DALLAS, TX - 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.
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."
Source: Riverstone Residential