The Richman Group Affordable Housing Corporation, which together with its affiliates, serves as a multifamily developer, equity investor, mortgage lender, asset manager and property manager in both the market-rate and affordable housing sectors, was recognition as No. 2 ranking on the National Multifamily Housing Council’s (NMHC) list of Top 10 Syndicators.

The Richman Group Affordable Housing Corporation (TRGAHC) has provided approximately $15 billion of equity for the construction and rehabilitation of over 166,000 homes for affordable households. TRGAHC has accomplished this with partnerships with over 100 institutional investors and more than 600 developers.

“Richman’s upward trajectory on the NMHC Top 10 list is a direct reflection of our tireless efforts to provide capital for the much-needed expansion of the nation’s multifamily affordable housing supply and our continued commitment to the partnerships that make that possible,” said David Salzman, President of the Richman Group Affordable Housing Corp. “This recognition is a credit to our associates at all levels of the organization, and I couldn’t be prouder to see their achievements heralded among the best in the industry.”

Fund to support the development of 12 properties and 767 affordable homes, including senior and family apartments

The Richman Group Affordable Housing Corp closed the $130 million Richman Western Region Fund II L.P.  The unique fund focuses specifically on affordable housing development in six western states.

The fund is comprised of eight investors and 11 repeat developer clients, and will be used to develop 12 properties across California, Idaho, Nevada, New Mexico, Oregon and Utah. The scale of the development projects is anticipated to have a massive local economic impact of approximately $275MM. In addition to the number of new homes created, the developments made possible through the fund could generate upwards of 1,450 jobs.

“We’re thrilled to be able to provide equity capital to these western state affordable communities through the Richman Western Fund II, and we’re equally excited about the economic lift and employment opportunities these development projects will create,” said Terry Gentry, Executive Vice President of The Richman Group Affordable Housing Corp. “At Richman, our objective is to not only participate in the development of top-quality homes and residential communities, but also to positively contribute to the neighborhoods and local economies.”

Richman is also committed to using the fund to address specific rental housing needs. Of the 12 properties and 767 apartment homes created through the fund, 216 homes are slated for senior housing. Another 126 homes will be designated as affordable, subsidized through USDA and HUD and made available to renters between 0% and 60% average income ranges. Six of the properties will be developed in rural communities and two will be constructed in recent disaster areas in California and Nevada. In addition, six properties will bring affordable homes to majority Black, Indigenous, and other People of Color (BIPOC) communities.

“Pinpointing and addressing underserved segments of the rental housing marketplace has always been part of our mission, and investors who contribute to funds like this enable us to tackle those issues head-on,” said Gentry. “These properties will make a real difference in the lives of the residents who call them home, but also in the health, and in some cases recovery, of the local community.”

Longtime real estate executive brings two decades of multifamily experience to TRG’s Arizona team

The Richman Group announced the hiring of veteran industry executive Alex Popovic as Regional Vice President of Development over Arizona.

Popovic brings nearly two decades of executive experience in ground-up real estate development throughout the Southwest. He most recently served as Director of Land Acquisitions at Scottsdale-based P.B. Bell, and also spent 10 years at Phoenix Developer, where he served as Vice President of Multifamily Development. His extensive track record includes sourcing, developing and closing significant deals in multifamily, mixed-use and build-to-rent sectors. At Richman, he will lead all property development through Arizona, including origination, coordination and implementation.

“Alex’s extensive experience and expertise made him the ideal candidate to administer our executive level strategic plans and guide our ongoing pipeline of development and construction projects throughout the region,” said Kristin M. Miller, President of The Richman Group Development Corporation. “In his career, Alex has overseen the buildout of more than 3,500 units – spanning garden-style, mid-rise, high-rise, mixed-use and build-to-rent developments. He is a tremendous addition to our leadership team, and we anticipate big things for our Arizona portfolio under his leadership.”

Richman plans to aggressively pursue expansion in Arizona with a market expert like Popovic now in the fold.

Popovic holds a Masters in Real Estate Development (MRED) from Arizona State University’s W.P. Carey School of Business. He has operated in Arizona’s burgeoning real estate market for more than 15 years and has extensive experience in all sectors of the industry, making him an invaluable asset to The Richman Group. Popovic will be intimately involved in new construction, acquisition, rehabilitation, portfolio syndication and joint ventures with other developers.

The Richman Group, the nation’s seventh-largest apartment owner, has completed the demolition of the former Ringling Shopping center site in downtown Sarasota and is preparing to begin construction on a new 222-unit multifamily rental community later this month, officials say.

Kristen Gucwa-Fuechslin, the company’s executive vice president of marketing, says Richman intends to begin construction this month and complete its new project in either April or May 2020.

The nearly 10-acre tract was considered one of the most coveted in all of Sarasota for redevelopment after the decades old, Publix Super Markets Inc.-anchored center withered about a decade ago.

Richman plans a four-story complex with amenities that include a clubhouse and swimming pool, state-of-the-art fitness center and coffee bar for residents. The development also will contain a pair of commercial pad sites, being marketed for sale by commercial real estate brokerage firm Cushman & Wakefield.

Since its formation in 1987, Richman has grown to one of the nation’s foremost multifamily rental developers. The company today owns 1,500 properties containing 115,000 units and has allocated more than $20 billion toward overall development, according to its website.

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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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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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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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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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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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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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 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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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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