Velocity Condo's Selling to Real Estate Investor

The Nashville Business Journal is reporting that the Velocity Condominium Development in The Gulch is scheduled to be sold to an Atlanta-based investor.   Last June, the owners of Velocity conveyed the rights and interest in the 223 unsold units and retail space back to the lender for the project.  A deed in lieu of foreclosure is the best strategy for this type of investment as it spares the lender the time and expense of foreclosure. 

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.

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