U.S. Residential Group Expands Multifamily Management Portfolio
- Sep 28, 2010
Dees Stribling, Contributing Editor
Dallas–Multifamily management specialist U.S. Residential Group, which has offices in Texas, California and Connecticut, recently won contracts for the management of over 8,300 units in 39 multifamily properties. The properties are scattered across the country and represent a variety of conventional, affordable and special services housing.
The company took over management of 36 of the 39 communities during August and September, with three more slated for October. They are located in California, Connecticut, Maryland, New Jersey, Georgia, Florida and Texas.
U.S. Residential Group was formed in the spring of 2010 as an affiliate of California-based Pacific West Management, which manages about $1 billion worth of multifamily properties nationwide. Like Pacific West, U.S. Residential Group provides fee-based apartment management services to owners. Its key employees have experience managing over 80,000 apartment units.
Among other services, U.S. Residential Group offers stabilization and repositioning of distressed properties, resident retention, construction and rehabilitation management, capital needs assessments and transitional management of REO property. Its clients include owners of both conventional and affordable communities.
“In addition to property management, we provide a resource for troubled or challenged communities through our Real Estate Services Division,” Al Fenstermacher, CEO of U.S. Residential Group, noted in a statement. “With the ever-changing economic climate, many properties benefit from our experience to bridge the gap between owners, lenders, buyers and sellers.”
Pacific West Management president Bev Ferguson assumed that role at U.S. Residential Group when the company was formed. Ferguson has been active in property management for more than 25 years and opened the Pacific West Management Texas office in 2001.
The Real Estate Services Division is headed up by Todd Minor, who previously negotiated more than $2 billion of real estate loans as executive vice president of a real estate investment and development company. He also has extensive loan workout experience as senior vice president for six REITs operating throughout the country.