Pollack Shores Acquires Suburban Apartment Community
The acquisition represents the firm’s broader suburban investment strategy.
ATLANTA, GA—Multifamily developer and investment firm Pollack Shores Real Estate Group is acquiring Discovery at River Bend in Duluth, GA. The 256-unit community is located at 3350 Peachtree Industrial Boulevard just minutes from Downtown Duluth, the area’s top employers, a grocery-anchored shopping center and several quality restaurants.
The sale price was not disclosed, but the property was previously sold in February 2016 to a joint venture of Admiral Capital Group and McCann Realty Partners, who acquired it from Resource Real Estate for $24.8 million, according to Real Capital Analytics, a proprietary research database.
Discovery at River Bend features 40 one-bedroom units, 153 two-bedroom units and 64 three-bedroom units. Pollack Shores plans to renovate the amenities and interior units of the community.
Interior unit renovations will include new appliances, washer and dryer systems, cabinets, solid-surface countertops, lighting fixtures, plumbing fixtures and new paint. Luxury vinyl plank wood flooring will be added throughout the kitchen and living room areas. All bedrooms will receive new carpet.
Amenity upgrades will include a new fitness center, an updated outdoor sports court and playground, a collaborative business center, new pool lounge furniture and the addition of an indoor recreation area. The outdoor park space will also get a revamp with new picnic tables, string lights and grilling areas.
The property is located near a Kroger-anchored shopping center and is also near Downtown Duluth’s shops and dining. The community is also located near some of the area’s top employers including Genova Diagnostics, AGCO Global, Veristor and PossibleNOW. Between 2015 and 2016 the population of Duluth grew by 1.37% and its median income grew by 10.4%. The city also experienced a 6.53% growth in number of employees.
“There’s a clear demand for quality multifamily housing in suburban markets like Duluth with strong job and population growth as well as highly rated schools,” says Brendan Whalen, vice president of acquisitions for Pollack Shores. “We will continue to seek out similar value-add opportunities for our investors and look forward to enhancing the living experience for our residents.”
In North Atlanta’s suburban arc, Pollack Shores recently acquired Menlo Creek, and through its wholly owned subsidiary Matrix Residential, began managing two apartment communities, 1760 and Sugarloaf Summit in Gwinnett County.
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.