Multifamily developer and investment firm Pollack Shores Real Estate Group announced the sale of 5 West Apartments to TH Real Estate in Tampa, Florida after a successful ten-year hold. The community, originally developed by Pollack Shores, has been an incubator for the company, a place to deploy forward-thinking property management and value-add strategies since 2008.
“5 West Apartments is especially meaningful for Pollack Shores because every side of our business played a significant role in the community’s success,” said Steven Shores, CEO and President of Pollack Shores. “Our team’s collaborative efforts and flawless execution of the initial development, recent renovation and day-to-day onsite management over the last decade showcase our expertise in all areas of multifamily real estate.”
Pollack Shores acquired the land in Tampa’s Westshore District in 2008 and developed the 318-unit garden-style community. It was one of Pollack Shores’ first development projects and marked the company’s first entry into Florida. Pollack Shores has since expanded its presence throughout the state, having managed 6,754 units and owned 23 properties there.
Matrix Residential, Pollack Shores’ property management company, managed the community for eight years. At the time of the sale, 5 West Apartments was 95 percent occupied. Matrix implemented several new programs at this property, such as its social director program. The management firm now employs social directors at over half of its properties.
After recapitalizing the project in 2016 with Crow Holdings, Pollack Shores designed and executed on an aggressive capital improvement project, investing approximately $9,000 per unit and an additional $350,000 into the amenity spaces. The value-add strategy increased rental rates by over 20 percent.
The renovation is 40 percent complete and positions 5 West Apartments to compete with other high-end product in the market. These improvements include the transformation of the original clubroom into a large, modern gym, and the conversion of the former gym into a coffee and Wi-Fi lounge. Outdoor amenities include a resort-style pool with an expansive sundeck overlooking a private lake. The community offers a mix of one- and two-bedroom homes with private patios or balconies, quartz countertops, vinyl plank flooring and well-designed floor plans.
“5 West is located immediately adjacent to the Westshore Business District and the Tampa International Airport providing connectivity to jobs, retail and entertainment centers. As one of the fastest growing cities in the US with increasing employment opportunities, the demand for multifamily in Tampa has continued to rise,” said Carlos Burneo, Senior Director at TH Real Estate and lead for Housing in Florida.
Brendan Whalen, Vice President of Acquisitions at Pollack Shores, said, “There is incredible demand for value-add properties in the multifamily space, and we’re eager to apply our experience and proven approach to our portfolio in 2019.”
Pollack Shores is actively pursuing more value-add opportunities throughout the Sun Belt. In 2018, the firm acquired several value-add assets, including Discovery at River Bend in North Atlanta, Factory at Garco in Charleston, South Carolina and Avery at Northwinds in Alpharetta, Georgia.
About Pollack Shores Real Estate Group, LLC
Pollack Shores is 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. Pollack Shores 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, Pollack Shores and Matrix Residential are rooted in their mission of maximizing the value and living experience for every community. For more information about Pollack Shores, visit pollackshores.com/. For more information about Matrix Residential, visit matrixresidential.com/.
About TH Real Estate
TH Real Estate, an affiliate of Nuveen (the investment management arm of TIAA), is one of the largest real estate investment managers in the world with $125bn in AUM. We provide access to every aspect of real estate investing. With over 80 years of investing experience, and more than 530 real estate professionals located across 22 cities throughout the US, Europe and Asia-Pacific, the platform offers unparalleled geographic reach, which is married with deep sector expertise.
