Pollack Shores Expands Footprint to North Charlotte Suburbs with Acquisition of The Bryce
Firm to invest more than $6 million as rapid job and population growth fuels new demand
ATLANTA (July 22, 2019) – Multifamily developer and investment firm Pollack Shores Real Estate Group is expanding its footprint in metro Charlotte after announcing the acquisition of The Bryce North Charlotte apartments, formerly known as Bexely Creekside, a 494-unit luxury apartment community. Located at 4101 Double Creek Crossing Drive in the University City neighborhood, the purchase of The Bryce marks Pollack Shores’ official return to Charlotte’s northern suburbs 2.5 years after selling Thornberry in the University City submarket.
The firm plans a $6.6 million capital improvement project that will incorporate upgraded amenities, offering a competitively priced alternative to new multifamily product that recently delivered in the submarket. Enhancements to The Bryce will include the conversion of the existing volleyball court into a greenspace that will host an outdoor beer garden and grilling area. Other outdoor amenities at the 480,591-square-foot community include a 3-hole golf course, a tennis court, resort-style pool and several walking trails. The clubhouse will undergo a significant renovation, including expansion of the gym and updates with modern furniture and equipment.
“The Bryce presents a rare value-add opportunity allowing us to continue to invest in Charlotte and its’ surrounding neighborhoods,” said Steven Shores, President and CEO of Pollack Shores. “We will fill an existing void for renovated communities that appeal to Class A renters seeking hotel-quality amenities and experiences at a competitive price point. Metro Charlotte and the north suburbs continue to be a key focal point for Pollack Shores, and we look forward to growing our presence in the area in the coming years.”
The project is poised to benefit from an influx of new jobs and residents nearby. University Research Park and Innovation Park are both within a 10-minute drive of the property, part of an employment node that includes 23 Fortune 500 companies and 11 million square feet of office space. UNC-Charlotte, home of 30,000 students and more than 4,000 employees, is also a short drive away.
Project plans also call for new stainless steel appliances, granite countertops and hard surface flooring for all residential units. One-, two- and three-bedroom residences are available for rent.
“This was the ideal location to re-enter the market, and we’re thrilled to add The Bryce to our fast-growing portfolio in the Carolinas,” said Andrew Wittgen, Managing Director of Asset Management at Pollack Shores. “We anticipate significant leasing momentum through strategic renovations that will deliver an exceptional experience for residents, and are eager to get started.”
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 has acquired and developed more than 22,000 multifamily units since inception and currently owns $1.8 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/.