Community APARTMENT PROJECTS
(also known as "own-your-owns")

Unlike stock cooperatives where a corporation owns the entire project (including the units) and shareholders are given an exclusive right to lease a unit, a "community apartment project" is a development where members own the entire project in common (including the units) and are given an exclusive right to lease an apartment. Civil Code §1351(d)

This type of ownership is rarely used.

Updated by ADAMS KESSLER 8/9/2008