November 14, 2017
Atlanta-based Pollack Shores acquired Eastside Station, a new, 330-unit mid-rise multifamily community in Austin, TX from Columbus, GA-based Flournoy Development for an undisclosed amount. The deal underscores a national trend in off-market, multi-housing trades, particularly in tech-driven cities that favor rental growth.
ARA Newmark’s Pat Jones, who represented the seller, says, “It’s challenging to build in East Austin due to high costs and scarcity of land, which made Eastside Station incredibly attractive among investors looking for an urban core, luxury product. The submarket is now one of the city’s most distinctive areas with chef-driven restaurants, creative offices, bars and mixed-use projects in a vibrant, walkable setting that draws young professionals, tenants and investors.”
The urban-infill project’s amenities include a rooftop lounge with downtown views, resort-style pool, two-story lifestyle fitness center, modern clubroom with demonstration kitchen, cybercafé and business center. Designer-inspired units include nine-foot ceilings, open-concept kitchens, spa-like bathrooms and walk-in closets.
For comments, questions or concerns, please contact Dennis Kaiser