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Two months after launching a $1B venture targeting office-to-residential conversions, TF Cornerstone and Dune Real Estate Partners have already identified three buildings to turn into apartments. 

The fund, Alta Residential, is pushing to foreclose on a historic property in Philadelphia after buying a piece of the building's distressed debt. It is also getting started on converting an office TF Cornerstone owns in D.C.’s central business district and is in final negotiations to take over a New York City property, TF Cornerstone principal Jeremy Shell told Bisnow in an interview.