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Condos Conversion Distress
Condo Conversions were original residential rental apartments (Multifamilies) that were transformed to Condominiums, through a process called Condo-Conversion. The rationale was to acquire entire apartment complexes, fix them and later sell individual units to the general public on a retail basis. As happened with the Condominiums, prices collapsed during the Financial Crisis, allowing investors to buy units and lease them, generating attractive rental income, due to the lower basis of the acquisition.