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May. 10, 2013

TODAY’S DEALS: Pollack Shores Adds Orlando Apartments to Portfolio

Sabal Palm

Orlando, Fla.—Pollack Shores Real Estate Group, a privately owned partnership, has acquired another Orlando luxury apartment community. The community—Sabal Palm at Metrowest II—has 456 apartments ranging in size from one- to four-bedroom units. The firm will also invest another $1.5 million into improving the clubhouse, pools, landscaping and other amenities. The transaction closed April 18.

This is the firm’s second acquisition of a luxury Central Florida multifamily community within just under three months. Pollack Shores previously announced that it acquired the 252-unit Polo Glen Apartments in the Melbourne area on January 24.

“We plan to take a very hands-on approach to operating and managing the community,” says Pollack Shores’ Director Graham Carpenter. “We have a proactive plan in place that will drive performance for our investors while providing an enhanced lifestyle experience for our residents.” The firm plans to completely re-brand and re-position the property, which will become known as Indigo West. Matrix Residential, the firm’s property management subsidiary, will manage the asset. Matrix manages all the Pollack Shores communities, as well as many more owned by outside investors and developers.

Pollack Shores is also developing several Florida apartment communities. SteelHouse in Downtown Orlando opened recently, NoHo Flats is under construction in Tampa, and several other Florida developments are slated to break ground later in the year. Since its 2006 launch, the firm has opened two offices in the Sunshine State, and developed and/or acquired 10 properties totaling almost 3,600 units.

“We’ve had several successful projects here, and remain in the market for many more,” Carpenter concludes. The firm is currently scouting for more acquisitions across Central and South Florida, as well as Georgia, Tennessee and the Carolinas.

Sabal Palm, built in 1998, is a garden-style community located at 6101 Raleigh St. in Orlando. Located near Universal Studios, the 408 Expressway and I-4, its amenities include two pools, a 24-hour fitness center, a playground, tennis courts, attached garages and a car care area. Jones Lang LaSalle brokered the deal and arranged the debt financing.

Greystone acquires two Brooklyn development properties

New York—Greystone will be bringing two high-end rentals to Brooklyn in the near future now that the real estate development and financial services company has closed on two new sites. The first asset is located at 137-43 North 10th Street in Williamsburg. It is a five-story, 30,000-square-foot loft conversion that Greystone plans to convert into a 36-unit multifamily asset with 12 foot ceilings and a community style rooftop space.

The second property is a vacant development site at 47-51 Bridge Street in the Dumbo (Down Under the Manhattan Bridge Overpass) neighborhood. It will be transformed into a 27-unit, ground-up rental project with amenities. Both transactions closed in the last 60 days.

“We believe in the incredible growth occurring throughout Brooklyn as it becomes one of the premier housing destinations in the region,” says Jeffrey Simpson, director in Greystone’s Property Development business. “The buildings will be developed to provide great New York City quality living, while maintaining and celebrating Brooklyn’s unique and vibrant past.”

Centerline Capital refinances a Jacksonville asset

Jacksonville, Fla.—Centerline Capital Group has provided a $6.8 million Fannie Mae fixed-rate affordable loan to refinance Pinewood Pointe Apartments, a 136-unit affordable asset located in Jacksonville, Fla. The fixed-rate loan has a 12-year term, 9.5-year lockout, and a 30-year amortizing schedule. Proceeds will be used to refinance existing tax-exempt bonds, which were also financed by Centerline.

“The property is well-located in a desirable residential neighborhood with high quality development surrounding the property and easy access to major employers, supportive commercial uses and recreational amenities,” says Jim Gillespie, managing director at Centerline Capital Group. “The borrower is a repeat Centerline client that is a very experienced multifamily developer, owner and manager. At Centerline, we continuously look to identify affordable housing opportunities that are attractive to our investors and also make a significant impact on the communities where they exist.”

Pinewood Pointe was originally built in 1991, and was acquired and renovated in 2007 with tax exempt bonds issued by Florida Housing Finance Corp. and equity from the sale of 4 percent low income housing tax credits. Amenities include a clubhouse/leasing office with a business center, a community pool, two playgrounds, a car wash area and picnic areas.

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