(To read more on the multifamily market, click here.)

WASHINGTON, DC-The condo-conversion market might be at a peak,experts forecast Saturday at a session held during the 39th annualjournalism convention of the National Association of Real EstateEditors. But while it lasts, some major REIT players are dippingtheir toes in the water.

It should come as no surprise that condo conversions have beenon the rise. In fact, Al Cissel, co-director of the institutionalmultifamily group of Transwestern Commercial Services, reportedthat conversions have represented 91% of all multifamilytransaction activity so far in '05. That compares with 28% in 2003and 51% last year.

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John Salustri

John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.