Conversion of APTs to CONDOs - good/bad?

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What are your opinions on renovation of apartments to condos?

Basically, gutting out the entire thing and upgrading it all. They tend to sell it way less than a typical condo.

Do you think renovations such as these can have potential growth? Or is it because it's old and now new..it may not have much growth potential.

I don't understand why they sell it for significantly less than other places in that same area.