Pollack Shores Buys 512-Unit Multifamily Asset in Broward County for $119.8M
Solano at Miramar in Miramar, Fla., comprises 364 apartment units and 148 townhomes that range in size from 823 to 1,677 square feet.
MIRAMAR, FLA. — Pollack Shores Real Estate Group has acquired Solano at Miramar, a 512-unit apartment community in the South Florida city of Miramar. South Florida Business Journal reports the Atlanta-based firm acquired the asset from TPF Equity REIT for $119.8 million. Constructed in 2008, Solano at Miramar comprises 364 apartment units and 148 townhomes that range in size from 823 to 1,677 square feet, with rents ranging from $1,961 to $3,185 per month. Community amenities include a resort-style pool with a sundeck, business center and a lakeside jogging trail. Pollack Shores will implement capital improvements including new granite countertops, vinyl plank wood flooring, white shaker cabinets and new plumbing and light fixtures. Amenity enhancements will include a full renovation to the clubhouse, conversion of an indoor basketball court into a fitness center and the addition of an outdoor lounge to the pool area. ARA Newmark brokered the transaction. Matrix Residential, a subsidiary of Pollack Shores, will manage the property.