Isn't that how most apartments work? The apartment I live in, and every apartment I know of has an "owners corporation", of which each owner of each apartment is a member. The members have meetings and elect a committee to make financial decisions. All members pay fees to the owners corporation. Most of the money goes to a building manager, which is an external company hired by the owners corporation to maintain the building. The building manager handles repairs and cleaning of the common areas and facilities. Any non-routine spending must be approved by the committee (and large expenditures, such as elevator replacement, would go to a vote of all members).

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Anyway, the gist is what you said. Individuals and families own the apartments, and collectively they own the whole building and make decisions about how it should be maintained and run.