Upgrading to ‘Current Luxury Levels’
- Mar 25, 2015
Delray Beach, Fla.—Pollack Shores Real Estate Group (PSREG) has acquired The Vinings at Delray Beach, a 228-unit apartment property in Delray Beach, in South Florida. According to the company, the purchase brings its current Florida portfolio to over 4,000 units.
Built in 1996, Vinings is a resort-style property not far from Downtown Delray. It includes one-, two-, and three-bedroom apartments, with a number of common amenities: a resort-style pool, outdoor grills, volleyball court, fitness center, and business center.
Atlanta-based PSREG plans to invest an unspecified but “significant” amount of capital to upgrade the apartment interiors to “current luxury standards.” That includes vinyl-plank wood flooring, granite countertops, new cabinetry, stainless steel appliances, and new lighting. Also, the buyer plans upgrades to the property’s clubhouse, fitness center and pool area.
Rents at Vinings are currently 45 percent below the top of the submarket. That means that PSREG has the opportunity to reposition the property as a luxury option that isn’t too expensive in its East Delray Beach location, explains Pollack Shores managing director Graham Carpenter.
Matrix Residential, the multifamily management division of Pollack Shores, will manage the property.
PSREG’s other recent Florida deals include the acquisition last year of Arden Villas, a 336-unit property in Orlando, and the purchase the newly built Gateway North, a 342-unit property in Largo.
ARA Newmark’s executive managing directors Avery Klann and Hampton Beebe, along with vice chairmen Dick Donnellan and Marc deBaptiste, represented the seller in the deal.