Riverstone Residential Begins Painting a Management Masterpiece at Vibrant Los Angeles...

Riverstone Residential Begins Painting a Management Masterpiece at Vibrant Los
Angeles Address

WilshireVermont Station Adds Shades of Creativity to Operational Palette

DALLAS, May 27 /PRNewswire/ -- Two art deco murals splash bright, warm colors
in the shape of a rice bowl at the corner of Wilshire Boulevard and Vermont
Avenue in Los Angeles, providing a framework for Koreatown, one of the
nation's most densely populated neighborhoods. The murals are painted on the
side of the two buildings that compose Wilshire Vermont Station, a mixed-use,
transit-oriented community that is now managed by Riverstone Residential, the
nation's largest privately held property and asset management company.

(Photo: http://www.newscom.com/cgi-bin/prnh/20090527/DA22489)
(Logo: http://www.newscom.com/cgi-bin/prnh/20090217/LA71659LOGO-b)

Known for its own signature work, Riverstone Residential was selected to
manage the two-year-old property because of its depth of experience,
particularly in managing urban portfolios, and local-market knowledge,
according to Pat Coffey, senior vice president, asset management for
MacFarlane Partners, a real estate investment management firm that owns
Wilshire Vermont Station.

Riverstone Residential, which manages more than 180,000 units in 31 states,
can leverage purchasing power through its sister CAS Partners' service
companies, providing turn-key property management services, including
financial advisory, insurance, utility, credit, and purchasing services, along
with construction management. These services create significant operating
efficiencies, resulting in economic benefits for property owners.

"Riverstone Residential clearly communicated their management and execution
strategies," says Coffey. "They impressed us with a fresh, creative approach
to the leasing and operating of Wilshire Vermont Station."

Built by MacFarlane Partners and Urban Partners in 2007, Wilshire Vermont
Station's contemporary buildings were designed by Arquitectonica. In addition
to boasting the dual signature pieces by artist April Greiman, the property
features 449 rental apartments and 36,000 square feet of retail space.

The community sits at the hub of a five-square-mile area with a population of
about 340,000. Residents can experience an urban "life-on-the-line" lifestyle,
which includes unique on-site transportation from the Wilshire/Vermont Metro
subway station located directly beneath the complex. Downtown Los Angeles is a
short six-minute ride away, and residents can also easily connect to the
Metro's Hollywood and Universal City subway trains. Additionally, residents
living in one of the property's ultra-modern studio, one- or two-bedroom
residences, can conveniently shop on site--a feature that no other multifamily
property in Koreatown currently offers.

"We welcome the opportunity to put our expertise to work at the Wilshire
Vermont Station," says Christy Freeland, CEO of Riverstone Residential. "In
today's challenging real estate market, we'll focus on optimizing operations
for the property owner as well as a great resident experience."

Craig Rooney, Riverstone Residential senior vice president, Southern
California Division, will head the management team for the Wilshire Vermont
Station. He may be contacted at craig.rooney@riverstoneres.com or by calling
(714) 727-3802.

About Riverstone Residential
Riverstone Residential, a subsidiary of CAS Partners, is the largest privately
owned residential management company in the United States. Focused exclusively
on the delivery of world-class property and asset management services, the
company manages a portfolio of assets valued at more than $25 billion for
leading institutions, pension funds, developers and other major owners.
Located in metropolitan markets across the nation, properties include
high-rise, mid-rise and garden-style communities. The company is headquartered
in Dallas, Texas. Additional information is available at
www.RiverstoneRes.com.

About CAS Partners
CAS Partners is a world-class property and asset management services company.
The company's integrated business approach provides clients with a
comprehensive array of multifamily real estate business services. CAS
Partners' unique network of services includes property management, financial
advisory services, insurance services, construction management, utility
services, credit services, and purchasing services. CAS Partners is the trade
name of Consolidated American Services, Inc. For more information, visit CAS
Partners' Web site at www.CASPartners.com.

SOURCE Riverstone Residential

Katherin Dockerill for Riverstone Residential, +1-214-965-6513,
kdockerill@caspartners.com