Pollack Shores, a multifamily investor and operator headquartered in Atlanta, on Tuesday announced the purchase of The Retreat at St. Johns, a 420-unit garden-style apartment community off Kernan Boulevard adjacent to the University of North Florida.
Pollack Shores paid nearly $58.8 million, or $140,000 per unit. It borrowed $40.5 million for the purchase from Jones Lang LaSalle LLC of St. Paul, Minnesota.
The seller was Simpson Housing LLLP, operating locally as Simpson St. Johns. The community was built in 2007.
Pollack Shores will invest $4 million in renovations, which will begin in the first quarter of 2018.
All units will have stainless steel appliances, granite countertops, kitchen hardware and luxury flooring. The property includes a 3.5-acre lake with fountain features and a 6.25-acre conservation area that wraps around the perimeter.
The purchase marks the return of Pollack Shores to Northeast Florida. It developed and sold The Brooklyn Riverside apartments.
“We are pleased to re-enter the Jacksonville market with the acquisition of The Retreat at St. Johns, which sits in the epicenter of one of the nation’s fastest-growing areas for population and job growth,” said Brendan Whalen, vice president of acquisitions.
“It offers tremendous potential, and checked all the boxes for our focused value-add strategy. We look forward to completing our renovations and attracting residents from across the metro area,” he said.
The property, at 12310 Seacrest Lane, includes 15 buildings, 432,956 square feet under roof and units sized 756 to 1,376 square feet.
Amenities are a resort-style pool with hot tub, movie theater, billiards room, complimentary coffee bar and lakeside walking trail. It is less than five minutes from St. Johns Town Center.
“The ongoing economic growth and highly skilled workforce that continues to flow into this community cemented our decision to invest in Jacksonville,” said Pollack Shores President Steven Shores. “Today’s acquisition reflects our commitment to establish North Florida as a key hub in our expanding network of apartment communities that deliver upscale amenities, convenience and a superior quality of life for residents.”
Founded in 2006, Pollack Shores Real Estate Group LLC manages a portfolio of nearly 20,000 multifamily units representing more than of $1.3 billion in total assets.
For more information, visit pollackshores.com.