Dune Real Estate Partners and TF Cornerstone (TFC), a New York City based, integrated residential and commercial developer, have created a $1 billion venture, Alta Residential.
Dune and TF Cornerstone have identified the conversion of office buildings to residential as a generational opportunity given the scale of the distress in office real estate and the unmet demand for housing in the United States.
In New York City alone, more than 18 million square feet (more than 18,000 units) of conversions are in some stage of redevelopment, according to the release. Dune and TFC believe that the conversion opportunity will compare in scale to the single-family-for-rent trend following the global financial crisis. Importantly, conversions can help revitalize downtowns and enjoy significant support from state and local governments while avoiding much of the embodied carbon generated by new construction.
Dune and TF Cornerstone will source, analyze and due diligence potent
