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Pollack Partners Buys Foreclosed Condos

ST. PETERSBURG, FL-The Atlanta-based developer pays GE Capital $32.5 million for 510 local units.

By Carl Cronan | Updated on January 07, 2010

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.

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