Pollack Shores Acquires Multifamily Property in South Florida

DELRAY BEACH, FLA. — Pollack Shores Real Estate Group has acquired The Vinings at Delray Beach, a 228-unit apartment community in Delray Beach, a town in South Florida. Built in 1996, the apartment community features a resort-style pool, outdoor grills, volleyball court, fitness center and a business center. Pollack Shores plans to upgrade the unit interiors with vinyl-plank wood flooring, granite countertops, new cabinetry, stainless steel appliances and new lighting fixtures. The company also plans to renovate the clubhouse, fitness center and pool area. Pollack Shores purchased the asset for an undisclosed amount from an unnamed institutional investor. Avery Klann of ARA brokered the transaction. Pollack Shores’ management division, Matrix Residential Inc., will manage The Vinings at Delray Beach. The recent purchase brings Pollack Shores’ current Florida portfolio to more than 4,000 units with a total capitalization of over $500 million.