Long Beach, California
A stalled conversion. A revised plan. Individual deeds for the community.
Explore the projectRoyal Palms had already started a conversion, but the work had stalled. Owners were still in a cooperative, with limited lending choices and lower recorded unit values than the eventual condominium values.
Moving forward meant more than finishing paperwork. The existing plan and governing documents needed to be reviewed and revised so the community, its lenders and the title team could proceed.
Hutton restructured the plan and revised the governing documents. The project FAQ describes attorneys, title officers and engineers reviewing the earlier documents, with the legal team incorporating community input into the revisions.
The revised documents went to the members for approval. Owner questions covered financing as well as the everyday details of life in the building: parking, rentals and existing property rights.
Hutton coordinated with lenders and carried the conversion through to individual condominium deeds. The Royal Palms record reports $10 million in funding arranged.
The owner FAQ set out how the proposed conversion would handle the details that mattered to residents.
Royal Palms became a condominium in 2015. Owners received individual deeds, and the project recorded $10 million in funding arranged.
The case study also records a change in per-unit values. These historical figures describe this project; they are not current appraisals or a prediction for another building.
The community changed from cooperative shares to individual condominium deeds.
A project letter extended an earlier final approval. This is historical financing evidence, not a statement of current project eligibility.
“I could not have been more satisfied with our decision to use Jack Boyajian and the Hutton Group to complete our conversion. I would overwhelmingly recommend their services.”
“Hutton really is the SPECIALIST in converting coops to condominiums. I only wish our community had used them initially as it would have saved us money, time and lost opportunities.”
A California cooperative converted to condominium ownership.
Open the building in Google Maps (opens a new tab)California conversion resourcesIf your co-op is weighing conversion—or an earlier effort has stalled—a free feasibility study can help establish a way forward.
