Genesis Properties was founded in 1977. It was originally a residential sales firm which was sold in 1985. Since than, it has become a property management firm specializing in third party management of apartment homes, some office and retail, and single family homes.
The Genesis mission statement is "to manage and develop real estate for the benefit of the resident, employee and investor in an environment based on trust, excellence, integrity and teamwork" Everything we do is based on this statement and our purpose statement Enriching Lives...Renewing Neighborhoods. It has become part of the company's DNA. Genesis now manages more than 2000 apartment homes and over 100 moderately priced single family homes in the Richmond and Petersburg areas of Virginia.
Genesis is privately held and operated. It is a fully iintegrated Real Estate company incorporating the following services to its client: development, construction, consulting and property management.
Genesis Development Company (Genesis Investments Partnership LLC)
Genesis Investments Partnership, LLC has been an active real estate investor and developer in Richmond since the early 1980’s. At present, the principals own approximately 2,000 units. These properties include historic restorations, affordable communities and new construction. Genesis experienced and knowledgeable team approachs every project with the objective of doing it right the first time, to create a special prosect that will generate generous returns for its investors and the company.
The American Heritage Building was the City of Richmond's first skyscraper built in 1904. Genesis with its partners renovated this office building into 57 luxury residential units and 18 retail and office units. The company won a national award in 2004 for this project from the National Housing and Rehabilitation association and was a finalist for the ACORN Golden Hammer award. The development cost was over $9 million.
This project was finished in 2017. It consists of 238 upscale one, two, and three bedroom apartment homes located on the top of Union Hill with spectacular views of the downtown Richmond skyline. This was a part of a larger project but since the location was a prime piece of property with fabulous views and easy access to downtown, expressways etc., Genesis decided to pull out 50 units from the original 264 unit project and reserve this four acre parcel for future development. We tore down the 50 units and built as SVV.
The property is loaded with many amenities. This is certainly helped to achieve full occupancy with cash flows that exceed 1.5 DSCR. Such amenities as a pool overlooking the downtown skyline, two story clubhouse, on site parking, bocce court, several huge decks on the fourth floor, a1200 square foot fitness room, business center and bicycle repair shop.
Construction and permanent financing was supplied by Virginia Housing and Development (VHDA)
Total cost of the project over $22,000,000
This project has been the subject of several local newspaper articles. This project was a $15 million adaptive rehab project of 104 units in five historical buildings in Richmond's central business district it consisted of mostly old furniture stores that had operated there since the early 1900's. The building were turned into market rate upscale residential apartment homes and five retail units. Since the complex consisted of five unique historic buildings every apartment home is different in style and uniqueness.
Genesis and its partner developed the entire block located in Richmond's Carver Historic District. It was developed in three phases using historic tax credits. The first phase was renovating the old historic Eagle Mill Paper Company Building adapting it into Eagle Mill lofts with 45 residential units.
Phase Two included a $5 million adaptive rehab project converting a historic clothing manufacturing facility and adapting it into 40 upscale apartments.
The third and final phase consisted of 30 condominiums and a two-level 130 car parking deck. Initially there was a great deal of neighborhood opposition to this project. Genesis was able to obtain a Special Use Permit by working with the City of Richmond and the Carver Civic Association to obtain permission to undertake this project. It provided some needed single family condos and alleviated the parking problem for the area.
The total development cost of the entire project was over $18 million.
Located in Richmond's nationally recognized Fan Historic District this was an unusual project. It consisted of two historic buildings. The first adaptive rehab building was an old historic new car showroom built in the early 1900's. Over the years it had many uses. When Genesis purchased the building it was an art supply facility serving the VCU and Fan art communities. Genesis renovated this into 35 luxury apartment homes and five retail spaces and 18 under the building parking spaces. The second building was so dilapidated and in such poor condition that the only historic part of the building that was saved was the facade. Genesis turned this into 58 condos with 58 under building parking spaces with retail serving both the apartments and condos. The development cost was more than of $10 million.
This was an adaptive reuse of the City of Richmond's Trolley car Repair Facility in the Old Manchester Historic District which runs along the James River directly across from Richmond's business and downtown district. Genesis started this project when this area of Richmond was in the doldrums. Numerous old historic tobacco and manufacturing buildings. Most were being used as warehouses were vacant and falling apart. Genesis was one of the first developers to move into this now thriving and fast growing area of the city. The Lofts at Trolley Station consists of 47 unique loft style luxury apartment homes. Most of the apartments are two story units with terrific views of the city skyline. The development cost was more than of $7 million.
Ram Cat is a historic property that was once a garage for milk trucks from the nearby Richmond Dairy. Traditional local lore has it that the building was very popular with the neighborhood cats who would hang out in the alley and lap up the extra milk thrown by truck drivers after a day's milk run. The alley became known as Ram Cat Alley, hence the unusual name. Genesis tuned this unusual property into 62 one and two bedroom apartment homes located in the heart of midtown Richmond. Ram Cat Alley is home to many VCU Students and young professionals in Richmond. The cost was in excess of $9.5 million.
Located in Historic Shockoe Bottom area of Richmond, this 64 unit Historic rehabilitation of two distinct buildings was completed in 2009. Before the adaptive rehab started it consisted of a Form and Fixture manufacturing site and a slaughter house for hogs. Raven Place has a large Retail and Office component with underground parking for 18 cars. The units are larger than normal and with its strategic location it hasenjoyed high occupancy has become go to place to live. Its occupants are primarily VCU graduate and medical students as well as young professionals that work in downtown Richmond.
Holly Springs offers 121 moderately priced apartment homes in South Richmond. Genesis utilized equity from the 9% Low Income Housing Tax Credits program (LIHTC) to rehab this existing complex built in 1947 which had no improvements or renovation for over 50 years. After rehab the project was recognized as the Affordable Community of the Year by Virginia Business and won the Outstanding Community Development award by CAHEC, a non-profit tax credit equity investor. This project changed the existing community with these tremendous improvements.
South Gate is 112 units of moderately priced housing. It was an existing apartment community that was completely renovated in 2006. When Genesis purchased it out of foreclosure every unit had been condemned and vandals had torn into every wall and stolen everything they could find including all the copper piping. Genesis financed this property using VHDA 4% tax exempt bonds and with equity from the federal LIHTC tax credit program. The improvements cost over $6M. The property has since enjoyed occupancy in excess of 95% and has been a Mecca for those who want great affordable housing.
This is an old Richmond manufacturing facility located in the Historic Jackson Ward neighborhood near the Central Business District. Genesis purchased this at public auction. Genesis and its partners enhanced this property using historic tax credits and changing the property's use into 11 apartment homes. It also included a 24 parking paved lot and serves not only this property but others in the neighborhood.
Located at the corner of 7th and Hull Street in the historic Manchester neighborhood of Richmond, this property consists of 40 apartments and 1 commercial space. It was built in 1919 to serve as a Chevrolet sales and car repair site for Martin Chevrolet. It has been used for many different commercial facilities since its original construction and had been vacant for many years until Genesis purchased the property. The building is located on the highly-trafficked Hull Street Corridor which bodes well for future retail. Genesis used state and federal tax credits for equity and financing was obtained from a local bank. The project's cost was over $6M.
Genesis and its partner named this adaptive rehab of the former Virginia Power headquarters building "The Definition of Luxury". It is located in the heart of Richmond's Business District within two blocks of the State Capital. It consists of a 14-story tower built in 1913, a seven story annex building built in the 1950's and an attached 352 car parking garage. It is a historic adaptive re-use with 174 apartment homes and over 20,000 sq. ft. of office and retail. It was financed with VHDA taxable bonds with equity from the sale of state and federal tax credits. It is a spectacular project that rescued and old run down office building turning it into luxury apartment living at it's best. Total cost in excess of $33M. Completed in 2014
Brown and Williamson Historic Tobacco facility in Petersburg, Va is a three phase project converting an old tobacco manufacturing and warehouse complex into upscale luxury apartment homes, retail and office. A partnership with Franklin Development Group this project was financed using VHDA taxable bonds and state and federal historic tax credit equity and was completed in 2011. The first phase totaling 147 apartment units was targeted to provide upscale housing for Fort Lee Military and Rolls Royce aerospace production communities. The second phase complete in 2012 has 34 units and is located in an old confederate hospital that was a part of the tobacco complex. In addition to the apartments a large part of the building is occupied by Virginia State University. Value of the project is excess of 16M.
This is an affordable rehab of a brick 144 unit complex consisting of one, two, and three bedroom built in 1943. When Genesis and its partners purchase the property in 2016 it was in deployable condition even though it was 90% occupied. No known renovations or improvements had been done since it was built in world war two. The units are being completely renovated. Tenants started moving back into the renovated complex in the summer of 2017. Many of the older residents are moving into the new renovate the units. Genesis make this happen for many of the existing residents by spending over $200,000 in relocation and offsite housing during renovation. The rent prices remain much the same after renovation due to the use of historic and low income tax credits which created equity to the product of more than seven million. The property now has new kitchens, bathrooms, plumbing, electrical, heat and air. In addition, the residents have washers and dryers provided free and every unit.
Genesis is also including in there rent approximately 150 TV channels plus Internet access.
Construction financing was provided by Fulton bank with permanent financing supplied by Freddie Mac.
The terraces at Bellevue are changing the existing neighborhood and is providing a beautiful place to live for those that make no more than 60% of the area medium income.
Total cost of the project is over $12,000,000.
2. 301 Dunlop apartments. 33 units of upscale market rent apartments.
3. Ryland court apartments. Historic tax credit renovation
4. Dupont Square Apartments
5. Swansboro apartments