Large Buyout And Conversion Question
I have access to a large residential project that is in danger of going under. The project is about 50% sold to individual investors that purchased almost 2 years ago.
Due to the market colapse and zoning issues that the developer had the homes are going to be delivered outside the 2 year time frame that the developer promised to deliver the individual homes to the investors in. Most of the investors will get their money back and walk. The developer will be stuck with a huge glut of inventory. I believe the developer would sell at a hugely discounted price at this point. I know that the developer purchased the land dirt cheap.
I would like to find a developer that concentrates on rental property and perhaps buy the original developer out and turn the community into rental. So my question I guess would be 2 part. Does anyone have any ideas on how to capitalize on this deal? Doeas anyone know of any developers that concentrate on large scale rental communities. Any help would be graetly appreciated.
Thanks,
How many units in the complex? How much construction is completed?
481 total 96 are condos... About 40% underconstruction total and about 16 units ready to close next month..