Pollack Shores Sells ATL Property for $26M

Pollack Shores has sold its newly developed apartment community in Alpharetta, Ga., ECHO at North Point Center. The 111-unit property traded for $26.1 million, or $235,135 per unit. A CBRE team of brokers represented Pollack Shores in its sale to an Atlanta-based private real estate investment firm.

ECHO at North Point Center is located at 10105 Westside Parkway, in proximity to the Turner McDonald Parkway and North Point Mall. The community comprises 51 one-bedroom, 50 two-bedroom and 10 three-bedroom units ranging in size from 714 to 1,442 square feet. Pollack Shores completed construction work at ECHO in 2017. The community still bears a construction loan originated by Synovus Bank in 2015 in the amount of $14 million, due in 2019. According to Yardi Matrix, ECHO was 59 percent occupied as of December 2017.

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