Company Targeting Multifamily Communities of 250 Units or More; Effort Led by Real Estate Veteran Gerald “Jerry” Guterman, a Pioneer of the Modern Condo Conversion Industry
ANDERSON, SC — July 2, 2026 — Ideal Group of Companies, Inc. (OTC: IDGR) (“IDGR” or the “Company”), a diversified real estate development and financing enterprise, today announced the launch of a long-term condominium conversion platform and the beginning of its search for a flagship property to anchor it. Led by real estate veteran Gerald “Jerry” Guterman — who over a six-decade career has completed more than 26,000 condominium conversions — the initiative establishes condominium conversion as a core, repeatable line of business for IDGR rather than a single transaction. It marks the Company’s entry into one of the real estate sector’s most established value-creation strategies and represents a natural extension of its growing real estate development platform.
In its initial search, the Company is concentrating on large-scale multifamily communities of at least 250 units, a threshold management believes offers the operating scale, unit-count diversity, and absorption potential necessary to execute a successful conversion while maximizing returns for shareholders. IDGR is reviewing prospective assets across several target markets and intends to apply disciplined acquisition criteria — location, building condition, tenant profile, and local for-sale pricing dynamics — as it works toward selecting a flagship property.
Management views condominium conversion as a strategically attractive platform for IDGR because it complements the Company’s existing real estate development and mortgage financing operations, produces asset-backed returns, and can be scaled property-by-property as the right opportunities emerge. Consistent with the Company’s broader approach, IDGR intends to pursue acquisitions using disciplined financing and prudent capital allocation — pacing each transaction to preserve balance-sheet flexibility and to build the platform in a manner designed to support durable, long-term shareholder value.
The Condominium Conversion Opportunity
Condominium conversion is the process of acquiring an existing rental apartment community and converting it into individually owned condominium residences, which are then sold to homebuyers and investors. For more than four decades, conversions have been a proven vehicle for unlocking the spread between the value of a building held as a single rental asset and the aggregate value of its units sold individually into the for-sale market.
Management believes current conditions make the strategy particularly compelling. Persistent shortages of attainable for-sale housing, elevated new-construction costs, and strong demand for entry-level and move-up ownership have widened the gap between rental valuations and individual unit pricing in many markets. Converting an existing, income-producing community allows a sponsor to deliver homeownership inventory far faster and at lower cost than ground-up development, while creating value through targeted capital improvements, professional repositioning, and unit-by-unit sales. IDGR intends to pursue conversions that improve housing availability in their communities while generating attractive, asset-backed returns.
A Proven Leader at the Helm
IDGR’s condominium conversion initiative is being headed up by Gerald “Jerry” Guterman, one of the most accomplished figures in the history of the condo conversion industry and the head of the Company’s real estate efforts.
Over a career spanning more than six decades, Mr. Guterman has acquired, developed, and managed in excess of 78,000 apartment units and completed more than 26,000 condominium conversions — a body of work that places him among the most prolific conversion sponsors in the United States. His transactional record includes landmark institutional deals, among them the acquisition of a major office portfolio from the FDIC that became a cornerstone of what is today Mack-Cali, as well as the hotel assets that formed the origins of the Wyndham hotel brand.
Equally notable is Mr. Guterman’s financial discipline: he has maintained a debt-free track record since 1978, a hallmark of his approach that resonates with IDGR’s own commitment to prudent, shareholder-conscious capital deployment. He currently serves as Chairman and Chief Executive Officer of Guterman Partners, LLC, which he founded in 1969 and continues to control today.
“Beginning the search for our first conversion property is an important milestone for Ideal Group. We are looking for the right large-scale community — 250 units or more — where we can apply six decades of conversion experience to create homeownership opportunities and lasting value for our shareholders. This is a strategy I know intimately, and I am energized to build a meaningful conversion portfolio at IDGR,” said Mr. Guterman.
“Jerry Guterman’s experience in this space is, quite simply, unmatched. Launching our condominium conversion platform under his leadership positions IDGR to enter the for-sale housing market with credibility, discipline, and a clear path to value creation. We look forward to announcing our first target property as the evaluation process advances,” said Charles Cardona, Chief Executive Officer of Ideal Group of Companies.
The Company expects to provide further updates as it progresses through its property identification, due diligence, and acquisition process.
About Ideal Group of Companies, Inc.
Ideal Group of Companies, Inc. (OTC: IDGR) is a diversified real estate development and financing enterprise pursuing a long-term strategy of building scalable, asset-backed business platforms that compound value for shareholders over time. The Company seeks out established, cash-generative real estate strategies — such as condominium conversion — and pairs them with disciplined financing and capital allocation to grow deliberately while managing risk. IDGR’s operations span real estate development, hospitality, and mortgage financing, including its Eclipse Real Estate Development, Oxygen Mortgage, and Hospitality Development Group divisions, which together provide the foundation for durable, long-term growth. Headquartered in Anderson, South Carolina, IDGR pursues opportunities that combine near-term financial discipline with lasting value creation. For more information, visit idealgroupcorp.com.
Investor Relations Contact:
Ideal Group of Companies, Inc.
ir@idealgroupcorp.com
www.idealgroupcorp.com
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws, including statements regarding the Company’s condominium conversion strategy, prospective property acquisitions, target markets, and anticipated benefits. These statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those expressed or implied, including risks related to identifying and acquiring suitable properties, financing, market conditions, and execution of conversions. IDGR undertakes no obligation to update forward-looking statements except as required by law.