ATLANTA-Atlanta multifamily is trading fast in the fourth quarter. Pollack Shores Real Estate Group just snapped up two metro Atlanta apartment communities for $49.1 million from Oxford Properties.
Oxford Springs is a 268-unit community in DeKalb County, just south of the Shallowford Road exit off I-85, inside the Perimeter. Oxford Oak is a 288-unit property in the City of Lawrenceville, near Highway 316 and Gwinnett Medical Center. Both class A luxury assets were built in 2008. Oxford Springs was 95% occupied and Oxford Oak 93%.
“These properties offer the opportunity to enhance value through some combination of construction rehabilitation, management repositioning and rebranding,” Graham Carpenter, vice president of Acquisitions for Pollack Shores, tells GlobeSt.com. The assets were purchased at a significant discount to replacement costs.
The Oxford portfolio represents Pollack Shore’s two most recent acquisitions. The firm has acquired more than 1,500 units for a total of $128 million in 2011, including multifamily assets in Atlanta, Orlando and Nashville. All of the properties fit into Pollack Shore’s acquisition strategy, which focuses on class A and B value-add properties, financially or operationally distressed assets, and fractured condominiums.
“We focus our acquisition efforts on historically high-growth Southeastern markets, particularly those that are still below their pre-recession employment levels which offer significant room for improvement as the market recovers,” Carpenter says. “The fragile economic landscape has produced substantial demand for rental properties but renters will remain extremely price sensitive until the job market gains sustainable momentum.”
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