Firm plans $4.5 million in capital improvements for apartment community in popular Short Pump district outside Richmond
ATLANTA, GA. (March 1, 2019) – Multifamily developer and investment firm Pollack Shores Real Estate Group announced today the acquisition of The Flats at West Broad Village, a 339-unit apartment community in Glen Allen, Virginia with Heitman LLC. The transaction represents Pollack Shores’ entry into the Mid-Atlantic region and marks the latest chapter in the firm’s prolific growth over the last year.
Opening in 2009, The Flats at West Broad Village features street-level retail and townhomes on charming cobblestone streets in the heart of Short Pump. The acquisition includes 8,300 square feet of ground floor retail in the front of the community that will be used for a new leasing office, state-of-the-art fitness center and internet café. Pollack Shores plans to invest $4.5 million in capital improvements in and around the property, which is situated above ground floor retail in between a Whole Foods and Trader Joe’s.
“We are excited to enter Richmond and the Mid-Atlantic region as real estate owners,” said Steven Shores, CEO of Pollack Shores. “Matrix Residential, our management arm, has been operating in this market for several years. This was a rare opportunity for Pollack Shores to acquire a high-quality asset in the heart of a vibrant mixed-use project. Our team continuously seeks opportunities such as these where we can enhance allaspects of our residents’ living experience. This includes increasing the quality of the physical asset via capital improvements, and further integrating The Flats at West Broad Village with its’ walkable retail, office and lifestyle amenities. Our approach promotes neighborhood activation and a strong contribution to the existing live-work-play concept. We will continue to pursue similar opportunities across the Mid-Atlantic.”
The Flats at West Broad Village offers 28 various floor plans for one-, two- and three-bedroom apartment homes. Anticipated renovations include the addition of new stainless-steel appliances, modern cabinetry and doors, new plumbing and lighting fixtures, granite countertops and plank flooring.
“The Flats at West Broad Village is the only community within the immediate area that is integrated with lifestyle retail,” said Brendan Whalen, Vice President of Acquisitions at Pollack Shores. “The property is well-positioned for future rent growth by way of metro Richmond’s fast-growing employment base and an abundance of shopping and dining options right outside our door. We anticipate that this will be the first of many acquisitions in Richmond and the mid-Atlantic region.”
The greater Richmond area is the home of 11 Fortune 1000 firms. Eight are within a 20-minute drive of The Flats at West Broad Village.
Matrix Residential, a subsidiary of Pollack Shores, will add The Flats at West Broad Village to its growing portfolio of award-winning properties across the Sunbelt. Matrix currently serves as a third-party property manager for approximately 2,200 units in the Richmond area and brings a wealth of existing submarket knowledge to the table.
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, Raleigh, Charlotte, Charleston, Dallas, Austin, 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 31,000 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/.