Private Real Estate Investment Shop Snags Alpharetta Apts.

Pollack Shores has scored again.

The Atlanta multifamily investor and developer just sold Echo at North Point Center, a 111-unit apartment community at 10105 Westside Pky. near North Point Mall in Alpharetta. The buyer, private real estate investment firm The Shoptaw Group, paid $26.1 million, or $235,135 per unit, for the community.

Pollack Shores completed Echo in 2017. The firm, which recently promoted Steven Shores to CEO as part of a planned succession, has sold several new apartment communities in the past year. They include The Local on 14th and Millworks, a 345-unit complex at I-75 and Howell Mill Rd., both in West Midtown.

While new apartments are in ample supply in West Midtown, they are much scarcer in North Fulton, where Sandy Springs and Alpharetta have shown reluctance to new multifamily development. The lack of new supply made Echo more attractive, said Shea Campbell, senior vice president in CBRE's Capital Markets group. He and CBRE colleagues Colleen Hendrix and Steve Newbern represented Pollack Shores in the sale.

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