Pollack Shores Real Estate Group has acquired The Vinings at Delray Beach, a 228-unit apartment property in the south Florida town. Built in 1996, Vinings is a resort-style property not far from downtown Delray. It includes units of up to three bedrooms and offers a number of common amenities. Atlanta-based PSREG plans to invest an unspecified but “significant” amount of capital to upgrade the apartment interiors to “current luxury standards.” Rents at Vinings are currently 45 percent below the top of the submarket. That means that PSREG has the opportunity to reposition the property as a luxury alternative that’s not too expensive for its East Delray Beach location, explains Pollack Shores managing director Graham Carpenter. Matrix Residential, the multifamily management division of Pollack Shores, will manage the property. Pollacd Shores now owns over 4,000 units in Florida.
