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| The Factory at Garco, day photo, North Charleston, SC |
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| Steven Shores |
The acquisition
marks Pollack Shores’ expansion and Admiral’s first investment in the
Charleston market.
Just opened last year and surrounded by an array of breweries, restaurants
and music venues in the popular Park Circle neighborhood, The Factory at Garco
has quickly emerged as one of the area’s most desirable living destinations in
Charleston’s upper peninsula.
Pollack Shores and Admiral plan to invest approximately $1.1
million in renovations and amenity improvements over a two-year period. Apartment
unit upgrades will include the addition of stainless-steel appliances, high-end
lighting and plumbing fixtures, and a subway tile backsplash.
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| Dan Bassichis |
“We are very excited to enter the Charleston market with
such a high-quality partner in Pollack Shores, a group that shares our
philosophy of building a strong business while giving back to local
communities.”
The Factory at Garco features a luxurious saltwater pool with cabanas for
residents to relax and soak up the sun. The community also provides its
adventurous residents with storage for boats, kayaks, paddleboards and other
water sports gear.
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| Brendan Whalen |
In addition to its advantageous location in Park Circle, residents are
also within close proximity to several nearby parks and walking trails. Matrix
Residential, the property management division of Pollack Shores, will oversee
day-to-day operations at the community.
Known for its unique approach to creating exceptional
resident experiences through superior marketing and management, Matrix will
activate The Factory at Garco by providing an onsite events specialist who will
plan and execute a customized events calendar for residents.
“We look forward to working with Admiral on this exciting project,” said Steven
Shores, CEO and President of Pollack Shores. “The Factory at Garco has all
of the right ingredients to fuel significant revenue growth and is an excellent
addition to our growing portfolio in the Charleston area.
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| David Robinson |
"The acquisition provides an opportunity to reposition
a core-plus property in a fast-growing submarket, and we look forward to
enhancing the experience for our residents.”
Situated near two interstate highways and a short drive from the
Charleston International Airport and Downtown Charleston, the community is also
near major employers such as The Boeing Company, Blackbaud, Inc., Joint Base
Charleston and the Medical University of South Carolina.
“North Charleston is on the move,” said Brendan Whalen, Vice
President of Acquisitions at Pollack Shores. “The Park Circle neighborhood has
undergone a renaissance in the past few years, and the new food hall that will
open just down the street at the old Garco Mill warehouse will be a major draw that triggers
additional growth in the area. We anticipate significant leasing momentum at
The Factory at Garco in the months to come.”
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| The Factory at Garco, night photo, North Charleston, SC
“We are thrilled to make our first investment in Charleston, a city with strong military roots, which resonates with me personally,” said David Robinson, Admiral Co-Founder. “In particular, we find the revitalization of the North Charleston area to be exciting and we look forward to supporting local community efforts.”
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| The Factory at Garco, pool |
Known for acquiring, developing, managing and investing in best-in-class
multifamily communities, Pollack Shores is currently active in Atlanta,
Orlando, Tampa, Jacksonville, South Florida, Raleigh, Charlotte, Charleston,
Dallas, Austin, Nashville and Richmond.
Matrix Residential has nearly 26,000 units under management
across eight states. This acquisition represents Admiral’s first investment in
Charleston bringing its units currently under ownership to over 12,000.
Contact:
Nick Banaszak
The Wilbert Group
256-457-5384 (C)
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