The Small Balance Multifamily Group (a Division of Genesis Capital) Breaks into the Atlanta Market

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Genesis Capital recently created its Small Balance Multifamily Group to address the needs of buyers and sellers of smaller apartment properties. The company is now in dynamic Atlanta, a desirable area for apartment buyers and sellers.

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The Atlanta apartment sector has benefited from a number of trends, not least of which is the pressures on the single-family housing market. A high number of foreclosures have displaced former homeowners who now rent.

The Small Balance Multifamily Group at Genesis Capital is taking off. The director, Val Altomare, was named last week to the new division, and now the company is breaking into the desirable Atlanta market.

The focus of the Small Balance Multifamily Group is on single offerings or small portfolios of apartments typically averaging between $1M and $3M +/- in value for buyers and sellers. The properties may or may not be distressed, but they are always off market. The company has a strong technology platform, and works principal to principal. There are no fees to the seller – the buyer pays a low acquisition fee for access to the off market property.

Among assets the Multifamily Group are currently offering in the Atlanta area are a 70 unit turn-key renovation, a 46 unit property priced above a 12% cap, a 64 unit discounted distressed offering, and a 519 unit offering.

Employment growth is reinvigorating the Atlanta business market, reports REIS, though it is still well below pre-recession levels. The Atlanta apartment sector has benefited from a number of trends, not least of which is the pressures on the single-family housing market. Foreclosures have displaced former homeowners who now rent. Additionally, says REIS, the low confidence in values that arose from the foreclosure crisis served to inhibit home acquisition—as did the increasingly difficult requirements from mortgage lenders.

MFE (Multifamily Executive Magazine) dubs Atlanta “Hotlanta”. At 5.275 million, the metro’s population is the nation’s fifth largest, and its strategic location provides accessibility to 80 percent of the U.S. population within a two-hour flight. In fact, says MFE, if the Southeast U.S. were a country, it would have the fifth-highest gross domestic product (GDP) in the world with a significant portion of that figure produced by the massive economic engine of the Atlanta metro area. Atlanta not only has the 10th-largest GDP of any U.S. city, it’s also among the fastest growing and has become a pivotal logistical global hub.

Rents have been gaining, too, which is a plus for apartment investors. One reason? Atlanta has a young population, who tend to be apartment dwellers. Atlanta’s composition of Gen Y residents exceeds that of the nation by 300 basis points, and its composition of Gen X (ages 35 to 49) residents is 500 basis points higher than the rest of the nation.

These are all factors that benefit apartment buyers and sellers, which help the clients at Genesis with their transactions. Whether a seller wishes to sell, or a buyer is looking to invest, the Small Balance Multifamily Group can help. A big plus to sellers (especially distressed sellers): there is no fee to the sellers who bring their off market properties to the platform to sell. Genesis has a large group (and growing) of able buyers for multifamily.

Interested buyers or sellers may visit the website here or contact Director Val Altomare by email at val(at)offmarketassets(dot)com or telephone at 415-895-0238.

About Genesis Capital
Genesis Capital assists buyers and sellers of off market commercial real estate and notes. Genesis works principal to principal, and typically with institutional investor buying groups. Genesis recently formed the Small Balance Multifamily Group to meet market demand for smaller assets. Genesis is an affiliate of the Off Market Association.

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Kathy Heshelow
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