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Best Buy: Broken Condos

National Multifamily

One of Time Equities founder Francis Greenburger's favorite acquisition opportunities of the moment is broken condos—those projects half-owned by recession-era buyers and half-owned by banks that are renting out the remaining units. We snapped the art collector on Wednesday in his Manhattan office with a painting by his friend Kinga Czerska. He tells us an investor can get better cap rates on those rentals than on an entire apartment building, and he's got options for the future. He can sell the units, sell the block, or keep renting. (In basketball, that's called the triple threat.) Time Equities recently bought broken condo blocks in Tallahassee, Panama City, and Grand Rapids.