Condo to Apartment Conversion

[David Alvarado]

Hi BP, I'm looking to connect with multifamily investors familiar with condo to apartment conversions. Would like to bounce around some ideas on a complex that I believe has significant upside through the conversion and discuss potential tax credit programs that I think can be used in favor to make the deal more profitable. I remember listening to one of the podcast discussing this idea but can not for the life of me remember who was being interviewed. Any guidance is much appreciated! -David

[Chris Martin]

Yes, I am focused on NC. I would consider other areas if the opportunity makes sense. I'm only looking at small conversions. The fewer owners and the more mismanaged the place is the better. Ideally the owners are in the capitulation stage with multiple owners with their properties listed.

In both deals I've done, the units were purchased all at once. In the second one, having all units under contract was material to the deal.