It is no secret that many developers are falling short in the sales of their condos and either considering renting those units out or restructuring the whole building / project into an apartment complex. An article in Finance and Commerce, highlights a 61-unit senior condo project was completed in 2006 called Two Rivers Condominiums that is being transformed into an 81-units senior apartment project. The original project sold five of the condominium units but struggled to find buyers for the other units for almost 2 years. The article talks about the re-purchase of the initial units that were originally sold by the new investor and the challenges the new investor faced when trying to obtain financing for the purchase of the facility. For more information on the reconstitution of this senior condo project, click here.
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