationally distressed assets, and fractured condominiums.”

Apartment Realty Advisors brokered the sale Oxford Springs, Oxford Oak and The Preserve at Econ River. Jones Lang LaSalle served as the broker on Audubon Village. Holiday, Fenoglio, Fowler brokered the Velocity transaction.

 Pollack Shores Real Estate Group 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.

 Founded in 2006 as Pollack Partners, the name became Pollack Shores earlier this year to better reflect the structure of the firm’s senior partnership.

Media contact: Terri Thornton 404-932-4347 Terri@TerriThornton.com