Apartment to Condo Conversions... in Los Angeles CA

[Manuel Angeles]

Good Evening Bigger Pockets Family,

One of our Clients buys apartments and converts them into Condos.
A recent project he did was in Fairfax / La Brea.
It was a 4plex that he converted into 4 separate condos.

Value as a 4plex apartment: $1.2m.
City of Los Angeles took almost 1.5years to complete plans &permits conversion into Condos.
Once they were entitled as Condominiums, each condo sold at $890k.
Four Condos x $890k = $3,560,000.
All four condos sold in One Day.
Within 1.5 years, he was able to increase the value from $1.2m to $3.56m.

Are any of you doing the same ? In California ? Or in Other States ?
I would love to hear your input on this.

Thank you,