CHICAGO-Riverstone Residential Group has re-assumed management of the 809-unit One Superior Place, following the sale of the property to Hartz Mountain Industries in May for $320 million. Brookfield Asset Management sold the 96%-occupied apartment tower, which includes first floor retail.
Riverstone, based in Dallas, had been manager of the building at 1 W. Suprior St. in 2008, when a private investor had owned the building. The investor took the management in-house, cutting Riverstone’s only tie to Chicago.
Stephanie Brock, division president of Riverstone’s Central Division, tells GlobeSt.com that her firm had a hand in making the Hartz deal happen. “We heard it was for sale and our Midwest person took the property to an existing client,” she says.
She says the company is happy to be back in Chicago, and says she’s practically giddy about how successful multifamily has been lately. “Investors are back, and after all the years of being beat up, the past 12 months have been phenomenal,” Brock says.
Her company has begun a new focus on the Midwest, Brock says. Riverstone manages more than 650 properties nationwide, but very little in center of the country. “We did a restructure of our divisions, and removed some of our western markets from the Central Division, so we can focus on reopening ties to the Midwest and Chicago. The fundamentals are so strong here, plus we’ve moved into St. Louis and Denver, and we’d like to go into Minneapolis as well. There’s just not our normal competitor base here,” Brock says.
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