Greenbelt-based Elite Funding and D.C-based Capital City Builders have consolidated to form Tenacity Group, a D.C. company that will specialize in converting apartments to condos.
The two companies have worked together on projects that total 750 units in the D.C. area. Conversions are taking place at lightning speed as interest rates remain low and the housing sector maintains its momentum in the D.C. market.
The two companies separately found their niches partnering with community development groups, property owners, tenant associations and affordable housing advocates who, if not kept in the loop, can make conversion a lengthy and expensive process.
Tenacity Group (www.tenacitygroup.com) now has in progress a 26-unit property at 3925 Davis Place NW, a 172-unit building at 3010-3100 Wisconsin Ave. NW (known as Cathedral Court Condominiums), and 44 units at 2634 Bowen Rd. SE.
Functioning as subsidiaries of Tenacity Group, Elite Funding becomes Tenacity Mortgage, and Capital City Builders becomes Tenacity Tenant Conversions.
They have also added a title company named Tenacity Settlements, a brokerage arm for condominium sales named Tenacity Condo Sales, and a private investment division named Tenacity Capital.
"We want to help renters, faced with the possibility of losing their homes when their building is sold, understand their rights and options to own their apartments and stay in the community," John Fitzgerald, a co-founder of Capital City Builders and now president of Tenacity Condo Sales, says in a statement.
According to a Delta Associates third-quarter report, this year about 1,400 condo units have hit the market as a result of a switch from apartment to condo before delivery.
Another 1,500 to 2,000 units are rumored to be switching from apartments to condos in the D.C. market.