Senior Housing Project Completed

FULLERTON, CA—The Richman Group of California Development Company has completed construction of Ventana , a 95-unit affordable seniors community, located at 345 Commonwealth Avenue in downtown Fullerton. 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 this week, is 100% leased.

Ventana’s units range from 545 to 820 square feet, and it is 100% 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 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 Kovac , housing and 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 . Later this year in Downtown San Diego, The Richman Group 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 . The project, which has a working title of 330 13th Street , is located directly across from the San Diego Central Library . It is scheduled for completion in early 2019. 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. The Richman Group of California is located in La Jolla .