I wanted to see if anyone here has experience in condo conversions in the city of Beverly Hills. I know that the regulations in Beverly Hills is "friendlier" to landlords than Los Angeles and I'm exploring the option to convert a multifamily apartment into condos.
What can I expect for timeline, potential issues, rough costs?
Do current tenants have a say in deciding if the landlord will be allowed for this conversion or no?
Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
1y
Is this a conversion that will also require substantial renovations? If so, you should also look into the insurance requirements during construction (both builder risk as well as the GC's policy, but particularly the GC policy). Many carriers are including exclusions for GC commercial general liability coverage and professional liability coverage for engagements involving condos and even stricter exclusions when dealing with conversions. I can't speak to the condo conversion process in your municipality this is something to weigh as well. Also, important to confirm they will be warrantable condos for end buyers otherwise it will be very difficult for end buyers to secure financing and thus purchase the units.
Converting a multifamily apartment into condominiums in Beverly Hills is a detailed process that requires navigating city regulations and tenant protections. You’ll need to submit an application to the Community Development Department, undergo inspections, and comply with tenant notification and eviction rules, including providing a 90-day purchase option and relocation assistance. Costs include a conversion fee, potential property upgrades, and legal expenses. Since regulations frequently change, it’s best to consult a local real estate attorney to ensure compliance.