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new joint venture, Alta Residential, has been formed with the goal of pursuing complex office-to-residential conversions worth $1 billion across major US cities.

    Dune Real Estate Partners and TF Cornerstone have partnered to create Alta, focusing on high-barrier buildings in transit-oriented neighborhoods. The venture aims to target cities such as New York City, Washington D.C., Boston, Charlotte, Raleigh, Atlanta, Dallas, San Francisco, and Los Angeles.

    Investors have shown significant interest in Alta, with Dune CEO Dan Neidich stating that investors view it as a means to access high-quality urban residential properties. TF Cornerstone, founded by brothers Thomas and Fred Elghanayan, has developed over 21 million square feet of residential and commercial properties, mostly in New York.

    The company owns nearly 12,000 residential units in Manhattan, Brooklyn, and Long Island City, along with over 4 million square feet of commercial space. TF Cornerstone has completed 5 million square feet of office-to-residential conversions across 15 projects, including the former FBI headquarters building at 201 E. 69th St.

    As part of the joint venture, TF Cornerstone will oversee and partner with Alta to convert certain New York City office buildings into apartments. Dune brings experience in opportunity fundraising, having raised over $4 billion of equity capital since its launch in 2005.