Maryland-based Continental Realty Corp., a family-owned company holding and managing apartments and commercial real estate properties across the Mid-Atlantic and Southeast, acquired the asset. Pollack Shores still manages a portfolio of nearly 14,000 multifamily units representing over $1.3 billion in total assets.

“With original interiors and affluent area demographics, the property is well-positioned for a value-add upside,” says Dufour. The Space Coast has the largest share of STEM (Science, Technology, Engineering and Math) jobs in Florida and Brevard County ranks second in the state for projected capital investment. The multifamily property offers direct access to Viera, a 22,000-acre community that will feature retail shops, restaurants, thousands of residential homes, multiple parks and nearly 3 million square feet of office space when it opens.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

ORLANDO—Polo Glen, a 252-unit, garden-style multifamily community in Rockledge, FL, has traded hands. The sale price on the value-added Central Florida complex: $38 million.

ARA Newmark executive managing directors Patrick Dufour and Kevin Judd, along with associate Scott Ramey, and vice chairmen Richard Donnellan and Marc deBaptiste, represented the seller, Pollack Shores. The multifamily asset sits along Central Florida's Space Coast.

“Orlando continues to be one of the strongest multifamily markets in the country, consistently ranking in the top 10 this year for both rent and employment growth,” Ramey tells GlobeSt.com. “This stellar growth, combined with a limited amount of new product available, is creating a supply constrained market which is reflected by market-wide occupancy over 95%. These rock solid fundamentals are attracting new investors to our market on a daily basis and creating a frenzied investment environment, with recent sales that are achieving record pricing levels across all asset classes.”

Built in 2008, Polo Glen offers a mix of one-, two- and three-bedroom units with nine-foot ceilings, cherry cabinetry, ceramic tile flooring, black Whirlpool appliances and screened patios or balconies. A clubhouse with cyber café, heated pool, 24-hour fitness center, grill/BBQ area, children's playground, lakeside walking path, car wash facility and tennis courts are among the multifamily community's amenities.

Maryland-based Continental Realty Corp., a family-owned company holding and managing apartments and commercial real estate properties across the Mid-Atlantic and Southeast, acquired the asset. Pollack Shores still manages a portfolio of nearly 14,000 multifamily units representing over $1.3 billion in total assets.

“With original interiors and affluent area demographics, the property is well-positioned for a value-add upside,” says Dufour. The Space Coast has the largest share of STEM (Science, Technology, Engineering and Math) jobs in Florida and Brevard County ranks second in the state for projected capital investment. The multifamily property offers direct access to Viera, a 22,000-acre community that will feature retail shops, restaurants, thousands of residential homes, multiple parks and nearly 3 million square feet of office space when it opens.

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.