From the article – …the properties are in California, Maryland, New Jersey, Texas, Utah, Virginia and Washington. Freeland says the assets are in very good condition and none require huge upgrades.
Well thats good to know if that is really the case because huge upgrades would include extensive mold remediation if for instance any of these properties had years worth of mold growth like Jefferson Lakes Apartments in Baton Rouge, Louisiana. Riverstone would ignore that problem as they did at Jefferson Lakes Apartments because it is much cheaper and saves money for clients if they poison tenants instead of invest in huge upgrades. They do not have to worry about the cost of accountability for poisoning their tenants because they use some old school management techniques, fraud, etc… katy
DALLAS, TX-In its first major outsourcing agreement with BlackRock Realty Advisors Inc., Riverstone Residential is taking on management and leasing for more than 15,000 units owned by the real estate investor, a subsidiary of BlackRock Inc. in New York City. The 62 properties in the mid-Atlantic, Texas and the West had been managed by Metric Property Management Inc., which is no longer in operation.
Christy Freeland, Riverstone Residential CEO says her company has offered positions to everyone on Metric’s staff. “The background knowledge and expertise they have is valuable, and we’d like to be able to transition that to Riverstone,” Freeland tells GlobeSt.com. “Everyone involved in the property management firm was made an offer.” Metric Management was a wholly owned subsidiary of BlackRock Realty Advisors, and responsible for managing its multifamily assets.
In the meantime, Riverstone’s responsibility for its new portfolio will range from leasing and marketing, to property maintenance and customer service to renters. Freeland tells GlobeSt.com that the portfolio is varied, with the sole overriding feature among all the properties being “good, strong real estate.” According to Metric’s Web site, which is still operating, the properties are in California, Maryland, New Jersey, Texas, Utah, Virginia and Washington. Freeland says the assets are in very good condition and none require huge upgrades. Occupancy figures were not available.