Ginn Property Management Llc
Ginn Property Management Llc – In September, Vancouver-based housing developer Ginn Group was honored as Large Business of the Year by the Greater Vancouver Chamber of Commerce — a feat made all the more remarkable by the fact that the company, in its current form, is about 2 years old. .
The Ginn Group has carved out a niche by targeting what founder Patrick Ginn refers to as the “missing middle” — the market for lower-cost, entry-level homes. The Ginn Group defines the threshold for this category as $350,000, and the company aims to keep its average home prices at or below that threshold.
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“I love big, beautiful custom homes, but Clark County — and really nationwide — lacks labor and affordable housing,” Ginn said.
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In recent years, the chamber’s Large Business award has gone to well-established companies such as Silicon Forest Electronics, Waste Connections and Columbia Credit Union. So Ginn Group’s selection highlights both the speed at which the company has grown and the overall impact it has had in a short period of time.
It is also the latest in a series of awards that the company has reaped this year. Patrick Ginn, 38, was listed in the Portland Business Journal’s 2019 “Forty Under 40” feature in April, and later this year Ginn Group was ranked 267th on Inc. magazine’s annual list of the 5,000 fastest growing US companies.
The Ginn Group is a relative newcomer to Clark County, though Ginn himself is not. He began his career here as a real estate agent, and in 2009 founded Patrick Ginn Real Estate. He entered the home building market in 2014 when he co-founded a company called CG Building. Ginn Development and Ginn Property Management followed in 2017.
Founded in 2018, Ginn Group now serves as the umbrella company for several operating divisions, including Ginn Development, which handles land management and development; Ginn Homes, which handles home construction; Ginn Property Management and Ginn Realty Group.
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Ginn’s argument about the missing middle is likely to resonate with Clark County residents. The median home sale price in Clark County was $375,000 at the end of October, according to the monthly report from the Regional Multiple Listing Service, and it has been rising for years. The median was reported at $359,900 in October 2018 and $346,500 in October 2017.
“A lot of the (home builder) guys are in the four to five to $600,000 these days,” said Todd Majewski of Performance Building Products, which supplies fireplaces and garage doors for Ginn projects.
Ginn traces the rapid rise in prices to the 2008 recession and its aftermath. The crash created an oversupply of single-family homes in Clark County, he said, causing most developers to stop building new homes in that market segment.
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As a result, Clark County’s housing market recovery from the recession took the form primarily of new apartment construction and high-end housing. But the county’s ongoing population growth absorbed the small housing surplus in 2014, Ginn said. Soon, the lack of new development in previous years led to a shortage of affordable housing.
Today, Ginn said, there are too many Clark County residents who want to become first-time home buyers but are stuck renting because the available houses are all in the $500,000 range. The same problem also affects older residents who want to downsize.
“It kind of freezes the market to some extent,” said Ryan Makinster, director of government affairs for the Building Industry Association of Clark County. “People can’t move up, can’t move down. It’s not unique to Clark County — the ‘missing middle’ is kind of a statewide problem.”
Ideally, Ginn Group’s approach could expand beyond Clark County or serve as a model for other areas facing similar shortages, according to Ginn Group marketing manager Chelsea Gaya. But for now, the company’s attention is focused on Clark County.
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“To be honest, the goal would be to get enough supply or to catalyze it to where it starts to stabilize the market,” Ginn said.
The demand for entry-level housing is easy enough to identify, but it’s a challenging niche for builders to fill. Smaller homes and lower prices tend to mean smaller margins. Ginn points to a few strategies that have enabled the company’s development to become smarter.
The first and most obvious is economies of scale; Ginn Group projects are all large subdivisions that allow dozens of homes to be built in a single wave. A community needs to have at least 20 to 30 homes to make a project viable, he said.
The company also works on multiple communities simultaneously and has grown to the point where it now supplies about 10 to 12 communities a year, Ginn said, and is likely working on about three times that many projects at any given time.
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Ginn’s second strategy is to take a start-to-finish approach for most projects. It acquires raw land without prior development and then moves through the entire construction process in-house, Ginn said, allowing the company to optimize the design of the streets, lots and the homes themselves.
It’s a somewhat uncommon model in housing construction, according to Makinster, because of the high start-up costs and the wide range of personnel specializations required.
Basically, the company has to be really big to make the model work – and even then the upfront costs are high. Ginn describes it as a big challenge and said the land acquisition for each new development tends to be one of the toughest parts of the process.
The average Ginn Group community takes about three years from start to finish, Ginn said, and he said it’s taken about five years to reach a point where he feels he’s perfected the process and achieved a stable project pipeline.
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Now that the model is set, he said, the company has the advantage of being able to think and plan for the longer term. For example, Ginn said, the company has already finalized its list of projects for the end of 2021.
The final strategy comes down to efficient home design, Ginn said — another benefit of doing everything in-house. He credited his design team with creating floor plans that efficiently utilize limited space, allowing for physically smaller footprints that still feel spacious and inviting.
Gaya points to the company’s Landing at Salmon Creek Community as an example. The homes range from 1,435 square feet to 1,816 square feet, but their tall and narrow footprints make them appear relatively small when viewed from the street.
In a typical home, the downstairs space has high ceilings and an open floor plan with a closet and sometimes even a partial bathroom in the space under the stairs. The second floor extends over the garage to create space for four bedrooms or three bedrooms and a central “loft” living space.
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As of 2019, Ginn Group has developed nearly 1,500 lots across more than 50 developments on more than $230 million of land. Employment has grown from 13 employees in the predecessors in 2016 to 63 in the Ginn Group.
The company’s largest single development is Whipple Creek Village near Ridgefield, but its largest collective footprint can be seen in its projects in the Four Seasons development, off Northeast 18th Street just east of Interstate 205.
Ginn Group’s predecessors were involved in the development of the main Four Seasons subdivision; now Ginn Group has six other projects in various stages of planning or development in the area: Four Seasons Crossing, Four Seasons Terrace, Joe’s Farm, Villas at 28th St, Latitude 45 and a future project tentatively called Four Seasons North.
Latitude 45 is Ginn Group’s first multifamily apartment complex and is scheduled to have its grand opening this weekend. The apartment project illustrates one of the ways in which Ginn is beginning to branch out beyond the core products of single-family homes and townhouses. Joe’s Farm is planned to feature one-story “cottage” style homes built with seniors in mind, although the homes will not be age-restricted.
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The Ginn Group also added another subsidiary this year called Ginn Gives, with the goal of increasing the company’s charitable functions and community involvement.
Ginn grew up in Clark County, and he said his local focus as a developer stems from a desire to contribute to the community. The company’s employees all volunteer at least eight hours a year for local causes, Ginn said, and the company currently donates 4 percent of its net profits to local nonprofits through Ginn Gives, with the goal of eventually raising that to 10 percent.
Your tax-deductible donation to The’s Community Funded Journalism program will contribute to better local reporting on key issues including homelessness, housing, transport and the environment. Reporters will focus on narrative, investigative and data-driven storytelling. Ginn Development Company, LLC, doing business as Ginn Clubs & Resorts, provides real estate development and management services in the southeastern United States. It specializes in land acquisition, property development and management, architectural design and
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