ST. PETERSBURG, FL-The 510-unit Bay Isle Key condominium complex here has sold for $32.5 million. Atlanta-based Pollack Partners is the new owner of the foreclosure property.
“We’ve been focused on this opportunity for quite some time and we’re excited about acquiring such a tremendous asset,” says Steven Shores, Pollack president. “We will continue to focus on the acquisition of unique, special-situation multifamily assets in the Southeast.”
Cushman & Wakefield represented seller GE Capital, which foreclosed on the property last year. The new owner will market remaining units for sale and rent unsold units, while individual investors will retain ownership of 72 additional condos.
Bay Isle Key is Pollack’s second multifamily property in the Tampa Bay market. The firm recently finished development of the Five West apartment complex in Tampa’s Westshore submarket.
Pollack Partners is a real estate investment firm specializing in multifamily and mixed-use properties. The company has purchased more than 35,000 units valued at more than $3.2 billion over the past three decades, according to its Web site.