AUSTIN – (Realty News Report) – Atlanta-based Pollack Shores, a real estate investment group focused on multifamily communities in the Southeast and Southwest, purchased the Eastside Station apartment community in Austin for an undisclosed price.
Eastside Station, a new, 330-unit mid-rise that offered a urban-infill opportunity in one of the country’s top tech hubs.
The seller was Flournoy Development, a Columbus, Ga.-based real estate developer.
Pat Jones, vice chairman of ARA Newmark, represented the seller in the off-market transaction.
“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,” said Jones. “The submarket is now one of 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.”
Less than a mile from downtown, Eastside Station has access to major employment, retail, public transportation and entertainment, including one of the area’s largest developments-in-the-making. By 2019, construction on nearby Plaza Saltillo will convert roughly 10 acres into 250,000 SF of office, multihousing, retail and restaurant space along with 1.4 acres of public/park space.