Dallas, TX (PRWEB) April 18, 2007
Riverstone Residential Group (Riverstone), a subsidiary of Consolidated American Services, Inc. (CAS) has acquired Stratus Real Estate (Stratus) in a strategic move that strengthens both companies. On April 5, 2007 NMHC named Riverstone "fastest growing property management company in the industry."
Stratus Real Estate, headquartered in Woodland Hills, California will merge with Riverstone Residential Group, which is the CAS flagship brand located in Dallas, Texas. The combined entity will be one of the nation's largest independently owned property management companies in the United States, with 120,000 multifamily units across 625 properties. Operating 20 divisional offices around the country and employing 3,300 associates, Riverstone offers clients strong market knowledge for all multifamily real estate types.
Stratus Real Estate currently manages 23,000 multi-family apartments in overrn200 properties in California, Hawaii, and Arizona. All three of the company's owners and operators, Steve Heimler, Al Brenner and Gardner Rees, will become members of the dynamic Riverstone senior leadership group. Steve Heimler, founder and CEO of Stratus says, "We are excited to be part of the new organization and to provide our clients with quality management and additional resources that a larger company can offer."
The combination of Stratus and Riverstone will take advantage of Stratus' significant presence and exceptional reputation in the western and Pacific regions. "The newly combined companies will operate the highest quality and most efficient management and support services groups in the industry and continue to grow in both size and stature," says Terry Danner, Co-CEO of Riverstone. In the consolidation, Riverstone will work with Stratus support services employees in Woodland Hills, to ensure a smooth transition of responsibilities to the Dallas office. The Stratus management teams handling the property operations and management will remain intact.
CAS (http://www.casfirst.com) is the American property services company, of UK based Regis Capital Ltd. Since 2005 the company has provided residential property management, maintenance, financial services and insurance services. CAS manages over $13 billion in client assets, 14 million square feet of multi-family business and has over 3,300 associates.
Riverstone (http://www.riverstoneres.com) is one of the nation's largest independently owned management companies. Post acquisition, Riverstone will have a coast to coast presence with the highest caliber management in the industry.
Contact: Keith Miles, Executive Chairman