DALLAS-Riverstone Residential Group has been awarded management assignments for five urban multifamily properties in Los Angeles, San Francisco, Seattle and Portland, OR.

"This expansion is a unique opportunity because we were awarded several very visible West Coast assets at one time," says Terry Danner, president of Riverstone Residential Group, adding that these assignments come on the heels of the firm adding 28 properties during the first quarter.

Danner says the firm has a dedicated business development team that is focused on expanding existing relationships and developing new relationships. "There haven't been a lot of communities change hands recently, so we're dealing with the same size pie," he tells GlobeSt. "We are expanding our relationships with our existing clients and winning work from our competitors."

Riverstone's new assignments include two properties in Los Angeles owned by Watermarke Properties of Corona, CA: Watermarke Tower and Gardens at Wilshire Center. Watermarke Tower is a 35-story, 214-unit, high-rise apartment residence located at 905 W. Ninth St. in downtown Los Angeles. Gardens at Wilshire Center is a 159-unit, mixed-use apartment residence located at 635 S. Hobart Blvd. in the Wilshire Center/Koreatown area.

Riverstone was awarded the assignments because of its existing relationship with the owner and its involvement in the properties' acquisitions, says Mike Dow, western division president of Riverstone. The firm managed about 2,000 units in Sacramento and Southern California for Watermarke Properties, which has closed about $500 million worth of acquisitions in the past 18 months.

Moreover, Riverstone assisted Watermarke Properties with the acquisition of Watermarke Tower and the Gardens at Wilshire Center, Dow tells GlobeSt. "We helped them with underwriting and due diligence," he says.

In San Francisco, Riverstone had managed the lease up of the Argenta, a179-unit, high-rise apartment property in downtown at 1 Polk St. When the lender, Macquarie Bank, took back the 20-story property, Riverstone was allowed to keep the management contract. "They were pleased with what they saw, so they allowed us to continue," Dow says.

Farther north, Riverstone was awarded management of The Ardea, a 323-unit, mid-rise apartment residence in the South Waterfront district of Portland, OR. Located at 3720 SW Bond St., The Ardea is owned by Kennedy Associates.

Riverstone had an existing relationship with Kennedy Associates because it manages a high-rise multifamily building in Seattle for the firm. However, the owner put the management assignment out to bid with five companies, Dow notes, adding that Riverstone's position in the marketplace won the deal. "We're the dominant player in Portland market – we manage about 15,000 units there," he points out.

The final assignment is The Bravern, a 33-story, 232-unit, high-rise apartment residence in Bellevue, WA. Developed and owned by Schnitzer West, The Bravern is the second multifamily asset that Riverstone will manage for the Seattle-based company. Riverstone also manages Schnitzer West's Equinox Apartments in Seattle.

Dow will lead the management teams for the five new assignments and will be supported by local executive vice presidents: Craig Rooney in Southern California; Tom Daniels in the Northwest; Lisa Whitesides in Northern California; and Steve Davis in Oregon.

In total, Riverstone manages a portfolio of assets valued at more than $15 billion and consisting of more than 650 properties including high-rise, mid-rise, and garden-style communities.