My old West LA apartment complex thereatened on a yearly basis to become condos, but in the 6 years I lived there, only in the last 6 months did they actually convert one apartment as a ‘test’ condo. As far as I know, it has not sold.
In fact, according to other tenants who had lived there for 15 + years, the place was going to be turned into condos since the get-go, but there was always some delay or technical hurdle.
Having said that, we never got to the point of a 180 day notice or a Public Hearing, so I don’t know how much of a fait accompli it has become.
Sounds as if this is a last-gasp attempt to make some money before the market slumps. I’d be surprised if its economically viable at the moment.