In what was perhaps the largest M&A news announced at the NMHC's 2008 Annual Meeting, Dallas-based property management firm Riverstone Residential has acquired Las Vegas-based Realty Management, also known as RMI.
"The deal was supposed to close in mid-January, and we thought it worked well to be able to hold the announcement for the NMHC meeting where there are so many top people in our field," said Riverstone CEO Christy Freeland. The acquisition of RMI, which manages 21,000 units, bumps Riverstone's units-under-management count to 155,000 and enhances the firm's market penetration in Texas, Arizona, and Nevada. The deal is another step by Riverstone towards achieving its goal of having 250,000 units under management.
According to Freeland, balancing the needs of clients, residents, and associates will be the key focus during the post-acquisition merger of the companies. To that end, "our associates are the key to our success," Freeland added. "When associates are providing excellent customer service, the resident is happy and stays in place longer. This equates to longer occupancy, lower expenses, and strong rents for the client.
"It looks like RMI's approach to the business, quality of associates, and commitment to work is a wonderful match to our philosophy," she said. "We are looking forward to having them join the Riverstone family."