DALLAS-Riverstone Residential Group has been awardedmanagement assignments for five urban multifamily properties in LosAngeles, San Francisco, Seattle and Portland, OR.

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

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Danner says the firm has a dedicated business development teamthat is focused on expanding existing relationships and developingnew relationships. "There haven't been a lot of communities changehands recently, so we're dealing with the same size pie," he tellsGlobeSt. "We are expanding our relationships with our existingclients and winning work from our competitors."

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Riverstone's new assignments include two properties in LosAngeles owned by Watermarke Properties of Corona, CA: WatermarkeTower and Gardens at Wilshire Center. Watermarke Tower is a35-story, 214-unit, high-rise apartment residence located at 905 W.Ninth St. in downtown Los Angeles. Gardens at Wilshire Center is a159-unit, mixed-use apartment residence located at 635 S. HobartBlvd. in the Wilshire Center/Koreatown area.

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

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

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

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Farther north, Riverstone was awarded management of The Ardea, a323-unit, mid-rise apartment residence in the South Waterfrontdistrict of Portland, OR. Located at 3720 SW Bond St., The Ardea isowned by Kennedy Associates.

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Riverstone had an existing relationship with Kennedy Associatesbecause it manages a high-rise multifamily building in Seattle forthe firm. However, the owner put the management assignment out tobid with five companies, Dow notes, adding that Riverstone'sposition in the marketplace won the deal. "We're the dominantplayer in Portland market – we manage about 15,000 units there," hepoints out.

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

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Dow will lead the management teams for the five new assignmentsand will be supported by local executive vice presidents: CraigRooney in Southern California; Tom Daniels in the Northwest; LisaWhitesides in Northern California; and Steve Davis in Oregon.

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

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