Pollack Shores Real Estate Group said it is working on two multifamily developments in so-called opportunity zones in Atlanta and Charleston, S.C.
In Atlanta, the company is developing the 319-unit Skylark class-A apartment community at 1099 Blvd. SE. In Charleston's North Morrison neighborhood, the company broke ground on the 231-unit The Merchant apartment community at 102 Sottile St. Delivery of both developments is scheduled for the fall.
The multifamily developer and investment firm added that it has several other deals underway in opportunity zone markets across the U.S. Sun Belt.
Opportunity zones are distressed areas across the U.S. in which capital gains tax on regeneration projects can be deferred.