Search
 

Management Reins Flip for 2,372 Apartments

DALLAS-Riverstone Residential ink pacts with 14 separate institutions and private owners for class A and class B complexes in eight states. The heaviest concentration is California.

By Connie Gore | Updated on July 08, 2008

DALLAS-In a whirlwind round of deal-making, Riverstone Residential Group has grabbed management rights to 14 multifamily properties with 2,372 units in eight states. The class A and class B assets average 91% occupancy.

Twelve of the 14 contracts, all separate owners, were inked in recent weeks, with the others crossing the finish line about 45 days ago, according to Christy Freeland, CEO of Dallas-based Riverstone Residential Group. She describes the mix as “bread-and-butter properties” to GlobeSt.com, adding that the management company is on track to ink $200 million of contracts this year.

“There is a lot of value add going on out there,” Freeland says. Riverstone’s chief selling point is it drives upside through its purchasing might from 192,000 apartments in 32 states. “The upside is not just from a rent standpoint. We have purchasing power to deliver expense savings,” she stresses.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.