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

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SSSSSSSSSSSSSSSSSSSShhhhhhhhheeeeeeeee fffffffffffoooooooooouuuuuuuuuuuuuuuuunnnnnnnnndddddddd yyyyyooooooooooouuu oooonnnnnnnnnnnnnnnnnnnnnnnnn hhhhhhhhhhhhhhhheeeeeeerrrrrrrrrrrrr ccccccccccccceeeeeeeeeeeeeeeeellllllllllllllllllll wwwwwwwwwhhhhhhhhhhhhhiiiiiiiiiiiiiiillllllllleeeeeeee ttttttttaaaaaaaaaaakkkkkkkkkkkiiiiiiiiinnnnnnnnnnnnnnnnggggggggggg aaaaaaaaannnnnnnnnnnnn aaaaaaaaaaaaaaaaaaffffffffffffffffffffttttttttttteeeeeeeeeeeerrrrrrrrrrrnnnnnnnnnnnnnnnnoooooooooooooooooooooonnnnn ssssssttttttttttttrrrrrrrrrrrrrooooooooooooollllllllllllllllllllllllllllllllllllllllllllll.... When a new renter walks through your door, Apartments.com has been a part of their search. The best name, search engine domination, featured partnerships, ApartmentHomeLiving.com and innovative emerging media put your community in front of more renters in more ways. No wonder Apartments.com is the logical renter destination. And why you can depend on us to keep your lobby buzzing. For more information on how Apartments.com can drive more renters to YOUR leasing offi ce, contact (888) 658-RENT or [email protected] © 2010 Classifi ed Ventures, LLC. All rights reserved. GOOGLE is a trademark of Google Inc. K?<=@IJKE8D<@E8G8IKD<EKJ<8I:? Location: Aqua at Lakeshore East THANK YOU TO OUR CLIENTS & PARTNERS $388,080,000 Douglas Emmett Portfolio Santa Monica & Brentwood, CA Fannie Mae DUS Refinance $89,967,300 Archstone Olde Towne Gaithersburg, MD FHA 221(d)(4) New Construction $29,100,000 Moving forward . Villas at Centerview Raleigh, NC Freddie Mac CME G e t t i n g i t d o n e. Refinance $19,088,000 Residence at Little River Haverhill, MA Fannie Mae DUS Acquisition $18,790,000 Creekview Crossing Apartments Sherwood, OR FHA 223(f) Refinance $11,700,000 Rivers Edge/Camelot Apartments Madison, WI Freddie Mac CME Acquisition WWWWWW..CCWWCCAAPPIITTAALL..CCOOMM CWCAPITAL.COM For more information or to discuss your specific financing needs, contact: ELLEN KANTROWITZ | MANAGING DIRECTOR | FHA | 781.707.9309 | [email protected] DONALD KING | MANAGING DIRECTOR | FANNIE MAE/FREDDIE MAC | 781.707.9494 | [email protected] 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                              &    '    '$$   (  )  * '+*, ! %+  -  #$ # $ %$ ) $         .    / &           +   %         +'  011)    $ + 012)             + % .$     $  %  3  $                              4  - 567!- 4  -  8     ,  $ #$ 9.$  4:        :   +:65$$ -  47$ ;  )    $  4 &   $$ % )   $ 4 %          <  '%  )     %  $' =        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

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Gaithersburg, MD. FHA 221(d)(4) . The Richman Group Affordable Housing Corporation Greenwich, CT. Richard Paul . Greystar Real Estate Partners, LLC.
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