ATLANTA (Dec. 11, 2019) – As Pollack Shores Real Estate Group and Matrix Residential close out their biggest year yet, the two divisions of the company are rebranding under one name, RangeWater Real Estate.
“A year ago, we embarked on a plan to unite Pollack Shores and Matrix Residential under one name,” said Steven Shores, CEO and President of RangeWater. “We have always been one company under common ownership, but as we have grown to cover markets across the Sun Belt, we recognized the advantages of operating under one brand with a renewed purpose. As RangeWater, we will continue to deliver the full breadth and depth of our expertise and services in every market in which we operate.”
2019 marked the company’s most active year since its inception in 2006. It achieved significant deal volume with four acquisitions and 13 developments. The company sold six assets, closed nearly 5,000 units and capitalized in excess of $1 billion in multifamily real estate. It also grew its management portfolio by 35% in 2019, increasing it to a total of 38,761 units.
“RangeWater is both inspired by and a tribute to our team’s achievements and commitment to excellence over the last 13 years,” said Shores. “The brand represents the boundless potential of our connected team, our intention to set a new standard in multifamily real estate and our desire to create an evergreen company.”
The company explored new product types this year, including its first build-to-rent community of townhomes. It also closed on its second active adult project under its new Olea brand. The two Olea projects are under construction in Florida’s Viera and Nocatee master-planned communities. Both will deliver luxury apartments for empty nesters in 2020. The company continues expanding the Olea brand with several properties under contract in other markets, one of which is located in Phoenix.
“We are paying close attention to the changing renter base and evolving our products, services and experiences to meet their needs through every move and life stage,” said Shores. “For instance, we just announced our first build-to-rent townhomes that will attract millennials who prefer to rent and desire more space as they start families. We’re also expanding our Olea brand which caters to empty nesters who are looking for a place to live that is fun, social, and free from homeowner responsibility.”
RangeWater will continue to strategically expand its footprint across the Sun Belt. It is especially bullish on Southwestern markets, including Austin, Dallas, Denver and Phoenix. In 2019, the company announced its first development in East Dallas (Ross & Peak), as well as its first deal in Boulder, Colorado (The Armory).
Job and population growth remain key drivers for RangeWater’s investment strategy in 2020 as high job growth markets have the most urgent demand for housing. Today, the company is active in 10 of the top 15 cities listed for either job growth or total jobs added, according to Witten Advisors Q3 2019 multifamily report. Those cities are Austin, Nashville, Orlando, Charlotte, West Palm Beach, Dallas, Atlanta, Denver, Phoenix and Houston. Within these markets, the company continues to target pioneering urban locations and suburban infill deals with walkable characteristics. Approximately 70% of the company’s 2019 deals were located in suburban submarkets.
RangeWater is a fully integrated multifamily real estate company creating fulfilling experiences for its partners, clients, residents and employees across the Sun Belt. The Atlanta-based company has acquired and developed more than 26,000 multifamily units since its inception in 2006 representing in excess of $4.4 billion in total capitalization. RangeWater currently manages a balanced portfolio of over 38,000 multifamily units across ten states. With offices in Atlanta, Dallas, Denver and Tampa, RangeWater targets high job growth markets with demand for new housing. For more information, visit LiveRangeWater.com.