February 15, 2013

Pollack Shores Acquires Melbourne, Fla. Apartments

Atlanta/Melbourne, Fla. (Feb. 12, 2013) – Pollack Shores Real Estate Group has acquired the 252-unit Polo Glen Apartments in the Melbourne, Fla. metro area. The $28.2 million transaction closed Jan. 24. Matrix Residential, a Pollack Shores company, will manage the luxury gated community.

This marks a new investment strategy of sorts for the multifamily investment and development firm. “In the past, we’ve looked to acquire communities in larger Southeastern markets, and that’s worked well,” said Pollack Shores’ Director Graham Carpenter. “This is a new, Class A property – built in 2008 – but in a smaller market. We believe it will offer an excellent return for our investors, and we’ll be looking for similar opportunities in the future.”

Florida is one of the firm’s key target markets, along with Georgia, Tennessee and the Carolinas. Pollack Shores currently has offices in Atlanta, Tampa, South Florida and Charlotte. It has developed and/or acquired nine properties totaling 3,170 units in the Sunshine State, where the multifamily market is relatively strong.

Melbourne is south of Cape Canaveral, in the area known as the “Space Coast.” The fast-growing area is close to major employers in the aviation and aerospace industries including Boeing, Northrop Grumman and Harris Corp. It’s also near area hospitals and universities, as well as destinations such as the Avenue Viera, Space Coast Stadium, golf courses and shopping malls.

The garden-style community, which has a 94% occupancy rate, is one of the most luxurious in the area. The one-, two- and three-bedroom apartments have high-end amenities including a heated pool, fitness center, playground, cyber café, high speed Internet access and 24-hour maintenance. It’s located close to Interstate 95, the Beachline Expressway and U.S. 1.

Phoenix Capital Partners provided an equity investment in the property. Kevin Judd with ARA brokered the sale; Stephen Farnsworth with Walker & Dunlop secured a 10-year fixed rate Freddie Mac loan, which closed simultaneously with the acquisition. The community is located at 3603 Middleburg Lane in the Melbourne suburb of Rockland.

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.

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Media contact: Terri Thornton 404-932-4347 Terri@TerriThornton.com