Pollack Shores sells Delray Beach apartments to TH Real Estate for $54M

Garden-style complex sold for about $238k per apartment

Aug.August 11, 2017 05:05 PM

Atlantic at East Delray, Marc Pollack of Pollack Shores and Mike Sales, head of TH Real Estate

TH Real Estate paid $54.33 million for a Delray Beach apartment complex, property records show.

Atlanta-based Pollack Shores Real Estate Group sold the Atlantic at East Delray, a 228-unit development at 650 Lavers Circle, to TRPF Atlantic at East Delray LLC, a company tied to the Chicago investment manager.

The garden-style complex, built in 1996, sold for about $238,000 per apartment, and marks another big-ticket multifamily investment sale in South Florida in recent months.

The complex sits on a 21.3-acre site sandwiched between I-95 and Federal Highway. ARA Newmark brokered the sale, according to data from Real Capital Analytics.

Rents range from $1,378 for a one-bedroom to $2,285 for a three-bedroom, according to Apartments.com. Amenities at the rental community include a lake, sand volleyball court, dog park, swimming pool, business center, car wash stations and outdoor grills. Units average about 1,082 square feet.

Records show Pollack Shores, a multifamily development, management and investment firm, paid $40.5 million for the property in 2015. The company has more than $2.3 billion of assets in its portfolio, according to its website. Pollack Shores could not immediately be reached for comment.

TH Real Estate, an operating division of TIAA Global Asset Management, is one of the largest real estate managers in the world with $96 billion in assets under management. The TIAA Global Asset Management arm recently opened a regional office in Miami to oversee the Southeastern United States and Latin America.

Harunobu Coryne contributed reporting.

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