Melbourne, Fla.—Pollack Shores Real Estate Group has recently acquired a 252-unit multifamily community in Melbourne, Fla., for $28.2 million. The community, called Polo Glen Apartments, is currently 94 percent occupied. Matrix Residential, a Pollack Shores company, will manage the property.
Polo Glen Apartments is a garden-style luxury community that contains one-, two- and three-bedroom floor plans. Amenities include a heated pool, fitness center, playground, cyber café, high-speed Internet access and 24-hour maintenance.
“It’s the nicest alternative to owning a home in the Melbourne market,” Graham Carpenter, director, Pollack Shores, tells MHN. “The apartments feel more like homes than apartments—they have large a ‘big house’ design, large floor plans, direct entry, tile throughout and a large number of garages, including attached garages. It also has best-in-class amenities.”
The location plays a key part in the property’s high occupancy rate. Melbourne is south of Cape Canaveral, in the area known as the “Space Coast.” This area features many employers in the aviation and aerospace industries, such as Boeing, Northrop Grumman and Harris Corp. Polo Glen Apartments is also located near hospitals, universities, golf courses, shopping and destinations such as the Avenue Viera and the Space Coast Stadium. It is also located near Interstate 95, the Beachline Expressway and U.S. 1.
“It fits well into our strategy to buy the highest quality Class A communities in smaller markets,” Carpenter says. “We’re looking for similar deals going forward.”