Turning an 18 Unit Condo Building Back Into Apartments with Bryce Kander

An 18 unit condo building bought for about $90,000 a door was later appraised at roughly $131,000 a door after being brought back together as one apartment property.

That is the condo deconversion strategy Bryce Kander is focused on right now.

Bryce explains how he purchased all 18 units in an Edmonton property from 17 different owners. His offers were conditional on getting all of the units, possession happened on the same day, and he arranged a blanket mortgage across the property.

The opportunity came from a shift Bryce has been watching. Condo prices had dropped while rents had moved higher. He saw a chance to reverse the old strategy of converting apartments into individual condos.

Bryce also talks about another way these deals can happen through the condo board and court process when there is a strong reason for the building to sell, such as a major cash call.

Key topics and takeaways:

• Why Bryce is focused on condo deconversions
• How he purchased 18 units from 17 owners
• Why some owners accepted prices above recent individual condo sales
• Using conditions so the purchase only moves forward if the whole building comes together
• Working with condo boards and the court process
• How appraisals can look different using an income approach
• Financing the Edmonton property with private money
• Why Bryce expects a long hold before moving into MLI Select financing
• How operating expenses can affect the value per door