CARROLLTON, Texas, April 12, 2011 (GLOBE NEWSWIRE) -- RealPage, Inc. (Nasdaq:RP), a leading provider of on-demand software and software-enabled services to the rental housing industry, today announced that Riverstone Residential Group, one of the premier management providers for apartment properties in the United States, has designated YieldStar® Price Optimizer from RealPage as the preferred revenue management solution for Riverstone-managed properties.
"The goal for Riverstone is to provide maximum operational efficiencies and revenue performance for our clients," said Walt Smith, CEO of Riverstone Residential Group. "We have found that YieldStar best accommodates our clients' diverse asset strategies and proactively addresses evolving market conditions, consistently delivering the results we expect."
Approximately 24,000 Riverstone-managed units are currently using or implementing YieldStar on behalf of 15 different owners. Smith notes that in 2010, Riverstone properties using YieldStar Price Optimizer experienced, on average, 6.5 percent higher effective rent growth from new leases than their submarkets, while maintaining at or above market occupancies.
"Riverstone has developed national expertise in Price Optimizer and has established a platform for supporting the product to ensure the best possible results are achieved," said Janine Steiner, President of YieldStar. "The combination of our multifamily specific revenue management expertise and Riverstone's business model has produced a successful partnership, within which Riverstone and YieldStar can best serve the revenue management needs of our mutual clients."
YieldStar Price Optimizer enables apartment owners and managers to maximize asset performance by delivering optimized pricing and unparalleled decision support on a daily basis. YieldStar also exclusively leverages a growing warehouse of multifamily transaction data for millions of apartment units, providing visibility into past and current trends for thousands of properties and submarkets nationwide.
To learn more about YieldStar Price Optimizer, please visit www.yieldstar.com. To schedule an interview with a YieldStar executive, please contact Michael Cunningham at michael.cunningham@realpage.com or 972.820.3409.
About RealPage
Located in Carrollton, Texas, a suburb of Dallas, RealPage provides on-demand (also referred to as "Software-as-a-Service" or "SaaS") products and services to apartment communities and single family rentals across the United States. Its six on-demand product lines include OneSite® property management systems that automate the leasing, renting, management, and accounting of conventional, affordable, tax credit, student living, and military housing properties; Level One® and CrossFire® that enable owners to originate, syndicate, manage and capture leads more effectively and at less overall cost; YieldStar® asset optimization systems that enable owners and managers to optimize rents to achieve the overall highest yield, or combination of rent and occupancy, at each property; Velocity™ billing and utility management services that increase collections and reduce delinquencies; LeasingDesk® risk mitigation systems that are designed to reduce a community's exposure to risk and liability; and OpsTechnology® spend management systems that help owners manage and control operating expenses. Supporting this family of SaaS products is a suite of shared cloud services including electronic payments, document management, decision support and learning. Through its Propertyware subsidiary, RealPage also provides software and services to single-family rentals and low density, centrally-managed multifamily housing. For more information, call 1-87-REALPAGE or visit www.realpage.com.
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About Riverstone Residential Group
Riverstone Residential Group, one of the largest third-party multifamily apartment management companies in the United States, is focused exclusively on the delivery of unparalleled property management, as well as, resident and ancillary services. Riverstone's core service groups include accounting, affordable housing, compliance and property audits, information technology, risk management, human resources, marketing and education, purchasing, and regional maintenance. Ancillary service groups include utility management services, resident screening and receivables management services, client and resident insurance, as well as financial advisory services. The company manages a portfolio of multifamily assets valued at more than $15 billion for leading institutions, pension funds, developers and other major owners. Located in metropolitan markets across the nation, the more than 650 managed apartment properties include high-rise, mid-rise, and garden-style communities in conventional, affordable and receivership assets. The company is headquartered in Dallas, TX. For additional information, visit www.RiverstoneRes.com or e-mail clientservices@riverstoneres.com