The sale marks the Atlanta-based firm’s largest acquisition to date, approximately $13 million in renovations planned
ATLANTA (Sept 28, 2018) – Multifamily developer and investment firm Pollack Shores Real Estate Group today announced the acquisition of AMLI Northwinds, an 800-unit apartment community in Alpharetta, Georgia within walking distance of premier shopping, dining and entertainment.
The community will be renamed Avery at Northwinds and represents Pollack Shores’ largest ever acquisition. The firm also unveiled plans to invest more than $13 million in property upgrades and amenity improvements. The transaction marks Pollack Shores’ re-entry into the Alpharetta submarket after the successful sale of ECHO at North Point earlier this year.
“We are excited to re-enter the Alpharetta market with the acquisition of Avery at Northwinds,” said Steven Shores, CEO and President of Pollack Shores. “Our planned capital improvements will drive significant revenue growth and create a dynamic community that appeals to renters in search of an urban, live-work-play experience within a suburban market. With a diversified employment base and wide array of shopping, dining and entertainment right outside the front door, Avery at Northwinds will thrive for years to come.”
The property is adjacent to the Alpha Loop, Alpharetta’s version of the Atlanta Beltline, and is located less than one mile from Avalon, the award-winning, 86-acre mixed-use destination. Avery at Northwinds is also in close proximity to Downtown Alpharetta, Top Golf, Verizon Wireless Amphitheater and Wills Park Recreation Center. Major employers located nearby include Verizon Wireless, McKesson and ADP.
Project plans call for new appliances, countertops, and light fixtures for all residential units. Amenity upgrades will include renovations to the property’s three pools, a new fitness center and the conversion of two thirds of the tennis courts into “The Hub.” This area will provide a large connective greenspace that will bring the community together for a variety of special events including corn hole, live music and more.
Alpharetta is known as Metro Atlanta’s most affluent suburban market. Recently named Entrepreneur’s number one U.S. city to start a small business, the area has no shortage of demand drivers.
“The purchase of Avery at Northwinds represents a broader acquisitions strategy that capitalizes on the supply of underutilized assets in suburban Sun Belt markets,” said Brendan Whalen, Vice President of Acquisitions at Pollack Shores. “Pollack Shores understands how to identify and effectively reposition assets through better management, marketing and capital improvements in high job-growth markets like Alpharetta. We will continue to seek timely opportunities that deliver value for the firm and its strategic partners.”
Pollack Shores acquired the property in partnership with an account advised by the real estate business of UBS Asset Management. Matrix Residential, a subsidiary of Pollack Shores, will add the development to its growing and diverse portfolio of award-winning luxury properties the company manages across the Sunbelt.
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 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/.