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A condominium (aka condo) is a type of commercial real estate property that is divided into multiple units that are each separately owned, surrounded by common areas jointly owned.
Residential condominiums are frequently constructed as apartment buildings. (They make also take the form of "detached condominiums," which look like single-family homes but possess yards, building exteriors, and streets that are jointly owned and jointly maintained by a community association.)
Unlike apartments, which are rented by their tenants, condominium units are owned outright. The owners of the individual units also collectively own the common areas of the property (such as hallways, walkways, and laundry rooms).