March 22, 2019— 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.