June 21, 2011
E&S Ring will assume property management responsibility for Matteson’s multifamily assets and the companies will co-invest in new multifamily ventures
CULVER CITY and REDWOOD CITY, Calif. (June 21, 2011) - The Matteson Companies (“Matteson”) of Redwood City, Calif., and E&S Ring Management Corporation of Culver City, Calif., are pleased to announce a long-term strategic alliance that will result in E&S Ring assuming property management responsibility for all privately capitalized multifamily assets owned and managed by Matteson in California, Nevada, Oregon and Washington. In addition, the two organizations announced an intention to co-invest in new multifamily ventures that will expand both companies’ portfolios.
Matteson’s multifamily assets are concentrated in Northern California, Nevada and in the Portland, Ore. 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 Western states. E&S Ring already manages 245 units in Orange County for an institutional joint venture led by Matteson.
“We are very pleased to consolidate the property management of our portfolio under the capable direction of E&S Ring,” said Matt Matteson, chief executive officer of The Matteson Companies. “I have known John Pringle personally for over 24 years in the industry, dating back to 1987, and I have tremendous confidence in his real estate acumen and his dedication to professionalism in multifamily management.”
Pringle and Matteson are both former presidents of the California Apartment Association and served for many years on that organization’s board of directors. “John and the Ring organization have done an excellent job managing multifamily properties for our institutional division for the past five years,” said John Bellack, president of JB Matteson, Matteson’s institutional division. “Their organization has a sophisticated management platform utilizing innovative technology and their team is comprised of experienced property management experts.”
“I am very pleased to be significantly expanding our relationship with The Matteson Companies,” said John Pringle, president of E&S Ring. “I have personally been an investor in Matteson ventures for over 10 years, and have great respect for their investment and asset management expertise.” Jim Ring adds, “On behalf of my sisters Sue Caplan and Jackie Morgen, we are delighted to expand our relationship with the Matteson Companies; both firms see broad opportunities for the future.” Principals of both organizations cited the similarity of their investment and management philosophies; their long-term combined alliance.
Matteson and E&S Ring are jointly seeking to grow their combined portfolio with new multifamily acquisitions in California, Oregon and Washington. 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.
About The Matteson Companies Founded in 1965, The Matteson Companies are a 45-year-old group of privately held, affiliated entities engaged in real estate investment, development and management, with operations throughout the Western United States. In addition to investing private equity, The Matteson Companies manages core, core-plus, and value added investment strategies in partnership with institutional investors. Matteson has invested more than $2 billion in the Western United States, and currently manages a portfolio valued at more than $1 billion that includes multi-family, office and retail properties.
About E&S Ring With over 50 years in the multifamily industry, E&S Ring has been providing high quality service, dependable results and excellence in management since 1959. The Ring organization’s roots have been in coastal Southern California, and in addition to 8,000 apartment units, the company manages 800 boat slips in the Marina del Rey harbor area adjacent to several of its properties. The company has performed $55 million in renovations at three communities in the past five years, and recently expanded into the Northern California region where it operates seven communities in the San Jose and Pleasanton corridor. For more information, visit www.esring.com.