Riverstone Residential Group Retains Management of The Bravern after Ownership Change

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Post-Transition Management Contract Underscores Company’s Local Market Knowledge, Urban High-Rise Expertise

The Bravern - Bellevue, Washington

“We are honored to be selected to oversee management of The Bravern based on our previous property management performance,” stated Terry Danner, chief executive officer at Riverstone.

Riverstone Residential Group, one of the largest privately owned, third-party multifamily property management companies in the United States, announces that it has once again been awarded a management contract for The Bravern, a luxury two-tower, 33-story property in Bellevue, Washington, after the property’s sale to a new owner.

Previously, Riverstone managed The Bravern on behalf of Seattle-based developer Schnitzer West. Riverstone began leasing the newly-constructed property in April of 2010, and worked to develop aggressive lease-up marketing strategies to differentiate the property from its many local competitors. Occupancy steadily grew, and the property has consistently maintained an occupancy level of 94+%. After Schnitzer West recently sold the property to one of Riverstone’s current institutional clients, Riverstone was given an opportunity to bid on the property’s management contract once again. After reviewing Riverstone’s management track record, and its proposed strategies for further maximizing growth and improving resident satisfaction, the new ownership group awarded The Bravern’s management contract to Riverstone.

“We are honored to be selected to oversee management of The Bravern based on our previous property management performance,” stated Terry Danner, chief executive officer at Riverstone. “We are excited to partner with The Bravern’s new owners, and look forward to tailoring our strategies to align with their goals, and leveraging our expertise in the Bellevue market to create optimum performance.”

Originally developed according to luxury condominium specifications, The Bravern features one- and two-bedroom luxury residences ranging from 655 to 2,159 square feet. Apartment homes at The Bravern feature lofty 9- and 11-foot ceilings, exterior terraces and oversized windows affording sweeping views of Lake Washington and Mount Rainier, wide-plank hardwood flooring, natural gas fireplaces, stainless steel Viking, Sub-Zero, and Bosch appliances, slab granite countertops and backsplashes, and spa-like bathrooms. Select homes include custom cabinetry and Sub-Zero wine coolers.

Residents at The Bravern enjoy access to a wide range of amenities. Premier concierge services assist residents with tasks including making reservations, securing event tickets, and completing errands such as picking up dry cleaning. The community boasts 25,000 square feet of gathering places, including an exhibition kitchen, two expansive Great Rooms, two fireside lobbies with expansive ceilings, a private theater, a lushly landscaped Terrace Garden offering grilling, lounging and dining areas, and the Garden House, which features a cozy stone fireplace. The community’s spa features a whirlpool, sauna, steam room, and private treatment rooms for massages and other wellness therapies. Additionally, The Bravern’s well-equipped fitness studio features cardiovascular machines, free weights, weight machines, a balance bar, a stretching area, and a private outdoor patio perfect for yoga. As a pet-friendly community, The Bravern offers two dedicated dog runs.

With The Shops at The Bravern located on the building’s ground floor, residents have access to an array of shops, restaurants, cafes, and lifestyle-enhancing services. The Bravern is ideally situated in the heart of Puget Sound, close to numerous hiking, skiing, golfing, and boating areas as well as urban attractions including sports, arts, and cultural venues, wineries, nightlife, and retail and dining options. The community is located across the street from a public transit center, and offers convenient access to greater Seattle and points beyond via I-405, I-90, and Highway 520.

“With Bellevue’s rental market continuing to gain traction through a robust employment base and strong demand for housing, we’re excited to have the opportunity to continue to be part of this thriving community,” affirmed Tom Daniels, executive vice president, Northwest, Inland Northwest, and Oregon, at Riverstone. “We look forward to continuing to provide residents of The Bravern with distinctive and inviting apartment homes as well as high-caliber amenities that add convenience and value to their lifestyles.”

About Riverstone Residential Group

Headquartered in Dallas, Texas, Riverstone Residential Group is one of the largest third-party multifamily apartment management and services companies in the United States, and is focused exclusively on the optimum delivery of multifamily and single-family property management, core support, ancillary, financial, client, and resident services. Their portfolio currently stands at over $17 billion worth of assets under management, comprised of over 800 communities containing over 170,000 apartment homes. Riverstone holds expertise in core, value-add, and opportunistic investments. They manage a diverse array of class A-C multifamily assets on behalf of leading institutions, pension funds, insurance companies, developers/syndicators, and other major owners, including high-rise, mid-rise, garden-style, lease-up, renovation, multi-use, urban, suburban, senior, and student communities in conventional and affordable assets.

In response to the ever-evolving needs of their clients, Riverstone has created a proactive, scalable, flexible, effective, and efficient third-party management services model that combines national support, core support services, revenue-generating ancillary services, and technology-enabled systems that promote performance. The strength of their national organization is backed by local expertise generated by their presence in 27 local offices and more than 265 cities across the nation. For additional information, visit http://www.RiverstoneRes.com or email info(at)RiverstoneRe(dot)com.

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Susan Morrow
Morrow & Associates, Inc.
+1 (214) 632-2711
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