SOURCE: Riverstone Residential

April 17, 2008 14:46 ET

Riverstone Residential Group's Expansion Continues Into the Northwest With Acquisition of HSC Real Estate, Inc.

DALLAS, TX--(Marketwire - April 17, 2008) - Riverstone Residential Group (Riverstone), a subsidiary of Consolidated American Services, Inc. (CAS), has acquired HSC Real Estate, Inc. (HSC), expanding its service area and property management services within the Northwest.

HSC, headquartered in Seattle, Washington, is a premier third-party residential property management firm in the region with 1,100 employees and more than 34,000 units under management. The combined entity will further strengthen Riverstone's position as the largest third-party property services company in the United States.

"This is a tremendous opportunity for us to include HSC, a proven leader throughout the Northwest, into the Riverstone family. Walt Smith and his partners have built a high-profile, quality organization and we are excited at the possibilities of what we will offer our clients as we join forces in the coming months," stated Christy Freeland, CEO of Riverstone Residential Group.

"My partners and I have been committed to developing and operating the highest quality third-party management company in the Northwest. Together, we have successfully built an extremely strong brand that is recognized as the leader in our region. The time is right to take the next step with one of the premier national firms in our industry. We are confident this move will benefit our customers and our employees for years to come," explained Walt Smith, President of HSC Real Estate, Inc.

Smith will be the Divisional President of the Western Division headquarters of Riverstone, covering operations in Washington, Oregon, Idaho, Montana, California and Northern Nevada. The current management of HSC will continue to drive the impressive growth that has been a direct result of its exceptional service. In addition to management, the majority of HSC's staff will remain in place. The current HSC Seattle office will serve as the Western Divsion headquarters for Riverstone. HSC will be known as Riverstone/HSC for the foreseeable future.

CAS (www.casfirst.com) is the American property services company of UK-based Regis Capital Ltd. Since 2006 the company has provided the real estate industry unparalleled services in property management, construction, maintenance, asset management, financial services and insurance services.

Riverstone (www.riverstoneres.com) is the largest, independently owned, pure third-party property services firm in the United States. Riverstone manages more than 890 properties with more than 188,000 multifamily units. While preserving local market knowledge, Riverstone's national network of more than 5,000 associates deliver industry-leading service and innovation across the broadest geographic footprint. Market knowledge, a culture of client service and innovative value propositions is enabling Riverstone clients to enjoy record revenues in excess of $2.85 billion annually.

Additional information is available at www.casfirst.com and www.riverstoneres.com.

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