May 26, 2010: Riverstone Residential Group, one of the largest privately-owned, third-party multifamily property management companies in the United States, has assumed management of five high-profile properties in Los Angeles, San Francisco, Seattle, and Portland. With strong management presence in over 30 states across the United States, these new acquisitions showcase Riverstone’s single property and portfolio transition expertise in major U.S. metropolitan areas.
Riverstone’s new properties include:
* Watermarke Tower, a 35-story, 214-unit, high-rise apartment residence in downtown Los Angeles, CA, 905 W. Ninth Street, 90015
* Gardens at Wilshire Center, a 159-unit, mixed-use apartment residence in the Wilshire Center/Koreatown area of Los Angeles, CA, 635 S. Hobart Boulevard, 90005
* Argenta, a 20-story, 179-unit, high-rise apartment residence in downtown San Francisco, CA, 1 Polk Street, 94102
* The Bravern, a 33-story, 232-unit, high-rise apartment residence in Bellevue, WA, 688 110th Avenue NE#404, 98004
* The Ardea, a 323-unit, mid-rise apartment residence in the South Waterfront district of Portland, OR, 3720 SW Bond Street, 97239
The communities will be managed by Riverstone’s Western Division led by Mike Dow, Division President, with the support of four Executive Vice Presidents: Craig Rooney, Southern California; Tom Daniels, Northwest; Lisa Whitesides, Northern California; and Steve Davis, Oregon.
“We are thrilled to have earned the opportunity to enhance Riverstone’s portfolio with such vibrant properties in key U.S. markets,” said Terry Danner, President, Riverstone Residential Group. “We appreciate that our clients have entrusted us with these high profile properties. We will continue to clearly demonstrate our corporate mantra to combine the strength, efficiencies and resources of a national organization with outstanding local market expertise to achieve the highest value for our clients and residents.”
As a proven multifamily transition and operations expert, Riverstone has earned the management of 28 new properties in the first quarter of 2010. The company’s transition process is comprehensive and includes expert teams who coordinate the on boarding of new associates, training, market analysis, and strategic and tactical operations and marketing plans. Riverstone uses a comprehensive new property checklist that organizes all groups to ensure a seamless transition for the properties and their owners.
About Riverstone Residential Group
Riverstone Residential Group is one of the largest third-party multifamily management companies in the United States. Focused exclusively on the delivery of unparalleled property management services including media and marketing services, capital improvement management services, utility management services, resident screening and collection services, and purchasing services, the company manages a portfolio of assets valued at more than $15 billion for leading institutions, pension funds, developers and other major owners. Located in metropolitan markets across the nation, the more than 650 managed properties include high-rise, mid-rise, and garden-style communities in both conventional and affordable assets. The company is headquartered in Dallas, TX.
SOURCE Riverstone Residential Group