June 14, 2018

Pollack Shores Announces Sale of Premier Orlando Property

The successful sale of Arden Villas is a textbook example of how Pollack Shores builds long-term value for its investment partners through strategic renovations and a highly focused management approach. Originally built in 1999 in east Orlando, Pollack Shores acquired the 336-unit community in 2014 as a value-add asset. Arden Villas recently underwent a substantial capital improvement project that delivered a wide range of new amenities to this picturesque community, which is now positioned as one of the top multifamily UCF-student focused assets in the submarket.

The before-and-after pictures tell the story of the dramatic transformation launched in 2014. Top-tier amenities include a beautiful new swimming pool area that now features an outdoor lounge, grilling stations, locally inspired art mural and new furniture ideally suited for pool parties and other informal gatherings. The modernization of the clubhouse was another significant upgrade, as TVs, a new entertainment bar and new furniture now create a welcoming environment for residents and guests. Other improvements include an indoor game room with pool table and artwork, business center with new iMac stations, upgraded offices, fitness center, bocce ball court, full-size basketball and tennis courts, covered parking and a new PA Luxor package system with 71 lockers. These enhancements improved the property to a level to compete with newer communities in the submarket.

The apartment homes at Arden Villas are a functional mix of studio, one, two and rare three-bedroom, three-bath unit types with some of the largest floor plans in the submarket.

“The new owner will have the opportunity to generate additional rental premiums by enhancing the units with granite countertops, stainless steel appliances, new cabinetry and hardware, wood vinyl plank flooring and other upgraded fixtures,” said Andrew Wittgen, Managing Director of Asset Management.

Pollack Shores recently introduced this full renovation scope to three units, which are currently earning a $324 premium.

“Arden Villas is 95 percent occupied and has emerged as one of the area’s premier luxury communities as a result of its dynamic programming, close proximity to the University of Central Florida and access to vibrant in-town destinations such as Waterford Lakes Town Center and Oviedo Mall,” Wittgen said.