June 29, 2015

Pollack Shores Acquires Multifamily Community in Tampa

Luxury Apartment Community in Westchase Area to Receive Upgrades

Atlanta, GA/Tampa, FL (May 27, 2015) – A joint venture between Pollack Shores Real Estate Group (“PSREG”) and an affiliate of Chicago-based Heitman LLC, has acquired Lexington Park, a 400-unit luxury apartment community in the Westchase area of Tampa, Fla. The acquisition brings PSREG’s current Florida portfolio to over 4,400 units with a total capitalization of over $550M.

Lexington Park is located in the heart of the prestigious community of Westchase, one of the most affluent and fastest growing suburbs in Tampa. The property is zoned for A-rated schools and enjoys easy access to high quality retail, entertainment and recreation options such as the Westchase Tennis Center, golf course and more. PSREG will upgrade the apartment interiors with wood plank flooring, new cabinetry, granite and quartz countertops, stainless steel appliances, new lighting and plumbing fixtures to reflect the standards of luxury living. Other upgrades will be made to the common areas including the 12,500 square foot clubhouse, fitness center and pool areas.

“We strive to increase the quality of life for our residents by providing luxury amenities in exceptional neighborhoods. The Westchase community continues to grow and is a desirable submarket because of its great schools and recreational amenities.  It is also an easy commute to business centers like Westshore and Downtown Tampa,” says Pollack Shores’ Managing Director Graham Carpenter.

Matrix Residential, the multi-family residential management division of Pollack Shores, will manage the property.

Built in 2001, Lexington Park offers approximately 50% townhome units with direct access parking and top-of-the-line amenities including, two resort-style swimming pools, an indoor basketball court and a 24/7 fitness center with high-end exercise equipment and cardio theater.

Pat Jones with Walker & Dunlap Investment Sales brokered the transaction on behalf of the seller.  Mark Sixour and Elliott Throne with Holliday Fenoglio Fowler arranged financing for PSREG.

PSREG’s other recent Florida projects include the acquisition of Arden Villas, a luxury 336-unit community in Orlando, and The Vinings at Delray Beach now called The Atlantic at East Delray, a 228-unit apartment community. PSREG also completed construction on Gateway North, a luxury 342-unit community in Largo in December 2014. Gateway North was Largo’s first new luxury apartments to open in 20 years.

About Pollack Shores Real Estate Group, LLC: Pollack Shores is an award-winning full service real estate company creating value through multifamily investment opportunities in the Southeast. Founded in 2006, the Atlanta-based company currently manages a balanced portfolio of over 13,000 units representing in excess of $1 billion in total assets. Pollack Shores fully embraces the core value of service to its community, its residents and its clients. For more information, please visit www.pollackshores.com.

About Heitman

Founded in 1966, Heitman LLC is a global real estate investment management firm with over $32 billion in assets. Heitman invests in commercial real estate directly or in publicly traded real estate securities. The firm is uniquely structured, with 50 percent of the company owned by 34 senior employees. Heitman serves a global client base with clients from North American, European, Middle Eastern and Asia-Pacific institutions, pension plans, foundations and corporations and individual investors. Headquartered in Chicago, with offices in Los Angeles, London, Luxembourg, Düsseldorf, Munich, Warsaw, Hong Kong, Tokyo and Melbourne, Heitman’s 315 employees offer specialized expertise – from a specific discipline to local insight.

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Media contact: Krystin Olinski | 813-205-5572 | krystin@thisispress.com