Pollack to Open Its First Project, a $59M Rental Community in Atlanta
- May 22, 2008
By Myles McBride, ReporterAtlanta– Pollack Partners, a new multifamily development firm has joined with BHC property group to build a $59 million luxury rental community that will open its doors to residents this month.Two Blocks Apartment Homes will be leased and managed by the Worthing Cos. after it is complete. The equity partner for the project is Westplan Investors Inc. This is Pollack Partners’ first completed project and it is the first of many in a line of multifamily rental communities that are being built across the country.The project includes 400 apartments that feature a wide range of state-of-the-art amenities. The apartment project is also located in the rapidly growing perimeter area of Dunwoody, Ga., where employment trends and a demand for high-quality rental housing are expected to increase exponentially over the next five years. Rents start at $985.To further help prospective buyers, Pollack Partners has included an overview of the six possible floor plans that each rental unit offers. These floor plans can be furnished online to help prospective tenants decide what arrangements would be best for them. People can log onto the Web site and click floorplans. They will see a floorplan and little icons shaped like tables, chairs, couches, beds, pianos etc. They can click and drag the icons onto the floorplan and arrange their furniture.Pollack Partners has just entered a partnership with an affiliate of Goldman Sachs and several other investors to create an investment fund that is expected to produce over $1 billion in new investments throughout the region in the years to come. Pollack Partners is also looking forward to the opening of a $42 million rental community this summer in Tampa, Fla. “There has been very little apartment development in this area in recent years, and we feel this is a great opportunity,” says Marc Pollack, chairman and CEO of Pollack Partners.