NASHVILLE, TN—Pollack Shores Real Estate Group has made a tidy profit off a vacant multifamily project. Pollack Shores just sold Velocity in the Gulch to an affiliate of Walton Street Capital of Chicago for $37.5 million.

Pollack Shores, a real estate investment and services form focused on multifamily and mixed-use properties, acquired the 220 apartments it owned in the development in March 2011 for $25.3 million. The firm converted the unsold condo units to for-rent apartments before putting the multifamily assets back on the market. The sale does not include the 43 condo units in the building or the ground-level retail.

“The profit we made was commensurate with the risk we took of buying an empty building,” Steven Shores, president of Pollack Shores, tells GlobeSt.com. At more than $170,000 per unit, the disposition represents one of the highest sales prices, on a per-unit basis, ever achieved in the Nashville multifamily market.