The Richman Group of California Completes Construction of Ventana, a 95-Unit Affordable Seniors Community in Downtown Fullerton
FULLERTON, Calif.–(BUSINESS WIRE)–The Richman Group of California Development Company has completed
construction of Ventana, a 95-unit affordable seniors community, located
at 345 Commonwealth Avenue in the heart of downtown. The six-story,
130,000-square-foot midrise building on 0.6 acres features 3,200 square
feet of retail space and a subterranean parking garage. Ventana, which
is celebrating its grand opening today, is 100 percent leased.
In addition to one- and two-bedroom apartments ranging from 545 to 820
square feet, Ventana includes a clubhouse/social area with wall-mounted
TVs, Wi-Fi access, and comfortable furnishings. Ventana also features a
top-of-the-line fitness center with free-weights and cardio equipment
and a kitchen for community events. There is a large outdoor terrace on
the second floor with a built-in barbeque, dining areas, landscaping,
and resort-like furnishings.
Ventana is being managed by Richman Property Services, which manages
more than 100 properties in nine states with more than 15,000
residential units. Leasing for the retail space is also being handled by
Richman Property Services.
The Ventana development team included architects Irwin
Partners of Costa Mesa and the general contractor Cannon
Constructors of San Diego. Financing was provided by city of
Fullerton Housing Bonds, tax credit funds, and Bank of America.
“We are particularly grateful for the support and cooperation we
received from the city of Fullerton,” said Preston Underdown, director
of development for The Richman Group of California. “They were valuable
partners with us during the entitlement effort, design phase, permitting
process, and construction stage,” he said.
The project is located in Fullerton’s downtown commercial district, near
Fullerton College and the Fullerton Transportation Center, one of the
major transportation hubs in Orange County.
“The Ventana development is an excellent example of public-private
partnerships working together to address the community’s need for
affordable housing,” said Charles G. Kovac, Housing & Neighborhood
Services manager for the city of Fullerton.
“The Richman Group of California showed from day one it was committed to
this affordable housing project and worked well with city staff to
ensure that this project became a reality. The development team showed
incredible patience over the past five years while California cities,
including Fullerton, addressed the redevelopment agency dissolution
process which, in some cases, temporarily hindered the ability to
address affordable housing opportunities,” he said.
The Richman Group has deep roots in affordable residential development,
a team in California dedicated to affordable housing and experience in
developments financed with a combination of public and private sources,
including the leverage of low income housing tax credits, tax-exempt
bond financing, and redevelopment tax increment with conventional debt
and equity.
“We’re looking to form partnerships with cities and other civic entities
throughout the state,” said Luke Daniels, president of The Richman Group
of California, noting that Richman is also extensively involved in
conventional/market rate multifamily residential development.
“Ventana is the first of seven residential/mixed-use projects we have in
the pipeline in California,” said Daniels. Formed in 2014, The Richman
Group of California is a subsidiary of The
Richman Group, which is the nation’s seventh largest rental
apartment owner. “We have three projects in Southern California under
construction or nearing completion and four more in the entitlement
process or in plan check,” he said.
“We are on schedule to complete Sage, our second residential community
in summer 2017. Located in Cerritos, adjacent to Cerritos Towne Center,
Sage will feature 132 stylish luxury apartments within five-story
buildings and luxurious amenities,” said Daniels, noting Sage is part of
the Richman Signature Properties group, a new brand dedicated to
reimagining rental living with an emphasis on individuality, social
connectivity, preferred signature amenities, and a resident-focused
culture.
The Richman Group of California recently started construction on its
third project, F11, a seven-story luxury apartment building with 5,841
square feet of ground floor retail space on a 0.57-acre site in Downtown
San Diego’s East Village.
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, also a Richman Signature Property, is scheduled to open in
early 2018.
Later this year in Downtown San Diego, The Richman Group of California
will commence construction on a mixed-use apartment complex that
includes a 23-story residential tower with 222 apartments and more than
7,000 square feet of commercial space, as well as an adjoining
restaurant with extensive outdoor space, two apartments designed by
famed architect Rob Wellington Quigley, FAIA, and a park-like open space
corridor. The project, which has a working title of 330 13th
Street, is located directly across from the San Diego Central Library.
Highlights of this Richman Signature Property include a two-story “Sky
Lounge” on the 19th floor with built-in bar and outdoor
seating; a hotel-style pool area with spa and fire pits on the
fourth-floor podium level; and adjoining two-level recreation center
with lounge, demonstration kitchen, and gym. It is scheduled for
completion in early 2019.
In 2018, The Richman Group of California is set to break ground on The
Chandler, a transit-oriented, mixed-use development in North Hollywood.
The Chandler has been designed with 127 market-rate apartments,
extensive indoor and outdoor amenities, and 13,186 square feet of retail
space. Future projects are located in Ventura County and in Walnut Creek.
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 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 15,000 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.
About Richman Signature Properties
With more than 30 years of experience in development, construction,
asset management, and property management and operations in 49 states,
The Richman Group recently debuted a new division of the firm, Richman
Signature Properties. With the portfolio of luxury apartment residences,
they reimagine rental living with an emphasis on individuality, social
connectivity, preferred signature amenities, and an accommodating
resident-focused culture dedicated to elevating renters’ lifestyles.
Richman Signature Properties currently has properties in Florida,
California, Texas, and Colorado, and plans to continue to grow its
portfolio across the U.S. Together, The Richman Group has developed
nearly 20,000 residential units and owned or asset managed over 100,000
units. For more information visit, www.therichmangroup.com/type/signature-properties/.
Contacts
Metz Public Relations
Barbara Metz, (858) 677-0720
metzpr@gmail.com
