The Richman Group of California Development Co. has completed construction of a 95-unit affordable housing community for seniors in downtown Fullerton, Calif.
Ventana is among seven prominent mixed-used projects the company has in its pipeline.
Formed in 2014, the firm is a subsidiary of The Richman Group, one of the largest residential real estate investment, development, and asset management firms in the nation.
Institutionally, the company has had a long presence in the Golden State, but the California development arm has recently ramped up under the leadership of Luke Daniels.
The firm has three projects in Southern California under construction or nearing completion and four more in the entitlement process or in plan check, according to Daniels, president of the California group, which develops both affordable and luxury multifamily residential properties.
Ventana, a six-story, 130,000-square-foot building, showcases the company’s affordable housing work. In addition to one- and two-bedroom apartments, the property features a clubhouse, a fitness center, a kitchen for community events, and a large outdoor terrace on the second floor.
The building also has about 3,200 square feet of retail space. A pharmacy will be one of the tenants, says Rick Westberg, executive vice president.
The project is located in Fullerton’s downtown commercial district, near Fullerton College and the Fullerton Transportation Center, one of Orange County’s major transit hubs.
Finding the right location and scale can be one of the challenges in developing senior housing. “We were fortunate to find an opportunity so close to downtown Fullerton, which allows for many amenities for residents,” says Westberg.
The Richman Group’s nonprofit partner was the Central Valley Coalition for Affordable Housing.
The approximately $28 million project was financed with 4% low-income housing tax credits and tax-exempt bonds. The Richman Group syndicated the credits. Bank of America was the construction lender, and the California Community Reinvestment Corp. was the permanent lender. In addition, the city provided a residual receipts loan for about $8.9 million.
The Ventana team also included architects Irwin Partners and general contractor Cannon Constructors.
The firm’s next project to come online will be Sage, a 132-unit luxury apartment community that will be completed in 2017 in Cerritos. The Richman Group also recently started construction on F11, a seven-story, 99-unit luxury apartment building in downtown San Diego’s East Village. F11 is scheduled to open in early 2018.