velocity in the gulch sells for $37.5 million

the velocity in the gulch has been sold to a chicago-based private equity real estate firm for $37.5 million.  paying $170,000 a unit, it sets a new middle tennessee record.  the price could have been higher if it were not for the 43 privately owned units in the building.

the development opened in 2009 as condominiums but saw its demise at the downturn of the housing market.  it went into a friendly foreclosure in 2010.  it was purchased last year by atlanta-based pollack partners who paid $25.3 million and turned it into the thriving gulch apartment community it is today.

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