Our Project Successes

Coinciding with the tax law reform in 1986, Mr. Ip founded Genesis Real Estate Group, and in a joint venture relationship with Balcor American Express, focused on developments in California.

In 1987, Genesis began its long history of entitlement and development involvement in California.

Its first transaction involved a multi-tract entitlement in the City of Corona, CA. Genesis entitled four large multifamily tracts of land totaling over 1,200 units and implement a Lello-Roos infrastructure plan. Two additional projects built by Genesis, a 330-unit development called The Crossings and a 248-unit development called The Hills, were purchased by two major institutional players, CALPERS advised by Metric Partners (Blackrock Realty Advisors) and The Executive Life Insurance Company.

In addition, Genesis entitled 476 units of multi-family land in Roseville, CA, and assembled over 200 acres and created a master plan in Rancho San Marcos, CA.

"Developing in markets that feature strong demand, high barriers to entry and a complicated entitlement process resulting in significant value enhancement became the hallmark of Genesis."In 1989, long before high-rise residential buildings were common-place, Genesis expanded its urban focus and zoned and built a fourteen story high-rise condominium property with 288 homes in downtown San Francisco, CA. During this period of time, Genesis also assembled and entitled raw land parcels into various mixed use and residential uses in locations such as Corona, Roseville, and San Marcos, CA. Developing in markets that feature strong demand, high barriers to entry and a complicated entitlement process resulting in significant value enhancement became the hallmark of Genesis.

In 1998, Genesis developed Turtle Creek Villas, the first residential high-rise built in Dallas in a decade. This luxury rental tower featured 331 units in 14 stories located in the now hip Uptown area. The property was managed by an affiliate, Genesis Realty Management Inc., and was sold to ING.

Genesis used an innovative construction technology for high rises to achieve record construction times. This resulted in lower carrying costs, and ultimately, higher profitability for our client. Genesis was able to price below the competition while achieving the same or higher yields.

Following Turtle Creek Villas, Genesis worked with a leading muli-family design architect to develop the urban four-story high density product with an integrated, structure garage, now commonly referred to as the “Texas Wrap”.

Maple Villages and Souther Villas, both in Dallas were classic examples of a Texas Wrap, but with one distinction. No Units looked into the integrated garage.

"Genesis became known as a national developer with experience in all aspects of multi-family housing, ranging from low-rise traditional walk-ups and four-story urban product to high-rise developments, both for rent and for sale."In addition, Genesis continued its involvement in more traditional wood frame 3-4 story garden walk ups by building La Costa Villas with Invesco as advisor to New York State Teachers Retirement System. Genesis became known as a national developer with experience in all aspects of multi-family housing, ranging from low-rise traditional walk-ups and four-story urban product to high-rise developments, both for rent and for sale.

Genesis also used its expertise in development and property management to acquire assets that were under-valued or could be upgraded as value added opportunities. One such example was the Treasures. In 2000, Genesis bought the 517 unit property located in Biscayne Bay, in North Miami, and managed this for the future prospects of conversion from an apartment building into a condominium. This was financed by IXIS Real Estate Capital, an affiliate of CDC out of New York.

In 2000, The Mark was built as a 30-story high-rise rental in the Galleria area of Houston. In 2002, this was converted into a condominium. The Mercer, also in Houston, TX, was another development that exemplifies Genesis’ ability to employ innovation and creativity to create luxury with outstanding value. Using its resources, experience and focus on planning and design, Genesis completed the 360 foot building with interiors that included 12’ ceilings, gas cook-tops ( a first for Houston in a high-rise), wood floors, gas fireplaces, sub-zero refrigerators, and Viking appliances, all within 12 months of closing the loan with First Bank of Houston, TX.

In 2004, Genesis competed and won from Posner Estate the right to purchase their site in Hallandale Beach, FL. Genesis used its experience in entitlements and secured from the city the rights to build a 280+ unit 28-story high rise condominium. Wanting to focus on what we had in hand, Genesis flipped the site to the Fifield Company out of Chicago.

In 2006, Genesis Partnered with Behringer Harvard to develop an exclusive 49 unit condominium located in the midst of Heavenly Valley Ski Resort, Nevada. It took 15+ years to secure the entitlements to develop a whole owned condominium property. The development is located on the ridge facing Lake Tahoe on one side and Carson Valley on the other. Genesis Secured the building permits and began construction on the superstructure in the fall of 2007.

In the new millennium, Genesis formed a relationship with Prudential Real Estate. Prudential backed Genesis in building Aqua, one of the most significant residential developments in the Los Angeles area. Aqua features 556 homes built in two 18-story towers on the coast of Long Beach, CA. Genesis was able to navigate the complete entitlement process that involved many distinct public agencies including, but not limited to: the Redevelopment Agency, the City Planning Commission, the City Council, the Neighborhood Association, and the California Coastal Commission.

"...following through with a commitment is the only right choice to make." As an example of our integrity and loyalty, prior to closing of the partnership with Prudential and the construction loan with Pacific Life Insurance Company, Genesis was offered a very handsome profit to flip out the land since Genesis created a substantial windfall after taking the property through a highly complex entitlement process. Instead Genesis honored its commitment to a future relationship with Prudential even though it was not yet formalized in writing to close into a joint venture with Prudential. While some may debate whether this was financially wise, but for us at Genesis, following through with a commitment is the only right choice to make.

Aqua, financed by Pacific Life Insurance Company, was initially built as a rental product. Both Genesis and Prudential collectively decided to take advantage of the booming Southern California condominium market and converted Aqua into a for-sale product, switching financial lenders during this process to Bank of America. Our superior cost management allowed the transaction to be one of the more successful Prudential Joint Ventures.

In 2008, at the height of the credit crunch, Prudential, who has relationships with hundreds of operators nationwide, reached out specifically to Genesis to manage and revitalize Turnberry Towers, a distressed high-rise asset in Las Vegas, NV. As another testament of Genesis’ ability to think beyond the conventional, we re-launched Turnberry Towers in 2010 to become #1 in high-riser sales in the Las Vegas Market.