MIAMI—Pollack Shores Real Estate Group has snapped up The Coves of Brighton Bay, a 382-unit luxury multifamily community in Saint Petersburg, FL. That brings Pollack's multifamily grabs up to 1,090 units in Central Florida markets in the last eight months alone.

The Coves of Brighton Bay is in the gateway submarket of Pinellas County, one of the state's largest employment centers. Pollack purchased the multifamily community from a large institutional investor. Jones Lang LaSalle brokered the sale and arranged the buyer's debt financing. Financial terms of the deal were not disclosed.

“This is in keeping with our strategy of acquiring well-located, high quality properties in areas with strong economies and the potential for even stronger employment growth,” says Pollack's director, Graham Carpenter. “We specialize in value-add opportunities in strong, well-located Florida submarkets with sound fundamentals, and we continue to look for new acquisition opportunities.”