Pollack Shores Real Estate Group has acquired Discovery at River Bend, a 256-unit market-rate community in Duluth, a northern suburb of Atlanta. The purchase marks the firm’s second major transaction in the area this year, following its sale of a community in nearby Alpharetta for $26.1 million in February.
Discovery at River Bend’s previous owner, a partnership between McCann Realty Partners and Admiral Capital Group, had picked up the asset in February 2016 for $24.8 million from Resource Real Estate, per Yardi Matrix.
Located at 3350 Peachtree Industrial Blvd. N.W., the property is approximately 25 miles northeast of downtown Atlanta, accessible via Interstate 85. The community is situated within a mile of a number of retail properties and nearly 1 million square feet of office and 495,000 square feet of industrial buildings.
Discovery at River Bend, formerly known as Howell Bridge, opened in 1985. The garden-style community’s 32 two-story buildings contain one-, two- and three-bedroom units, ranging in size from 798 to 1,463 square feet. On-site amenities include:
- swimming pool
- laundry facility
- fitness center
- business center
- tennis and volleyball courts
As of June, the asset was 94.1 percent leased, according to Yardi Matrix data.
Image via Google Street View