September 26, 2013

Pollack Shores Acquires St. Pete Apartments — Fla. Portfolio Grows by 1,090 Units This Year

Atlanta/St. Petersburg, Fla. (Sept. 26, 2013) – Pollack Shores Real Estate Group recently acquired The Coves of Brighton Bay, a 382-unit luxury apartment community in St. Petersburg, Fla. The firm’s acquisitions total 1,090 apartment units in economically-healthy Central Florida markets over the past eight months.

The Coves of Brighton Bay is in the Gateway submarket of Pinellas County, one of the state’s largest employment centers. Planned improvements include upgrading the exterior siding from stucco to Hardie plank and installing insulated, energy-efficient windows throughout the property, while also renovating the clubhouse and apartment interiors.

“This is in keeping with our strategy of acquiring well-located, high quality properties in areas with strong economies and the potential for even stronger employment growth,” said Pollack Shores’ Director Graham Carpenter.

Pollack Shores purchased the community from a large institutional investor for an undisclosed sum in late August. The firm’s other recent acquisitions include the 252-unit Polo Glen Apartments in the Melbourne, Fla. metro area in January, and the 456-unit Sabal Palm at Metrowest II Apartments in Orlando this April.

The firm plans to add more Florida properties to its growing portfolio over the coming months. “We specialize in value-add opportunities in strong, well-located Florida submarkets with sound fundamentals, and we continue to look for new acquisition opportunities,” Carpenter added.

Built in 2000, The Coves of Brighton Bay is a garden-style, resort-like community that provides easy access to downtown Tampa, the Westshore office market, Clearwater, MacDill Air Force Base and two commercial airports. Amenities for the one- two- and three-bedroom pet-friendly apartments include a lake, resort-style pool, observation dock, garages, fitness center, business center and gazebo. In addition to mature subtropical landscaping and walking trails, the community has a large nature preserve. The community is located at 10901 Brighton Bay Boulevard NE in St. Petersburg. Jones Lang LaSalle (JLL) brokered the sale and arranged the buyer’s debt financing.

About Pollack Shores
Pollack Shores Real Estate Group creates value by acquiring, developing, managing and investing in multifamily communities across the Southeast. The partnership also raises and manages funds for direct investment in real estate. Founded in 2006, the privately-owned firm’s team of experienced individuals has grown a portfolio worth roughly $1 billion. Pollack Shores has offices in Atlanta, Tampa, South Florida and Charlotte.

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