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News


The Richman Group Starts Construction on Mixed-Use Apartment Community in Downtown San Diego

By richmangroup,

SAN DIEGO, CA (May 24, 2016) – The Richman Group of California Development Company has started construction on a seven-story luxury apartment building with 5,841 square feet of ground floor retail space on a 0.57-acre site in Downtown’s East Village. The mixed-use project called F11 will front on the north side of F Street between 11th Avenue and Park Boulevard in the tech/design innovation hub called the I.D.E.A. District.

F11 will feature 99 apartments (11 one bedrooms, 51 two bedrooms and 37 studios), parking for 103 vehicles in a multi-level partially subterranean parking garage and extensive recreational amenities. The project is scheduled to open in early 2018.

Architects DesignARC designed a modified H-shaped building that showcases a large indoor/outdoor activity center on the third floor with a luxurious pool/spa area, entertainment center and outdoor kitchen. Other amenities include a fitness center and indoor bocce ball court.

The development team also includes Nexus Planning Consultants, landscape architects Wimmer Yamada and Caughey and general contractor Cannon Constructors.

The Richman Group of California, which is partnering with the long-time property owner Shearn H. Platt, is a subsidiary of The Richman Group Development Corp., ranked in the top seven of multi-family apartment owners in the United States. Financing for the $45 million project was provided in part by PNC Real Estate and The Richman Group (TRG).

“Since I grew up here and have spent much of my career in San Diego, I’m delighted to start construction on The Richman Group’s first San Diego project,” said Luke Daniels, the president of The Richman Group of California Development Company, who helped establish the company in January 2014. Daniels was a key member of the development team for several iconic San Diego projects, including Park Laurel overlooking Balboa Park and Mission Hills’ 1Mission, which earned the Gold Nugget Grand Award for best mixed-use project in the Western United States.

The Richman Group of California has developed an impressive portfolio in a short time. This month, the company completed construction of its first project, Ventana, a mixed-use project in downtown Fullerton with 95 affordable apartments for seniors and 3,244 square feet of ground floor retail space, and finished the foundation for Sage, a five-story apartment community in Cerritos with 132 market-rate apartments and deluxe recreational amenities.

Later this year, The Richman Group of California will break ground on a 23-story, high-rise apartment tower across the street from the Central Library in Downtown San Diego, at 330 13th Street. The project, designed by DesignARC, and Rob Wellington Quigley, FAIA, of San Diego and landscape architect Spurlock Poirier of San Diego, is planned for 222 apartments and more than 7,000 square feet of commercial space, as well as an adjoining low-rise building, which will include two penthouses, a restaurant with extensive outdoor seating and a park-like open space corridor.

 

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The Richman Group of California Starts Construction on F11, a 7-Story, Mixed-Use Project with 99 Apartments and 5,841 Square Feet of Commercial Space in Downtown San Diego

By richmangroup,

San Diego, CA (May 24, 2016) – The Richman Group of California Development Company has started construction on a seven-story luxury apartment building with 5,841 square feet of ground floor retail space on a 0.57-acre site in Downtown’s East Village. The mixed-use project called F11 will front on the north side of F Street between 11th Avenue and Park Boulevard in the tech/design innovation hub called the I.D.E.A. District.

F11 will feature 99 apartments (11 one bedrooms, 51 two bedrooms and 37 studios), parking for 103 vehicles in a multi-level partially subterranean parking garage and extensive recreational amenities. The project is scheduled to open in early 2018.

Architects DesignARC, Inc. designed a modified H-shaped building that showcases a large indoor/outdoor activity center on the third floor with a luxurious pool/spa area, entertainment center and outdoor kitchen. Other amenities include a fitness center and indoor bocce ball court.

The development team also includes Nexus Planning Consultants, landscape architects Wimmer Yamada and Caughey and general contractor Cannon Constructors.

The Richman Group of California, which is partnering with the long-time property owner Shearn H. Platt, is a subsidiary of The Richman Group Development Corp., ranked in the top seven of multi-family apartment owners in the United States. Financing for the $45 million project was provided in part by PNC Real Estate and The Richman Group (TRG).

“Since I grew up here and have spent much of my career in San Diego, I’m delighted to start construction on The Richman Group’s first San Diego project,” said Luke Daniels, the president of The Richman Group of California Development Company, who helped establish the company in January 2014. Daniels was a key member of the development team for several iconic San Diego projects, including Park Laurel overlooking Balboa Park and Mission Hills’ 1Mission, which earned the Gold Nugget Grand Award for best mixed-use project in the Western United States.

The Richman Group of California has developed an impressive portfolio in a short time. This month, the company completed construction of its first project, Ventana, a mixed-use project in downtown Fullerton with 95 affordable apartments for seniors and 3,244 square feet of ground floor retail space, and finished the foundation for Sage, a five-story apartment community in Cerritos with 132 market-rate apartments and deluxe recreational amenities.

Later this year, The Richman Group of California will break ground on a 23-story, high-rise apartment tower across the street from the Central Library in Downtown San Diego, at 330 13th Street. The project, designed by DesignARC, Inc., and Rob Wellington Quigley, FAIA, of San Diego and landscape architect Spurlock Poirier of San Diego, is planned for 222 apartments and more than 7,000 square feet of commercial space, as well as an adjoining low-rise building, which will include two penthouses, a restaurant with extensive outdoor seating and a park-like open space corridor.

About The Richman Group

Founded in 1987, The Richman Group has grown into one of the nation’s largest privately owned residential real estate investment, development and asset management firms. The Richman Group has virtually every expertise in-house, from architects to property managers. The company is headquartered in Greenwich, Connecticut, and has 15 regional offices, serving communities in 49 states, Washington D.C., Puerto Rico, the Virgin Islands and Guam. Richman Real Estate Investments Inc. has raised almost $10 billion in equity for investment in almost 1,400 apartment projects. Richman Property Services Inc. manages more than 14,000 rental units. Richman Asset Management Inc. provides asset management services to nearly 100 public, private and institutional real estate investment funds, which own approximately 115,000 residential units. In 2014 The Richman Group established the California division and named multi-family developer, Luke Daniels, president of The Richman Group of California Development Company, LLC. The Richman Group of California is located at 7817 Herschel Avenue, Suite 102, La Jolla, Calif.

 

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Richman Ascension Breaks Ground on $51M Luxury Community in Dallas

By richmangroup,

Dallas, TX (February 16, 2016) – The Richman Group’s affiliate Richman Ascension recently broke ground on its first multifamily project in the Dallas area. The new $51 million luxury apartment community known as The Parc at White Rock is scheduled to open in fall 2016.

The Parc at White Rock will offer 291 luxury apartments with studio, one- and two-bedroom floorplans ranging between 580 and 1,230 square feet.

Located at the doorstep of the popular White Rock Park, the community will feature a variety of amenities, including a two-level clubhouse with club room, state-of-the-art fitness center with yoga/spin studio, media lounge, resort-style pool and four garden courtyards. The five-story complex is located within walking distance to the White Rock DART station and also close to major transportation arteries, offering residents the opportunity of an easy commute.

“We’re incredibly excited about our new venture in the Dallas market,” Kristin Miller, president of The Richman Group Development Corp., said in prepared remarks. “We are committed to bring to market a community infused with the same vibrancy that exists in the nation’s fourth-largest metro area. From responsive floor plan designs to innovative amenities, The Parc at White Rock will be the perfect complement to our residents’ lives just five miles from downtown Dallas overlooking scenic White Rock Park.”

 

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Trio of Richman Senior Housing Developments That Accent Miami’s Reemerging Skyline Find Quick Popularity

By richmangroup,

MIAMI, Fla. (February 2, 2015) – The Richman Group’s trio of affordable senior housing developments that now grace Miami’s reborn West Brickell area is proving the old saying that good things in life come in threes.

The apartments, for adults 55+, leased up in just four weeks after each receiving its certificate of occupancy.

“We did anticipate a quick lease up because there is enormous demand for high quality affordable housing in Miami,” noted Executive Vice President for The Richman Group of Florida, Inc. “The product that we delivered was of the highest quality in a location that has seen very little supply in past years.”

One of the most expensive cities for renters is Miami, where rents, on average, consume 43 percent of the typical household income, up from a historical average of just over a quarter.

Richman Property Services, the management company for the buildings, has received very favorable comments on the location and design.  Residents are pleased to be in a reemerging West Brickell neighborhood, close to so much including convenient shopping, employment, local museums, parks and restaurants.

 

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Richman Group Building $47 Million Azura

By richmangroup,

KENDALL, Fla. (July 20, 2015) – The Richman Group of Florida, Inc. has begun construction on Azura, a $47 million luxury apartment community in Kendall.

Azura is the 5th multifamily luxury residential project that The Richman Group of Florida, Inc. has closed on in Florida within the last 12 months.

The 240 unit community is comprised of eight three-story buildings which encircle two lush courtyards and a resort pool with a separate 6,683 two-level clubhouse. Completion is scheduled for Summer of 2016.

“Azura’s desirable suburban in-fill location within Miami Dade County is an excellent area to offer new luxury garden apartments. The property is convenient to primary transportation routes easily reaching major employment centers including the Miami International Airport. Residents will enjoy close proximity to popular nature parks and preserves, the world famous Zoo Miami attractions, and a variety of upscale shopping venues.” said Todd Fabbri Executive Vice President for The Richman Group of Florida, Inc.

 

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Richman Group Begins Construction On $56 Million Grady Square

By richmangroup,

TAMPA, Fla. (July 17, 2015) – The Richman Group of Florida, Inc. has begun construction on Grady Square, a $56 million luxury apartment community in the heart of the Westshore area of Tampa.
In the last 12 months, The Richman Group of Florida, Inc. has closed on five multifamily luxury residential projects located in South Florida and Tampa, with a total of over 1500 apartment units and a combined value of $420 million.

Grady Square is located along N. Grady Ave. near West Columbus Ave. and is scheduled to open Summer 2016. The 300 unit community is comprised of four story elevator buildings surrounding three tropical courtyards and a parking garage and will offer impressive studio, one, two and three bedroom apartments ranging from 574 to 1,628 square feet.  Contemporary amenities will include a hotel-inspired two level clubhouse, a 1,700 square foot professional fitness center, yoga/spin studio, meditation lounge, tech center and more.

 

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The Richman Group of Florida – Construction underway on $67 Million Aurora

By richmangroup,

TAMPA, Fla. (July 8, 2015) – Construction is well underway on Aurora, a $67 million luxury apartment community in Downtown Tampa, developed by The Richman Group of Florida, Inc.

Aurora, one of five market rate deals that The Richman Group of Florida has closed on in the last 12 months, is expected to open its doors for leasing in Spring 2016. Located at 124 South Morgan St., Aurora is situated along the new Selmon Greenway bike path and is adjacent to the $1 billion redevelopment project around the Amalie Arena.

“Excitement is growing about Downtown Tampa’s urban waterfront renewal,” said Todd Fabbri Executive Vice President for The Richman Group of Florida, Inc. “Aurora’s modern amenities and chic industrial vibe will enhance this revitalized destination.”

 

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Yonkers Marks Groundbreaking For Grand Park II, Latest Phase Of Ashburton Avenue Revitalization Program

By richmangroup,

Yonkers today celebrated the groundbreaking for Grant Park II, which will add 56 new units of affordable housing on the site of the former Mulford Gardens in the Ashburton Avenue corridor.

Grant Park II is the fourth phase of the redevelopment of the public housing complex, and consists of two four-story buildings that will contain a mix of one, two and three bedroom apartments. They are being made available to individuals and households earning at or below 60 percent of the Area Median Income.

“This is the latest phase of transforming the deteriorated Mulford Gardens into modern and desirable homes for the people of Yonkers,” said Mayor Mike Spano, “We’re not just providing better homes for people who need them, but we’re providing a better neighborhood, and that helps the entire city. This is another step forward for the City of Yonkers.”

Grant Park II is a public-private partnership led by the Richman Group Development Corporation, the Landex Companies, the Municipal Housing Authority of the City of Yonkers, New York State Homes and Community Renewal, and the Yonkers Industrial Development Agency.

 

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There’s No Place Like Home For The Holidays Wayside Oaks Now Offering new 55+ Adult Residences

By richmangroup,

TINTON FALLS, N.J.  (December 1, 2013) – As the holiday season fast approaches and the year draws to a close, we can easily get distracted and fail to recognize that this can be the perfect time to find a new home.  A new home is a great way to celebrate the holidays!

Welcome to Wayside Oaks, a brand new 55+ adult rental residence that features a convenient location, extraordinary amenities and spacious one and two bedroom homes.

Wayside Oaks is beautifully distinctive and represents a one-of-a kind opportunity in affordable senior apartment living.  That’s why Wayside Oaks is quickly becoming the preferred address for seniors who love the idea of care free living.

Wayside Oaks has thought of everything, including distinctive designer touches.

Fully-equipped kitchens with GE Energy Star appliances, shaker caramel cabinetry with granite-like countertops, wood style plank flooring, washer/dryer connections, bathrooms with ceramic tile flooring and tub or walk-in shower.

 

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