166-unit age-targeted development under firm’s Olea brand
Multifamily developer and investment firm Pollack Shores Real Estate Group announced plans today to develop 166 active adult apartments in the Viera community of Melbourne, Florida. Set to break ground in January, Olea at Viera is part of Pollack Shores’ national efforts to develop more age-targeted housing amid a spike in demand for this product type.
Pollack Shores’ Olea brand is centered around community – it is the idea that today’s baby boomers, who are more active than preceding generations, seek a turnkey, vibrant living experience via specialized events and programming unique to their neighborhood.
“Olea at Viera plays a significant role in our next chapter as a company,” said Steven Shores, CEO of Pollack Shores. “Age-targeted communities have always been a part of our story, and the establishment of the Olea brand only escalates our commitment to delivering quality apartment homes to this audience. We look forward to sharing more news on our Olea portfolio in the months ahead.”
Olea at Viera will open in April 2020 and offers a top-notch, customized living experience. It prioritizes freedom, convenience and a full array of amenities and services. New data from the U.S. Census Bureau shows there are approximately 74 million baby boomers between 54-72 years old, marking a 63 percent increase for that age bracket when compared to the previous generation.
Shores added, “The over-50 renter is one of the fastest growing consumer groups in the U.S., and their influence on the market is only getting stronger. This generation wants to be close to family while also being connected to an authentic community that challenges conventional standards of senior living. The flexibility of leasing and ability to provide a new experience to this resident profile make communities such as Olea at Viera an attractive option.”
Located at 8920 Trafford Drive, Olea at Viera will offer one-, two- and three-bedroom apartment homes ranging from 630 to 1510 square feet. All units will feature granite countertops, stainless steel appliances, 9 and 10 foot ceilings, luxury wood-style plank flooring and spacious walk-in closets.
Olea at Viera will also house sophisticated social areas for residents to mingle, including a large, social kitchen, pool courtyard, library, community garden and fitness studio with state-of-the-art athletic equipment and ample room for group fitness classes. A full-time lifestyle director will join the on-site team to coordinate events such as cooking classes, cocktail socials, seasonal crafting and more.
“Residents will enjoy a full calendar of activities at Olea at Viera, along with the everyday conveniences in the immediate neighborhood,” said Michael Oliver, Development Manager at Pollack Shores. “Interest in the project is high, and we look forward to starting pre-leasing in early 2020.”
The new development is situated near major retail centers, entertainment destinations, recreational facilities and healthcare services. Residents will be within close-proximity to the entire Viera community, including The Avenue Viera and Health First Viera Hospital.
Known for acquiring, developing, managing and investing in best-in-class multifamily communities, Pollack Shores is currently active in Atlanta, Orlando, Tampa, Jacksonville, South Florida, Raleigh, Charlotte, Charleston, Dallas, Austin, Nashville and Richmond. The firm is also the parent company of property management firm Matrix Residential, which has nearly 31,000 units under management across eight states.
About PollackShores Real Estate Group, LLC
PollackShoresis an award-winning full service real estate company creating value through multifamily investment opportunities throughout the Sun Belt. Founded in 2006, the Atlanta-based company currently owns $1.6 billion in total assets. PollackShores also owns and operates Matrix Residential, an innovative property management firm dedicated to creating exceptional experiences for every resident, property and client. Matrix Residential manages a balanced portfolio of nearly 31,000 multifamily units across eight states.
Together,PollackShoresand Matrix Residential are rooted in their mission of maximizing the value and living experience for every community. For more information about PollackShores, visit pollackshores.com/. For more information about Matrix Residential, visit matrixresidential.com/.
