Moran & Company knows how to use its experience in the apartment business to help its clients find extraordinary opportunities at every point in the cycle. At the peak of the for-sale market, Moran & Company helped its clients achieve extraordinary returns by selling apartment assets to condo converters. As the for-sale market ground to a halt, it has been representing homebuilders in the sale of their excess land inventory and multifamily projects under development to apartment developers and investors.
Moran & Company believes in the inherent value proposition of condo “reversions.” We believe that, generally, the sites purchased for condos were the best multifamily sites available. We believe that the product developed on those sites represented “better-than-apartment” product in terms of overall design and finish specs. Often, we find that homebuilders are willing to sell projects in their development pipeline at a discount to investors that are willing to purchase the property at completion and take the lease up risk. In a market where apartment investors are drilling down on the value proposition, we believe they will find the most “value” in these reversion opportunities.
