Standard Communities Breaks Ground on $90M Richmond Development
Standard Communities broke ground on Joyfield Towns at German School, an $88 million development that will deliver 234 affordable three- and four-bedroom townhomes to South Richmond.
Joyfield Towns at German School is the third Joyfield Living community to bring brand-new construction with luxury finishes. The development brings together federal resources, private investment, and local support.
Joyfield Towns is located at 250 E German School Road and will offer amenities such as a clubhouse, playground, and dog park. The community will include 62 homes with project-based rental assistance through the Richmond Redevelopment and Housing Authority (RRHA).
The development is financed through a combination of federal Low-Income Housing Tax Credits, tax-exempt bonds issued by RRHA, and financing from Citibank and U.S. Bank. The City of Richmond is also supporting the project through its Housing Trust Fund and Affordable Housing Performance Grant.
“By bringing together innovative financing, strong local partnerships and an efficient development model, we can deliver the quality housing that working families need,” said Feras Qumseya, Chief Development Officer at Standard Communities.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout