The joint firm has been developed to market and sell interests in 1031 exchanges involving investment grade and non-investment grade assets and tenants in common sponsored by Geneva and Upland.
The venture provides a "safe harbor" of quality, professionally managed tenants in common investment properties, which are structured investments offered as undivided, fractionalized interest in real estate.
Over the past several years, Upland has developed a net-leased property web site attracting thousands of investors nationwide each month.
Duane Lund, managing partner of Geneva, says that Michael Houge and his team at Upland have an impressive track record of closing over $450 million in 1031 exchange properties. Houge says that Lund and his team at Geneva have extensive experience, having completed in excess of $1 billion of tax deferred real estate transactions.
The tenants-in-common transaction stems from traditional tax deferred 1031 real estate exchanges, allowing real estate investors to exchange into a percentage interest ownership of a "like-kind" asset. Each unit holder will receive a pro rata share of the properties' net income, tax shelters or benefits, and property appreciation.
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