The Real Deal Miami

Richman launches luxe rental division, nears completion on two SoFla projects

Company's new Edgewater development will also be included in new brand
By Sean Stewart-Muniz | June 27, 2016 12:00PM

Renderings of the Azura, left, and the Portico, right

Renderings of the Azura, left, and the Portico, right

The Richman Group is hoping to better corner the luxury rental game with its launching of a new division focusing on developing and managing upscale communities.

Richman announced last week that the company’s new arm will focus solely on building and maintaining the communities under its Richman Signature Properties brand, which is a more upscale offering separate from Richman’s selection of affordable rentals.

Each typically offers a resort-style pool and cabanas, dog parks, fitness centers and large clubhouses.

The division is being launched ahead of openings for the 15 new communities Richman is expected to complete within the next two years.

For South Florida, that includes the Azura in Kendall and Portico in Sunrise.

The developer said Azura, which broke ground in July 2015, recently began pre-leasing and is expected to begin moving in tenants by September or October. The $47 million development has 240 units and boasts amenities like a resort-style pool, two-story clubhouse, yoga studio and an enclosed dog park.

Portico is also expected to open this fall with pre-leasing slated for early August and a tentative move-in date of mid-September. Richman launched development of the lakeside 417-unit project in 2014 after paying $15.4 million for nearly 7 acres of land in Sunrise. Its amenity package includes a meditation room, quarter-mile walking path along the lake, kayaks and canoes, electric car charging stations and a resort-style pool.

Rents for both projects have not yet been released. Though it doesn’t have a set development timeline, Richman’s newly acquired Biscayne 27 project in Edgewater will also be rolled into the signature properties brand.

Outside of South Florida, Richman is developing projects in Dallas, Denver, San Diego, as well as the Tampa and Los Angeles metropolitan areas.

Some examples of the company’s affordable housing properties include the 64-unit West Brickell View tower that’s geared toward low-income senior living, as well as the similarly named West Brickell Tower that has 32 units reserved for residents aged 55 and up.