Value-Add Acquisition Strategy Pays off for Pollack Shores
Investment Information: Value-add acquisition and renovation well below replacement cost
Overview: Pollack Shores bought 447-unit Audubon Village in Tampa’s fast-growing Westshore area in 2011. Built in 1990, it has an excellent location near businesses, the airport, Tampa Bay itself and a causeway to the area’s beautiful beaches. Amenities include lake and bay views, pools, grills, a picnic area, private patios, balconies and screened porches, tennis and racquetball courts, a fitness center, hot tub and dog park.
Strategy: Acquire and update 20+ year-old property, improving resident experience, investor returns and long-term value
The Work: The firm renovated two clubhouses and many of the interiors, updated kitchens, replaced plumbing, upgraded landscaping and installed new signs. It also brought in its own management team, Matrix Residential.
Results: The amount the firm paid remains far below what it would take to build a brand new community. The management team has improved both service offerings and occupancy.