Atlanta firm takes steps towards Velocity takeover

Gulch condo widely expected to convert to apartments

A deal appears imminent to sell Velocity in The Gulch to an Atlanta-based real-estate investment firm.

Pollack Partners specializes in multifamily and mixed-use developments and has since its founding in late 2006 acquired or developed projects in Georgia and Florida. In February, an entity called CRP/Pollack Velocity LLC registered with the Tennessee Secretary of State's office, using an address for a large Washington, D.C. office building. Among the tenants in that building is the Carlyle Group, which maintains a real-estate investment fund called Carlyle Realty Partners.

Observers of Nashville real estate might note the similarity in the LLC's name with that of the company created to develop The Adelicia condos in Midtown: CRP Venture. CRP Venture was an arm of downtown real estate investment triad Corner Partnership, but Corner principal Mark Bloom said his group was not involved in any potential Velocity buy — leaving Carlyle as the likely partner for Pollack.

Locally, Seigenthaler is handling PR for Pollack. The firm's Amy Hall said it was "too early" to comment on any pending deal.

The Velocity has been in flux since Compass Bank took over the project from its previous operators — a joint-venture between Bristol Development Group and Market Street Enterprises — after the JV quitclaimed its interest in June 2010. Since then, Compass has sold about three dozen units in the project.

It's widely expected that once the deal is complete — it could come as quickly as this week — Velocity will convert to apartments.