Riverstone Changes Leadership

Riverstone Changes Leadership DALLAS, TX - 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.

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."

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.
Source: Riverstone Residential

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