ATLANTA, GA (Sept. 4, 2012) - Pollack Shores Real Estate Group, a real estate investment and services form focused on multifamily and mixed-use properties, said today it has completed the sale of Velocity in the Gulch (top left photo) in Nashville, Tenn.
Atlanta-based Pollack Shores sold the 220 apartments it owned in the multifamily development to an affiliate of Walton Street Capital LLC of Chicago for $37.5 million. Pollack Shores paid $25.3 million for the vacant property in March 2011 and converted the unsold condo units to for-rent apartments.
At more than $170,000 per unit, the sale of Velocity represents one of the highest sales prices, on a per-unit basis, ever achieved in the Nashville apartment market. The sale does not include the 43 condo units in the building or the ground-level retail.
“Our investment in this fractured condo building was very successful,” said Marc Pollack (middle right photo), chairman and CEO of Pollack Shores. “This transaction is indicative of our strategy of acquiring, developing and selling multifamily properties in key locations in growth markets.”
Velocity, situated at 320 11th Avenue South, opened in 2009 and a condominium building. The lender took back the property through a deed in lieu of foreclosure the next year.
“Based on our success with Velocity in the Gulch, we are seeking new multifamily investment opportunities across the Southeast,” said Steven Shores (lower left photo), president of Pollack Shores.
For More Information, Contact:
Tony Wilbert
Wilbert News Strategies
404-965-5022 (O) 404-405-3656 (C)
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