JACKSONVILLE, Fla. (Nov. 13, 2017) – Multifamily investor and operator Pollack Shores today announced its acquisition of The Retreat at St. Johns, a 420-unit garden-style apartment community in Jacksonville, Florida featuring premier access to local beaches, major employers and the region’s dominant retail destination. The firm is planning $4 million in renovations and improvements to the community, which is located in the area’s top performing multifamily submarket.
Located off J. Turner Butler Boulevard at the entrance to the University of North Florida, The Retreat at St. Johns was originally built in 2007 and will undergo renovations beginning in the first quarter of 2018. The 432,956-square-foot development features coastal-style living and consists of 15 buildings with units ranging from 756 to 1,376 square feet. All 420 residences will incorporate top-tier finishes that include new stainless steel appliances, granite countertops, new kitchen hardware and luxury vinyl tile flooring. The picturesque property also includes a 3.5-acre lake with fountain features and a 6.25-acre conservation area that wraps around its boundaries, providing an ideal outdoor area for residents.
The acquisition marks Pollack Shores’ re-entry into the Jacksonville MSA after the firm’s successful development and disposition of The Brooklyn Riverside.
“We are pleased to re-enter the Jacksonville market with the acquisition of The Retreat at St. Johns, which sits in the epicenter of one of the nation’s fastest-growing areas for population and job growth,” said Brendan Whalen, Vice President of Acquisitions at Pollack Shores. “It offers tremendous potential, and checked all the boxes for our focused value-add strategy. We look forward to completing our renovations and attracting residents from across the metro area.”
The Retreat at St. Johns showcases a number of premier amenities, including a resort-style pool with Jacuzzi, private movie theater, billiards room, complimentary coffee bar and lakeside walking trail. Residents are also less than five minutes away from the renowned St. Johns Town Center, an upscale outdoor mall featuring a diverse blend of more than 100 retailers and restaurants including Apple, Anthropologie, Louis Vuitton, P.F. Chang’s and The Cheesecake Factory. The venerable Southside location also offers convenient access to Jacksonville’s pristine beaches, with drive-time averaging just over ten minutes.
The Retreat at St. Johns is located within Jacksonville’s largest suburban employment district, and is within close proximity to six different Fortune 500 companies, including Comcast, Bank of America and State Farm. The metro area is expected to add more than 50,000 new jobs over the next five years, with Money Magazine recently tabbing Jacksonville as no. 7 on its list of best cities for job seekers. The average household income within a 3-mile radius of The Retreat at St. Johns is more than $87,000.
“The ongoing economic growth and highly skilled workforce that continues to flow into this community cemented our decision to invest in Jacksonville,” said Steven Shores, president of Pollack Shores. “Today’s acquisition reflects our commitment to establish North Florida as a key hub in our expanding network of apartment communities that deliver upscale amenities, convenience and a superior quality of life for residents.”
For more information, please visit http://www.pollackshores.com./
About Pollack Shores Real Estate Group, LLC
Pollack Shores is an award-winning full service real estate company creating value through multifamily investment opportunities in the Southeast. Founded in 2006, the Atlanta-based company currently manages a balanced portfolio of nearly 20,000 multifamily units representing in excess of $1.3 billion in total assets. Pollack Shores fully embraces the core value of service to its community, its residents and its clients.