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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.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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