Riverstone press releases

Dec 1, 2008

BlackRock Realty Engages Riverstone Residential to Manage Residential Real Estate Property Portfolio

Dallas, Texas (December 1, 2008) — A landmark outsourcing agreement for the management of a 62-property portfolio has brought two industry leaders together in a unique business alliance.

BlackRock Realty Advisors, Inc., the real estate equity arm of BlackRock, Inc., has engaged Riverstone Residential, a CAS Partners company, to manage a premier residential portfolio of apartment properties. Located in markets nationwide, the 62 communities represent more than 15,000 units. The portfolio of properties was previously managed by Metric Property Management, Inc., a wholly owned subsidiary of BlackRock Realty Advisors.

Riverstone is an expert in property management transitions. Recognized as the nation's leading residential management company, Riverstone has successfully integrated the portfolios, employees and resources of six respected regional management companies in less than three years. In order to provide seamless operational continuity for residents and clients of BlackRock, Riverstone is offering positions to the employees of Metric.

This new business alliance presents significant benefits for both parties. BlackRock and its clients benefit from the expertise, resources and efficiencies of the country's premier provider of residential real estate management services, while Riverstone achieves valuable market gains that further accelerate the company's impressive growth.

"Our primary objectives in the selection of Riverstone were to provide stability to our portfolio throughout the transition and take advantage of Riverstone's value-added strategies and economies-of-scale to continue to provide favorable returns to our clients," said Ron Zuzack, Managing Director and head of U.S. Real Estate Equity for BlackRock Realty Advisors, Inc.

"Riverstone and BlackRock share a strong client focus and a commitment to maximizing the financial returns of our clients' assets," said Christy Freeland, CEO for Riverstone Residential. "We are honored to be selected to manage this portfolio and to provide continued opportunity for a valued group of experienced associates."

Riverstone also offers world-class property and asset management services from its parent company, CAS Partners. These business services include insurance, purchasing, utility, construction management, financial advisory, and credit services designed to enable increased efficiency and cost-effective management options for property owners.

Over the past two and a half years, Riverstone has successfully increased its portfolio by 276 percent through successful client development and strategic company acquisitions. The company's growth is underscored by Riverstone's firm commitment to exceptional customer service and the highest operational standards.

About Riverstone Residential
Riverstone Residential, a subsidiary of CAS Partners, is the largest privately held 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.

About CAS Partners
CAS Partners is the American property and asset management services company of UK-based Regis Capital, Ltd. Since 2006, the Dallas-based organization has provided the real estate industry with unparalleled services in property management, construction, maintenance, asset management, financial services and insurance services. CAS' operating groups include Riverstone Residential Group, the largest privately held residential management company in the country. Additional information is available at www.casfirst.com.

About BlackRock
BlackRock is one of the world's largest publicly traded investment management firms. At September 30, 2008, BlackRock's AUM was $1.259 trillion. The firm manages assets on behalf of institutions and individuals worldwide through a variety of equity, fixed income, cash management and alternative investment products. In addition, a growing number of institutional investors use BlackRock Solutions investment system, risk management and financial advisory services. The firm is headquartered in New York City and has employees in 22 countries throughout the U.S., Europe and Asia Pacific.

BlackRock Realty is the real estate advisory subsidiary of BlackRock. BlackRock manages over $27 billion in private real estate equity around the world for public, corporate and union pension plans, as well as insurance companies, foundations, endowments and private investors. The firm offers a full range of investment strategies, including core, value-add and opportunistic encompassing all major property types: office, industrial, retail and multihousing. For additional information, please visit the Company's website at www.blackrock.com.

Additional information is available at: www.casfirst.com and www.riverstoneres.com

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