Riverstone Acquires Seattle Property Management Firm

Third party property management firm Riverstone Residential Group has acquired Seattle based HSC Real Estate Inc. With this acquisition, Riverstone looks to increase its viability in the Northwest, as HSC is a property management firm currently operating approximately 34,000 units in the region.HSC will now be known as HSC/Riverstone for the time being.The current HSC Seattle office will serve as Riverstone’s Western Division headquarters. The majority of HSC’s staff and management will remain employed at HSC/Riverstone, with Walt Smith, HSC’s current president, filling the role of divisional president of the western division.Smith indicated in a release today that the time was right to join with a larger firm such as Riverstone to meet the needs of its clientele.Dallas-based Riverstone Residential Group is the third largest property services company in the United States, managing nearly 188,000 multi-family units at 890 properties in the country. The firm, a subsidiary of Consolidated American Services Inc., had the highest rate of growth among the National Multi Housing Council’s ranking of the 50 largest U.S. apartment managers.Riverstone has recently purchased several firms to expand its geographical base and market share. In the past year, Riverstone acquired Realty Management Inc. and its 21,000 units in the Southwest and Denver-based Omni Apartment Communities Inc.