Fractured Condo Division

The CCG Fractured Condominium Projects Division acquires broken condominium projects in which the developer was unable to finish selling out their condominium conversion or development units. CCG  will typically operate these broken condominium projects as multifamily apartment communities for 5-10 years, or until the residential housing market recovers. If and when the condo market recovers, CCG  will sell the remaining units as condominium homes at a premium or keep the project as a stabilized rental community long term.

Property Types 

• Single properties with a minimum of 100 units
• Garden, townhouse, mid-rise, and high rise apartment or condo communities
• Primary and secondary MSA’s throughout the United States
• Markets with stable or growing population, employment, and rents
• Class C+ to A+ assets

Investment Characteristics

• Attractive pricing below replacement costs and large discount to peak values
• Preferred minimum size of $5 million
• High barriers to entry and supply constrained markets
• Value-add or deeply discounted properties
• Single assets or portfolios

Investment Situations 

• Lease up and/or repositioning strategies
• Debt purchases
• Direct from developer or lender/special servicer
• Buy-back partially sold condos to lease out and control the HOA
• Work-out and restructure Debt/Ownership/Tax with developer/lender