ATLANTA (June 21, 2018) – Multifamily developer and investment firm Pollack Shores Real Estate Group announced the sale of Lexington Park at Westchase, a 400-unit apartment community in Tampa located just minutes from the area’s top schools and employment centers. The sale was facilitated by Walker and Dunlop Investment Sales.
“Tampa is one of the nation’s top-performing markets for multifamily investors,” said Steven Shores, CEO of Pollack Shores. “Rapid job growth and absence of new supply are fueling strong demand throughout the submarket. Our decision to bring the project to market is reflective of a strategy that recognizes healthy market conditions for assets in great school districts near premier shopping, dining and entertainment. Lexington Park has shown extensive value-add potential under our ownership, and we are pleased to announce the closing of this transaction.”
Originally acquired by Pollack Shores in 2015, the 16-year-old apartment community underwent a substantial capital improvement project that included the renovation of the clubhouse, 50 percent of the apartment home interiors and upgrades to the exterior elements including new stucco, windows and paint.
“The improvements cost approximately $7M and increased the rental rates of the property by 18 percent,” said Brendan Whalen, Pollack Shores’ VP of Acquisitions. “The success of Lexington Park is a great example of our ability to identify opportunities and execute a solid business plan.”
Lexington Park is located within the affluent Westchase neighborhood of northwest Hillsborough County. The property is adjacent to a Publix-anchored shopping center and is also in close proximity to major retail destinations, local parks, a swimming and tennis center, 18-hole golf course and numerous conservation and wetlands areas. The city of Tampa has added more than 150,000 new jobs in the last three years and boasts one of the lowest unemployment rates of any major U.S. metro area.
Known for acquiring, developing, managing and investing in best-in-class multifamily communities, Pollack Shores is currently active in Atlanta, Orlando, Tampa, Jacksonville, South Florida, Montgomery, Raleigh, Charlotte, Charleston, Dallas, Austin, Memphis, Nashville 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/.