MIAMI, September 1, 2017 – (Newswire.com)
Miami-based GenX Capital Partners announced the closing of $1.5MM in JV equity for client Millennia Companies and their acquisition of two multifamily properties in Mississippi and North Carolina. This represents the first of two closings that will make up this portfolio acquisition, with GenX Capital underwriting the equity on both transactions. Cleveland, Ohio-based Millennia is the fourth largest multifamily owner/operator in the United States with more than 25,000 units under management.
GenX Capital Partners, which invests its own capital while also working with a select group of private equity funds, underwrote the financing through one of their New England private equity partners.
“We are becoming more active in the multifamily and hospitality space, both with our own acquisitions and developments as well as investing in and procuring equity for other viable multifamily and hospitality projects. Millennia is a ‘best in class’ multifamily operator, especially on the affordable side of things and being able to bring in a programmatic JV equity partner for them was seamless,” stated GenX Capital Managing Partner, Mark McClure.
While GenX Capital has more than 600,000 square feet in development for their own account, McClure stated they are aggressively seeking to deploy more equity capital into the multifamily and hospitality space with seasoned operators. And with more than $100MM in projects set to close in the coming 60 days, the company says their ability to underwrite JV equity and construction debt has never been greater.