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Velocis Acquires Two Industrial Sites in Dallas
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Dallas-based Velocis buys 211 Commerce office building - Nashville Business Journal
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Dallas company plans $13M upgrade to building home to Baker Donelson
Downtown office building 211 Commerce has sold for an undisclosed sum and will be given a $13 million update.
The new owner is Dallas-based Velocis, a private equity real estate manager. According to a release, Lincoln Property Company, also based in Dallas, is a joint venture partner in the deal. Lincoln will provide property management, leasing and construction management services.
The seller was Sun Life Assurance Company of Canada, a related entity of which paid $47.13 million for the building in March 2012. Thursday s release does not include a transaction price, and the Davidson County Register of Deeds had not recorded the deal at publication time.
Posted December 28th, 2020 for Velocis
CHARLOTTE, NC – (Dec. 28, 2020) – Velocis, a private equity real estate manager, has made its first multifamily acquisition with the purchase of Beverley, a 201-unit mid-rise apartment community in Charlotte. Beverley was built in 2020 by Charlotte-based developer, Proffitt Dixon Partners and was lightly marketed to a select group of investors by JLL. Responding to pandemic-driven changes in the US real estate market, Velocis has broadened its investment optionality by adding multifamily assets to its investment product offerings. As its first multifamily acquisition, Beverley represents an opportunity for the real estate manager to stay true to its value-add strategy while expanding into a new asset class.
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