ATLANTA-Locally based Pollack Partners and an affiliate of Goldman Sachs have teamed up on Pollack Partners Fund I LP with an eye toward $1 billion in new developments and acquisitions. The partners will couple the $56-million co-investment fund with capital from other investors to reach its goal.

Pollack Partners Fund I LP will be looking for deals over the next four years, a Pollack Partners spokeswoman tells GlobeSt.com. The fund is primarily targeting value-add opportunities, she adds.

The fund will help the locally based firm spread its reach beyond Atlanta and Florida, including into such markets as Virginia, the Carolinas, Texas, Colorado and Washington, DC. The fund's first deal is already on the table--a 320-unit multifamily development near the Westshore area of Tampa, FL. GlobeSt.com research shows Pollack is joining with Tampa-based Mainsail Development Group on 321-unit multifamily development with a $42-million construction price in the Westshore area. That project is slated to begin in the spring. Pollack Partners also has two multifamily developments under way in Atlanta, with more coming down the pike.

"We're entering a new phase of well-planned growth in carefully selected markets," Pollack Partners chairman and CEO Marc Pollack says in a statement. "We now have a great partner to share our success and help fuel our expansion."