Condo-to-apartment conversion

[Nick B.]

Hello BP!

I am reviewing a potential passive investment in a larger apartment syndication and have a few questions for the experts. 

The project is 60 units B-class condominium (built around 1984, located in one of DFW suburbs) with 50 units being offered for sale at $51K/unit. The rest of the units are owned by various individuals that are not selling yet. The buyer of 50 units will become a single decision maker in HOA and plans to use that power to convince the small owners to sell their units for $30-35K a piece. Then, once all the units are bought, convert the condo to an apartment complex, increase NOI, refinance, sell, etc.

The overall numbers look good if this were an apartment but this is a condo and that concerns me.

Will this scenario work out as planned? Does HOA have a power to force its member to sell, especially at a lower price?

Thanks
Nick