Same issue with my iMac 2011.
From the log file:
Sep 27 22:34:55 mars OSInstaller[549]: Unmounting target for conversion
Sep 27 22:35:27 mars storagekitd[550]: Failed to unmount disk0s2 because DiskArb timed out. Will retry.
Sep 27 22:35:58 mars storagekitd[550]: Failed to unmount disk0s2 because DiskArb timed out. Will retry.
Sep 27 22:36:29 mars storagekitd[550]: Failed to unmount disk0s2 because DiskArb timed out. Will retry.
Sep 27 22:37:00 mars storagekitd[550]: Failed to unmount disk0s2 because DiskArb timed out. Will retry.
Sep 27 22:37:56 mars OSInstaller[549]: OSIInstallElement <OSIConvertToAPFSElement: 0x7fddb6ffbff0> errored out:Error Domain=com.apple.DiskManagement Code=0 "(null)" UserInfo={TimedOut=true, Target=disk0s2, Action=Unmount}
Sep 27 22:37:56 mars OSInstaller[549]: Evaluating 1 disks
Sep 27 22:37:56 mars OSInstaller[549]: Evaluating SKDisk { BSD Name: disk0s2 Mount point: Not Mounted Role: kSKDiskRoleLegacyMacData Type: kSKDiskTypeHFS }
Sep 27 22:37:56 mars storagekitd[550]: storagekitd: copyDiskForPath returned nil, error: -69808
Sep 27 22:37:56 mars storagekitd[550]: storagekitd: copyDiskForPath returned nil, error: -69878
Sep 27 22:37:56 mars OSInstaller[549]: ------- Install Failed -------
Sep 27 22:37:56 mars OSInstaller[549]: Operation: Convert to APFS failed, Failure Reason: Error Domain=com.apple.DiskManagement Code=0 "(null)" UserInfo={TimedOut=true, Target=disk0s2, Action=Unmount}