16B — March 29 - April 11, 2019 — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
O wners , D evelopers & M anagers
Firm plans $4.5M in capital improvements for apartment community Pollack Shores enters Mid-Atlantic Region with acquisition of The Flats at West Broad Village
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tures street-level retail and townhomes on charming cob- blestone streets in the heart of Short Pump. The acquisition includes 8,300 s/f of ground floor retail in the front of the community that will be used for a new leasing office, state- of-the-art fitness center and internet café. Pollack Shores plans to invest $4.5 million in capital improvements in and around the property, which is situated above ground floor retail in between a Whole Foods and Trader Joe’s. “We are excited to enter Richmond and the Mid-Atlan-
tic region as real estate own- ers,” said Steven Shores , CEO of Pollack Shores. “Ma- trix Residential, our manage- ment arm, has been operating in this market for several years. This was a rare op- portunity for Pollack Shores to acquire a high-quality as- set in the heart of a vibrant mixed-use project. Our team continuously seeks opportuni- ties such as these where we can enhance all aspects of our residents’ living experience. This includes increasing the quality of the physical asset via capital improvements, and further integrating The Flats at West Broad Village with its’ walkable retail, office and lifestyle amenities. Our approach promotes neighbor- hood activation and a strong contribution to the existing live-work-play concept. We will continue to pursue simi- lar opportunities across the Mid-Atlantic.” The Flats at West Broad Village offers 28 various floor plans for one-, two- and three- bedroom apartment homes. Anticipated renovations in- clude the addition of new stainless-steel appliances, modern cabinetry and doors, new plumbing and lighting fixtures, granite countertops and plank flooring. “The Flats at West Broad Village is the only community within the immediate area that is integrated with life- style retail,” said Brendan Whalen , vice president of ac- quisitions at Pollack Shores. “The property is well-posi- tioned for future rent growth by way of metro Richmond’s fast-growing employment base and an abundance of shopping and dining options right outside our door. We anticipate that this will be the first of many acquisitions in Richmond and the mid- Atlantic region.” The greater Richmond area is the home of 11 Fortune 1000 firms. Eight are within a 20-minute drive of The Flats at West Broad Village. Matrix Residential, a sub- sidiary of Pollack Shores, will add The Flats at West Broad Village to its growing portfolio of award-winning properties across the Sunbelt. Matrix currently serves as a third- party property manager for approximately 2,200 units in the Richmond area and brings a wealth of existing submar- ket knowledge to the table.
TLANTA, GA —Mul- tifamily developer and investment firm Pol-
lack Shores Real Estate Group announced today the acquisition of The Flats at West Broad Village, a 339- unit apartment community in Glen Allen, Virginia with Heitman LLC. The trans- action represents Pollack Shores’ entry into the Mid- Atlantic region and marks the latest chapter in the firm’s prolific growth over the last year. Opening in 2009, The Flats at West Broad Village fea-
The Flats at West Broad Village
P o s k a n z e r S k o t t A r c h i t e c t s 550 North Maple Avenue, Ridgewood, NJ 07450 201.445.2322 www.poskanzerskott.com
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