Creative Real Estate - Condo complex into Health/Assist Facility
A partner and I are looking at flipping a condominium complex in Alberta, Canada. We have the advantage of knowing that the 90 Unit complex (4 buildings) is underperforming, not being maintained properly, and sale prices that were once around 225k/unit almost a decade ago are now averaging 100k, before other investors. We have an investor friend that owned 5 of the units, and has liquidated all but one that would be interested in purchasing entire building with us, if possible, and creating something different.
Q1: Assuming the numbers work to flip (similar to apartment building rehab), in what ways have other investors experienced purchasing an entire condominium complex? (Context: An investor currently owns around 55% of the units, and is approaching all other unit owners to allow him to sell the building - or sell each unit for an average price. Is there a holding Corp that we can buy that would hold ownership or 'sale rights'?)
Q1b: Investors that have experience in converting apartments/condo complexes/commercial spaces to health care, assisted living, etc facilities.. What end-game mentality are we looking for/need to set up a profitable deal?
Adriano A.
Edmonton, Alberta, Canada