SAN DIEGO--(BUSINESS WIRE)--The Richman Group Development Corp., which has developed nearly 20,000 residential rental units since 1987 and is ranked in the top ten of multi-family apartment owners in the United States, has established a California division and named multi-family developer, Luke Daniels, president of The Richman Group of California Development Company, LLC. The company has established an office at 888 Prospect St., Suite 200, La Jolla, Calif.
The new company will focus initially on design-driven, top-of-the-market luxury rental residences, workforce housing, and affordable projects in Los Angeles, Orange, and San Diego counties. Emphasis will be on 4- to 6-story, highly amenitized, midrise projects in urban and mature suburban markets.
“California is the perfect match for our investment, development and asset management expertise,” said Kristin Miller, president, The Richman Group, which has raised almost $10 billion in equity for investments in nearly 1,400 apartment projects in 49 states, Puerto Rico, Guam, and the U.S. Virgin Islands. “We believe the state is in a period of sustained growth, propelled by a number of robust economic drivers and long-term demographic trends,” she said.
“We’re delighted to have Luke Daniels head up our California operations. He has led the development team for a number of trophy projects in Southern California, including the 244-unit, mixed-use Stella in Marina del Rey, the 14-story Park Laurel overlooking San Diego’s Balboa Park, and 1Mission in San Diego, which was honored by PCBC with the Gold Nugget Grand Award for best mixed-use project in the Western United States.
“He is a creative dealmaker, skilled negotiator, and hands-on developer who is able to maintain the big picture while handling myriad details,” she said, noting he has been responsible for the development of 2,500 units in Southern California.
Most recently, Daniels was managing director for the Western Division of Trammell Crow Residential, where he was involved in acquisition, entitlements, procurement of equity and debt capital, and development processes. He managed a team responsible for projects totaling more than 2,000 units and 18,000 square feet of ground-floor commercial space.
Previously, he was the development director of GLJ Partners, a Southern California apartment developer that merged with Trammell Crow Residential in 2012.
Earlier, he was in charge of all aspects of land development and construction for CLB Partners in San Diego, which developed the award-winning 1Mission in Mission Hills and Park Laurel overlooking Balboa Park, one of the city’s most prestigious residential condominium projects. He started his career with Intracorp San Diego LLC and its sister company K Street Construction.
Daniels has a Bachelor of Science degree in Urban Planning and Real Estate Development from the University of Southern California.
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. http://www.therichmangroup.com/