Why This Investor Is Focusing on ‘Broken Condo Units’

Granite Realty Partners has completed fundraising for an investment vehicle that will de-covert condominiums. The company’s strategy is to purchase what it calls “broken condo units,” and convert the property from condominium complex into an apartment building.

Granite has already been busy purchasing qualifying condo units. The company currently owns 1,500 units in Illinois and Florida, and it has already completed the condo de-conversion business plan in four properties. Plus, Granite has a current pipeline of four projects totaling more than 1,200 units. These properties are well located but have not been successful as condo projects due to timing or home buying market conditions.