Pollack Shores Launches Opportunity Zone Initiative
March 20 2019 - 3:19PM
Multifamily developer and investment firm Pollack Shores Real
Estate Group today announced an initiative focused on developing
and operating multifamily communities in Opportunity Zones.
The firm is one of the first in the industry to actualize
Opportunity Zone investments, with two multifamily developments
underway in Atlanta and Charleston, and several other deals in the
works in markets across the Sun Belt.
“Through this new initiative, we are connecting capital with
communities in need of investment by structuring quality deals that
add value for both our investors and the surrounding
neighborhoods,” said Steven Shores, President and CEO of Pollack
Shores. “As a long-term property owner, business operator and good
neighbor in these districts, we will be a proactive partner
committed to supporting local businesses and residents, while also
adding energy and economic vitality through our projects.”
Located at 1099 Blvd. SE in Atlanta’s Chosewood Park
neighborhood, Skylark rises as one of Pollack Shores’ first
Opportunity Zone properties. The 319-unit Class A apartment
community overlooks the future Southeast BeltLine trail and offers
a variety of price points and living options. Units range from
500-square-foot micro apartments to large two-story, three-bedroom
apartments with more than 1,500 square feet of living space.
Skylark will deliver this fall.
Pollack Shores has also started construction on The Merchant, a
231-unit apartment community in Charleston’s North Morrison (NoMo)
neighborhood. Located at 102 Sottile St., the community sits on a
former steel yard and will deliver this fall.
“Many in our industry have been in ‘wait and see’ mode, and the
investment community is eager to see quality Opportunity Zone deal
flow,” said Jessica Ramsey, Vice President of Capital Markets at
Pollack Shores. “We are excited to be one of the first developers
to actualize projects that drive returns and make a positive social
impact on these districts. Each deal will be highly customized
based on the needs and fundamentals of the market.”
Opportunity Zones were added to the federal tax code by the Tax
Cuts and Jobs Act and are designed to strengthen distressed
neighborhoods across the U.S. through economic development. They
incentivize job creation and long-term investment in those
communities by offering tax deferments and relief.
About Pollack Shores Real Estate Group,
LLCPollack 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 developed 21,000 multifamily units
since inception and 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/.
Media Contact:Nick BanaszakThe Wilbert Group256-457-5384
(C)nbanaszak@thewilbertgroup.com
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