San Francisco, CA (PRWEB) October 30, 2012
Val Altomare Jr. is the new managing director of the Small Balance Multifamily Group at Genesis Capital. Genesis, a company that sources large off market commercial properties for off market opportunity buyers, saw a need for smaller apartment acquisitions and created the division.
Terry Robinson, CEO of Genesis Capital, said, “Genesis typically deals with institutional buyers and large commercial properties. However, we saw a keen demand from investors for smaller apartment investments. Our new division was created to meet this need, and we are glad to have Val heading up the Small Balance Multifamily Group.”
The focus of the new division is on single offerings or small portfolios of apartments typically averaging between $1M and $3M in value. The properties may or may not be distressed, but they are always off market. The company works principal to principal, and there are no fees to the Seller – the buyer pays a low acquisition fee for access to the off market property.
Val Altomare’s career history started in the hospitality and restaurant industry, followed by more than 20 years as a mortgage broker. He transitioned to real estate 23 years ago, and brings expert experience in residential distressed properties. Altomare’s experience also includes broker of record responsible for compliance standards in California within a multi-site operation, as well as training and monitoring of DRE regulations and federal guidelines. With a private investment background as well as “A” paper lending, Val also developed multi-faceted lead generation and training programs establishing market presence to his clients within 72 hours while market standard was two weeks.
Robinson said, "Genesis and the new Multifamily Group are main affiliates of our exciting new group, the Off Market Association (OMA). OMA offers members access to the platform of Genesis and Sunovis Financial, in order to make deals in commercial real estate and finance. We offer an online university, currently work more than $50,000 in courses for members, too. We want members to expand their opportunities and have an edge in the tough environment today. The Multifamily Group will be a big part of this for OMA members."
The Small Balance Multifamily Group helps both Buyers and Sellers. Sellers can bring their off market properties to the platform for no fee, and the Small Balance Multifamily Group has a wide variety of vetted and able buyers for the product. Interested buyers or sellers may visit the website at http://www.offmarketasset.com or contact Altomare by email at val(at)offmarketassets(dot)com
Altomare lives in the San Francisco Bay Area, and is married with two grown children.