San Francisco, CA (February 2023) – Polaris Real Estate Partners is pleased to announce a successful year in 2022, marked by team expansion, strong portfolio performance, and strategic acquisitions. The company has also made significant strides in enriching the lives of its residents through its social impact programs and community improvement efforts.
Sales and Acquisition Activity
Polaris completed $252.4MM in transactions in 2022, its most active year. This included the acquisition of three assets – Sylvan Thirty, 201 units in Dallas; Balcones Club, 312 units in Austin; and Hunt Club, 384 units in Austin. Properties sold in 2022 were Waterford Square, for $16MM; The Mint, for 15.6MM (both in St. Louis); Indigo in Dallas for $15.24MM; and Concord Square in Kansas City for $16.8MM. “We’re excited to have achieved returns in excess of our targets during the challenging 2022 multifamily sales environment, given the post-COVID impacts on workforce housing, extraordinarily high inflation and a doubling of borrowing interest rates,” noted Travis Pacoe, General Partner of Polaris.
In early 2022, Polaris Real Estate Partners announced the expansion of its senior leadership team with the appointment of two experienced executives in the commercial real estate industry – Lisa Mendez-Finger as Controller and James Hetherington as General Counsel. Mid-year, Polaris hired Jose McDevitt Hickey as Accountant. By the end of the year, two additional team members joined – Austin Paul, our Analyst, and Belinda Aguirre, our Vice President of Operations, bringing their expertise to help analyze market strategies and performance as well as monitoring and guiding property-level operations. Polaris also welcomed in January ’23 Gigi Rosales, its new Director of Investor Relations, with over 20 years of experience in Residential Real Estate, to support its continued growth.
Looking Forward to 2023
Polaris Real Estate Partners has strong growth plans for 2023, with a goal of acquiring 6 properties in high growth metropolitan areas such as Austin, Nashville, Atlanta, and others, in addition to further investments within Dallas and the potential sale of certain assets. The company has also officially launched the Polaris Community Foundation, a merit-based scholarship program designed to support student residents in their pursuit of higher education. The company remains committed to enriching the lives of its residents through community improvement efforts, such as partnering with the South Dallas Employment Project to open the first employment service center in South Dallas at Pacifica and hosting its eighth annual backpack giveaway in 2022, providing over 400 backpacks filled with school supplies to children and youth in the community. Polaris also made efforts to improve the properties’ visibility and presence, implementing marketing tools such as geofencing and targeted advertising.
“Despite the challenges of 2022, we remain optimistic about the future of our industry and the economy,” said Ron Abta, General Partner of Polaris. “We look forward to working with our partners and stakeholders on our current investments and future ones as well.”
Polaris Real Estate Partners specializes in multifamily investment in the continental United States, with a senior management team averaging 26 years of commercial real estate experience. Polaris Real Estate Partners’ portfolio consists of 4,627 units under ownership and management. The company remains deeply committed to making a positive impact in the communities it serves while seeking individual properties or portfolios of 200 to 1,000 units in its targeted areas.