FirstService Residential announced that it has been selected to manage the Waterside Condominium Association, a three‑story high‑rise community in Edgewater, New Jersey. The contract adds a high‑margin, high‑profile property to the company’s portfolio, reinforcing its strategy of expanding in desirable markets and strengthening recurring revenue streams.
Waterside offers a full suite of luxury amenities—including a pool, sauna, and concierge services—and its location along the Hudson River provides residents with views of the Manhattan skyline and the George Washington Bridge. The community’s premium positioning aligns with FirstService Residential’s focus on high‑end, high‑margin contracts that drive long‑term profitability.
The contract win is significant in the context of FirstService’s recent financial performance. In Q3 2025, the company reported revenue of $1.45 billion, up 4% year‑over‑year, and adjusted EPS of $1.76, meeting analyst expectations. The company’s adjusted EBITDA for the quarter was $164.8 million, a 3% increase, and its consolidated margin stood at 11.4%. The addition of Waterside is expected to contribute to these recurring revenue metrics, helping to offset the modest revenue miss that occurred in the same quarter.
Management highlighted the strategic fit of the new contract. President Michael Mendillo said, “We are excited to welcome Waterside to the FirstService Residential family. Our commitment is to elevate the resident experience and deliver exceptional service to this impressive community.” Senior Vice President Arthur Bartikofsky added that the board sought a partner capable of providing “360‑degree support,” a capability that FirstService Residential has demonstrated across its portfolio.
The contract win also signals confidence in the company’s ability to secure high‑margin assets in competitive markets. While the company faced a 1.36% revenue miss in Q3 2025, the successful acquisition of Waterside demonstrates resilience and a continued focus on high‑value opportunities. Analysts noted that the win supports the company’s growth trajectory, even as it navigates headwinds such as pricing pressure in some segments and macro‑economic uncertainty.
Overall, the Waterside contract strengthens FirstService Residential’s recurring revenue base, enhances its presence in the New Jersey market, and underscores the company’s strategy of targeting premium, high‑margin properties to drive long‑term profitability.
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