Property vets to buy condos, convert to apartments | Reuters

Boutique investment bank Westwood Capital, veteran apartment building owner and manager Gerald Guterman, and appraiser Jonathan Miller plan to buy $1 billion worth of new condominium buildings from struggling banks and convert them into rental apartments.

The venture, Condominium Recovery LLC, would buy whole buildings or large swaths of 50, 100 or 200 units at a time from banks that soon may be forced foreclose on billions of dollars in loans they made to developers.