The Nation's 50 Largest Apartment Owners and 50 Largest Apartment Managers

55 Pages·2011·8.1 MB·English

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
2011
The Nation’s 50 Largest Apartment Owners
and 50 Largest Apartment Managers
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A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
National Real Estate Investor is pleased to present the 22nd annual NMHC 50, the
National Multi Housing Council’s authoritative ranking of the nation’s 50 largest apart-
ment owners and 50 largest apartment managers. For more than two decades, the
NMHC 50 has been a key resource for industry observers. The top owner and manager lists,
and the analysis that accompanies them, have provided the only historical benchmark against
which to measure industry trends and concentration.
Based in Washington, D.C., the National Multi Housing Council provides leadership for the apart-
ment industry. NMHC’s members are the principal officers of the larger and more prominent
apartment firms and include owners, developers, managers, financiers and service providers.
The Council focuses on the four key areas of: federal advocacy; strategic business information;
industry research; and public affairs. Through its federal advocacy program, the Council targets
such issues as capital markets, housing policy, energy and environmental affairs, tax policy, fair
housing, building codes, technology, human resources, rent control and more.
For those interested in joining the apartment industry’s leadership, NMHC welcomes inquiries
to its Washington office at 202/974-2300, or you can visit NMHC’s web site atwww.nmhc.org.
Contents
Introduction ....................................................................................2
2011 Apartment Ownership ............................................................4
2011 Apartment Management ........................................................6
NMHC 50: “The Great Recovery” Following “The Great Recession” ....8
A Familiar Face Returns to Multifamily .........................................16
New Faces ....................................................................................19
Revisiting the Number Ones .........................................................22
National Multi Housing Council:
Join the Who’s Who in the Apartment Industry ............................25
NMHC Officers .............................................................................26
NMHC Board of Directors Executive Committee ...........................26
NMHC Board of Directors .............................................................32
Cover Photo: Fillmore Center in San Francisco, CA
2 NMHC 50 APRIL 2011
 

  
 




 
 
 

    
  
 

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A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
2011 Apartment Ownership
NATIONAL MULTI HOUSING COUNCIL 50
(50 Largest U.S. Apartment Owners as of January 1, 2011)
APARTMENTS WITH
2011 2010 CORPORATE OWNERSHIP INTEREST
RANK RANK COMPANY HEADQUARTERS OFFICER 2011 2010
1 1 Boston Capital Boston, MA Jack Manning 158,947 162,677
2 Centerline Capital Group New York, NY Rob Levy 152,600 147,500
3 Boston Financial Investment Management, LP Boston, MA Ken Cutillo 145,454 144,907
4 2 SunAmerica Affordable Housing Partners, Inc. Los Angeles, CA Michael L. Fowler 141,113 147,087
5 3 Equity Residential Chicago, IL David J. Neithercut 129,604 136,843
6 5 PNC Tax Credit Capital Portland, OR Todd Crow 123,462 128,727
7 4 AIMCO Denver, CO Terry Considine 110,946 133,200
8 6 National Equity Fund, Inc. Chicago, IL Joseph Hagan 107,138 100,500
9 7 Enterprise Community Investment, Inc. Columbia, MD Charles R. Werhane 96,195 96,395
10 8 The Richman Group Affordable Housing Corporation Greenwich, CT Richard Paul Richman 94,925 90,346
11 9 Archstone Englewood, CO R. Scot Sellers 81,613 83,085
12 12 Alliant Capital, Ltd. Woodland Hills, CA Shawn Horwitz 65,245 60,258
13 11 Camden Property Trust Houston, TX Richard J. Campo 63,278 63,286
14 Hunt Companies, Inc. El Paso, TX Woody Hunt 62,109 37,036
15 15 UDR, Inc. Highlands Ranch, CO Thomas W. Toomey 58,796 51,320
16 13 Edward Rose & Sons Farmington Hills, MI Warren Rose 56,025 55,958
17 10 Pinnacle Family of Companies Dallas, TX Stan Harrelson 55,932 68,017
18 18 AvalonBay Communities, Inc. Arlington, VA Bryce Blair 52,490 48,924
19 J.P. Morgan Asset Management New York, NY Jean Anderson 52,304 52,754
20 17 WNC & Associates, Inc. Irvine, CA Wilfred N. Cooper, Jr. 52,134 50,332
21 20 Invesco Real Estate Dallas, TX Michael Kirby 50,567 47,340
22 19 Forest City Residential Group, Inc. Cleveland, OH Ronald A. Ratner 47,384 47,633
23 21 Lincoln Property Company Dallas, TX Tim Byrne 46,507 46,347
24 24 MAA Memphis, TN H. Eric Bolton, Jr. 46,306 43,604
25 31 JRK Property Holdings, Inc. Los Angeles, CA Jim Lippman 43,900 41,400
4 NMHC 50 APRIL 2011
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
APARTMENTS WITH
2011 2010 CORPORATE OWNERSHIP INTEREST
RANK RANK COMPANY HEADQUARTERS OFFICER 2011 2010
26 26 Irvine Company Apartment Communities Irvine, CA Kevin Baldridge 43,791 42,764
27 22 Michaels Development Company Marlton, NJ Robert J. Greer 43,433 44,916
Steven D. Bell
28 25 Bell Partners Inc. Greensboro, NC 43,265 43,160
and Jonathan D. Bell
29 23 Raymond James Tax Credit Funds, Inc. St. Petersburg, FL Ronald Diner 43,035 44,128
30 29 Picerne Real Estate Group Phoenix, AZ David R. Picerne 42,476 41,058
31 28 DRA Advisors LLC New York, NY David Luski 41,111 41,908
32 32 Home Properties, Inc. Rochester, NY Edward J. Pettinella 38,861 35,797
33 34 The Related Companies New York, NY Jeff Blau 35,637 35,578
34 33 Sentinel Real Estate Corporation New York, NY John H. Streicker 35,000 35,709
35 30 Empire American Holdings, LLC Montvale, NJ Eli Feller 34,939 40,776
36 39 Lindsey Management Co., Inc. Fayetteville, AR James E. Lindsey 34,088 33,293
37 37 Colonial Properties Trust Birmingham, AL Thomas H. Lowder 33,205 33,524
38 38 Westdale Real Estate Investment & Management Dallas, TX Joseph G. Beard 32,592 31,632
39 36 Concord Management Limited Maitland, FL Edward O. Wood, Jr. 32,313 32,022
40 44 BH Equities LLC Des Moines, IA Harry Bookey 30,172 28,165
41 43 UBS Realty Investors LLC Hartford, CT Matthew Lynch 29,310 28,433
42 47 Essex Property Trust, Inc. Palo Alto, CA Michael Schall 29,146 27,248
43 40 The Bascom Group, LLC Irvine, CA Jerome Fink 28,851 35,674
44 35 CNC Investments, Ltd. Houston, TX Charlie Yalamanchili 28,528 32,721
45 46 Berkshire Property Advisors Boston, MA Frank Apeseche 27,906 27,537
46 42 AEW Capital Management, L.P. Boston, MA Jeffrey Furber 27,556 28,650
47 CB Richard Ellis Investors, LLC Los Angeles, CA Stephen J. Zaleski 26,748 22,564
48 MCA Housing Partners, LLC Gardena, CA Michael A. Costa 26,335 25,824
49 48 BRE Properties, Inc. San Francisco, CA Constance B. Moore 25,398 25,325
50 GID Investment Advisers, LLC Boston, MA Robert E. DeWitt 25,002 12,247
APRIL 2011 NMHC 50 5
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
2011 Apartment Management
NATIONAL MULTI HOUSING COUNCIL 50
(50 Largest U.S. Apartment Managers as of January 1, 2011)

2011 2010 CORPORATE APARTMENTS MANAGED
RANK RANK COMPANY HEADQUARTERS OFFICER 2011 2010
1 3 Greystar Real Estate Partners, LLC Charleston, SC Robert A. Faith 187,360 153,819
2 2 Riverstone Residential Group Dallas, TX Walt Smith 162,182 178,431
3 1 Pinnacle Family of Companies Dallas, TX Stan Harrelson 151,367 183,877
4 5 Lincoln Property Company Dallas, TX Tim Byrne 133,425 132,881
5 4 Equity Residential Chicago, IL David J. Neithercut 129,604 136,843
6 6 AIMCO Denver, CO Terry Considine 117,119 129,715
7 8 WinnCompanies Boston, MA Samuel Ross 84,817 73,302
8 7 Archstone Englewood, CO R. Scot Sellers 81,613 83,085
9 9 Camden Property Trust Houston, TX Richard J. Campo 63,498 63,506
Steven D. Bell
10 10 Bell Partners Inc. Greensboro, NC 60,182 60,422
and Jonathan D. Bell
11 11 FPI Management, Inc. Folsom, CA Dennis Treadaway 58,604 56,952
12 14 UDR, Inc. Highlands Ranch, CO Thomas W. Toomey 58,340 50,493
13 13 Edward Rose & Sons Farmington Hills, MI Warren Rose 56,025 55,958
14 16 AvalonBay Communities, Inc. Arlington, VA Bryce Blair 52,490 48,924
15 15 Alliance Residential Company Phoenix, AZ Bruce Ward 48,520 49,488
16 18 The ConAm Group of Companies San Diego, CA Brad Forrester 47,400 46,100
17 12 Fairfield Residential LLC San Diego, CA Chris Hashioka 46,851 53,641
18 20 MAA Memphis, TN H. Eric Bolton, Jr. 46,306 43,604
19 23 Milestone Management, L.P. Dallas, TX Steve Lamberti 45,896 36,408
20 17 Westdale Real Estate Investment & Management Dallas, TX Joseph G. Beard 44,765 46,682
21 19 Picerne Real Estate Group Phoenix, AZ David R. Picerne 44,588 44,927
22 30 JRK Property Holdings, Inc. Los Angeles, CA Jim Lippman 41,900 39,400
23 21 BH Management Services, Inc. Des Moines, IA Nicholas H. Roby 41,641 41,366
24 43 The Laramar Group, LLC Denver, CO David B. Woodward 40,521 29,508
25 26 Village Green Detroit, MI Jonathan Holtzman 40,000 35,000
6 NMHC 50 APRIL 2011
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
2011 2010 CORPORATE APARTMENTS MANAGED
RANK RANK COMPANY HEADQUARTERS OFFICER 2011 2010
26 24 Michaels Development Company Marlton, NJ Robert J. Greer 39,575 38,236
27 29 Home Properties, Inc. Rochester, NY Edward J. Pettinella 38,861 36,947
28 28 Irvine Company Apartment Communities Irvine, CA Kevin Baldridge 38,220 37,193
29 25 Gables Residential Atlanta, GA David D. Fitch 38,105 37,842
30 27 Capstone Real Estate Services, Inc. Austin, TX James W. Berkey 36,884 37,675
31 Multifamily Management Services Suffern, NY Jeffrey Goldstein 35,800 35,000
32 31 Sentinel Real Estate Corporation New York, NY John H. Streicker 35,000 35,709
33 22 Empire American Holdings, LLC Montvale, NJ Eli Feller 34,939 40,776
34 38 Asset Plus Companies Houston, TX Michael S. McGrath 34,887 31,081
35 37 Lindsey Management Co., Inc. Fayetteville, AR James E. Lindsey 34,440 33,645
36 35 The Related Companies New York, NY Jeff Blau 34,439 33,155
37 32 Forest City Residential Group, Inc. Cleveland, OH Ronald A. Ratner 34,096 34,658
38 45 McKinley, Inc. Ann Arbor, MI Albert M. Berriz 33,922 28,358
39 33 Colonial Properties Trust Birmingham, AL Thomas H. Lowder 33,911 34,230
40 34 The Lynd Company San Antonio, TX A. David Lynd 32,875 33,471
41 36 Concord Management Limited Maitland, FL Edward O. Wood, Jr. 32,313 32,022
42 CAPREIT, Inc. Rockville, MD Dick Kadish 31,000 14,820
43 44 American Campus Communities, Inc. Austin, TX Bill Bayless 30,877 29,342
44 39 Morgan Properties King of Prussia, PA Mitchell L. Morgan 30,625 30,627
45 41 The John Stewart Company San Francisco, CA Jack D. Gardner 30,534 29,989
46 49 Essex Property Trust, Inc. Palo Alto, CA Michael Schall 30,317 27,218
47 40 The Bozzuto Group Greenbelt, MD Thomas S. Bozzuto 30,004 30,157
Scott P. “Pierce”
48 46 LEDIC Management Group, LLC Memphis, TN 29,142 28,348
Ledbetter, Jr.
49 48 Ginkgo Residential, LLC Charlotte, NC Philip S. Payne 29,029 27,798
50 47 Berkshire Property Advisors Boston, MA Frank Apeseche 28,085 27,806
APRIL 2011 NMHC 50 7
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
NMHC 50:
“The Great Recovery”
Following “The Great Recession”
By Mark Obrinsky, Vice President of Research and Chief Economist, National Multi Housing Council
OVERVIEW
E
xactly one year ago, this article was titled “Apartment Industry Challenged by Great Recession.” What
a difference a year makes. The apartment industry made a surprising recovery in 2010 from the
aforementioned recession. Like all commercial real estate sectors, apartments have traditionally been
a lagging industry, and the rather modest improvement in the economy had suggested a more muted pickup
in apartment demand. Instead, the popularity of renting increased to its highest level since 1998—with
the share of households who rent rising to 33.4 percent by year-end—and occupancy rates rose across the
country. Net absorptions were also strong and rents increased as well (though not yet enough to fully offset
the previous decline). The modest improvement in employment led to some “un-coupling” of households,
but demand was mainly fueled by new households being formed coupled with reduced resident turnover
(especially move-outs to homeownership).
Meanwhile, starts of new multifamily buildings remained at historically low levels, while completions—
which lag new starts—fell by 43 percent. They will likely set an all-time low in 2011. In large part this stems
from the continued difficulty in obtaining construction financing. The combination of a demand surge and
reduced new supply foreshadows further gains in occupancy and rents in the next two years. With other
commercial real estate sectors not as far along in their recovery, equity capital has shown increasing inter-
est in apartment investment; the Equity Financing Index in the January 2011 NMHC Quarterly Survey of
Apartment Market Conditions rose to a record high of 74, with the highest percentage ever (52 percent) of
respondents saying they had greater access to equity capital than late last year.
Transaction Boom
Not surprisingly, transaction volume rebounded as well, more than doubling to $31 billion. While still
a far cry from the condo conversion-fueled boom of 2005-2007, it’s a strong gain in the context of tighter
financing conditions. On the plus side, the debt finance markets also took a few steps toward a more normal-
ized environment, as life insurance companies got back into the market and even the CMBS market showed
signs of life. Still, the industry continues to rely heavily on the GSEs and FHA for support.
After being dragged down by 30 percent or more during the recession and financial crisis, apartment
property prices recovered substantial ground in 2010. Correspondingly, cap rates on apartments have come
down 50 basis points from the peak in mid-2009.
The total number of apartments owned by firms in the NMHC 50 owners list is 7.7 percent greater than
the number managed by the top 50 managers. The
NMHC 50 PROFILE 2011
mean and median portfolios among the owners are
also larger than the mean and median management
Portfolio Size:
portfolios. Nonetheless, the top management firm has
No. of Apartments Owned 2,933,672
a larger portfolio than the top owner firm, and the
No. of Apartments Managed 2,722,894
entry threshold for NMHC 50 managers is higher than
that for the NMHC 50 owners. Thirty-three firms on
the management list have at least 30,000, but fewer Minimum Entry Threshold:
than 50,000, apartments. By contrast, only 19 firms on No. of Apartments Owner 25,002
the owners list are in that range. No. of Apartments Managed 28,085
8 NMHC 50 APRIL 2011