Pollack Shores Enters Mid-Atlantic Market
- Mar 07, 2019
Pollack Shores Real Estate Group has entered the Mid-Atlantic region with its acquisition of The Flats at West Broad Village, a 339-unit apartment community in Glen Allen, Va. The price of the acquisition, made with Heitman LLC, was not disclosed.
“We’re excited to enter Richmond and the Mid-Atlantic region as real estate owners,” Steven Shores, CEO of Pollack Shores, said in a prepared statement. “Matrix Residential, our management arm, has been operating in this market for several years. This was a rare opportunity to acquire a high-quality asset in the heart of a vibrant mixed-use project. Our team continuously seeks opportunities such as these where we can enhance all aspects of our resident’s living experience. This includes increasing the quality of the asset via capital improvements, and further integrating The Flats at West Broad Village with its walkable retail, office and lifestyle amenities.”
Shores said the firm plans to make about $4.5 million in capital improvements to the apartment community located at 3930 Wild Goose Lane in the popular Short Pump district outside Richmond, Va. Plans include adding new stainless steel appliances, modern cabinetry and doors, lighting fixtures, granite countertops and plank flooring.
The Flats at West Broad Village opened in 2009 and features street-level retail and townhomes on cobblestone streets in the heart of Short Pump. The acquisition includes 8,300 square feet of ground-floor retail in the front of the community that will be used for a new leasing office, state-of-the-art fitness center and internet café.
The units are located above ground-floor retail in between Whole Foods and Trader Joe’s markets and have 28 floorplans for one-, two- and three-bedroom apartments. The greater Richmond area is home to 11 Fortune 1000 firms, with eight located within a 20-minute drive of The Flats at West Broad Village.
“The Flats at West Broad Village is the only community within the immediate area that is integrated with lifestyle retail,” Brendan Whalen, vice president of acquisitions at Pollack Shores, said in a prepared statement. “The property is well-positioned for future rent growth by way of metro Richmond’s fast-growing employment base and an abundance of shopping and dining options right outside our door. We anticipate this will be the first of many acquisitions in Richmond and the Mid-Atlantic region.”
Growth of Pollack Shores
Matrix Residential is a subsidiary of Pollack Shores. It currently serves as a third-party property manager for about 31,000 multifamily units across eight Southeast states, including about 2,200 units in the Richmond area. Atlanta-based Pollack Shores, formed in 2006 by Shores and Marc Pollack, has been built a portfolio of more than $1.6 billion in assets throughout the Sun Belt.
Last year, Pollack Shores acquired several value-add assets, including Discovery at River Bend in North Atlanta, Factory at Garco in Charleston, and Avery at Northwinds in Alpharetta, Ga., formerly known as AMLI Northwinds.
In January, the firm sold 5 West Apartments, a 318-unit, Class A community in Tampa, for $61.9 million to TH Real Estate. A few months earlier, in October, a joint venture between Pollack Shores and Braves Development Co. sold Home at The Battery Atlanta, three luxury apartment communities located within The Battery Atlanta, a 1.5 million-square-foot mixed-use destination, to Cortland.
Image courtesy of Pollack Shores Real Estate Group