MIAMI—The Polo Glen Apartments has traded for $28.2 million. Marking a new investment strategy for the firm, Pollack Shores Real Estate group snapped up the 252-unit multifamily asset in the Melbourne, FL area. Matrix Residential, a Pollack Shores company, will manage the luxury gated multifamily community.

“In the past, we've looked to acquire communities in larger Southeastern markets, and that's worked well,” says Graham Carpenter, director of Pollack Shores. “This is a new, class A property—built in 2008—but in a smaller market. We believe it will offer an excellent return for our investors, and we'll be looking for similar opportunities in the future.”  

The garden-style multifamily community is 94% occupied and one of the most luxurious in the area. Located close to Interstate 95, the Beachline Expressway and U.S. 1., the property offers a heated pool, fitness center, playground, cyber café, high speed Internet access and 24-hour maintenance.  

Polo Glen Apartments is located at 3603 Middleburg Lane in the Melbourne suburb of Rockland. The fast-growing Melbourne area is close to major employers in the aviation and aerospace industries including Boeing, Northrop Grumman and Harris Corp. It's also near area hospitals and universities, as well as destinations such as the Avenue Viera, Space Coast Stadium, golf courses and shopping malls.

Phoenix Capital Partners provided an equity investment in the property. Stephen Farnsworth with Walker & Dunlopsecured a 10-year fixed rate Freddie Mac loan, which closed simultaneously with the acquisition. Kevin Judd with ARA brokered the sale.

Florida is one of Pollack's key target markets, along with Georgia, Tennessee and the Carolinas. Pollack currently has offices in Atlanta, Tampa, South Florida and Charlotte. The firm has developed and/or acquired nine properties with 3,170 units in the Sunshine State.