Matteson and E&S Ring Form Strategic Alliance
- Jun 20, 2011
Culver City and Redwood City, Calif.–The Matteson Companies of Redwood City, Calif., and E&S Ring Management Corporation of Culver City, Calif., have entered a long-term strategic alliance wherein E&S Ring will assume property management responsibility for all privately capitalized multifamily assets owned and managed by Matteson in California, Nevada, Oregon and Washington. The two companies also plan to co-invest in new multifamily ventures that will expand both of their portfolios.
Matteson’s multifamily assets are concentrated in Northern California, Nevada and the Portland metropolitan area, while E&S Ring’s multifamily assets are concentrated in Southern California, with a strong presence in Northern California. Under the alliance, Matteson will provide investment management and asset management oversight, while E&S Ring will provide property management and construction management services to the properties.
E&S Ring has significant property management expertise with 8,000 units under management, and when combined with the Matteson portfolio, the organizations will manage more than 12,000 apartment units in four states. E&S Ring already manages 245 units in Orange County for an institutional joint venture led by Matteson.
Matteson CEO Matt Matteson and E&S Ring President John Pringle have known each other for more than 24 years, and both are former presidents of the California Apartment Association and served for many years on that organization’s board of directors. The Matteson team expresses respect for E&S Ring’s property management expertise, and E&S Ring has a mutual respect for Matteson’s investment and asset management experience.
Both organizations are jointly seeking to grow their combined portfolio with new multifamily acquisitions in the West. Acquisitions will be funded by private equity supplied by both organizations, with management responsibilities shared between the two companies. Sellers and agents should contact The Matteson Companies acquisition team with inquiries.