Case Study

Royal Palms Condominiums

162-unit Long Beach conversion

Property location

100 Atlantic Avenue, Long Beach, CA

162

Total Units

State

The transformation

From constraints to outcomes

Each project began with a specific set of financing, legal, or market challenges and moved through a different path to a successful outcome.

Before conversion

The constraints

The community had been attempting to convert to a condominium for six (6) years with another consultant that had collected fees without providing the services needed to complete the conversion to condos.

Unit values as co-ops were low compared to similar condos in the neighborhood. Prices did not recover enough to return to pre-recession levels.

There were only a few lenders that were willing to provide loans for co-op units.

After conversion

The documented outcomes

Hutton restructured the conversion plan, had all new governing documents drafted and approved by the membership and delivered condo unit deeds in less than 8 months from contract date.

After conversion, unit values as condominiums increased substantially over co-op selling prices a few months before. Owners are selling units to occupants instead of being forced to rent.

Hutton obtained Fannie Mae project approval, broadening the financing channels available to owners.

Project record

Documented project scope

The source record does not provide a complete financial return table for this project, so only verified scope details are shown.

Units Converted162

No unknown, estimated, or unavailable values are displayed.

Community voices

What residents say

Comments from board members and owners help show how the conversion was experienced inside the community.

“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. Mr. Boyajian and the Hutton Group set the bar for the cooperative conversion business and no other consultant I interviewed demonstrated a fraction of his experience, knowledge and ability.”

Ted Tuggle, Board Vice President

“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. What could not be done by the other consultant in six (6) years was completed by Hutton within six (6) months.”

Erin Copenbarger, Board Secretary

Property location