Genesis is interested in partnering on the following kinds of transactions in Central Virginia:
I partnered as the majority investor with Genesis on the renovation of an old apartment complex built during WWII. The property was in really bad shape. There had significant deferred maintenance totaling a very high cost. Genesis took the lead on the extensive renovation including coordinating financing with tax exempt bonds, construction financing, working with the architect and contractor, etc. Within two years I received my original investment back. Now they are managing it. Occupancy has never been below 95% and it is cash flowing nicely. We are working together on another renovation project in Newport News, Virginia. I've found the Genesis team to be knowledgeable, reliable and responsive with strong development experience.
I was a minority investor in a 143-unit apartment project that Genesis developed in Virginia. They did it all: the tax-exempt financing, secured the contractor, the construction financing, all the accounting work, used an outstanding attorney etc. They then leased it up quickly and occupancy has been consistently 96% or higher. And most important they have increased the NOI so it is worth many millions more than it was when I invested. The entire process was seamless and profitable.
I partnered with Genesis in purchasing an old Tobacco Warehouse that had been turned into offices on the first and third floor. Genesis renovated the second floor and secured a tenant. Later they took the parking lot and subdivided it and sold it and made all the partners a significant return on their investment. They still manage the office building which has been a terrific investment. They really know what they are doing.