River Asset Management Company has acquired a range of multifamily communities throughout the United States. Below is a sample of assets the company has acquired since inception.
Avemore Preferred Investor, LLC (“API”) acquired a majority limited partner interest in Avemore Apartments, L.P. (“the LP”), the owner of a 280 unit Class A garden apartment community in Charlottesville, Virginia. An affiliate of River Asset is the member manager of Avemore Preferred Investor. The Avemore transaction allowed the local developer/owner to access its equity in the property while maintaining a significant ownership interest in the asset. After a period of time, an affiliate of River Asset became the general partner of Avemore’s ownership entity. River Asset Management provides management services to the owner.
This transaction involved the acquisition of 100% of the partnership interests in an existing 170 unit garden apartment community in Columbia, Maryland and the assumption of existing financing with GMAC. The complex acquisition structure necessitated the creation of seven entities and a hybrid ownership arrangement between a private REIT and a Section 1031 entity. Both entities were the beneficiaries under a master lease between the owner and Hobbit’s Leaseco, an entity controlled by River Capital Group, a partnership between River Asset and Insignia. River Asset Management Company, Inc. was responsible for the management of the property until its sale.
River Station Partners was formed for the purpose of acquiring Avalon Station Apartments, an AvalonBay Communities, Inc. holding in Fredericksburg, Virginia. This community of 223 units was built in two phases in 1988 and 1996. The limited partner of River Station Partners was River Station REIT, Inc. The investment strategy at what became known as The Mark at Salem Station was to take advantage of the population growth occurring in the area due to its proximity to Washington, D.C. and the barriers to new development attributable to the lack of available zoned apartment land. The partnership utilized the management services of River Asset Management Company, Inc. at the property until its sale.