Richmond, B.C. — Marking a milestone in its efforts to address the housing crisis in one of Metro Vancouver’s most competitive rental markets, Tikva Housing has acquired a 45-unit apartment building in Richmond, now officially named the Ronald S. Roadburg Residences. The purchase marks the largest acquisition in Tikva’s history and secures 30 two-bedroom and 15 one-bedroom units as long-term affordable housing. This acquisition was made possible through a transformational gift from the Ronald S. Roadburg Foundation and capital funding from BC’s Rental Protection Fund, which enables non-profit organizations to purchase rental housing at risk of being lost to private redevelopment. “We’re working on every front to address the housing crisis and rising costs, so people have an affordable home in the community they love,” said Ravi Kahlon, Minister of Jobs and Economic Growth. “When a building changes hands, residents worry whether they will be forced to move or pay much higher rent. By helping non-profits to buy these buildings, we are protecting the people who have lived there for years, close to their families, their jobs and the activities they enjoy.” Located at 8660 Westminster Highway, the property includes a mix of one- and two-bedroom units. Rents at the property average approximately $1,500 to $1,600, or about 42% below community averages, and will remain below local market rates, providing stability and peace of mind for more than 110 residents. “It’s a relief that Tikva has stepped in to secure the future of the Ronald S. Roadburg building. It’s helped me set aside a nagging fear of needing to relocate due to redevelopment or similar,” said Ronald S. Roadburg Residences tenant Timothy Schafli. “I’m happy to have called Richmond home for over a decade and that I’m confident I’ll be able to continue to do that. Thanks to Tikva for the excellent communication during the transition as well.” The property in central Richmond offers residents access to essential amenities like transit and schools, along with meaningful opportunities for individuals and families to engage in religious, cultural, and social networks. “This momentous acquisition embodies the core of Tikva’s mission to provide access to innovative housing solutions—giving new hope to individuals and families in need, transforming lives, and strengthening the community,” said Anat Gogo, executive director, Tikva Housing. “We are deeply grateful to the Ronald S. Roadburg Foundation for their extraordinary generosity and to the Rental Protection Fund for ensuring these 45 homes will remain protected and affordable for generations to come.” The acquisition was made possible by a major gift from the Ronald S. Roadburg Foundation and is named in honour of the late businessman and philanthropist, Ronald S. Roadburg. “Providing secure and affordable homes strengthens the entire community, and we are honoured to help make this happen,” said Bernard Pinsky, Chair of the Ronald S. Roadburg Foundation. The project also received crucial support from the B.C. Rental Protection Fund. Marking its first acquisition in the City of Richmond, the Fund contributed $5 million toward the purchase, helping keep housing affordable for tenants. This includes $1.2 million in renewal grants to help with building improvements to keep the homes safe and comfortable. “Investing in protecting the affordable housing we already have means we spend less while achieving more—more capacity, more resilience, more opportunity.” said Katie Maslechko, CEO, Rental Protection Fund. “By leveraging public investment to unlock private & philanthropic partnerships like this, we can transform housing from a commodity into a catalyst for community-driven solutions, multiplying the impact of every dollar invested through the Rental Protection Fund for decades to come.” According to the Metro Vancouver Jewish Housing Registry, of its 450 applicants, 200 are specifically seeking affordable housing in Richmond, meaning this property is poised to meet a critical community need. “This development is another example of our city’s commitment to provide affordable, accessible housing for those who live and work in Richmond,” said Mayor Malcolm Brodie. “Today’s announcement of Tikva acquiring 45 units of rental housing at the Ronald S. Roadburg Residences is great news for Richmond residents, as these 45 units will provide much-needed rental tenure housing for seniors, families, and members of the local workforce for years to come.” Tikva’s rental portfolio includes a mix of rental rates, ranging from shelter to below market and adhering to relevant provincial and federal social housing standards. “This acquisition represents a strategic investment in long-term affordability and community stability in a region where purpose-built rental housing is increasingly scarce,” says Wei Liu, Tikva’s Housing Development Manager. “At Tikva, we’re focused on translating housing need into actionable outcomes, and this acquisition is a powerful example of what’s possible when we align vision with execution.” | 
