Pollack Picks Off Luxury Pinellas Multifamily

MIAMI—Pollack Shores Real Estate Group has snapped up The Coves of Brighton Bay, a 382-unit luxury multifamily community in Saint Petersburg, FL. That brings Pollack's multifamily grabs up to 1,090 units in Central Florida markets in the last eight months alone.

The Coves of Brighton Bay is in the gateway submarket of Pinellas County, one of the state's largest employment centers. Pollack purchased the multifamily community from a large institutional investor. Jones Lang LaSalle brokered the sale and arranged the buyer's debt financing. Financial terms of the deal were not disclosed.

“This is in keeping with our strategy of acquiring well-located, high quality properties in areas with strong economies and the potential for even stronger employment growth,” says Pollack's director, Graham Carpenter. “We specialize in value-add opportunities in strong, well-located Florida submarkets with sound fundamentals, and we continue to look for new acquisition opportunities.”

Built in 2000, The Coves is a garden-style, resort-like multifamily community located at 10901 Brighton Bay Boulevard Northeast. Amenities for the one- two- and three-bedroom pet-friendly apartments include a lake, resort-style pool, observation dock, garages, fitness center, business center and gazebo. The multifamily community features a large nature preserve.

Pollack plans to make improvements to the multifamily property, including upgrading the exterior siding from stucco to Hardie plank and installing insulated, energy-efficient windows. There are also plans to renovate the clubhouse and apartment interiors.

Pollack's other recent acquisitions include the 252-unit Polo Glen Apartments in the Melbourne, FL metro area in January, and the 456-unit Sabal Palm at Metrowest II Apartments in Orlando. The firm plans to add more Florida properties to its multifamily portfolio over the coming months.