GREENWICH, CT - Richman Luxury Apartment Development Partners, LLC, an affiliate of The Richman Group, Inc., one of the nation's leading housing organizations, announced its latest $43.25M direct offering which provides Accredited Investors the opportunity to participate with Richman in the direct ownership of the ground-up development of three prime-located luxury apartment communities in San Diego, Denver and South Florida.
The three property portfolio, with total development costs of approximately $162,000,000, will be Class-A rental communities offering a full complement of amenities featuring 9-14 foot ceilings, stainless steel appliances with granite or quartz counters, spectacular clubhouses, resort-style pools w/cabanas, club-quality fitness centers, yoga/spin studios and much more. Richman will co-invest 10% of the investment capital and provide the construction loan guarantees required by the lenders.
According to Brian Myers, President of Richman Asset Management, Inc., "Thanks to the Jumpstart Our Business Startups Act (the "JOBS Act"), changes to long-standing rules have been adopted which had previously prohibited the general solicitation and advertising of such offerings. In the past, the opportunity to participate in the ownership of such significant real estate holdings with top developers was offered primarily to institutional investors. The recent rule changes provide a disruptive new force to the traditional ways of raising investment capital for institutional real estate and other businesses. We are excited to be on the forefront of this new paradigm."
Founded in 1987, The Richman Group of Companies is 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.