Pollack Shores Launches Opportunity Zone Initiative
- Mar 25, 2019
Pollack Shores Real Estate Group has launched an opportunity zone initiative focused on developing and operating multifamily communities across the Southeast and Southwest U.S.
The firm will focus on building the properties in designated opportunity zones and currently has two developments underway in Atlanta and Charleston, S.C., with several planned projects across the Sun Belt region.
In Atlanta’s Chosewood Park neighborhood, Pollack Shores is developing Skylark, a 319-unit Class A apartment community overlooking the future Southeast BeltLine trail. Located at 1099 Blvd. SE, the property will offer a mix of units ranging in size from 500-square-foot micro-units to three-bedroom apartments with more than 1,500 square feet. The community is expected to be completed in the fall.
In Charleston’s North Morrison neighborhood, Pollack Shores has begun construction on The Merchant, a 231-unit apartment community located at 102 Sottile St., on a former steel yard. That property is also expected to be completed in the fall.
“Many in our industry have been in ‘wait and see’ mode, and the investment community is eager to see quality Opportunity Zone deal flow,” said Jessica Ramsey, vice president of capital markets at Pollack Shores, in prepared remarks. “We are excited to be one of the first developers to actualize projects that drive returns and make a positive social impact on these districts. Each deal will be highly customized based on the needs and fundamentals of the market.”
Earlier this month, Stillwater Capital announced two new apartment communities it was developing within designated opportunity zones in Austin, Texas.