Pollack Shores Increases Investment to $150 million along the Atlanta BeltLine Southside Trail
Atlanta-based multifamily firm closes second development on corridor, debuts build-to-rent townhomes
ATLANTA (December 9, 2019) – Multifamily real estate company Pollack Shores Real Estate Group announced today its purchase of the 72 Milton Avenue site, marking the firm’s second multifamily development on the Atlanta BeltLine Southside Trail. Last year, the firm announced its first investment in the corridor with Skylark, a 319-unit multifamily community that is currently under construction and will welcome first residents in January.
Pollack Shores will break ground on the 72 Milton site early next year. Approximately 66% of the project’s unit mix is made up of one-bedrooms and studio apartments. Fifteen percent of the apartment units will be designated as affordable at 80% of Area Median Income (AMI). In total, the project will feature 325 apartments, 110 build-to-rent townhomes and a variety of social spaces including a shaded pavilion and greenspace overlooking D.H. Stanton Park that will be open to residents and the public. Pollack Shores also provided an easement and land grant to the Atlanta BeltLine totaling .66 acres that will one day become a Gateway Trail leading from the BeltLine to D.H. Stanton Park.
The two multifamily developments bookend a one-mile section of the Southside Trail, with Skylark on the east end at the BeltLine’s at-grade connection with Boulevard and 72 Milton at the west end at the at-grade crossing with Milton Avenue. The trail’s gravel surface and surrounding greenbelt provides a completely different experience for this segment as compared to the paved and manicured trails of the Eastside, Westside and Northside Trails. The team is focused on activating the corridor for its residents and the surrounding neighborhoods with art and other community programs that celebrate
Southside Trail’s gritty yet welcoming personality.
“We’re continuing to invest in the Southside Trail because we see this emerging submarket as an attainable alternative for people who desire BeltLine living but are priced out of the Eastside Trail and Memorial Drive corridors,” said Steven Shores, CEO and President at Pollack Shores. “Although it is the newest section of the BeltLine, the Southside Trail already has a unique personality all its own. Skylark and 72 Milton will contribute even more energy and vibrancy to the area.”
Atlanta’s First Build-to-Rent Townhomes
The 72 Milton project will also offer two- and three-bedroom build-to-rent townhomes, an innovative new product type for the Atlanta market. Build-to-rent single-family homes are beginning to pop up all over the country. According to the National Association of Home Builders, 37,000 homes were built as rentals in 2017. That number increased to 43,000 homes in 2018. This will be Pollack Shores’ first development featuring build-to-rent townhomes. The firm is actively looking for more build-to-rent single-family opportunities across the Southeast, particularly in Atlanta, Charlotte, Tampa, Orlando and Nashville.
Each townhome at 72 Milton will be 16 to 20 feet wide and include a garage. The Class A apartments and townhomes are designed to appeal to residents of all life stages, from graduate students and young professionals to families and empty nesters.
“While millennials are finally getting married and starting families, they still appreciate the flexibility of renting and the ability to live in cool areas of town without the investment of homeownership,” said Brian Oates, Managing Director of Development at Pollack Shores. “We see great potential in the build-to-rent single-family home category and expect these townhomes to appeal to a wide range of renters, including older millennials who need more space and want to remain intown as well as baby boomers who are downsizing and opting for urban lifestyles.”
In addition to the pavilion space, amenities at the 72 Milton project include a clubhouse, expansive pool and fitness center that will serve both apartment and townhome residents. Pollack Shores will also incorporate numerous feeder sidewalks into the design that allow residents to access the BeltLine directly from the community.
“We have fully embraced the BeltLine by carefully designing these properties to integrate into the fabric of the community and incorporate specific spaces where our residents and the public can interact,” added Oates.
Pollack Shores, known for acquiring, developing, managing and investing in best-in-class multifamily communities, is currently active in Atlanta, Austin, Charleston, Charlotte, Dallas, Denver, Jacksonville, Nashville, Orlando, Raleigh, Richmond, Tampa and South Florida.
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 24,000 multifamily units since inception representing in excess of $4.1 billion in total capitalization. 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 over 41,000 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/.