Why This Investor Is Focusing on Fractured Condos in Florida, Illinois
An Illinois-based company has an investment vehicle to chase reverse condo conversions.
November 02, 2020 at 10:34 AM
3 minute read
Granite Realty Partners has completed fundraising for an investment vehicle that will covert condominiums to apartments, and Florida is a key component.
The Oak Park, Illinois-based company's reverse condo-conversion strategy is to purchase what it calls broken condo units and convert the property from a condo complex into an apartment building.
Granite has been busy purchasing qualifying condo units. The company owns 1,500 units in Illinois and Florida, and it has completed the condo decoupling plan at four properties. Granite has a current pipeline of four more projects totaling more than 1,200 units. The properties are well located but have not been successful as condo projects due to timing or homebuying market conditions.
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