ATLANTA—Menlo Creek, a class A apartment community in Duluth, GA, has traded hands. Multifamily investor and operator Pollack Shores acquired the asset.
The firm is planning more than $5 million in renovations and improvements to the multifamily asset. The apartment community will be rebranded and named Howell House after Duluth's founding father Evan Howell.
“Menlo Creek is a strong value-add asset that checks all the boxes for accessibility and convenience, and continues to trend upward thanks to a healthy and diverse local economy,” says Brendan Whalen, vice president of Acquisitions at Pollack Shores. The 444,216-square-foot property includes 12 multifamily buildings with units ranging from 810 to 1,422 square feet.
Located off Satellite Boulevard in Gwinnett County, Menlo Creek was originally built in 2007 and will undergo renovations beginning in January 2018. The multifamily community is nestled near major thoroughfares and the commercial hub of one of America's fastest-growing counties.
Recent projections show the population within a one-mile radius of Menlo Creek is expected to grow by 10% over the next five years. The multifamily property is also located near several hiking, biking and walking trails, including Gwinnett County's greenway system. Residents are minutes away from Lake Lanier, one of the Southeast's most popular fishing and boating destinations.
“Menlo Creek offers several natural destination advantages that will help drive demand in the years ahead,” says Steven Shores, president of Pollack Shores, noting his firm, “will continue to target investment opportunities that align with our long-term growth strategy across the Sunbelt.”
The gated multifamily community features several high-end amenities, including a saltwater pool with fountain, designer clubhouse with coffee bar, fitness center with personal TVs and free weights, and an expansive, leash-free dog park. Major employers nearby include Cisco Systems, Nextel South Corp, Asbury Auto Group and Primerica Financial Services.
“The continued growth in rental rates has pushed many renters who may have previously been a candidate for the top-tier product into well-located alternatives,” Steven DeFrancis, CEO of Cortland Partners, tells GlobeSt.com. “This trend has pushed—and will continue to push—high-quality renters that have been priced out of costly urbanized neighborhoods towards communities that offer a high-quality living experience at a lower cost than what is seen in newly developed communities.”
Duluth's office market is also seeing strong traction. Get the details.
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