Ensuring Property Marketability in Condo-Conversion Project
Property Name: Olive Branch Condominiums
Address: Long Beach, California
Square Footage: 10,213
Number of Units: 12
Contract Value: $45,000 per unit
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Overview:
The Olive Branch property, located in Long Beach, Calif., was formerly a 12-unit apartment complex owned by a non-profit organization. The organization was looking for a construction company to advise on and execute the conversion of the apartments into condominiums for low to moderate income individuals and families.
Strategy & Execution:
In April 2007, Healstone Construction Development partnered with the owner to reposition the property and redesign highly marketable units, working within the low to medium income price range in providing an aesthetically pleasing end product. Healstone executed the complete demolition, preparation and construction of the conversion project, including tile, electrical systems, plumbing, flooring and paint. The team also advised on all design changes including the selection of new cabinetry, color pallets and kitchen and bathroom modernization.
Results:
Healstone’s expert team worked closely with the owners to develop an affordable conversion plan and create a product that would attract end users within the target demographic. Additionally, before and during construction, Healstone Property Management oversaw the day-to-day operations of the complex, and Healstone Investment has been hired to market the condos to qualified buyers.
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