The acquisition represents the firm’s broader suburban investment strategy
ATLANTA (August 7, 2018) – Multifamily developer and investment firm Pollack Shores Real Estate Group today announced the acquisition of Discovery at River Bend in Duluth, Georgia. The 256-unit community is located at 3350 Peachtree Industrial Boulevard just minutes from Downtown Duluth, the area’s top employers, a grocery-anchored shopping center and several quality restaurants.
Discovery at River Bend features 40 one-bedroom units, 153 two-bedroom units and 64 three-bedroom units. Pollack Shores plans to renovate the amenities and interior units of the community.
Interior unit renovations will include new appliances, washer and dryer systems, cabinets, solid-surface countertops, lighting fixtures, plumbing fixtures and new paint. Luxury vinyl plank wood flooring will be added throughout the kitchen and living room areas. All bedrooms will receive new carpet.
Amenity upgrades will include a new fitness center, an updated outdoor sports court and playground, a collaborative business center, new pool lounge furniture and the addition of an indoor recreation area. The outdoor park space will also get a revamp with new picnic tables, string lights and grilling areas.
The property is located near a Kroger-anchored shopping center and is also in close proximity to Downtown Duluth with multiple trendy shops and dining options. The community is also located near some of the area’s top employers including Genova Diagnostics, AGCO Global, Veristor and PossibleNOW. Between 2015 and 2016 the population of Duluth grew by 1.37 percent and its median income grew by 10.4 percent. The city also saw a 6.53 percent growth in number of employees.
“There’s a clear demand for quality multifamily housing in suburban markets like Duluth with strong job and population growth as well as highly rated schools,” said Brendan Whalen, VP of Acquisitions for Pollack Shores. “We will continue to seek out similar value-add opportunities for our investors and look forward to enhancing the living experience for our residents.”
In North Atlanta’s suburban arc, Pollack Shores recently acquired Menlo Creek, and through its wholly owned subsidiary Matrix Residential, began managing two apartment communities, 1760 and Sugarloaf Summit in Gwinnett County.
Known for acquiring, developing, managing and investing in best-in-class multifamily communities, Pollack Shores is currently active in Atlanta, Orlando, Tampa, Jacksonville, South Florida, Montgomery, Raleigh, Charlotte, Charleston, Dallas, Austin, Memphis, Nashville and Richmond.
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. Matrix Residential manages a balanced portfolio of nearly 26,000 multifamily units across eight states. 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/.