From Pollack Shores: Multifamily developer and investment firm Pollack Shores Real Estate Group announced today that it closed on the land purchase for a new 281-unit apartment community in Atlanta, Georgia that will rise on the site of the former corporate headquarters for Genuine Parts Company. The five-story development is located in the fast-growing Cumberland submarket on Herodian Way in between Circle 75 Parkway and Crescent Park Drive, and is within walking distance to The Battery Atlanta, the 1.5 million-square-foot mixed-use development anchored by SunTrust Park.
The announcement comes less than one year after Pollack Shores sold three luxury apartment communities the firm developed at The Battery Atlanta in partnership with the Atlanta Braves. The transaction was one of the highest recorded multifamily sales in metro Atlanta, and reflects the emergence of sports stadiums as new hubs for vibrant neighborhood development in markets across the country. Residents and office workers seek the walkable, 24/7 lifestyle and amenities these unique districts offer, with The Battery’s sports-anchored blueprint now being replicated by pro sports franchises in cities such as Los Angeles, Detroit, Miami and Nashville.
Pollack Shores’ latest development venture in Cumberland reflects the firm’s broader strategy to develop Class A apartment buildings in high-growth first ring suburbs that offer unique mixed-use amenities. There are approximately 100,000 jobs within 3 miles of the project, and over 17 million square feet of office space in the Cumberland submarket. Last year, German industrial conglomerate Thyssenkrupp announced it would build its new headquarters at The Battery. Thyssenkrupp is expected to bring more than 600 new jobs to the area with average wages being $100,000.
"The Genuine Parts site is a prime investment opportunity that capitalizes on growing demand for Class A product fueled by the success of The Battery Atlanta and exceptional job growth in Cumberland," said Steven Shores, CEO and President of Pollack Shores Real Estate Group. "We will draw on our past experience at The Battery Atlanta to create another innovative and walkable community that delivers a first-class experience for residents who seek an authentic live-work-play lifestyle in one of metro Atlanta’s most exciting locations."
Positioned on top of a hill, the 5-story, 315,000-square-foot community’s contemporary design seamlessly integrates with the surrounding neighborhood. The site plan features an indoor/outdoor sky lounge that provides striking views of The Battery and SunTrust Park, and also includes an expansive pool courtyard that will have outdoor living rooms, hammock groves, and a flex lawn space for recreational activities.
The community will feature one, two and three-bedroom units ranging in size from 700 to more than 1,400 square feet, and will also incorporate 10,000 square feet of amenity space, 20% more than Pollack Shores’ usual program. The robust amenity package will include a two-story leasing center with a state-of-the-art fitness center, a clubhouse and a luxurious courtyard area with a resort-style pool.
Residences will feature stainless-steel appliances, granite countertops, modern cabinetry and doors, upgraded lighting and plank flooring. Pollack Shores will break ground on the project this month, with first units scheduled to deliver in early 2021.
"Our first development was a one-minute walk to the ballpark. This new apartment community will be a 10-minute walk from The Battery – close enough for residents to enjoy all the action at The Battery yet far enough to unplug and partake in the array of resort-like amenities," said Brian Oates, Managing Director of Development at Pollack Shores. "It’s an optimal location for young professionals, and represents a culmination of the experiences we’ve had throughout the past eight years in developing Class A apartment communities."
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.