Richman Celebrates Grand Opening of The Retreat

Affordable community delivers next-level convenience and comfort in Merced, Calif.

MERCED, Calif., March 23, 2023 /PRNewswire/ -- The Richman Group of California, an innovator in apartment development, in partnership with long-time non-profit collaborator the Central Valley Coalition for Affordable Housing and Richman Property Services, a national leader in multifamily management, on March 1, 2023 celebrated the ribbon-cutting for their newest affordable community, The Retreat at Merced, in Merced, Calif.

Merced Mayor Matthew Serratto spoke during the ribbon-cutting event along with Arturo Martinez on behalf of Senator Anna M. Caballero. The ceremony was attended by City Manager Stephanie Dietz, Central Valley Coalition for Affordable Housing Board Member Steve Simmons, Council Member Jesse Ornelas and Ronnie De Anda and others representing the City and County of Merced, Merced County Association of Governments, Central Valley Opportunity Fund, Central California Alliance for Health and Richman.

The Retreat is funded through various federal, state, county and city programs including:

• 30 Project-based Housing Vouchers from the County of Merced Housing Authority
• $14,000,000 from the Affordable Housing & Sustainable Communities Program resulting in the investment in affordable housing and regional infrastructure including a new multi-modal bus station, electric City bus, and other road, bike lane, sidewalk and run-off improvements
• $2,500,000 from Central California Alliance for Health (the Alliance) through the Medi-Cal Capacity Grant Program that will include 20 homes designated for Alliance members who are currently experiencing homelessness and have complex health and social needs
• $6,580,000 of other funds coordinated by the City of Merced including HOME, Community Development Block Grants, Enterprise Funds, Successor Agency funds and funding from the Central Valley Opportunity Fund

The garden-style community includes a total of 119 affordable modern homes with easy access to transit, schools, city services and other community amenities. The location, coupled with a comprehensive amenities package, creates a convenient atmosphere to call home and a high-quality living experience. Thirty units are set aside for permanent supportive housing to address Merced's unhoused population.

"The Retreat could not have been accomplished without the dedication and commitment of the public and private partners involved," said Rick Westberg, Executive Vice President at Richman. "Through our partnership with the long list of public stakeholders, we were able to deliver affordable housing, public infrastructure and also provide housing to the unhoused complete with on-going services to support them, a mission we take very seriously. While The Richman Group is excited to carve out our own footprint and identity in Merced, we also recognize it couldn't have happened without the fundamental partnership with Central Valley Coalition for Affordable Housing and also the support from the Housing Authority, City, County of Merced and various other agencies."

Situated at 1137 B Street, The Retreat puts residents just minutes away from the retail opportunities, popular coffee shops and restaurants. Regal Hollywood, Playhouse Merced, The Art Kamangar Center, and Merced County Fairgrounds and Speedway offer local entertainment options. Those looking for a quiet retreat can hit up nearby Flanagan Park, Applegate Park, Burbank Park, Rahilly Park or Courthouse Square Park.

Located near Childs Avenue and SR 99, and with local public transit options, The Retreat offers easy access to neighboring communities, including Altwater, Dos Palos, Winton and Chowchilla. Residents also have simple commutes to major regional employers such as UC Merced, Merced College and Golden Valley Health Centers. 

"Through partnering in developments like The Retreat, we're able to further our vision of healthy people, healthy communities and provide housing and supportive services that result in positive health outcomes for our Medi-Cal members," said Stephanie Sonnenshine, Chief Executive Officer of the Alliance. "Our investment in The Retreat is an investment in local resources and support for our members and our continued commitment to social drivers that influence health and wellness. The Alliance serves nearly half of the individuals living in Merced County. It is exciting to see this project reach completion and address the needs of our members here in the community."

The mix of homes at The Retreat include one-, two- and three-bedroom options, ranging from 573 to 1,302 square feet. Homes come equipped with built-in Wi-Fi, and designer vinyl plank flooring.

All residents have access to a resort-style pool with lounge seating, and an expansive clubhouse with Wi-Fi and a TV area overlooking the veranda and pool area. A well-equipped fitness center features both cardio equipment and free weights. The property also features relaxing picnic areas, a tot lot playground, pet park, bicycle storage room, on-site laundry facility, social services area and EV charging stations.

For more information, or to join the waitlist for The Retreat, click here.

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 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. The Richman Group has been doing business in California since 1994 and has completed or is developing nearly 3,500 affordable units and 750 market rate units in the state.

About Richman Property Services
At Richman Property Services, we pride ourselves on providing remarkable living experiences to each and every one of our residents. Spanning coast to coast, Richman properties are found in dynamic locations offering the best of city living and small-town comforts while providing amenities designed with the resident in mind. At each of our properties, our teams are dedicated to putting the resident first. Providing superior first-class service is paramount. Richman Property Services is committed to making apartment living a remarkable experience every step of the way. For more information, please visit www.richmanpropertyservices.com. 

Media Contact:
Marlena DeFalco 
LinnellTaylor Marketing
[email protected] 

SOURCE The Richman Group Development Corp.