AGI Capital

Benefits of Residential Conversion

Posted by AGI on June 16, 2006 09:12 AM | Permalink

AGI CEO Alexis Wong was quoted in Contra Costa Times writer Kiley Russell's piece last month about the benefits for first-time home buyers. Acquest is our residential development subsidiary.

"The trend has been instilled for a ... few years now, largely because of the escalating construction prices (for single-family homes). At a certain point, it's very difficult to construct new product at somewhat of a reasonable price," said Alexis Wong, president of Acquest Residential, an urban infill and mixed-used developer based in San Francisco.

Acquest is involved in about three times as many condo conversions in the Bay Area than it was a few years ago. "It's supply and demand: When more developers are looking for these types of opportunities, (apartment building owners) become more interested in selling their product," Wong said.

The article also quoted Tom Reiser, whose Reiser Group is our marketing and sales partner at our Hayward portfolio:

"It's affordability for people. ... It's the only way that entry level buyers can enter the market," he said.

For now, you can read the whole piece here, until it eventually requires a fee.