Atlanta-Based Developer to Construct 240-Unit Multifamily Community
July 24, 2019
Dallas – Transwestern Commercial Services (TCS) today announces it has negotiated the sale of a 2.5-acre tract of land located at 4302 Ross Ave. at the corner of Peak Street in Dallas. Atlanta-based Pollack Shores Real Estate Group acquired the site for development from Safebuy Properties LLC. Senior Vice President Steve Williamson and Associate Ben Coffee with TCS’s Urban Land division represented the buyer and seller in the transaction.
Pollack Shores plans to develop a 240-unit multifamily community with a mix of studio units and one- and two-bedrooms. The apartments will range from 500 to 1,400 square feet, with an average unit size of 850 square feet. 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 300,000-square-foot 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.
“Pollack Shores is excited about being able to acquire one of the last large developable sites on Ross Avenue. 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,” said Williamson. “Future residents of Pollack Shores’ community will benefit from the numerous amenities surrounding the site.”
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Transwestern Commercial Services (TCS) is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service and innovative client solutions. Applying a consultative approach to Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global organization adds value for investors, owners and occupiers of all commercial property types. We leverage market insight and operational expertise from across the Transwestern enterprise, which includes firms specializing in development and real estate investment management. TCS has 34 U.S. offices and assists clients from more than 200 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.