Velocity Condo's Selling to Real Estate Investor
Pollack Partners, the new owner, is focused on acquiring, developing and managing multi-family and mixed use properties in the Southeast. They have been in business for 30 years and have invested in 35,000 residential units representing $3.2 billion in value. Pollack Partners also manages a $56 million private equity fund sponsored by an affiliate of Goldman Sachs Group. It is expected that Pollack Partners will lease the unsold units by converting them into apartments. This is the second condo project this month to be sold by lenders.
Velocity was designed to be affordable and consists of one and two bedroom flats with city views and flexible space. The development features large balconies, Sky Lounge with outdoor cabanas, European style courtyard and a fitness studio with an urban lounge. Velocity also has Green features including renewable LEED standard flooring, Energy Star appliances, Hybrid vehicle parking and bike storage.