May 31, 2018

Pollack Shores Announces Sale of Premier Orlando Property

ATLANTA (May 31, 2018) – Multifamily developer and investment firm Pollack Shores Real Estate Group announced today the sale of Arden Villas, a 336-unit luxury apartment community in Orlando located just minutes from the University of Central Florida.

Originally acquired by Pollack Shores in 2014, Arden Villas recently underwent a substantial capital improvement project that delivered an array of new and modern amenities, including an upgraded pool area with outdoor lounge and grilling stations, clubhouse with TVs and entertainment bar, indoor game room, bocce ball court, and a full-size basketball court.

Arden Villas is currently 95 percent occupied and has emerged as one of the area’s premier luxury communities as a result of its dynamic programming and access to vibrant in-town destinations. Pollack Shores said the sale fits within the firm’s broader divestment strategy across the Sunbelt, with Arden Villas and several other assets recently hitting key benchmarks.

“Strong market dynamics and healthy investor demand resulting from our capital improvements prompted Pollack Shores to position Arden Villas for sale,” said Steven Shores, CEO of Pollack Shores. “We are pleased to announce the closing of this transaction alongside Dome Equities, continuing our commitment to build long-term value for our investment partners through timely acquisitions, strategic renovations and a highly focused management approach.”

Scott Ramey, Patrick Dufour and Ryan Lang of ARA Newmark represented Pollack Shores in the transaction. Dome Equities served as Pollack Shores’ equity partner.

“Arden Villas benefits from being the closest, conventionally-operated apartment community to the main entrance of the largest public university in the country,” said Ramey. “The new owner plans to expand upon the program already completed by Pollack Shores and implement additional interior renovations to reposition the asset as a student housing property.”

Known for acquiring, developing, managing and investing in best-in-class multifamily communities, Pollack Shores is currently active in Atlanta, Orlando, Tampa, South Florida, Jacksonville, Raleigh, Charlotte, Dallas, Austin, Nashville, Memphis, Montgomery 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/.

 

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