Pollack Shores Announces Plans for Large Development in Cobb County
Firm continues to expand its footprint in fast-growing northern Atlanta suburbs
ATLANTA (March 1, 2019) – Multifamily developer and investment firm Pollack Shores Real Estate Group announced today it has closed on the land purchase for its newest development on Cherokee Street in Acworth, Georgia. The 315-unit community will offer convenient access to I-75 in one of metro Atlanta’s fastest growing suburban areas and is expected to open in March 2020.
The development will consist of twelve buildings anchored by a 2.5-acre park. The community was uniquely designed at a 14 unit-per-acre density, substantially lower than the average 25 unit-per-acre density commonly seen in suburban developments. Each apartment home will also have granite countertops, stainless steel appliances, and a mixture of luxury vinyl-plank wood and carpet flooring.
The project is expected to benefit from the area’s rapid job growth and a lack of competitive multifamily product in the immediate vicinity.
“We see this area as underserved because Acworth has not seen a new apartment development in 12 years,” said Steven Shores, CEO of Pollack Shores. “Strong market dynamics and pent-up demand motivated our team to pursue this opportunity. It’s a continuation of our strategy to bring best-in-class new development to strong suburban locations with demonstrated job and population growth.”
A report issued by the Atlanta Regional Commission earlier this year found that Cobb County has grown by more than 70,000 residents since 2010, with jobs, schools, arts, parks and more recreational activities serving as a magnet for those migrating to the suburbs.
“We look forward to partnering with the City of Acworth, which has created a vision for smart growth that will attract new residents and create opportunities for future retail, top-rated dining and entertainment nearby,” said Brian Oates, Managing Director of Pollack Shores. “Abundant greenspace and other public gathering areas will allow our future residents to enjoy a wide variety of outdoor activities and ensure that the community makes a positive impact on the growing city.”
Amenities will include a state-of-the-art fitness center, an upscale swimming pool with pool deck and a clubhouse. In addition, the community will capitalize on Acworth’s desirable location near Lake Acworth and Lake Allatoona, which offers boating, hiking, fishing and other outdoor activities that serve millions of visitors throughout the year. Acworth is also home to an impressive park system, which includes Logan Farm Park and Dallas Landing Park.
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 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/.