Riverstone Wins Management of 15,000-Unit BlackRock Portfolio
- Dec 03, 2008
Riverstone Residential has been awarded the management of more than 15,000 apartment units in the portfolio of BlackRock Realty Advisors Inc., the real estate equity arm of BlackRock Inc. Under terms of the agreement, Riverstone will assume management responsibilities for the units–spread across 62 properties–from former manager Metric Property Management Inc., a wholly-owned subsidiary of BlackRock Realty. Employees of Metric will be offered positions with Riverstone in order to facilitate a smooth transition for residents. “Our primary objectives in the selection of Riverstone were to provide stability to our portfolio throughout the transition and take advantage of Riverstone’s value-added strategies and economies of scale to continue to provide favorable returns to our client,” said Ron Zuzack, managing director & head of U.S. real estate equity for BlackRock Realty. The management of the BlackRock portfolio is the latest feather in the cap of Riverstone, which has increased its number of managed units by some 275 percent over the past two and a half years. Another big coup for the Dallas-based firm took place in July, when Riverstone added more than 2,300 total units in 14 new apartment properties to its management portfolio, as reported by CPN at the time. Riverstone is a subsidiary of CAS Partners, the American property and asset management arm of U.K.-based Regis Capital Ltd.