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7/25/19
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Atlanta-based Pollack Shores Real Estate Group acquired a 2.5-acre tract of land in Dallas for development of a multifamily community. The site, located at 4302 Ross Ave, at the corner of Peak St, was sold by Safebuy Properties LLC.
Pollack Shores plans to develop a 240-unit residential project with a mix of studio units and one- and two-bedrooms. The apartments will range from 500 sf to 1.4k sf, with an average unit size of 850 sf. Residents will enjoy a sky lounge on the top floor, providing stunning views of downtown, as well as an on-site dog park, resort-style pool, and fitness center. The four-story project is slated to break ground this month and deliver units for lease in early 2021.
The site, previously home to an automotive center, is located in Old East Dallas and less than a mile from the major employment center of downtown Dallas. Also in the immediate area, Baylor Scott & White is constructing a hospital on its new 300k sf administrative headquarters, which is estimated to employ approximately 1,500 people. The neighborhood has seen a tremendous amount of redevelopment lately, resulting in several popular retailers choosing to establish a location in the area, including Fiction Coffee and Ross & Hall Beer Garden + Kitchen.
Steve Williamson and Ben Coffee with Transwestern Commercial Services’ Urban Land division represented the buyer and seller in the transaction. According to Williamson, this is Pollack Shore’s first development project in the Dallas-Fort Worth area, and acquiring the Safebuy property presented a compelling opportunity for Pollack Shore to capitalize on the existing momentum in the neighborhood.
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