Orlando, Fla. (May 10, 2013) – Pollack Shores Real Estate Group, a privately-owned partnership, has acquired another Orlando luxury apartment community. The community – Sabal Palm at Metrowest II – has 456 apartments ranging in size from one- to four-bedrooms. The firm will also invest another $1.5 million into improving the clubhouse, pools, landscaping and other amenities. The transaction closed April 18.
This is the firm’s second acquisition of a luxury Central Florida multifamily community within just under three months. Pollack Shores previously announced that it acquired the 252-unit Polo Glen Apartments in the Melbourne area on January 24th.
“We plan to take a very hands-on approach to operating and managing the community,” said Pollack Shores’ Director Graham Carpenter. “We have a proactive plan in place that will drive performance for our investors while providing an enhanced lifestyle experience for our residents.” The firm plans to completely re-brand and re-position the property, which will become known as Indigo West. Matrix Residential, the firm’s property management subsidiary, will manage the asset. Matrix manages all the Pollack Shores communities, as well as many more owned by outside investors and developers.
Pollack Shores is also developing several Florida apartment communities. SteelHouse in Downtown Orlando opened recently, NoHo Flats is under construction in Tampa, and several other Florida developments are slated to break ground later in the year. Since its 2006 launch, the firm has opened two offices in the Sunshine State, and developed and/or acquired ten properties totaling almost 3,600 units.
“We’ve had several successful projects here, and remain in the market for many more,” Carpenter concluded. The firm is currently scouting for more acquisitions across Central and South Florida, as well as Georgia, Tennessee and the Carolinas.
Sabal Palm, built in 1998, is a garden-style community located at 6101 Raleigh St. in Orlando. Located near Universal Studios, the 408 Expressway and I-4, its amenities include two pools, a 24-hour fitness center, a playground, tennis courts, attached garages and a car care area. Jones Lang LaSalle brokered the deal and arranged the debt financing.
About Pollack Shores
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. Pollack Shores currently has offices in Atlanta, Tampa, South Florida and Charlotte.
Media contact: Terri Thornton 404-932-4347 Terri@TerriThornton.com