Latest acquisition in fast-growing I-85 corridor offers premier access to upscale shopping, entertainment and major employers
Multifamily investor and operator Pollack Shores today announced its acquisition of Menlo Creek, a Class A apartment community in Duluth, Georgia that offers a stylish blend of contemporary design, resort-style amenities and an exceptional live-work-play experience for residents. The firm is planning more than $5 million in renovations and improvements to Menlo Creek, which will be rebranded and named Howell House after Duluth’s founding father Evan Howell.The community is nestled near major thoroughfares and the commercial hub of one of America’s fastest-growing counties.
Located off Satellite Boulevard in Gwinnett County, Menlo Creek was originally built in 2007 and will undergo renovations beginning in January 2018. The 444,216-square-foot property includes 12 buildings with units ranging from 810 to 1,422 square feet. Once renovations are complete, all 372 residences will showcase top-tier finishes that include new stainless steel appliances, granite countertops, new kitchen flooring and hardware, and customized kitchen fixtures and backsplashes. Exterior and landscape improvements are also planned.
The gated community features several premier amenities, including a high-end saltwater pool with fountain, designer clubhouse with coffee bar, state-of-the-art fitness center with personal TVs and free weights, and an expansive, leash-free dog park.Located within the bustling Gwinnett Place commercial district, residents are just minutes away from major shopping destinations such as Sugarloaf Mills and The Mall of Georgia. Menlo Creek is also in close proximity to Studio Movie Grill and Gwinnett Place Mall, which is in planning for a major mixed-use redevelopment.Infinite Energy Center, an award-winning concert and event venue, is within a ten-minute drive of the community. Major employers nearby include Cisco Systems, Nextel South Corp, Asbury Auto Group and Primerica Financial Services.
“Menlo Creek is a strong value-add asset that checks all the boxes for accessibility and convenience, and continues to trend upward thanks to a healthy and diverse local economy,” said Brendan Whalen, Vice President of Acquisitions at Pollack Shores. “We look forward to executing our capital improvement plan that will deliver a superior quality of life for residents.”
Recent projections show the population within a 1-mile radius of Menlo Creek is expected to grow by ten percent over the next five years. The property is also located near several hiking, biking and walking trails, including Gwinnett County’s greenway system.Additionally, residents are just minutes away from Lake Lanier, one of the Southeast’s most popular fishing and boating destinations.
“Menlo Creek offers several natural destination advantages that will help drive demand in the years ahead,” said Steven Shores, president of Pollack Shores. “We’re pleased to expand our footprint in Gwinnett County, and will continue to target investment opportunities that align with our long-term growth strategy across the Sunbelt.”
For more information, please visit http://www.pollackshores.com./
About Pollack Shores Real Estate Group, LLC
Pollack Shores is an award-winning full service real estate company creating value through multifamily investment opportunities in the Southeast. Founded in 2006, the Atlanta-based company currently manages a balanced portfolio of nearly 26,000 multifamily units representing in excess of $1.3 billion in total assets. Pollack Shores fully embraces the core value of service to its community, its residents and its clients.