Dune Real Estate is teaming up with TF Cornerstone to form a $1 billion venture that will focus on transforming office assets into residential sites to meet the housing demand.
Through Alta Residential, the two real estate firms will analyze, and source those opportunities. The initial target will be for various major regions in the nation including New York City, Washington, DC, Boston, Atlanta, Dallas, San Francisco, Los Angeles, Charlotte, and Raleigh.
Particularly, NYC stands out to Alta. For one, the housing crisis, as the region needs to add 473,000 units by 2032 to meet the demand, according to data from the Regional Plan Association, as cited by Forbes. Plus, TF has experience with conversions in NYC including when it transformed an FBI headquarters into 313 residential units and it turned a former refrigeration property into 318 residents in the Meatpacking District. In total, NYC has more than 18,000 units, representing 18 million square feet, of conversion redevelopment ongoing. Also, TF completed 15 commercial-to-residential conversions in the past.
Recommended For You
Now, both Dune and TF are seeing a "generational opportunity," given the state of distressed office assets, coupled with the nationwide housing shortage, according to a statement from the two firms.
“Investors have reacted very positively to Alta as a means to access high quality urban residential, and we have already received significant interest from a wide range of investors," said Dan Neidich, CEO of Dune.
"The value proposition created by Alta is exciting in that it represents an opportunity at a national scale; has the potential to deliver compelling investment returns; supports the critical need to create new housing; and advances economic revitalization and sustainability. Each of these categories individually are very attractive to investors - and Alta combines all four."
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
