We propose a semi-supervised approach to acoustic source localization in reverberant environments based on deep generative modeling. Localization in reverberant environments remains an open challenge. Even with large data volumes, the number of labels available for supervised learning in reverberant environments is usually small. We address this issue by performing semi-supervised learning (SSL) with convolutional variational autoencoders (VAEs) on reverberant speech signals recorded with microphone arrays. The VAE is trained to generate the phase of relative transfer functions (RTFs) between microphones, in parallel with a direction of arrival (DOA) classifier based on RTF-phase. These models are trained using both labeled and unlabeled RTF-phase sequences. In learning to perform these tasks, the VAE-SSL explicitly learns to separate the physical causes of the RTF-phase (i.e., source location) from distracting signal characteristics such as noise and speech activity. Relative to existing semi-supervised localization methods in acoustics, VAE-SSL is effectively an end-to-end processing approach which relies on minimal preprocessing of RTF-phase features. As far as we are aware, our paper presents the first approach to modeling the physics of acoustic propagation using deep generative modeling. The VAE-SSL approach is compared with two signal processing-based approaches, steered response power with phase transform (SRP-PHAT) and MUltiple SIgnal Classification (MUSIC), as well as fully supervised CNNs. We find that VAE-SSL can outperform the conventional approaches and the CNN in label-limited scenarios. Further, the trained VAE-SSL system can generate new RTF-phase samples, which shows the VAE-SSL approach learns the physics of the acoustic environment. The generative modeling in VAE-SSL thus provides a means of interpreting the learned representations.