FULLERTON, Calif.--(BUSINESS WIRE)--The newly formed Richman Group of California has broken ground on its first residential project, a 95-unit seniors affordable community, located at 345 Commonwealth Avenue. The six-story, 130,000-square-foot midrise building on .6 acres will also feature 3,200 square feet of retail space and a subterranean parking garage for customers. Construction is scheduled for completion in spring of 2016.
The Richman Group of California is a subsidiary of The Richman Group Development Corp., which is ranked in the top ten of multi-family apartment owners in the United States.
The development team includes architects Irwin Partners of Costa Mesa, which specializes in designing senior communities that encourage social engagement and physical activity, 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.
In addition to one- and two-bedroom apartments ranging from 545 to 820 square feet, the project will include a clubhouse/social area with wall-mounted TVs, Wi-Fi access, and comfortable furnishings. The community room also features a top-of-the-line fitness center with free-weights, cardio equipment and a kitchen for community events. A large outdoor terrace located on the second floor features a built-in barbeque, dining areas, landscaping, and resort-like furnishings.
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.
“We’re excited to break ground on this unique project in partnership with the city of Fullerton, especially because it is within the first year of establishing the California subsidiary,” said Luke Daniels, president of The Richman Group of California. He noted they are also involved in securing entitlements on multiple market-rate residential projects within Los Angeles and San Diego counties.
Preston Underdown, development director at The Richman Group of California, added, “We’re honored to be a part of the dynamic redevelopment of downtown Fullerton that is transforming the area into a thriving and sustainable district that serves the broad needs of the community. Our residents will be well-served by the surrounding neighborhood and the community will be well-served by this worthwhile mixed-use project.”
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 888 Prospect St., Suite 200, La Jolla, Calif.