- Slice of Real Estate
- Posts
- Alta Residential: $1 Billion Venture for Office-to-Residential Conversions
Alta Residential: $1 Billion Venture for Office-to-Residential Conversions
Slice of Real Estate Team
December 05, 2024
Key Highlights:
Dune Real Estate Partners and TF Cornerstone launch Alta Residential, a $1 billion venture focused on office-to-residential conversions.
Targeting major cities like New York City, Washington DC, and Los Angeles, focusing on transit-oriented, high-barrier-to-entry neighborhoods.
Aims to address the housing shortage and revitalize downtown areas with support from state and local governments.
Alta leverages TFC’s proven expertise in conversions and Dune’s opportunistic investment strategies.
Source: Business Wire
Notable Quotes:
“Alta is well-positioned to respond to the current market bringing together Dune’s extensive experience in opportunistic investing during periods of real estate capital markets dislocation together with TFC’s unique conversion experience and development capabilities.”
“Investors have reacted very positively to Alta as a means to access high quality urban residential... represents an opportunity at a national scale.”
Our Take:
Alta Residential’s strategic focus on converting distressed office properties into high-demand residential units reflects a timely and innovative response to the ongoing shifts in real estate dynamics. By addressing both the housing crisis and underutilized office spaces, this venture aligns economic revitalization with sustainability, avoiding the carbon footprint of new builds. Backed by the robust capabilities of Dune and TF Cornerstone, Alta is poised to redefine urban redevelopment at scale.