What The Richman does

The Richman Group is a privately held, vertically integrated U.S. multifamily real estate firm founded in 1987 and headquartered in Greenwich, Connecticut. It is self-described as America's 7th largest rental apartment portfolio owner, operating across 49 states plus Washington D.C., Puerto Rico, the U.S. Virgin Islands, and Guam via 15 regional offices and roughly a dozen wholly-owned subsidiaries. Its LIHTC-focused affiliate, The Richman Group Affordable Housing Corp., has syndicated approximately $15 billion in equity for the construction or rehabilitation of over 166,000 homes, and the firm was ranked the No. 2 Multifamily Syndicator on the 2023 National Multifamily Housing Council Top Syndicators list. The platform is led by founder and Chairman Richard Paul Richman with a divisional president structure across development, property management, affordable housing, and regional operating companies.

Revenue mechanics span multiple streams: recurring rental income from owned multifamily properties (market-rate, affordable, senior, and permanent supportive housing); tax credit syndication and development fees (including dedicated regional fund vehicles such as the $130M Richman Western Region Fund II L.P. and a $450M three-fund LIHTC close in December 2022); property and asset management fees (Richman Property Services manages 120+ properties with 19,000+ units; Richman Asset Management oversees nearly 100 funds owning ~115,000 units); mortgage lending via RICHMAC Funding, a Freddie Mac-, FHA-, and Fannie Mae-approved lender that originated over $360 million in loans in 2016; and resident services income through Moonbeam Communications and Equipment, which provides cable, broadband, and laundry services to over 5,000 residents. The go-to-market is bifurcated: enterprise distribution of LIHTC fund interests to banks, insurance companies, and other institutional investors on the capital side, paired with direct-to-tenant leasing for owned and managed portfolios on the operating side. The company employs 600+ team members.

The company's "technology" surface is operational rather than proprietary-AI: standard real estate development and property management platforms, plus the Moonbeam resident-services telecom subsidiary. Differentiation rests on capital access (100+ institutional investors, $20B+ cumulatively deployed), regulatory expertise across LIHTC/HHH/HUD/USDA programs, scale of 115,000+ residential units across 1,500 properties, and a fully integrated development-to-property-management stack spanning Citrus Construction, RICHMAC Funding, Richman Asset Management, Richman Property Services, and Moonbeam Communications.

Name

The Richman

Legal name

Richman Property Services, Inc.

Website

https://therichmangroup.com

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

501–1,000 employees

Short description

The Richman Group is a privately held, vertically integrated U.S. multifamily real estate firm (founded 1987, Greenwich, CT) operating as America's 7th largest rental apartment owner with 115,000+ units. It develops, finances, and manages affordable, market-rate, senior, and supportive housing for institutional investors and residential tenants nationwide.

Ownership category

akta.pro rank

Product category

Multifamily Real Estate Development & Property Management

NAICS

Real Estate Property Managers (53131), Residential Property Managers (531311), Real Estate Credit (522292)

SIC

Real Estate (6500), Real Estate Dealers (For Their Own Account) (6532), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

akta.pro secondary industries

Healthcare & Senior Housing Real Estate Asset Management (BPAJAMAH), Luxury & High-End Residential Brokerage (BPAJAAAC), Real Estate Debt & Mortgage Strategies (FSAAAKAC), Real Estate Credit / Debt Funds (FSANAEAJ)

Keywords

• Multifamily real estate development
• Affordable housing syndication
• Property management services
• Tax credit investment funds
• Multifamily mortgage lending

Headquarters

HQ city

Greenwich

HQ country

United States

HQ region

North America

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Rental Income: Revenue from owned multifamily residential properties across market-rate, affordable, and senior housing segments
2. Tax Credit Syndication: The Richman Group Affordable Housing Corp has provided approximately $15 billion of equity for construction and rehabilitation of over 166,000 homes. Generates fees from syndicating affordable housing tax credits to institutional investors.
3. Development Fees: Fees earned from developing multifamily properties, including market-rate luxury apartments, affordable housing, and permanent supportive housing developments
4. Property Management Services: Richman Property Services manages 120+ properties with 19,000+ residential units, generating management fees
5. Asset Management Services: Provides asset management services to nearly 100 public, private and institutional real estate investment funds owning approximately 115,000 residential units
6. Mortgage Lending: RICHMAC Funding LLC, an affiliate, provides multifamily housing mortgage lending as a Freddie Mac, FHA, and Fannie Mae lender. Provided over $360 million in loans in 2016.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

The Richman Group develops, owns, and manages multifamily residential real estate across market-rate luxury, affordable (LIHTC/HHH/HUD/USDA-financed), senior, and permanent supportive housing segments. The firm also operates investment banking (tax credit syndication), third-party property management, asset management for institutional real estate funds, and multifamily mortgage lending as a Freddie Mac, FHA, and Fannie Mae lender.

Product overview

The Richman Group is a vertically integrated real estate investment and development firm operating as a platform of specialized businesses. The core offering spans multifamily development (affordable, luxury, and permanent supportive housing), property management through Richman Property Services (managing 19,000+ units), mortgage lending via RICHMAC Funding (Freddie Mac/FHA/Fannie Mae lender), and resident technology services through Moonbeam Communications. The company raises equity through multi-investor tax credit funds like the Richman Western Region Fund II. The portfolio includes 60+ named property developments across the United States, ranging from affordable senior housing to market-rate luxury apartments.

Differentiator

Problem solved

Functional benefit

Products and services

• Affordable Housing Development Development of affordable apartment communities for low-income households (0-60% Area Median Income), seniors, and workforce housing, financed in part through Low Income Housing Tax Credit (LIHTC) and other federal programs (HHH, HUD, USDA). Includes market-rate, affordable, and permanent supportive housing projects.
• Luxury/Signature Apartment Development Development of market-rate luxury apartment communities with premium amenities including resort-style pools, fitness centers, and high-end finishes, targeting moderate to high-income renters.
• Permanent Supportive Housing Development Development of supportive housing communities for individuals experiencing homelessness, partnering with mental health organizations and housing authorities; example project is Las Palmas Apartments (54 units in Wilmington, Los Angeles) developed jointly with Brilliant Corners.
• Richman Property Services Third-party and owned multifamily property management subsidiary managing 120+ properties with over 19,000 residential units across nine states, offering 24/7 emergency maintenance, resident services, and leasing services.
• Asset Management Services Asset management services provided through Richman Asset Management, Inc. to nearly 100 public, private, and institutional real estate investment funds owning approximately 115,000 residential units.
• Affordable Housing Tax Credit Syndication Syndication of Low Income Housing Tax Credits and other affordable housing tax credit equity to institutional investors (banks, insurance companies, fund managers) through multi-investor funds, generating syndication fees.
• Richman Western Region Fund II L.P. $130 million affordable housing equity fund focused specifically on Western states development, targeting 12 properties and 767 affordable homes across California, Idaho, Nevada, New Mexico, Oregon, and Utah; comprised of eight institutional investors and 11 repeat developer clients.
• RICHMAC Funding LLC National multifamily housing mortgage lender providing loans for new construction, preservation, and acquisition of low-income and mixed-income properties; operates as a Freddie Mac, FHA, and Fannie Mae lender.
• Moonbeam Communications and Equipment Technology services subsidiary providing affordable cable television, high-speed internet, and laundry room services to apartment residents throughout the country, serving over 5,000 residents across owned and managed properties.

Quantifiable outcome

• 166,000 homes developed or rehabilitated through affordable housing tax credits
• +2 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered core.

• Brilliant CornerscoreStrategic or Co-development Partner · 4 October 2024Joint development partnership for Las Palmas Apartments, a 54-unit permanent supportive housing community in Wilmington, Los Angeles. The Richman Group serves as co-developer, co-owner, and on-site property manager, while Brilliant Corners provides supportive housing services and case management.
• National COREcoreStrategic or Co-development PartnerJoint venture partner in the One San Pedro Collaborative for the redevelopment of the WWII-era Rancho San Pedro public housing project in Los Angeles, tripling units from 478 to 1,553
• Century HousingcoreStrategic or Co-development PartnerJoint venture partner in the One San Pedro Collaborative for the Rancho San Pedro public housing redevelopment project
• Housing Authority of the City of Los AngelescoreStrategic or Co-development PartnerGovernment partner in the One San Pedro Collaborative for redevelopment of public housing at Rancho San Pedro
• Virgin Islands Housing AuthoritycoreStrategic or Co-development PartnerSelected as Master Developer by VIHA for redevelopment of Public Housing in St. Croix, U.S. Virgin Islands. Partnership involves implementing a Portfolio Repositioning Strategy with energy-efficient and energy-resilient concepts following hurricane damage.

Scale indicators15 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Equity Residential: One of the largest publicly-traded multifamily REITs in the U.S., owning and operating 80,000+ apartment units primarily in coastal gateway markets. Comparable as a large-scale institutional apartment owner/operator, though publicly traded and focused on market-rate luxury rather than affordable housing.
• AvalonBay Communities: Major publicly-traded multifamily REIT with ~90,000 apartment units across high-barrier U.S. markets. Comparable scale and apartment ownership model, though concentrated in market-rate coastal product rather than The Richman Group's affordable/tax-credit focus.
• Mid-America Apartment Communities (MAA): Largest publicly-traded multifamily REIT by unit count (~102,000 apartments), focused on Sunbelt markets. Comparable as a scaled multifamily operator and developer, though pure market-rate versus Richman's affordable/senior/signature mix.
• Related Companies: Large diversified real estate developer with significant affordable housing operations through Related Affordable, including LIHTC syndication. Comparable as a scaled developer with both market-rate and affordable housing exposure, though broader in scope including commercial.
• Camden Property Trust: Sundbelt-focused multifamily REIT with ~58,000 apartment units, vertically integrated with in-house development and property management. Comparable business model as an apartment developer-owner-operator, though smaller scale and pure market-rate.
• Essex Property Trust: Multifamily REIT focused on West Coast markets with ~62,000 apartment units. Comparable as a scaled institutional apartment owner/operator, though geographically concentrated on the Pacific coast versus Richman's national footprint.

Direct peers

• Greystar Real Estate Partners: Largest apartment property manager and developer globally with ~$320B AUM, offering vertically integrated investment, property management, and development services. Most direct peer to The Richman Group given similar vertically integrated multifamily platform spanning development through management.
• Bozzuto Group: Privately held multifamily developer, owner, and manager with ~80,000 units under management across market-rate, affordable, and senior housing. Comparable vertically integrated model and similar affordable/market-rate product mix as The Richman Group.
• WinnCompanies: Large privately held multifamily developer, owner, and manager with significant affordable housing exposure (LIHTC) and military housing. Comparable as a privately held, vertically integrated operator competing in affordable housing tax credit syndication and property management.
• Hunt Companies: Diversified real estate company with major multifamily and affordable housing operations including LIHTC equity syndication (Hunt Capital Partners). Direct competitor in affordable housing tax credit syndication and multifamily development/management.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/the-richman-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries12 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about The Richman