City Ventures Announces Below Market Rate Homes at Cherry Blossom Row in Richmond

RICHMOND, Calif.--(BUSINESS WIRE)--City Ventures, California’s leading builder of solar-powered, ecologically responsible homes, has partnered with the City of Richmond to designate five residences within Cherry Blossom Row––an all-electric, solar-powered townhome community in Richmond––as Below Market Rate (BMR) homes.

“Cherry Blossom Row is one of our most exciting new developments to date––its prime location makes it a top choice for many buyers looking to set roots in the East Bay area,” said Natasha Zabaneh, President of City Ventures. “We’re especially thrilled to offer this unique Below Market Rate opportunity for qualified first-time buyers.”

The new neighborhood’s coveted East Bay setting offers easy access to the Bay Area's most beautiful destinations, including Marin, Napa, and Sonoma counties, as well as the urban hubs of Oakland and San Francisco via convenient bridges, ferries, and freeways. For those who love the outdoors, the region offers abundant trails and parks for hiking or picnicking.

Cherry Blossom Row’s Below Market Rate homes are priced at $555,150 with a monthly HOA fee of $254. They offer approximately 1,318 square feet of thoughtfully and efficiently planned living space, including three bedrooms, three baths, and two-car garages. Well-equipped gourmet kitchens are made for entertaining and cooking in style, featuring energy-efficient, stainless-steel appliances, and spacious islands. Spacious outdoor decks off the great room are ideal for hosting guests or just relaxing. Expansive, spa-inspired primary suites offer abundant storage with dual walk-in closets, while secondary bedrooms include en-suite baths. No matter the plan, buyers can look forward to City Ventures’ signature features built into every home, including all-electric construction, owned solar panels, smart thermostats, Ring doorbells, keyless entry, energy-efficient appliances, soft-close drawers and cabinets, and much more. On-site amenities include outdoor dining areas, lounge areas, a play structure, and a community garden.

Richmond’s housing market remains in high demand, with recent Redfin data showing a median sales price of $700,000 for existing homes, and just over three months of available inventory for potential home buyers. In addition, over 55% of listings sold over list price with a median time on market of 26 days.

These available BMR plans provide an opportunity for eligible households with incomes not exceeding 120% of the Area Median Income to become owners of newly built homes in the “City of Pride and Purpose.”

“In today’s competitive housing market, we’re pleased to expand access to high-quality, energy-efficient residences for individuals and families pursuing homeownership in the East Bay area,” said Zabaneh. “We encourage buyers to act quickly before this neighborhood officially sells out.”

Interested buyers are strongly encouraged to act quickly on this unique opportunity. To begin the application process, send an email to [e-mail]. Income limits and other restrictions apply. Cherry Blossom Row is located at 5321 Dalai Lama Avenue in Richmond. Additional information, including the floor plan and community details, are available online at www.CityVentures.com/Cherry-Blossom-Row-BMR.

About City Ventures

City Ventures, California’s leading homebuilder, focuses on “Building It Forward” by repositioning underutilized real estate into residential housing in supply-constrained coastal urban infill areas and high-demand suburban locations. To date, the builder has constructed 5,000 townhomes, condominiums, lofts, mixed-use, live-work, and single-family detached homes throughout Southern and Northern California. City Ventures was named 2023 Builder of the Year by national magazine Builder & Developer and celebrated 15 years of homebuilding in 2024. Based in San Francisco and Irvine, City Ventures currently owns and controls over 8,000 lots in California. For more information, please visit www.cityventures.com/. You can also follow City Ventures on social media on Facebook (@cityventures), Instagram (@city_ventures) and YouTube (@cityventures).