Conversion Of Rental Property To Condominium
TWIN LAKES PROFESSIONAL CENTER
Opportunity:
This medical office building in Boca Raton offered an opportunity through conversion from rental space to condominium. Maintaining tenancies during construction of building and new buyer space improvements and encouraging tenants to purchase their spaces were all keys to the success of the project. Further, property management needed to budget the post-conversion operating costs and then manage the property accordingly.
Revisioning:
Maintain the property at peak performance levels during the transition, to aid in unit sales, gain the favor of the new owners and retain the property management contract.
Result:
Midgard paid extra attention to new unit owners and tenants throughout the transition period and the construction of numerous build-outs. The building continued to function normally with minimal disruption to their businesses. Due to its hands-on management, the property was successfully sold and continues to be managed by Midgard Management.
