
Investment focus: Condominium conversion projects (Existing multifamily residential projects intended for conversion to for-sale condominium units.)
Target markets: - California
- Nevada
- Arizona
- Washington
- Other high-growth metropolitan markets throughout the U.S.
Typical project profile: - Size of the development: 75 - 300 units
- Capital requirements: $10 million to $40 million of committed equity
- Market conditions: Mature markets where high prices for detached homes creates an entrance barrier to home ownership.
- Investment term: approximately 36 months
Development partners: - Resmark partners with some of the nation’s most experienced condominium conversion developers.
- OMI is also a co-owner of ColRich Residential, LLC. The partnership was formed in 2004 to convert apartment projects to condominiums across the western United States.