Riverstone Residential Announces West Coast Leadership Changes

Growth Enables Promotions and Next-Level Performance

DALLAS, June 16 /PRNewswire/ -- Riverstone Residential is pleased to announce
two significant promotions on their West coast property management executive
team. Effective July 1st, Mike Dow will be promoted to division president,
West and Pal Ottesen will be promoted to chief operating officer, West.

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

Mike Dow has been executive vice president of Riverstone's Western operating
division since October 2008. He has over 25 years of real estate management
experience, including roles as chief operating officer of FPI Management and
president of Group Interland Management Corporation. Mike is credited with
building a world-class team of executives who have joined Riverstone
Residential's California operations in recent months.

Pal Ottesen has most recently held the role of senior vice president of
operations with Riverstone Residential in the West. He has held a number of
operations positions supporting the Western division since joining HSC in 1992
and led all HSC operations from 2001 through 2008.

Walt Smith, the current division president, will become a board member of CAS
Partners, the parent company of Riverstone Residential. After building HSC
into a successful franchise, Smith sold HSC to CAS Partners in April 2008 and
added a top performing franchise to the growth of Riverstone's West division.

"We have a phenomenal team here in the Western division, with dynamic
associates at all levels of our business, from on-site property management
professionals to executives," commented Smith. "Mike and Pal will complement
the rest of the Riverstone leadership team as the company moves forward with
its drive for results for our clients, our associates and the CAS Partners
organization."

Christy Freeland, chief executive officer of Riverstone Residential, comments,
"The promotions of Mike and Pal will enable the West division to drive organic
growth and continue to deliver top notch property performance."

"We are fortunate to have Walt Smith on the CAS Partners Board," adds Toni
Portmann, chief executive officer of CAS Partners. "Our Western division will
continue to deliver an exceptional value proposition when the property
operational performance is further enhanced with the use of our complementary
business services."

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