Posted at 3:02 p.m., Wednesday, April 11, 2007
Property manager with Hawaii units sold to Texas firm
Advertiser Staff
A California company that manages roughly 1,000 residential apartment units in Hawai'i has been sold to Riverstone Residential Group, a Texas-based subsidiary of the United Kingdom's Regis Capital Ltd. and its U.S. operation, Consolidated American Services Inc.Riverstone acquired Stratus Real Estate, a Woodland Hills, Calif.-based firm managing about 23,000 units in California, Arizona and Hawai'i.
In Hawai'i, Stratus manages 768 units on O'ahu and the 288-unit Sunset Terrace on Maui. The company also co-manages a 72-unit Waikiki hotel.
Terms of the sale were not disclosed.
Riverstone said the combined businesses result in one of the nation's largest independently owned property management companies in the United States, with 120,000 multifamily units across 625 properties.
