Pollack Shores Snags GA Community
The firm purchased AMLI Northwinds in Alpharetta, which will be renamed and undergo a $13 million renovation plan to upgrade unit interiors and amenity spaces.
Pollack Shores Real Estate Group has acquired AMLI Northwinds, an apartment community in Alpharetta, Ga. The property will be renamed Avery at Northwinds and represents the firm’s largest purchase, bought in partnership with an account advised by the real estate business of UBS Asset Management. Avery at Northwinds will be managed by Matrix Residential, a subsidiary of Pollack Shores. This marks the company’s re-entry into the Alpharetta market, after its $26 million sale of ECHO at North Point Center, in February.
Located at 32000 Gardner Drive, the 1997-built community features 800 one-, two- and three-bedroom floorplans, ranging from 696 to 1,619 square feet. The property comprises 39 two- and three-story buildings, currently at an occupancy of 90 percent as of August, according to Yardi Matrix. Interior features include wood-burning fireplaces, 9-foot ceilings with crown moldings, trey ceilings, vaulted ceilings, hardwood foyers, full size washer/dryers, ceiling fans, gourmet kitchens, maple cabinets with black appliances, garden tubs, spacious closets, walk-in laundry rooms, sunrooms, patio/balconies and outside storage. Common area amenities include:
- three resort-style swimming pools
- three lighted tennis courts
- resident activity center with theater and stadium seating
- state-of-the-art fitness center
- business center
- landscaped courtyard with fountain and barbecue area
- pet park
- car care center
- access to Alpharetta Greenway walking path and park
The new owner will implement a $13 million capital improvements plan for both upgrades and amenities. This will include new appliances, countertops and light fixtures for each unit, as well as renovations to the pools, a new fitness center and converting two-thirds of the tennis courts into “The Hub.” This area will provide a large greenspace that aims to improve resident connectivity and will host a variety of events.
“Acquiring a top-performing asset such as Avery at Northwinds in a suburban market with healthy job and population growth is indicative of our strategic focus,” Brendan Whalen, vice president of Acquisitions at Pollack Shores, told Multi-Housing News. “We look forward to refreshing and enhancing the living experience for our new residents through capital improvements that will energize the community and deliver significant returns for our investors.”
Images courtesy of Pollack Shores Real Estate Group