D
une Real Estate Partners and TF Cornerstone, led by Tom Elghanayan, are joining forces to launch a significant investment venture. The firms announced the creation of Alta Residential, a $1 billion fund aimed at advancing office-to-residential conversions across the US.

    The partners will identify and analyze conversion opportunities on behalf of Alta Residential, providing construction oversight for local developments they invest in, including projects in New York City. TF Cornerstone has already completed 15 commercial-to-residential conversions spanning 5 million square feet, with a recent acquisition of a $175 million waterfront site in Brooklyn's Greenpoint neighborhood.

    Alta Residential plans to invest in approximately 20 projects over the next three years, targeting cities such as Boston, Charlotte, Raleigh, Atlanta, Dallas, San Francisco, Los Angeles, and Washington D.C. The venture is already receiving significant investor interest, with CEO Dan Neidich expressing confidence in its ability to scale quickly.

    Office-to-residential conversions are gaining momentum, with 73 projects completed so far this year and another 309 in the pipeline, accounting for over 38,000 units. Despite this growth, there remains room for more conversions, as they currently account for less than 2 percent of the country's office inventory.