Company Buys 800-Unit Alpharetta Apartment Complex

ALPHARETTA, GA — Multifamily developer and investment firm Pollack Shores Real Estate Group last month purchased AMLI Northwinds, an 800-unit apartment community in Alpharetta. The community has been renamed to Avery at Northwinds and represents Pollack Shores’ largest-ever acquisition, the company said in a news release.

Pollack Shores also unveiled plans to invest more than $13 million in property upgrades and amenity improvements. The transaction marks Pollack Shores’ re-entry into the Alpharetta submarket after the successful sale of ECHO at North Point earlier this year.

“We are excited to re-enter the Alpharetta market with the acquisition of Avery at Northwinds,” said Steven Shores, CEO and president of Pollack Shores. “Our planned capital improvements will drive significant revenue growth and create a dynamic community that appeals to renters in search of an urban, live-work-play experience within a suburban market. With a diversified employment base and wide array of shopping, dining and entertainment right outside the front door, Avery at Northwinds will thrive for years to come.”

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The property is adjacent to the Alpha Loop, Alpharetta’s version of the Atlanta Beltline, and is less than one mile from Avalon, the 86-acre mixed-use development. Avery at Northwinds is also in close proximity to downtown Alpharetta, Top Golf, Verizon Wireless Amphitheater and Wills Park Recreation Center. Major employers located nearby include Verizon Wireless, McKesson and ADP.

Project plans call for new appliances, countertops, and light fixtures for all residential units. Amenity upgrades will include renovations to the property’s three pools, a new fitness center and the conversion of two-thirds of the tennis courts into The Hub. This area will provide a large connective greenspace that will bring the community together for a variety of special events including corn hole, live music and more.

“The purchase of Avery at Northwinds represents a broader acquisitions strategy that capitalizes on the supply of underutilized assets in suburban Sun Belt markets,” said Brendan Whalen, Vice President of Acquisitions at Pollack Shores. “Pollack Shores understands how to identify and effectively reposition assets through better management, marketing and capital improvements in high job-growth markets like Alpharetta. We will continue to seek timely opportunities that deliver value for the firm and its strategic partners.”

Images via Pollack Shores