Pollack Shores Reveals Plans for First Development Deal in Texas

Press Release

Ross Avenue project poised to benefit from neighborhood renaissance, rapid job growth

DALLAS (July 15, 2019) – Multifamily developer and investment firm Pollack Shores Real Estate Group announced today it closed on the land purchase for a luxury apartment community at 4302 Ross Avenue in Old East Dallas. This project marks a continuation of the company’s expansion into Texas that began several years ago with the purchase of several existing communities in Dallas and Austin.

Pollack Shores will begin construction later this month on a site formerly occupied by an auto dealership and located less than a mile from downtown Dallas. The site represents the largest remaining tract along one of Dallas’ fastest-growing corridors.

The project reflects Pollack Shores’ strategy to invest in vibrant, walkable neighborhoods near premier dining, retail and entertainment. The community will provide an appealing alternative for Class A renters who seek resort-inspired amenities and experiences at a more competitive price point compared to the more expensive uptown and Knox-Henderson submarkets.

Pollack Shores was drawn to Old East Dallas because of a recent renaissance that includes redevelopment along the Ross Avenue corridor. This transformation has attracted popular shops and restaurants such as Fiction Coffee and Ross & Hall Beer Garten + Kitchen, creating a magnet for young professionals.

“Our company focuses on creating communities that connect residents with vibrant neighborhoods that have strong existing amenities like Ross Avenue,” said Steven Shores, President and CEO of Pollack Shores. “We believe this connection creates authentic experiences which offer a higher quality of life for our future residents.”

The 240-unit, four-story project will offer studio, one- and two-bedroom residences ranging from 500 to 1,400 square feet when it opens in early 2021. Each apartment home will have granite countertops, stainless steel appliances, and a mixture of vinyl-plank wood and carpet flooring. Additionally, the community will feature a wide range of amenities, including a fourth-floor sky lounge with skyline views of Downtown Dallas, a resort-style pool, a dog park and fitness center.

Pollack Shores launched its Southwest region office in Dallas in 2017 after acquiring The Sawyer in Uptown Dallas and Eastside Station in Austin. The Dallas-Fort Worth Metroplex continues to lead the nation in new multifamily construction, and today is home to 30 Fortune 500 companies, a booming population and no state income tax. Pollack Shores is actively pursuing other new projects in the region, with additional announcements expected in the coming months.

“The property at Ross Avenue checks all of the boxes for our development strategy and is a fantastic addition to our Southwest portfolio,” said Nick Wilhelmson, Southwest Region Managing Director at Pollack Shores. “The combination of increasing street-level energy with our superior management and marketing ensures this community will thrive for years to come. Our Southwest team will continue to pursue opportunities that deliver value for Pollack Shores and its investment partners.”

Pollack Shores, known for acquiring, developing, managing and investing in best-in-class multifamily communities, is currently active in Atlanta, Orlando, Tampa, Jacksonville, South Florida, Raleigh, Charlotte, Charleston, Dallas, Austin, Nashville and Richmond. The firm is also the parent company of property management firm Matrix Residential, which has nearly 31,000 units under management across eight states.

About Pollack Shores Real Estate Group, LLC

Pollack Shores is an award-winning full-service real estate company creating value through multifamily investment opportunities throughout the Sun Belt. Founded in 2006, the Atlanta-based company currently owns $1.6 billion in total assets. Pollack Shores also owns and operates Matrix Residential, an innovative property management firm dedicated to creating exceptional experiences for every resident, property and client.

Together, Pollack Shores and Matrix Residential are rooted in their mission of maximizing the value and living experience for every community. For more information about Pollack Shores, visit pollackshores.com/. For more information about Matrix Residential, visit matrixresidential.com/.