AGENT

Granite Realty Partners to Complete Deconversion of Condominium Units

prnewswire | October 29, 2020

Granite Realty Partners, LLC, a Chicago-based real estate company, announced today that it has completed the fundraising for an investment vehicle to continue its purchases of "broken condominium units."
The company has already been involved with seven condominium projects, in Illinois and Florida, totaling over 1,500 units. In four of those projects to date, Granite Realty Partners acquired enough units to complete a "condominium deconversion," thereby changing ownership from individually owned condominium units to a singly-owned apartment complex.
Rob Palley, Principal and Co-Founder of Granite Realty Partners, said "We continue to search for and identify high-quality projects that for numerous reasons were not successful as condominium projects but which are viable as well-located and desirable apartment living."
"Investment in "broken condominiums" allows an investor to participate in a multi-family platform at a cost basis well-below that of a widely-marketed apartment project," according to Palley.
Granite Realty Partners currently has a pipeline of 4 projects totaling over 1,200 units and is actively seeking more investment opportunities.
In 2017, Granite principals were involved in the purchase of individual condominium units at the Village at Town Center, in Davenport, Florida and completed a deconversion. The property had been converted to condominiums in 2006 and failed to sell out during the 2008 Recession. Upon gaining control, 48 of the units were fully renovated, achieving rent increases averaging over $250 per month, generating a return of over 20% on renovation costs. At that time, the property was sold and allowed the buyer the opportunity to achieve a substantial return by renovating the remaining 192 units.
In 2018, Granite principals were part of the purchase of 89% of the units at Darlington Court, a 235-unit condominium property in Crystal Lake, Illinois. The investment group was able to buy the units at a favorable cost per unit by assuming low-leverage, high rate, CMBS debt. Within 6 months, all of the remaining units were purchased and select units were renovated and the common areas significantly improved. The property was sold 14 months after it was acquired and generated a significant return on investment.
Also in 2018, Granite principals were part of the purchase of 58% of the units at Pine Hill Condominiums, a 264-unit condominium property in Wheeling, Illinois. The property was a failed condominium conversion of a two-building, 6-story project originally built in the 1970s. Within one year all of the remaining units were purchased and an upgrade of the common areas is close to complete and unit renovations are on-going, with an average rent increase of over $200 per month for renovated units.
Palley stated that "we look for projects that are well-located and have proven lease up history but that due to market timing or conditions were not able to succeed as condominiums but are attractive and viable apartment projects when the condominium ownership structure is removed."

Spotlight

Boosted by a greater share of sales to first-time buyers not seen in nearly four years, existing-home sales maintained their upward trajectory in June and increased for the fourth consecutive month, according to the National Association of Realtors®

Spotlight

Boosted by a greater share of sales to first-time buyers not seen in nearly four years, existing-home sales maintained their upward trajectory in June and increased for the fourth consecutive month, according to the National Association of Realtors®

Related News

REAL ESTATE TECHNOLOGY

Dibbs Opens Construction Bidding App to Massachusetts to Disrupt the Construction Industry

Dibbs | May 17, 2022

Dibbs Technology is excited to announce the expansion of the iOS app to the Massachusetts area. After a successful launch in Rhode Island, the company is ready to expand its marketplace to Massachusetts. The app is the first of its kind in the construction industry to serve as a marketplace for both construction supplies and services. Rated a Top 10 startup company of 2021 and a 2022 Stevie Awards winner, Dibbs is designed to take the friction out of bidding, buying, and selling products and services in the construction and real estate marketplace. Based out of Newport, Rhode Island, the app has been launched in Rhode Island and currently has over 200 bids on the app with a total value of almost 3 million dollars. CEO and Founder Luke Fleury is also a General Contractor and Real Estate Developer in Rhode Island and explains why he created Dibbs. "I was tired of spending countless hours trying to find the best quotes for my projects, this is what inspired me to create Dibbs." Dibbs is an app that will allow contractors, suppliers, homeowners, and more, to find the people and projects that they want to work with. "With our built-in bidding templates, we cut the time it takes to place and receive bids in half" he adds. Having a CEO who understands the field and operates on a day-to-day basis with other contractors and suppliers, helps us to ensure we are creating a tool that actually helps our users. The COO also expressed that, "Dibbs can help people increase productivity and profitability. The app enables users to save money on their next project with more options and lower costs as well as higher quality." Case Olszewski,Dibbs COO and Co-Founder With the success the Dibbs team has already seen in Rhode Island they are expecting tradesmen in Massachusetts to quickly see the benefit of Dibbs and change the way they are bidding on projects. Users can expect an increase in productivity as well as saving money knowing they are getting the best price and quality on materials. Searching and contacting various sellers often requires multiple searches. While other apps offer lead generation tools, Dibbs provides customization and ease with their all-in-one marketplace for construction bidding.

Read More

BUYING/SELLING

SkySlope and Updater expand partnership to bring top moving app to millions of buyers and sellers

SkySlope | June 23, 2022

We're thrilled to announce an expansion of our partnership with SkySlope, an innovator in real estate transaction management. SkySlope serves over 450,000 real estate professionals and now offers Updater as part of their transaction management software to further enhance client relationships before, during, and after each real estate transaction. New features will be released this month, including: All SkySlope broker and agent customers will automatically receive access to the Updater Pro platform at no cost. All homebuyers and sellers in the SkySlope system will receive unlimited access to Updater, helping them move into and manage their new homes. Property information and specific transaction details will sync automatically between SkySlope and Updater, providing each buyer and seller with a personalized and tailored move plan. Broker and agent branding will be featured within the Updater experience before, during, and after the transaction and across communication channels – in-app, web, and email. With more real estate transactions completed in a digital environment, it's critical to remember that the transaction shouldn't end at the closing table – the move is often the most stressful part. We're thrilled to deepen our relationship with SkySlope and jointly deliver on the promise of a frictionless and modern moving experience for all homeowners." David Greenberg, Founder and CEO of Updater While homeowners enjoy a simplified and automated moving experience using Updater's industry-leading technology, SkySlope's customers will build lasting client relationships thanks to Updater's co-branding and configuration capabilities. Once branding and preferences are configured, brokerages and agents remain front and center in the Updater experience as their clients organize and complete moving tasks. "We build solutions to empower REALTORS® and are invested in their ongoing success," said Buck Avey, VP of Product at SkySlope. "Our collaboration with Updater is just one of the many ways we place the agent at the center of providing best-in-class experiences for their clients." SkySlope manages nearly 3M transactions each year. The homebuyers and sellers associated with Skyslope-managed transactions will receive integrated access to Updater's technology, helping them seamlessly organize and complete tasks including: Set up internet and television services Compare and book both full-service and on-demand moving services Set up utility services, including electricity, gas, and water Set up smart home technology Forward mail Update addresses And much more "Updater is integrated with our transaction management system (SkySlope), so that there's no work needed by our sales executives," said Brenda Tushaus, CEO at RE/MAX Results, ranked as the 15th largest brokerage firm in the US by closed transaction sides in 2021. "Other than getting set up and adding branding, it just runs automatically – that's a huge time saver." About SkySlope Established in 2011, SkySlope is the customer experience platform managing real estate transactions from contract to close. Serving over 450,000 real estate professionals across the U.S. and Canada, SkySlope manages nearly 3 million transactions annually. SkySlope is on a mission to build solutions that reshape the real estate industry by creating the most powerful autonomous transaction platform.

Read More

BROKERAGE,MORTGAGE AND LENDING

Greater Lansing Association of REALTORS® partners with SkySlope to provide members access to breakthrough transaction tools

SkySlope and Greater Lansing Association of REALTORS | August 05, 2022

SkySlope, the leader in real estate transaction and brokerage software, is partnering with the Greater Lansing Association of REALTORS® (GLAR) to offer its premier transaction management solution SkySlope Suite — including SkySlope Forms and DigiSign — as a benefit to GLAR members. SkySlope's suite of products enables real estate professionals to centralize their workflow while remaining compliant. As the transaction management platform that serves over half of the top 20 largest brokerages in the nation, SkySlope is known for its 24/7 award-winning technical support and customized onboarding and training — both benefits that are now available to GLAR agents. "We are ecstatic to offer SkySlope to our members, SkySlope provides a valuable resource for REALTORS® to get the most out of their form libraries and elevate the transaction process across the state. Seeing as SkySlope is dedicated to building innovative, easy-to-adopt solutions, we know our members will thrive using SkySlope." -Aaron Fox, 2022 Greater Lansing Association of REALTORS® President SkySlope launched in 2011 with a mission to create technology that makes life better for real estate professionals. In October 2017, after several years of impressive growth, SkySlope became a part of the Fidelity National Financial family. This partnership reinforces SkySlope's commitment to its vision, providing them with greater resources to innovate. Since then, SkySlope has continued to create groundbreaking products for its growing community of over 450,000 real estate professionals. Located in Lansing, Michigan, the Greater Lansing Association of REALTORS® was founded with a mission to promote the American dream of homeownership through a free enterprise system. They provide support for their REALTORS®, allowing them the ability to take on industry challenges, protect homeowner and private property rights, and build communities. GLAR's partnership with SkySlope will empower its agents with top-tier tools designed to help them succeed. SkySlope Suite for GLAR members will include: SkySlope Suite - Flagship transaction management solution (includes DigiSign and Forms). DigiSign - Send documents for signature quickly and easily with intuitive (and free) features. Forms - Association and MLS forms that are always up-to-date and synced with data from the MLS. The way REALTORS® work today is changing as they take on more clients, adjust to market swings, and adopt more tech, At SkySlope, we are driven to provide tools that make an immediate impact in our customers' lives which is why we designed SkySlope Suite to be simple, flexible, and user-friendly. We are excited to work with GLAR to provide this benefit to all of its members,says Tyler Smith, CEO of SkySlope. About SkySlope Established in 2011, SkySlope is the customer experience platform managing real estate transactions from contract to close. Serving over 450,000 real estate professionals across the U.S. and Canada, SkySlope manages nearly 3 million transactions annually. SkySlope is on a mission to build solutions that reshape the real estate industry by creating the most powerful autonomous transaction platform. About Greater Lansing Association of REALTORS® Founded in Michigan in 1907, the purpose of the Greater Lansing Association of REALTORS® is to promote the American dream of homeownership through a free enterprise system by preserving the right to own, use, and sell real property. GLAR members work together to take on industry challenges, maintain the most accurate housing data, protect homeowners and private property rights, and help build communities.

Read More