Richmond Welcomes New Affordable Apartment Complex
Genesis Properties has completed the Pinnacle at Afton, a 150-unit affordable housing development in Southside.
Updated on Oct. 16, 2026 in Apartments
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Genesis Properties has finished construction on the Pinnacle at Afton, a new residential complex in Richmond featuring 150 units for low-income households. The project aims to address local housing needs with units reserved for those earning up to 60% of the area median income.
Why it matters
The development represents a significant local investment in housing affordability and transit-oriented living. By situating the complex along the planned Fall Line Trail, the project provides residents with sustainable transportation access.
The $34 million project spans a 2-acre site and includes 157 parking spaces. The developer received a $1 million city grant after purchasing the land for $348,000 in 2020.
The players
Genesis Properties
This real estate development firm specializes in the construction and management of affordable housing projects.
Fulton Bank
This financial institution provides commercial banking services and funding for regional residential construction projects.
Virginia Housing
This state-chartered organization works to increase the availability of quality, affordable housing for residents.
The details
The facility at 2400 Afton Ave incorporates durable materials like granite countertops to minimize long-term maintenance costs. Financed by Fulton Bank and Virginia Housing, the building also features specialized storage and maintenance areas for bicycles.
Timeline
2019: Genesis Properties began planning the development.
2020: The developer purchased the 2-acre site.
2021: The site was formally rezoned.
Early 2025: Construction officially began on the property.
October 2026: Move-ins are scheduled to begin.
Culture Shift
The project follows the pattern of development along the Fall Line Trail, positioning residents near regional infrastructure to prioritize transit-oriented living. This move reflects a shift toward integrating affordable housing with planned recreational and commuter networks.
Low-income households in Richmond can now look forward to updated, energy-efficient housing options in the Southside neighborhood. With 200 applications already submitted, prospective tenants should prepare their documentation to navigate the competitive lease process.
The takeaway
This project highlights how cities can leverage tax incentives to transform underutilized land into high-quality affordable housing. Residents interested in similar developments should monitor city planning announcements for future income-restricted availability.
What happens next
Move-ins for the new residential units are scheduled to begin in October 2026.
Further reading
For more information on local residential trends, visit the Richmond Apartments section.
Source note: This article includes information reported by Richmond BizSense.
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Should your city prioritize zoning changes and tax incentives to expand income-based housing developments?
