Pollack Shores Sells ATL Property for $26M
- Feb 14, 2018
Pollack Shores has sold its newly developed apartment community in Alpharetta, Ga., ECHO at North Point Center. The 111-unit property traded for $26.1 million, or $235,135 per unit. A CBRE team of brokers represented Pollack Shores in its sale to an Atlanta-based private real estate investment firm.
ECHO at North Point Center is located at 10105 Westside Parkway, in proximity to the Turner McDonald Parkway and North Point Mall. The community comprises 51 one-bedroom, 50 two-bedroom and 10 three-bedroom units ranging in size from 714 to 1,442 square feet. Pollack Shores completed construction work at ECHO in 2017. The community still bears a construction loan originated by Synovus Bank in 2015 in the amount of $14 million, due in 2019. According to Yardi Matrix, ECHO was 59 percent occupied as of December 2017.
High barrier of entry
According to CBRE Capital Markets Senior Vice President Shea Campbell, Alpharetta has a very high barrier of entry, with only five multifamily assets delivered in the last 15 years. Developers are primarily targeting infill locations in Midtown and Buckhead, with northern submarkets such as Alpharetta or Vinings presenting less activity, according to the latest Yardi Matrix Atlanta multifamily report. At the same time, the area features highly affluent demographics, with a median household income of $70,391 within a three-mile radius of ECHO at North Point Center.
“Alpharetta is a major employment center, which is home to many tech giants such as ADP and Verizon. It’s a high-income area with affluent residents and therefore a very attractive investment market,” said Campbell in a prepared statement.
ECHO at North Pointe includes common amenities such as a resident lounge, swimming pool with sun shelf and terraces, outdoor grill area with a fire pit, bocce ball court, fitness center, a dog spa and an art room. Proximity to major thoroughfares enables quick access around the Atlanta metro, and residents can reach multiple dining and shopping destinations within minutes, along Holcomb Bridge Road.
Image courtesy of Pollack Shores