To reproduce:

Public Class RadForm1
    Sub New()        
        InitializeComponent()
        RadPropertyGrid1.SelectedObject = New MyProperties
    End Sub

    Public Class MyProperties

        Private _height As Integer = 70
        <Browsable(True)> <Category("Rows")> <DisplayName("Height")> _
        <Description("Sets the height of the row. Range 70 to 200.")> _
        <RadRange(70, 200)> _
        Public Property Height() As Integer
            Get
                Return _height
            End Get
            Set(ByVal Value As Integer)
                _height = Value
            End Set
        End Property
    End Class
End Class

When you activate the editor you will notice that you are allowed to enter values outside the specified range 7-200.

Workaround:

AddHandler Me.RadPropertyGrid1.EditorInitialized, AddressOf PropertyGridEditorInitialized

    Private Sub PropertyGridEditorInitialized(sender As Object, e As PropertyGridItemEditorInitializedEventArgs)
        Dim spinEditor As PropertyGridSpinEditor = TryCast(e.Editor, PropertyGridSpinEditor)
        If spinEditor IsNot Nothing Then
            spinEditor.MinValue = 70
            spinEditor.MaxValue = 200
        End If

    End Sub