2013 NMHC 50 - National Multifamily Housing Council

Transcription

2013
The Nation’s 50 Largest Apartment Owners
and 50 Largest Apartment Managers
A SpeciAl AdvertiSing Section to nAtionAl reAl eStAte inveStor
Big deals.
MORE THAN $25 BILLION IN MULTI-HOUSING TRANSACTIONS IN 2012*
MURAL
SALE
CARILLON
HEIGHTS
SALE
RIVA ON
THE PARK
FINANCING
AXCESS 15
SALE
VIKTORIA
APARTMENTS
FINANCING
ALTA AT K
STATION
SALE,
FINANCING
COVINGTON
ON CHERRY
CREEK
SALE
THE BENTLEY
SALE
CHELSEA PARK
VILLAGE
SALE
THIRD NORTH
APARTMENTS
FINANCING
THE
LANDINGS
SALE
ARBORS AT
SWEETGRASS
SALE
FOREST
RIM
FINANCING
THE
CROSSING
AT BARRY
ROAD
SALE
THE
OVERLOOK
SALE
ALTON
GREEN
SALE
LAUREL SQUARE
SALE
HOWARD
CROSSING
SALE
ECHELON AT K
STATION
SALE
VILLAGE SQUARE
FINANCING
JEFFERSON
AT CAPITOL
YARDS
SALE
LINCOLN
MEADOWS
SALE,
FINANCING
SPINNAKER BAY
FINANCING
FIELDPOINTE
AT
SCHAUMBURG
SALE
LAKES OF
CARMEL
SALE
EXETER
MILL
SALE
OAK GROVE
VILLAGE
SALE
STATION 250
SALE,
FINANCING
STERLING
MCMILLAN
SALE
AVALON
SKYWAY
FINANCING
WELLINGTON
PLACE
SALE
ONE
WEBSTER
SALE
FAIRWAY
GLEN
SALE
21 WEST 86TH
STREET
SALE
THE GRAND TIER
FINANCING
L STREET
LOFTS
SALE
PHILLIPS RESEARCH
PARK APARTMENTS
FINANCING
JEFFERSON
FRESNO
SALE
UNIVERSITY
GATEWAY
STUDENT
HOUSING SALE,
FINANCING
SAGE CANYON
SALE
FIVE FREEWAYS
DEVELOPMENT
SITE
LAND SALE
PARK & MARKET
SALE, FINANCING
ALTA PHOENIX
LOFTS
SALE
LA PRIVADA
FINANCING
RIATA
SALE
ANDANTE
SALE,
FINANCING
THE BLOCK
STUDENT
HOUSING
PORTFOLIO
SALE
UDR
PORTFOLIO
PORTFOLIO
SALE
ROCKING
HORSE
RANCH
SALE
SOCAL 4
PORTFLIO
PORTFOLIO SALE
*Map is not representative of all
deals. In 2012, CBRE Capital
Markets completed $14.14 billion
in multi-housing investment
sales and $11.42 billion in multihousing financings.
THE
COTTAGES
SALE,
FINANCING
ABBEY AT
ELDRIDGE
SALE,
FINANCING
BELL
STANDIFER
SALE
CAMINO DEL SOL
SALE
LODGE AT FRISCO
BRIDGE
SALE
ALEXAN
STAR RANCH
SALE
GABLES
METROPOLITAN
I & II
SALE
MASS COURT
SALE
ABBEY AT
GRANDE OAKS
SALE,
FINANCING
FLORIDA 3
PORTFOLIO
PORTFOLIO
SALE
BANK OF
AMERICA
PORTFOLIO
PORTFOLIO
SALE
THE
GEORGIAN
SALE
SAN TROPEZ
APARTMENTS
FINANCING
THE POINT
AT SILVER
SPRING
SALE
FAIRWAY VIEW
& PALMETTO
PLACE
SALE
SECOND
PLAZA
SALE
LEGENDS
LAKE NONA
SALE
BLUE ISLE
SALE
CBRE MULTI-HOUSING GROUP
www.cbre.com/mhg
MAGAZINE
PORTFOLIO
PORTFOLIO
SALE
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
NATIONAL REAL ESTATE INVESTOR is pleased to present the 24th annual
NMHC 50, the National Multi Housing Council’s authoritative ranking of the nation’s
50 largest apartment 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 apartment 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 four key areas: 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 premier organization, NMHC
welcomes inquiries to its Washington office at (202) 974-2300, or you can visit
NMHC’s web site at www.nmhc.org.
Contents
Introduction ..................................................................................... 2
2013 Apartment Ownership ............................................................. 4
2013 Apartment Management .......................................................... 6
Strong Apartment Demand Drives Top Firms’ Performance ............... 8
Imported Investment ...................................................................... 15
ON THE COVER:
Minneapolis’ Mill District
City Apartments by Village
Green, which ranked
No. 28 on the NMHC 50
managers list
One Size Hardly Fits All .................................................................. 18
Drop the Hammer .......................................................................... 23
NMHC Officers .............................................................................. 30
NMHC Executive Committee .......................................................... 30
NMHC Board of Directors .............................................................. 34
NMHC Advisory Committee ............................................................ 44
2 NMHC 50
APRIL 2013
SMART:
Revenue management
SMARTER:
Gain 2-5% revenue lift with a practical,
cost-effective system built into Yardi Voyager
Clear and comprehensive reporting, focusing on
the entire revenue process, not just price
Average 2–5% lift in revenue over market, with
quicker adjustments and reduced concessions
Built-in proprietary feedback loop continuously
advances algorithms, making the system smarter
Multiple options to fit customer needs and
addressfair housing concerns
Business intelligence showing real-time pricing
trends and revenue dashboards when combined
with Yardi Orion™
To learn more, call 800.866.1144
or visit www.yardi.com/
2013 Apartment Ownership
NATIONAL MULTI HOUSING COUNCIL 50
(50 Largest U.S. Apartment Owners as of Jan. 1, 2013)
COMPANY
UNITS
OWNED
2013
UNITS
OWNED
2012
CORPORATE
OFFICER
1
Boston Capital
155,521
157,423
Jack Manning
Boston
MA
2
7
Hunt Companies, Inc.
143,097
114,712
Woody Hunt
El Paso
TX
3
2
Centerline Capital Group
142,000
150,000
Rob Levy
New York
NY
4
4
SunAmerica Affordable Housing
136,634
Partners, Inc. (an AIG Global Real Estate Co.)
134,882
Douglas S. Tymins
Los Angeles
CA
5
3
Boston Financial Investment
Management, LP
130,895
140,077
Kenneth Cutillo
Boston
MA
6
5
PNC Real Estate
124,886
126,245
Todd Crow
Portland
OR
7
6
Equity Residential
117,322
119,743
David J. Neithercut
Chicago
IL
8
9
The Richman Group Affordable
Housing Corporation
104,572
98,770
Richard Paul Richman
Greenwich
CT
9
10
Enterprise Community Investment, Inc.
99,013
97,822
Charles R. Werhane
Columbia
MD
10
11
Aimco
71,056
93,630
Terry Considine
Denver
CO
11
14
Camden Property Trust
65,337
66,997
Richard J. Campo
Houston
TX
12
16
AvalonBay Communities, Inc.
60,101
57,426
Tim Naughton
Arlington
VA
13
12
Archstone
57,948
60,136
R. Scot Sellers
Englewood
CO
14
13
Alliant Capital, Ltd.
57,676
56,085
Brian Goldberg
Woodland Hills
CA
15
17
Edward Rose & Sons
57,084
56,385
Warren Rose
Bloomfield Hills
MI
16
15
UDR, Inc.
54,985
60,465
Thomas W. Toomey
Highlands Ranch
CO
17
18
Pinnacle Family of Companies
51,730
52,655
Rick Graf
Dallas
TX
18
21
MAA
49,777
49,407
H. Eric Bolton, Jr.
Memphis
TN
19
19
WNC & Associates, Inc.
49,519
51,224
Wilfred N Cooper, Jr.
Irvine
CA
20
25
JRK Property Holdings, Inc.
49,340
47,398
Jim Lippman
Los Angeles
CA
21
28
TIAA-CREF
49,337
46,489
Thomas Garbutt
New York
NY
22
22
The Related Companies
48,901
48,967
Jeff Blau
New York
NY
23
23
Forest City Residential Group, Inc.
48,180
48,482
Ronald A. Ratner
Cleveland
OH
24
30
Bell Partners Inc.
48,127
44,931
Greensboro
NC
25
20
Invesco Real Estate
47,361
51,125
Steven D. Bell
and Jonathan D. Bell
Michael Kirby
Dallas
TX
2013
RANK
2012
RANK
1
4
NMHC 50
HQ CITY
STATE
APRIL 2013
COMPANY
UNITS
OWNED
2013
UNITS
OWNED
2012
CORPORATE
OFFICER
HQ CITY
STATE
31
Irvine Company Apartment Communities
47,299
44,545
Kevin Baldridge
Irvine
CA
27
26
Lincoln Property Company
46,968
47,245
Tim Byrne
Dallas
TX
28
27
Raymond James Tax Credit Funds, Inc.
46,699
46,572
Ronald Diner
St. Petersburg
FL
29
29
The Michaels Organization
45,960
45,425
John J. O’Donnell
Marlton
NJ
30
32
DRA Advisors LLC
43,077
42,515
David Luski
New York
NY
31
33
Home Properties, Inc.
42,635
41,951
Edward J. Pettinella
Rochester
NY
32
24
J.P. Morgan Asset Management
39,963
47,587
Jean Anderson
New York
NY
33
40
UBS Realty Investors LLC
39,058
32,983
Matthew Lynch
Hartford
CT
34
n/a
Balfour Beatty Communities
38,332
34,763
Christopher Williams
Newtown Square
PA
35
39
BH Equities LLC
37,001
33,205
Harry Bookey
Des Moines
IA
36
44
Weidner Apartment Homes
35,603
31,551
Jack O’Connor
Kirkland
WA
37
45
Heitman LLC
35,390
32,697
Maury Tognarelli
Chicago
IL
38
43
Westdale Real Estate Investment
& Management
35,278
32,296
Joseph G. Beard
Dallas
TX
39
36
Colonial Properties Trust
34,265
33,975
Thomas H. Lowder
Birmingham
AL
40
34
Holiday Retirement Corp.
34,113
33,217
Jack Callison
Lake Oswego
OR
41
41
Essex Property Trust, Inc.
33,770
32,753
Michael Schall
Palo Alto
CA
42
38
Sentinel Real Estate Corporation
32,588
33,500
John H. Streicker
New York
NY
43
37
Berkshire Property Advisors
31,659
33,847
Alan King
Boston
MA
44
42
Concord Management Limited
30,716
32,467
Edward O. Wood, Jr.
Maitland
FL
45
n/a
Harbor Group International
27,909
21,186
Jordan Slone
Norfolk
VA
46
49
AEW Capital Management, L.P.
26,211
24,891
Jeffrey Furber
Boston
MA
47
46
Highridge Costa Investors, LLC
26,056
26,416
Michael A. Costa
Gardena
CA
48
n/a
Morgan Properties
25,842
23,091
Mitchell L. Morgan
King of Prussia
PA
49
n/a
Milestone Management, L.P.
24,094
21,264
Steve Lamberti
Dallas
TX
50
48
BRE Properties, Inc.
23,688
25,192
Constance B. Moore
San Francisco
CA
2013
RANK
2012
RANK
26
APRIL 2013
NMHC 50
5
2013 Apartment Management
NATIONAL MULTI HOUSING COUNCIL 50
(50 Largest U.S. Apartment Managers as of Jan. 1, 2013)
2013
RANK
2012
RANK
COMPANY
UNITS
MANAGED
2013
1
1
Greystar Real Estate Partners, LLC
198,533
2
2
Riverstone Residential Group
3
3
4
UNITS
MANAGED
2012
CORPORATE
OFFICER
HQ CITY
192,711
Robert A. Faith
Charleston
SC
174,838
170,341
Walt Smith
Dallas
TX
144,542
144,033
Tim Byrne
Dallas
TX
4
136,275
138,638
Rick Graf
Dallas
TX
5
5
Equity Residential
117,322
119,743
David J. Neithercut
Chicago
IL
6
6
WinnCompanies
92,988
91,920
Samuel Ross
Boston
MA
7
10
Bell Partners Inc.
69,112
65,205
Steven D. Bell
and Jonathan D. Bell
Greensboro
NC
8
7
Aimco
66,732
88,530
Terry Considine
Denver
CO
9
9
65,337
67,217
Richard J. Campo
Houston
TX
10
15
Alliance Residential Company
65,116
56,952
Bruce Ward
Phoenix
AZ
11
12
Apartment Management Consultants, LLC
64,246
59,856
Greg Wiseman
Midvale
UT
12
11
FPI Management, Inc.
63,262
63,002
Dennis Treadaway
Folsom
CA
13
8
Archstone
62,470
64,178
R. Scot Sellers
Englewood
CO
14
14
60,101
57,426
Tim Naughton
Arlington
VA
15
16
Edward Rose & Sons
57,084
56,385
Warren Rose
Bloomfield Hills
MI
16
17
Hunt Companies/LEDIC
Management Group Affiliates
56,524
51,281
Woody Hunt
El Paso
TX
17
13
UDR, Inc.
54,985
60,465
Thomas W. Toomey
Highlands Ranch CO
18
19
Fairfield Residential Company LLC
52,454
49,053
Chris Hashioka
San Diego
CA
19
18
MAA
49,777
49,407
H. Eric Bolton, Jr.
Memphis
TN
20
22
JRK Property Holdings, Inc.
49,340
45,422
Jim Lippman
Los Angeles
CA
21
21
BH Management Services, Inc.
46,491
45,907
Harry Bookey
Des Moines
IA
22
24
Westdale Real Estate Investment
& Management
46,064
43,883
Joseph G. Beard
Dallas
TX
23
20
The ConAm Group of Companies
44,100
46,700
Brad Forrester
San Diego
CA
24
23
The Related Companies
43,739
44,289
Jeff Blau
New York
NY
25
26
The Michaels Organization
43,141
41,597
John J. O’Donnell
Marlton
NJ
6
NMHC 50
STATE
APRIL 2013
COMPANY
UNITS
UNITS
MANAGED MANAGED
2013
2012
CORPORATE
OFFICER
HQ CITY
25
42,635
41,951
Rochester
NY
27
30
Irvine Company Apartment Communities 41,668
38,914
Kevin Baldridge
Irvine
CA
28
28
Village Green
41,138
39,500
Jonathan Holtzman
Detroit/Chicago
MI
29
n/a
Balfour Beatty Communities
39,534
35,925
Christopher Williams
Newtown Square PA
30
36
37,345
34,439
Steve Lamberti
Dallas
TX
31
33
Lindsey Management Co., Inc.
36,902
35,980
James E. Lindsey
Fayetteville
AR
32
32
Forest City Residential Group, Inc.
35,672
36,053
Ronald A. Ratner
Cleveland
OH
33
43
35,603
31,551
Jack O’Connor
Kirkland
WA
34
42
Asset Plus Companies
35,488
32,302
Michael S. McGrath
Houston
TX
35
31
Gables Residential
35,180
36,896
Sue Ansel
Atlanta
GA
36
38
34,667
33,924
Michael Schall
Palo Alto
CA
37
35
34,265
34,681
Thomas H. Lowder
Birmingham
AL
38
37
McKinley, Inc.
34,177
34,056
Albert M. Berriz
Ann Arbor
MI
39
34
The Lynd Company
33,935
35,095
A. David Lynd
San Antonio
TX
40
46
The Bozzuto Group
33,418
30,529
Thomas S. Bozzuto
Greenbelt
MD
41
39
Sentinel Real Estate Corporation
32,588
33,500
John H. Streicker
New York
NY
42
48
32,334
28,686
Jordan Slone
Norfolk
VA
43
44
Capstone Real Estate Services, Inc.
32,253
31,044
James W. Berkey
Austin
TX
44
40
Berkshire Property Advisors
31,009
32,536
Alan King
Boston
MA
45
41
Concord Management Limited
30,716
32,467
Edward O. Wood, Jr.
Maitland
FL
46
45
The John Stewart Company
30,438
30,637
Jack D. Gardner
San Francisco
CA
47
n/a
U.S. Residential Group LLC
30,319
26,142
Al Fenstermacher
Dallas
TX
48
49
Morgan Properties
30,051
28,118
Mitchell L. Morgan
King of Prussia
PA
49
27
The Laramar Group, LLC
28,456
41,175
Thomas Klaess
Denver
CO
50
47
CAPREIT, Inc.
28,400
30,040
Dick Kadish
Rockville
MD
2013
RANK
2012
RANK
26
APRIL 2013
STATE
NMHC 50
7
Strong Apartment Demand
Drives Top Firms’ Performance
By Mark Obrinsky, Vice President of Research and Chief Economist, National Multi Housing Council
OVERVIEW
NMHC 50 PROFILE 2013
Apartment Market
Portfolio Size:
No. of Apartments Owned
No. of Apartments Managed
Following the Great Recession—the worst downturn since
the Great Depression—the apartment industry experienced
what looks, with hindsight, like a Great Recovery in 2010
and 2011. But at the time, unsettled financial markets, combined with a still-weak job market and considerable uncertainty about near-term political and economic conditions,
led many to think apartment investment was still too risky.
By year-end 2012, the consensus had shifted: The real risk
was getting in too late, not too early.
As a result, transaction volume for apartment properties
rose almost 50 percent in 2012 to $85 billion, the highest
level outside the boom years of 2005-2007. Sales of mid- and
high-rise properties combined reached $32.1 billion, barely
below the condomania-driven record of 2007 ($33.7 billion).
Apartment prices nearly recovered to their previous peak
levels—and by some measures, apartment prices actually surpassed their previous peaks in many markets. The cap rate last
year for all transactions averaged 6.1 percent, the same as in
2006. All in all, apartment properties remained very much in
demand, although bargains were harder to find.
Overall, the same dynamic that characterized the previous
two years again drove the apartment industry in 2012: The
increase in demand for apartment residences outpaced the
increase in supply of new apartments. Following the virtual
shutdown in apartment development in 2009, deliveries of
newly completed apartments fell to some of the lowest levels
on record in 2010 and 2011. Even with a 22 percent pickup
last year, completions came in at 158,100, about half the level
needed to meet both pent-up and ongoing demand. If the
year-end pickup in starts is sustained throughout 2013, the
supply-demand mismatch may finally recede in 2014 and
2015. However, this will depend in large part on overcoming
some continuing lending constraints, outdated regulations and
social and political attitudes that favor single-family development over multifamily construction.
Overall, renting continued to attract a higher share of all
households, with the rentership rate reaching 34.7 percent in
4Q 2012, the highest level in 17 years. The number of renter
households increased by more than one million for the third
8
NMHC 50
Minimum Entry Threshold:
No. of Apartments Owned
No. of Apartments Managed
2,904,573
2,782,764
23,688
28,400
consecutive year, marking the first time that has happened
since annual data have been available (1965). Apartment
absorptions fell by half; however, this was due mainly to the
dearth of new supply. Occupancy rates rose further, averaging
just over 95 percent for the year (about 70 basis points higher
than 2011), despite the average rent nationally for investmentgrade apartments rising 3.7 percent. That was 170 basis points
more than the overall inflation rate, the strongest “real” rent
increase since 2000. Even so, adjusted for inflation rents
remain about 4 percent below the pre-recession peak.
Top 50 Results
Reflect Industry Stability
Even with the pickup in apartment activity, the NMHC 50
owner and manager lists showed the kind of stability that
characterizes mature industries. The number of apartments
owned by companies on the NMHC owners list exceeds the
number managed by the top 50 managers—as it has for 14
of the past 15 years—by 121,809 (4.4 percent), very close
to the average over the 24-year history of the NMHC 50
survey. For the fourth straight year, both the median and
mean owner portfolios are greater than their management
counterparts, yet the management portfolios of the No. 1
and No. 50 firms top those on the ownership side. On both
lists, more than half of all firms hold portfolios in the narrow range of 30,000–50,000 apartments.
Top Owners’ Average Holdings
Shrink Slightly
Boston Capital remained atop the NMHC 50 owners list for
the fourth consecutive year, tying the record set by Aimco.
(Aimco, however, still holds the record for total years in the
APRIL 2013
We are GREATER THAN
homelessness and the shortage
of affordable housing when we
join together as partners.
Extraordinary things happen when
you have great partners. For more
than 25 years, National Equity Fund
is proud to work with the best
investors and developers to create
affordable housing opportunities.
Our innovative team of experienced
professionals goes over and above
what is expected to assemble the best
team and structure the best deal for
every project.
Let’s work together: please call
(312) 360-0400 or visit nefinc.org
TOP 10 APARTMENT OWNER FIRMS
Rank Company
1
Boston Capital
No. of Apartments
155,521
No. 1 slot with seven.) Shaking up the rankings a
2
143,097
bit this year, Hunt Companies, Inc., surged to the
3
Centerline
Capital
Group
142,000
second slot, up from No. 7 last year and from No.
4
SunAmerica Affordable Housing
136,634
14 in 2011. Centerline Capital Group moved down
Partners, Inc. (an AIG Global Real Estate Co.)
a notch to No. 3; SunAmerica Affordable Housing
5
Boston Financial Investment Management, LP
130,895
Partners, Inc., an AIG Global Real Estate Co., held
on to fourth place; and Boston Financial Investment
6
PNC Real Estate
124,886
Management, LP slipped from No. 3 to No. 5. Both
7
Equity Residential
117,322
PNC Real Estate and Equity Residential edged down
8
The Richman Group Affordable
104,572
one slot to No. 6 and No. 7, respectively, while The
Housing Corporation
Richman Group Affordable Housing Corporation
9
Enterprise Community Investment, Inc.
99,013
and Enterprise Community Investment, Inc.,
10
Aimco
71,056
both moved up a notch to the eighth and ninth
slots, respectively. After a one-year hiatus, Aimco
returned to round out the top 10 at the No. 10 spot.
NMHC 50 OWNERS* OVERVIEW
Hunt Companies had by far the largest portfolio
gain, posting a net increase of 28,385 units. Harbor
Number of Apartments Owned
Group International, UBS Realty Investors LLC, The
Top 10
1,224,996
Richman Group Affordable Housing Corporation
Second 10
553,497
and Weidner Apartment Homes also substantially
Top 25
2,020,399
increased the number of apartments owned. Overall,
Second 25
884,378
29 firms added to their ownership portfolios, while 21
Top 50
2,904,573
firms reduced their holdings. The average reduction
Portfolio Size Measures
(3,626 units) was just a little larger than the average
Mean
58,091
increase (3,218 units). Once again, Aimco notched
Median
47,330
the biggest decrease; with net sales of 22,574 units,
No. 1 firm
155,521
its ownership portfolio now sits at 71,056, its smallest
No. 50 firm
23,688
total since 1997.
Share of National Apartment Stock
In terms of rank increases, Weidner and Heitman
Top 10
6.6%
LLC were the biggest movers within the rankings,
Top 25
10.9%
gaining eight slots to nab the No. 36 and No. 37 slots,
Top 50
15.7%
respectively. With so many firms bunched together in
the middle of the rankings, TIAA-CREF was able to
* Changes in ownership definition and company response make historical comparisons difficult.
shoot up seven slots with a relatively modest portfolio
gain of 2,848 units. UBS Realty Investors LLC also gained
highest on record—the median holding inched up to an allseven places by adding 6,075 units. Rounding out the big
time high of 47,330 units. Firms on the NMHC 50 ownership
movers was Bell Partners Inc., which rose six slots to the No.
list own a combined 15.7 percent of the nation’s apartment
24 position.
stock.
While the mean (average) holding among the top 50 owner
Half of the NMHC 50 owner firms have apartments in all
firms declined 3.3 percent to 58,091 units—still the fourth
seven regions (New England, Mid-Atlantic, South Atlantic,
APARTMENT OWNERS ON THE MOVE
Largest Portfolio Growth
Apartments
+ 28,385
+ 6,723
+ 6,075
The Richman Group Affordable Housing Corporation + 5,802
+ 4,052
10
NMHC 50
Largest Rank Increase
Heitman LLC
TIAA-CREF
Bell Partners Inc.
Slots
+8
+8
+7
+7
+6
APRIL 2013
TOP 10 APARTMENT MANAGEMENT FIRMS
South Central, Midwest, Mountain and Pacific), while only
three firms specialize in just one region. Fifteen firms own
senior housing (five own at least 20,000 senior apartments);
eight companies have student housing units and another eight
own military housing.
Top Managers Operate Record
Number of Units
Apartment management has matured to a point that changes
among the top firms have become noticeably less common
than 20, or even 10, years ago. The top five firms from last
year all retained their places in the 2013 ranking. For the
third consecutive year, Greystar Real Estate Partners, LLC
had the largest management portfolio followed by Riverstone
Residential Group. Lincoln Property Company held onto the
No. 3 spot, while Pinnacle Family of Companies maintained
the No. 4 spot for the second straight year. Equity Residential
rounded out the top five, as it has since 2011.
Rank Company
No. of Apartments
1
198,533
2
174,838
3
144,542
4
136,275
5
Equity Residential
117,322
6
WinnCompanies
92,988
7
Bell Partners Inc.
69,112
8
Aimco
66,732
9
65,337
10
65,116
Among the next five largest managers were four familiar
names: WinnCompanies; Bell Partners Inc.; Aimco; and
Camden Property Trust. With a sizable portfolio increase,
REITs in the Rankings
he number of REITs on this year’s NMHC
50 owners list is unchanged for the third
straight year. REITs’ total apartment holdings in the NMHC 50 decreased for the 10th
consecutive year. This could change next year
when about 45,000 of the apartments currently
owned by Archstone move to the balance sheets
of Equity Residential and AvalonBay Communities,
Inc. (Of course, those firms could also sell other
apartment properties, so the net increase in their
portfolios may not be that large.) Five of the 10
REITs on the NMHC 50 list grew their portfolios, while the other five downsized. The biggest
decline came at Aimco, whose holdings dropped
by 22,574 units, while AvalonBay registered the
biggest pickup at 2,675 units.
In principle, apartment owners could be ranked
not only by the number of apartments owned
but also by the value of those apartments.
While capturing such data is impractical, there
is an alternative measure available for public
companies, namely total capitalization. While not
perfect—ownership of non-apartment assets can
substantially affect overall firm value—it provides
a useful perspective on relative size among apartment firms.
T
12
NMHC 50
APARTMENT REIT SIZE AND RANK
Company
Units
Owned
Rank
Among
REITs
Total
Cap Rank
Capitalization Among
($ millions)
REITs
Equity Residential
117,322
1
28,520
1
Aimco
71,056
2
9,140
4
65,337
3
8,283
5
60,101
4
19,318
2
UDR, Inc.
54,985
5
9,473
3
MAA
49,777
6
4,558
9
42,635
7
6,678
7
34,265
8
3,864
10
33,770
9
8,280
6
23,688
10
5,639
8
Note: Company total capitalization sums: (1) market value of shares outstanding,
including operating partnership units; (2) the value of perpetual preferred stock; and (3)
the book value of total debt outstanding. Capitalization estimates for Dec. 31, 2012,
are provided by Stifel Nicolaus & Company, Inc.
APRIL 2013
APARTMENT MANAGEMENT BY TIER
3,000
Top 10
2,800
Top 25
2,600
Top 50
2,400
Units (thousands)
2,782.8
2,200
2,000
1,924.6
1,800
1,600
1,400
1,200
1,130.8
1,000
800
600
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
2010
Alliance Residential Company moved into the top 10 for the
first time.
There were just two new firms on the management list
this year—only the second time the number of new firms has
been so low (the first time was in 2011). First-time survey
respondent Balfour Beatty Communities debuted at No. 29
with 39,534 apartments under management. U.S. Residential
Group LLC, also a first-time respondent, entered the NMHC
50 management list at No. 47.
Another indicator of the stability among apartment management companies is the size of portfolio gains. Alliance
Residential posted the biggest increase at 8,164 units, less than
half as large as the biggest pickup last year and the smallest
such increase in the 24-year history of the NMHC 50. Six firms
gained between 4,000 and 6,000 apartments. On the other
side of the ledger, Aimco reduced its management portfolio
by 21,798 units, while The Laramar Group, LLC shed 12,719
units. Overall, 32 firms increased the number of apartments
under management, while 18 reduced the number. The average decrease among those latter firms was 3,401, a little larger
than the average increase (2,616) among firms whose portfolios grew.
2012
Weidner Apartment Homes—a newcomer to last year’s management list—
registered the greatest increase in rank,
moving up 10 places to No. 33. Asset Plus
Companies jumped eight spots to No. 34,
the same spot it held in 2011. Milestone
Management, L.P.; The Bozzuto Group;
and Harbor Group International all rose
six places.
The total number of apartments managed by the top 50 companies grew by
only 0.2 percent, although that total is a
new all-time high. Three other measures
showed increasing size: the mean (average)
and median management portfolios as well as the minimum
needed to make the list are all at record levels. At the same
time, the share of all apartments managed by NMHC 50 firms
dipped a bit to 15.0 percent.
As in recent years, increasing size has characterized much
of apartment management with some notable exception among
the very largest firms. For the fourth straight year, the number
of apartments managed by the 10 largest firms decreased.
While six of those firms grew their portfolios, these gains were
more than offset by the slimming down of the portfolios of the
other four. There is also considerably less difference in portfolio size among most of the management NMHC 50 than there
used to be. Thirty firms manage between 30,000 and 50,000
units (two others have almost that many), while another 12
manage between 50,000 and 70,000 apartments.
Almost all NMHC 50 firms manage market-rate apartments. However, 31 companies have subsidized low-income
properties in their portfolios. Student housing shows up in 21
portfolios, while senior housing appears in 20 portfolios. In
addition, 11 firms manage military housing, including three
firms that have more at least 20,000 units of military housing
in their portfolios.
APARTMENT MANAGERS ON THE MOVE
Largest Portfolio Growth
Apartments
Hunt Companies/LEDIC Management Group Affiliates
Apartment Management Consultants, LLC
APRIL 2013
+ 8,164
+ 5,822
+ 5,243
+ 4,497
+ 4,390
Largest Rank Increase
Slots
Asset Plus Companies
The Bozzuto Group
+ 10
+8
+6
+6
+6
NMHC 50
13
NMHC 50 MANAGERS OVERVIEW
Managed
Portfolio (units)
Top 10
Second 10
Top 25
Second 25
Top 50
2013
1,130,795
570,243
1,924,573
858,191
2,782,764
2012
1,156,335
547,805
1,925,592
850,453
2,776,045
2011
1,171,167
505,197
1,885,014
837,880
2,772,894
2010
1,195,881
496,740
1,890,933
798,786
2,689,719
2009
1,224,042
487,528
1,915,170
754,002
2,669,172
2008
1,194,108
523,614
1,930,162
797,946
2,728,108
2007
1,106,880
498,472
1,810,315
770,885
2,581,200
55,521
41,774
192,711
27,573
54,458
39,788
187,360
28,085
53,794
37,767
183,877
26,845
53,383
37,871
185,219
23,730
54,562
40,578
195,888
25,852
51,624
40,010
209,412
25,277
Share of National Apartment Stock
Top 10
6.1%
6.3%
Top 25
10.4%
10.6%
Top 50
15.0%
15.2%
6.5%
10.5%
15.2%
6.8%
10.7%
15.3%
7.0%
11.0%
15.3%
6.9%
11.1%
15.7%
6.4%
10.4%
14.8%
Portfolio Size Measures (units)
Mean
55,655
Median
42,888
No. 1 firm
198,533
No. 50 firm
28,400
METHODOLOGY
The National Multi Housing Council (NMHC) partnered with Kingsley Associates on the NMHC 50 survey process, although
NMHC remains solely responsible for any errors. To compile the NMHC 50 lists, both organizations gather names of owners and
managers from as wide a range of sources as possible and contact staff from each firm that completes the survey online. Over the
years, improved outreach and increased publicity associated with the rankings has resulted in more firms responding to the survey.
For the purposes of this survey, investment fund managers are treated as owners only if they retain substantial equity in the apartment property or if they maintain effective responsibility and decision-making authority over the investment property. Similarly, tax
credit syndicators and franchisers are regarded as owners only if they retain a fiduciary responsibility. In cases where firms function
strictly as advisers rather than investors, they are not regarded as owners.
The rankings do not distinguish between partial and full ownership. Some firms own sizable apartment properties through joint
ventures in which their share could range anywhere from 1 percent to 99 percent. Others are primarily the sole owners of their
apartments. In principle, it would be desirable to account for partial ownership—treating 50 percent ownership of 100 apartments as
equivalent to full ownership of 50 units, for example. However, in practice, it is unfeasible to make such distinctions.
The survey excludes condominiums, cooperatives, hotel rooms, nursing homes, hospital rooms, mobile homes and houses with
rental units. Rental housing for seniors (age-restricted apartments) is included, although assisted living and congregate care facilities
are excluded. Finally, since we measure industry concentration by comparing the top 50 owners and managers against the nation’s
entire apartment stock, only U.S. apartments are included in the analysis.
At times, a firm may debut on the NMHC 50 at a high level. Generally, this means the firm is responding to the survey for the
first time, rather than an indication of an outsized portfolio gain—although that, too, happens on occasion. Nonetheless, despite
many improvements throughout the years, the process remains imperfect as it relies on both accurate reporting and surveying of the
complete universe, both of which can be fraught with problems.
There are two caveats in comparing the lists over time. First, the definition was refined in 2006 to eliminate those investment fund
managers with neither substantial equity nor effective control over the investment property. Second, occasionally firms that have
previously been among the top 50 owners or managers have not responded to the NMHC survey. When that occurs, companies
appear on the list that otherwise might not have been large enough. In addition, this affects the total number of apartments owned
or managed by the top 50 firms, as well as other measures of concentration such as the mean and median portfolio size. For these
reasons, year-to-year comparisons must be made with great care.
Note: In some cases, newly introduced policies prohibited firms from sharing the kind of information needed for these rankings.
14
NMHC 50
APRIL 2013
Imported Investment
More foreign capital finds its way to the multifamily market as overseas
investors’ interest in apartments returns. By Les Shaver
A
lthough foreign capital has long found a home in the
U.S. real estate market, many foreign investors have
often looked at the American multifamily sector as a
second-class destination for their dollars, focusing instead on
office or hotels. Factor in the weak U.S. economy and trouble
in the housing market and what foreign interest the apartment
sector once enjoyed sharply contracted beginning in 2008.
But the apartment market’s recent takeoff out of the economic recession and strong, long-term fundamentals has a
growing number of foreign investors upgrading apartments
into a most desirable asset class. In fact, international interest
in American apartments is surging, with foreign investment
dollars in the sector rising nearly threefold over the past three
years.
According to Dan Fasulo, managing director for New Yorkbased research firm Real Capital Analytics (RCA), foreign
investors have never fully embraced American apartments.
“Historically, it hasn’t been that desirable for a variety of reasons,” he says.
For starters, apartment leases usually roll over on a yearly
basis, making the sector more management intensive than
its commercial peers, which can sometimes see one resident
occupy a space for a full decade. Investors located halfway
across the globe are reluctant to deal with that level of turnover
every year and rent control policies in some markets also give
cause for pause. And given that institutional grade apartments
are a less common investment class overseas, it’s easy to see
why international investors may seek other
places to park their money.
“Some people just aren’t used to it,” Fasulo
says. “In Europe, there’s no such thing as
multifamily as an asset class. Over the last
few years, there have been more apartments
coming to private markets, but the government regulates them. For the most part,
there’s not an opportunity to buy a portfolio
of apartments.”
But, for foreign investors able to find an
experienced apartment operator to serve as
a guide, the upside in the U.S. multifamily sector has been too appealing to ignore.
After bottoming out at $975.8 million in
2009, foreign investment in apartments hit
$4.3 billion in 2012, according to RCA, whose
figures may actually understate the amount
of foreign investment activity because they
only count direct foreign investment. That
APRIL 2013
was its highest amount of international investment since
$4.6 billion flooded the shores in 2007.
“It’s basically back to peak levels again,” Fasulo says. “We’re
right there again. It’s amazing.”
Apartments Top U.S.
Real Estate Wish Lists
Those rising investment numbers don’t surprise James A.
Fetgatter, CEO of Washington D.C.-based Association of
Foreign Investors in Real Estate (AFIRE). Each year, AFIRE
surveys its members to ask them, among other things, what
they see as the top real estate product in the U.S. For the past
three years, multifamily came in number one. In addition,
the U.S. claimed four out of the top five most attractive cities for foreign real estate investors (Houston, New York, San
Francisco and Washington, D.C.).
“It tells us that there’s clearly a great deal of interest in the
U.S.,” Fetgatter says. “In multifamily, you can get financing,
yields are strong, demand is good and demographics are good.
It’s a good opportunity for them [international investors].”
Foreign investors from all around the globe are buying
American apartments. In 2012, Toronto-based REIT Brookfield
Asset Management, spent $648.5 million on 36 properties,
making it the top international investor in American apartments by number of properties.
Brookfield was followed by Israeli public company Electra
Ltd., which spent $657.7 million for 32 properties; Israeli insti-
tutional investor Harel Insurance Investments, which invested
$411.1 million in 23 properties; German intuitional investor
Allianz, which spent $405.8 million on 23 properties; and
residential REIT Canadian Morguard North AM, which spent
$642.1 million on 22 assets.
Other companies in the top 25 foreign investors in U.S.
multifamily represented the Netherlands, Switzerland, South
Korean, the United Kingdom, Bahrain, Australia and Japan.
CROSS-BORDER CAPITAL TRACKER
Investors Partner Up with U.S. Firms
To take advantage of apartment opportunities, foreign investors usually need an experienced partner to help them move
past concerns about management and unfamiliarity with the
American market. “The successful partnerships that I’ve seen
have a very strong local U.S. partner involved,” RCA’s Fasulo
says.
That strong U.S. partner can be a REIT, like UDR, Inc.,
which inked a 2009 deal with the Kuwait Finance House,
one of the leading Islamic banks in the world, to invest
$450 million in multifamily properties in key markets in the U.S.
Partners can also be diversified private firms like Pinnacle
Family of Companies, which ranked No. 17 and No. 4 on
the owner and manager lists, respectively. Pinnacle President
and CEO Rick Graf says he spent much of the 2013 NMHC
Apartment Strategies Outlook Conference in January meeting
with foreign investors.
“We’ve seen a huge uptick, in last 12 to 18 months, of foreign
capital drawn to the U.S. real estate markets,” Graf says. “As
a company, we’re working with foreign investors as they’re
trying to assemble portfolios. They need assistance to acquire
properties, manage them, operate them and ultimately dispose
of them.”
The foreign capital surge is so strong that some executives are
looking at a variety of avenues to doing deals with international
investors. As it ramps up its once-prodigious development
pipeline, Dallas-based Trammell Crow Residential (TCR), for
example, has struck a deal for both equity and debt through the
United States Citizenship & Immigration Service’s Immigrant
Investor Program, also known as the EB-5 Visa Program,
which selectively grants foreign investors visas. Under the pilot
program, regional immigration centers can pool funds from a
large number of immigrant investors to make targeted investments within a defined geographic region. The EB-5 investors
must place their money in a new commercial enterprise, which
then invests in a local project.
While this isn’t the typical structure for a foreign investment
deal, it is indicative of the geographically diverse flow of capital into existing and new apartments across the country. The
money flowing into the TCR project is essentially European
money flowing through a U.S.-based source. TCR CEO Ken
Valach says he’s open to working with other foreign investors
in future deals.
“There’s more foreign capital coming in simply because the
U.S. is attractive,” he says.
16
NMHC 50
Total Volume ($ millions)
3-23
23-94
94-210
210-310
310-440
440-600
600-860
Source: Real Capital Analytics
TOP COUNTRIES FOR FOREIGN
INVESTMENT IN APARTMENTS (2009-2012)
Country
Total Properties
Canada
Switzerland
Israel
Netherlands
United Kingdom
Kuwait
Germany
South Korea
Japan
Other
Total
205
19
63
27
28
6
30
15
14
54
461
Total Volume (millions)
$4,089.50
$1,267.20
$1,163.60
$1,009.10
$773.30
$603.80
$593.80
$327.60
$279.90
$1,016.40
$11,124.40
TOP APARTMENT MARKET DESTINATIONS
FOR FOREIGN CAPITAL (2009-2012)
Market
Total Properties
Manhattan
Phoenix
Houston
Dallas
DC/VA suburbs
Atlanta
San Jose
Orlando
Chicago
Other
Total
21
57
28
23
6
29
6
14
3
274
461
Total Volume (millions)
$853.30
$615.00
$592.10
$501.00
$444.50
$437.20
$434.20
$386.50
$376.50
$6,484.10
$11,124.40
APRIL 2013
we are
tribridge residential.
The South’s leading
multi-family company.
put our experience to work for you.
Investment • Management • Development • Construction
TriBridge Residential has a combined 75 years of proven leadership experience as a trusted, highly diversified
and forward-thinking multi-family real estate company.
• StrategicpartnershipsthroughouttheSouthincludingFlorida,Georgia,NorthCarolina,SouthCarolina,
Tennessee and Texas
• 18,000unitsundermanagementin60communitiesacrossarangeofdevelopments
• Unmatchedvaluefortoday’soperationsandtomorrow’sgoals
To learn more, visit InvestTBR.com today.
TRUST. VISION. EXPERIENCE.
One Size Hardly Fits All
Top multifamily owners and managers pursue divergent portfolio strategies to better
position themselves for success in the market’s upswing—and beyond. By Les Shaver
W
hile both apartment owners and managers have
enjoyed the red-hot apartment market of the past
few years, they’ve largely capitalized on it in opposite ways. Many of the biggest owners have gotten down to
their fighting weight and streamlined their holdings, while
many top management firms have worked to bulk up their
portfolios.
This trend largely played out in this year’s NMHC 50
results. Collectively, the top apartment owners shrunk the
total number of units owned by nearly 100,000 units in the
past year while the top managers have held onto their volume,
even gently increasing the total number of managed units by
almost 7,000 units. Similarly, the average portfolio size, as well
the unit thresholds for the top and bottom slots on the rankings, decreased for the top apartment owners and increased
for the top managers.
Of course, several companies bucked the trend. Hunt
Companies Inc., for example, grew its ownership portfolio
by more than 28,000 units in 2012, making the company the
second largest owner. The Laramar Group LLC, on the other
hand, shed nearly 13,000 units from its management portfolio, sliding down 22 slots to No. 49 on the top managers list.
But for now, top apartment firms appear to be largely holding course. Changing economic conditions, such as more job
growth, higher household formations, limited new apartment
supply and strong investor interest in the sector, are likely
to create fresh opportunities for apartment firms to pursue
both topline and bottom-line growth. Here’s how some
of the top owner and management companies are crafting
their strategies.
Owners Cherry Pick Assets
A number of large apartment firms, including many publicly traded REITs, have narrowed their focus to major coastal
markets in an effort to optimize their portfolio holdings.
Some set out on this strategy pre-recession, while others have
made a strategic shift in this direction.
Real estate values and household incomes
typically trend higher in these markets
and land and regulatory constraints often
keep new development numbers in check
and limit the number of competitive players in the field. Moreover, many institutional investors have a clear preference for
these top-tier markets.
“There has been a shift to the coastal
markets by many of the REITs,” says
Rick Graf, president and CEO of Pinnacle
Family of Companies, which ranked No.
17 on the NMHC 50 owners list. “Owners
have also worked to move their portfolios
toward newer product.”
As large owners look to top grade their
portfolios—either trading out older properties and buying newer communities or
swapping out assets in commodity markets for those in coastal or high-barrierto-entry locations—often unit inventories
decrease. For example, if an owner sells
a portfolio in Orlando and reinvests that
money in properties in New York, it is
unable to purchase as many units since
prices are higher in The Big Apple. The
same principle applies when an owner
sells a 20-year old property to buy a
APRIL 2013
recently stabilized deal.
“I think the public REITs have been on a path of shrinking
their portfolios,” says Tom Toomey, CEO of UDR, Inc., which
ranked 16th on the top owners list. “The private groups have
been picking up the slack and growing their portfolios.”
But Toomey, along with other REITs and institutional
investors, have decided that quality outweighs quantity. Since
2001, UDR has traded out of Arkansas, Georgia, Indiana,
Kansas, Michigan, Nevada, New Mexico, Ohio and South
Carolina to establish or grow presence in markets such as
Boston, Manhattan, Northern and Southern California and
Washington, D.C. In the process, its unit count has gone
down roughly 30 percent to 54,985 units at the end of 2012,
while its revenue per occupied home has grown 120 percent
during that timeframe.
“We’re very happy with where our portfolio is today,”
Ric Campo, CEO of Camden Property
Toomey says.
Trust, says its quality over quantity when
Houston-based REIT Camden Property Trust, which
it comes to portfolio management.
earned the 11th slot on the top owners list, is selling older
But just how lean the large public REITs will take their portproperties and recycling the capital from those dispositions
folios is unclear. As rents hit their ceilings, pipelines fill up
into newer apartments or new developments. Because of that,
with new units and investors flip their fancy, these changing
its unit count dropped more than 1,500 units from 2011 to
market conditions could prompt REITs to change tacks once
2012. Although he may lose units in the trade, Camden CEO
again, putting more emphasis on volume.
Ric Campo says higher rents, coupled with the lower overhead
costs associated with fewer units, equal
better cash flow.
“We’re more interested in growing our
cash flow than size of assets,” Campo
says.
But to be able to recycle capital from
older to new apartments or from secondary to primary markets, apartment
owners need ready buyers. And that’s
where market conditions have cooperated. The apartment industry’s strong
post-recession recovery and rent growth;
availability of debt and equity; and massive investor appetite for the sector have
allowed smaller private companies to
pick up a lot of the assets shed by the
public REITs and use them to build their
own growth platforms.
“The big trend we see continuing is the
• Enhanced resident experience
emergence of the private investor–either
• Increased resident satisfaction
through direct purchases, investment in
• Improved reputation management
syndications or private REITs,” says Jerry
Fink, managing partner of The Bascom
cOntact us tO see What We can dO fOr yOu at [email protected].
Group in Irvine, Calif., a 2012 top 50
player that plans to acquire $600 million
of value-add and distressed multifamily,
fOllOW us On:
along with some Class A assets. “The
smaller private investor is starved for
www.facebook.com/caresprogram
income producing investments.”
www.twitter.com/caresprogramOrg
building cOmmunity.
delivering results.
We deliver rOi thrOugh a fOcus On building cOmmunity.
blog.caresprogram.org
APRIL 2013
caresprogram.org
Photo: Courtesy Camden Property Trust
Photo: Courtesy Village Green
while the trend over the past five years may have been one of
contraction, I think that we will see that trend reverse itself in
the next 10 years.”
Managers Bulk Up
Many top apartment firms target
high-end properties in top-tier markets,
like this Village Green property, Randolph
Towers in Chicago. Village Green ranks
No. 28 on the top managers list.
“REITs seem to be simply repositioning their portfolios,
trimming some of their less desirable product and exiting
non-core markets,” says Jon Bell, president of Greensboro,
N.C.-based Bell Partners Inc. The company added more than
3,000 units to its ownership portfolio in 2012, helping push
the company up six slots to the No. 24 position in the top
owners rankings. “Once they take these actions, however,
the next step appears to be the resumption of growth. So,
For many big third-party management firms, that
bigger-is-better strategy is already in play. Charleston, S.C.based Greystar Real Estate Partners, LLC and Dallas-based
Riverstone Residential Group, the first and second seed
management players, respectively, both experienced a jump
in units under management in the past year. As with the top
owners’ strategic initiatives, some of these moves were several
years in the making.
“The margins in property management have gotten thinner, yet the demands associated with management have
increased,” says Bell, whose firm also ranked No. 7 on the top
managers list. “The larger managers with critical mass are able
to assemble groups of narrowly focused corporate support
teams, which contribute to their ability to capture economies
of scale.”
However, the Great Recession only exacerbated the difficulties of making a dollar, leaving many apartment management
firms with thinning profit margins and few options for gaining scale. Many of the leading management companies began
pursuing acquisition opportunities. Riverstone, for example,
bought Las Vegas-based Realty Management and Seattlebased HSC Real Estate in 2008, collectively adding roughly
55,000 units to its portfolio.
“Some fee managers get bigger by purchasing small- or
medium-sized operations,” says Julie Smith, president of
Greenbelt, Md.-based Bozzuto Management Company, a big
regional company that added almost 3,000 units to its portfolio in 2012, earning it the No. 40 rank on the top managers
list. “That gives them immediate scale, and it sometimes gives
them access to markets that they’re not
already in.”
Beyond creating acquisition opportunities, the downturn also helped forge some
strategic partnerships with lenders and
financial institutions, says Steve Lamberti,
president and chief operating officer of
Dallas-based Milestone Management L.P.
Milestone, which climbed six spots to No.
30 on the managers list, saw its management portfolio grow by almost 3,000 units
in 2012. Recession-related distress in the
market forced some lenders to take over
assets from their borrowers; unequipped
or unwilling to get into the day-to-day
management and operation of apartments,
some lenders sought strong management
partners to help them deal with the assets
that had found their way onto their books.
This also helped some management firms
APRIL 2013
connections that go
far beyond the cable.
Partner with us, and your residents won’t be the only ones smiling.
our most obvious connection is with your residents—providing them with the innovative services that have
made time Warner cable an industry leader. but our most important connection is with you. to keep it strong,
we make your schedule our schedule and deliver marketing assistance that help you fill vacancies faster.
We only succeed when you do.
to learn more about the benefits of partnering with us, contact Joanne c. luger at 703.345.2749
or email [email protected]
learn more at
twc.com/communitysolutions
© 2013 time Warner cable inc. all rights reserved, time Warner cable and the eye/ear logo are trademarks of time Warner inc., used under license.
Photo: Courtesy Camden Property Trust
NMHC 50-ranked Camden Property Trust’s
portfolio contains choice assets, such as this
Orlando community, Camden La Vina.
expand, particularly since, in many cases, they continued to
manage those properties after the lenders sold them to different owners.
“If you’re a lender taking something back, it’s easy to call
one of the big guys that has a massive footprint,” Lamberti
says. “They run multiple rent rolls, their fee structures are
attractive, they can deliver timely information and they hit the
ground running [when they take over a property]. I think that
gives them a competitive advantage.”
Financial institutions, which often purchase large portfolios of properties but don’t have management platforms, also
look for similar strategic relationships with strong managers.
“They hire management firms that can meet their reporting
requirements or their specific criteria for managing their
assets,” Bozzuto’s Smith says.
Lamberti agrees, saying top management companies’
familiarity and use of major reporting systems provides institutions with more confidence. “If I want customized reporting, RealPage, Yardi, or any of the other software providers,
most of them [the national managers] run multiple software
systems,” Lamberti says. “Institutions want to make sure that
you’re using a pricing model, meet insurance requirements,
can execute, have contract management and have liability
[insurance]. It’s ease of execution and surety of execution.
That’s one of the biggest things that contributes to their
growth.”
With the ability to handle large portfolios from large clients and the overhead to invest in technology and people, the
national and large regional property managers seem to be well
positioned to continue adding units.
“I suspect the ‘big getting bigger’ theme could continue for
the foreseeable future,” Bell says.
Y
ULTIFAdaMle,IL
ING Mun
CA
, Glen
ity
REDEFoaIN
mm
co
dstone
Icis, a Br
DEVELOPMENT CONSTRUCTION ACQUISITION RENOVATION
ASSET MANAGEMENT PROPERTY MANAGEMENT CONSULTING
Alliance delivers key experience and best-in-class management solutions to
our clients. We currently oversee 257 communities nationwide and are proud
supporters of the National Multi Housing Council.
www.allresco.com
Drop the Hammer
Driven by healthy returns, apartment firms ramp up their
new development and construction activity. By Les Shaver
W
hen the economy began its precipitous plunge
into the Great Recession in 2008, new apartment
development activity also began to nosedive. The
swiftness of the economy’s falter and uncertainty over
the recession’s duration not only sidelined investors and
curtailed lending but also left many would-be developers
apprehensive about moving forward with new projects.
Consequently, many new projects were mothballed for a
later date or taken off the drawing board completely. In fact,
by 2009, multifamily starts hit a low with groundbreakings
on just 97,300 new units, compared to the 10-year average of just over 300,000 annual starts that prevailed from
1997-2006.
However, the economy’s slow-but-steady recovery has
provided enough stability for apartment developers and
builders to begin putting shovels back into dirt and refilling
the new multifamily pipeline. Since mid-2010, apartment
“This is what you see
in every cycle. You’re
locking up subs and sites
at low prices and leasing
at high prices.”
– Bob Faith, CEO, Greystar
development and construction has steadily accelerated. In
2012, multifamily permits hit 276,600 units, marking a 50.3
percent jump from 2011 levels; apartment starts reached
233,400, a 39.5 percent increase from the previous year.
Despite this improvement, the industry has yet to produce
PROPERT Y TA XES
When your fair share
is neither fair
nor your share.
Your property tax is based on mass appraisals. That often results in your paying an
unfair share of taxes. Members of American Property Tax Counsel are recognized
leaders in developing ways to reduce taxes, as well as expertly handling
the reappraisal and tax reduction process from the administrative
level through trials and appeals. Our national network of 100 of
the nation’s top property tax lawyers has the local expertise to help
ensure you don’t pay one penny more than your fair share. Contact
us toll free at 1-877-TAX-APTC (829-2782) or www.APTCNET.com.
AmericAn ProPerty tAx counsel
Smart, Aggressive Property Tax Advocacy
Photo: Courtesy Pinnacle Family of Companies
“The multifamily
product type has been
and will continue to be
the darling of the real
estate sector.”
– Rick Graf, President
and CEO, Pinnacle
enough new units to meet apartment demand and replace
units lost from the stock.
As the economy continues to recover, spurring stronger
job creation and household formations and unleashing
pent-up housing demand, more apartment firms plan to
invest in new development activity. However, with permitting and construction activity returning to more normalized levels, multifamily developers will be zeroing in on
potential supply issues and construction costs. Although
their strategies for coping with these issues vary, developers
are quick to maintain the flexibility to change direction
while enjoying what promises to be a strong, sustained
surge in demand.
Join the Party
As in most recoveries, it has paid to get in early. “Folks that
were developing early have seen extraordinary returns,”
says Bob Faith, CEO of Charleston, S.C.-based owner,
developer and manager Greystar Real Estate Partners, LLC,
which ranked as the largest apartment management company on the NMHC 50. “This is what
you see in every cycle. You’re locking up
subs and sites at low prices and leasing at
high prices.”
With returns on newly completed
properties looking attractive and rental demand fundamentals projected to
remain strong over the next few years,
not only have some apartment companies shifted strategies to put more
emphasis on development but new—and
in some cases returning—players have
entered the fray.
National home builder Lennar, for
example, recently announced plans
to invest $1 billion in apartment construction, spending roughly $560 milJoint venture equity investment capital for
lion to start 3,000 apartments this year.
urban and suburban multifamily development
Similarly, luxury home builder Toll
Brothers, which has been successful
with its urban condo product in the
Up to $40 million in equity and 400 units per project
New York City market, also launched its
Apartment Living brand and reportedly
Southern California • Northern California • Seattle • Phoenix • Denver
has 6,500 units in the pipeline.
Other companies, such as Trammell
For additional information
Crow Residential (TCR), also are taking
a second look at new development as a
Ziv Cohen
[email protected]
10880 Wilshire Boulevard Suite 1420 Los Angeles, CA 90024
growth strategy. Back when the bottom
310 474 8400
fell out of the multifamily market, TCR,
which last appeared on the NMHC 50
ResmarkApartmentLiving.com
Resmark.com
APRIL 2013
The Levee District
East Peoria, IL
Shoppes at Grand Prairie
Peoria, IL
Streets of St. Charles
Metro St. Louis, MO
Quincy Mall
Quincy, IL
Experience. Strength. Stability.
Build on our Experience and Reputation
For more than 20 years, Cullinan Properties, Ltd. has been a leading provider
of commercial and mixed-use real estate services. We’ve built our reputation
on strong relationships and successful projects, and although the market has
changed our commitment to excellence remains the same.
Let us show you how we turn real estate plans into reality with almost $1 billion
in successful real estate projects completed to date.
VISIT US IN BOOTH #S341Q
DURING ICSC RECON
MAY 19 - 22, 2013
309.999.1700 | CHICAGO, IL | PEORIA, IL | ST. LOUIS, MO | www.cullinanproperties.com
list in 2007 as the 44th largest owner, spun out the majority of the company’s development team as Dallas-based
Mill Creek Residential. However, last year, the company’s
nascent development organization merged with Carlsbad,
Calif.,-based GLJ Partners and started five projects totaling
1,459 units in Dallas and Houston. This year, TCR is planning an additional 12 projects in Boulder, Colo.; Dallas;
Denver; Houston; and Southern California; it also intends
to add an office in the Southeast region.
Despite increased interest from many places, most multifamily leaders insist that only the well-heeled private builders are able to secure financing. “There are more opportunities in development today, however, with fewer qualified
competitors,” says Ryan Dearborn, CEO of Atlanta-based
Wood Partners.
A Look Ahead
– Mark Obrinsky, Chief
Economist, NMHC
be overblown given that new apartment supply has fallen
short of the demand increase for several years. “Some submarkets may have a lot of new supply come online at the
same time, but any temporary excess should be absorbed by
continuing strong demand,” Obrinsky says. “Demographic
trends and the increased popularity of renting suggest we
need between 300,000 and 400,000 new units annually to
keep up with demand. The industry hasn’t yet ramped up
to that pace.”
Greystar’s Faith had a similar takeaway during a panel
discussion at NMHC’s Annual Meeting in January. “Supply
Photo: Courtesy Pinnacle Family of Companies
However, concerns in the industry are growing about nearterm supply issues as some metro markets such as San Jose,
Calif., and Washington, D.C., experience surges in new
apartment construction.
NMHC Chief Economist and Vice President of Research
Mark Obrinsky believes concerns about overbuilding may
“We need between 300,000
and 400,000 new units
annually to keep up with
demand; the industry hasn’t
ramped up to that pace.”
Many apartment firms are focused on new development
opportunities. Hebron 121 Station, for example is a new
luxury apartment community in Lewisville, TX.
26
NMHC 50
APRIL 2013
NO MATTER HOW YOU WORD IT, WE DO MULTIFAMILY LENDING BEST
Fannie Mae DUS®
424 Bedford Ave.
$26,900,000
DUS® Small Loan
601 Rampart Boulevard
Apartments
Brooklyn, NY
$4,560,000
Los Angeles, CA
FHA 223(f)
Glenwood Apartments
$8,160,000
$23,000,000
East Lansing, MI
Washington, DC
In today’s market, successful real estate investments are as much about partnerships
as they are proceeds. They are as much about relationships as they are about ROI.
Arbor Commercial Mortgage provides its borrowers with the stability and security of
a long-established financial foundation as well as the customized loan products and
personal service that allow your portfolio to expand and prosper, deal after deal, with
Arbor the partner by your side.
1.800.ARBOR.10 • www.arbor.com
Bridge Loan
Multifamily
Growing Financial Partnerships
FANNIE MAE • FHA • BRIDGE • MEzzANINE • CMBS
Baltimore, MD • Birmingham, AL • Boston, MA • Chicago, IL • Dallas, TX • Denver, CO
Detroit, MI• Long Island, NY • Los Angeles, CA • New York, NY • Philadelphia, PA
Photo: Serenade at River Park in Oxnard, CA;
courtesy Pinnacle Family of Companies
we think instead that starts perhaps aren’t even going to get
back to 250,000 in the near term,” he said during the discussion. “Last year, we finished at 212,000 for 5+ unit rental
starts; we think it rises again this year, but we don’t think it
goes higher than 300,000 or 400,000.”
Bumps in the Road
After several years of little new
development, new apartment communities
are springing up in many markets.
is just one component of the equation,” he said. “It feels a
little early in the cycle to be calling some of those gateway
markets done.”
Although the steep increases in the number of proposed
new units in the pipeline nationally may seem a little
crazy at first blush, Ron Witten of Witten Advisors said he
believes more cautious underwriting, limited debt capacity, rising land prices and building costs and weaker rent
growth may keep many of those units from fruition.
“We don’t think all those units in the pipeline are real;
For as much as capital sources may pull back on debt and
equity to fund new apartment projects, rising land and construction costs also may end up being a governor on supply
growth.
Since TCR began building again, Steve Bancroft, senior
managing director for the company, says his construction
team has seen lumber and framing costs increase 30 percent, drywall and labor grow 15 percent, roofing jump 10
percent to 14 percent, concrete tick up eight percent, cabinetry increase 11 percent, and land, in the right location, rise
by as much as 40 percent.
“We’re underwriting hard costs 20 percent higher than
our first deal in 2011,” Bancroft says.
According to the Associated General Contractors of
America, the producer price index for all construction
Future Meeting Dates
2013 NMHC Apartment Strategies/
Finance Conference
2013 NMHC Student Housing
Conference & Exposition
April 23 & 24 • Dallas (Las Colinas), TX
September 30 - October 1 • New Orleans, LA
2013 NMHC Spring
Board of Directors Meeting
2013 NMHC OpTech Conference
& Exposition
April 24 & 25 • Dallas (Las Colinas), TX
November 11-13 • Dallas, TX
It amazes me how
much I learn from
leaders in the
multifamily industry
by networking at
NMHC events.
2013 NMHC Human Resources Forum
2014 NMHC Apartment Strategies
Outlook Conference
Connie Moore
JOIN TODAY! Go to www.nmhc.org/goto/join
“
President and CEO,
”
May 14 & 15 • Boston, MA
January 21 • Boca Raton, FL
2013 NMHC Research Forum
May 14 & 15 • Boston, MA
2014 NMHC Annual Meeting
January 21-23 • Boca Raton, FL
2013 NMHC Fall Board of Directors
and Advisory Committee Meeting
September 17-19 • Washington, DC
202/974-2300 • 202/775-0112 (fax) • www.nmhc.org
materials is up 1.3 percent from a year ago. However, certain
materials are experiencing significant spikes. The producer
price index for gypsum products, such as wallboard and
plaster, has climbed 20.4 percent since last year; lumber and
plywood prices have risen 15.1 percent.
Chris Payne, senior vice president of development for
AvalonBay Communities, Inc., which earned the 12th position on the top owners list and 14th on the top managers list,
says his company has been feeling pressure in the mechanical trades, particularly framers. “This is creating concerns
on the execution side of the business,” he said during a
discussion panel at NMHC’s Annual Meeting. “We’re looking at strategies to tie up subs on multiple projects just to
keep them interested, maybe looking at some design build
opportunities.”
These kinds of pricing pressures are making some of
the industry’s hefty returns look like a thing of the past.
“Returns are compressing because competition and construction costs are both going up,” says Ric Campo, CEO
of Houston-based REIT Camden Property Trust, which
ranked No. 11 on the NMHC 50 owners list and No. 9 on
the managers list. “We are probably more concerned about
loading development up in the pipeline today than we were
a year ago.”
But Campo still plans to build. He has 2,269 units under
construction right now, for a total investment of $550 million, and plans to spend another $300 million to $400 million in new construction next year. In fact, that’s the target
for 2015 and beyond. “If I start seeing something I don’t like,
I can pare it back as well,” he says.
Despite these blips on the radar screen, the apartment
industry is still in good position for growth, coming off
five years of significant underbuilding. Add in household
formation growth and changing housing preferences and
things look even better. That’s why, ultimately, multifamily
executives expect strong returns from apartment development.
“The multifamily product type has been and will continue to be the darling of the real estate sector for some
time to come, even though there is talk of overbuilding
and concerns about rates rising,” says Pinnacle Family of
Companies President and CEO Rick Graf. Pinnacle earned
the No. 17 slot on the top owners list and No. 4 on the managers list.
Your Property
Our Financing
Fannie Mae
Freddie Mac
FHA
Bridge
CMBS
Life Company
21 Offices Nationwide
Corporate Headquarters
7501 Wisconsin Avenue, Suite 1200E
Bethesda, Maryland 20814
(301) 215-5500
Commercial Real Estate Finance
www.walkerdunlop.com
California loans will be made pursuant to Department of Corporatons California Finance Lenders Law License.
NMHC Officers 2013
Chairman
Thomas S. Bozzuto
The Bozzuto Group
Greenbelt, MD
Vice Chairman
Daryl J. Carter
Avanath Capital
Management
Irvine, CA
Treasurer
Robert E. DeWitt
GID
Boston, MA
Secretary
Susan Ansel
Gables Residential
Dallas, TX
William H. Elliott
Richard L. Fore
Randolph G.
Hawthorne
Gary T. Kachadurian
Mary Ann King
Duncan L. Matteson, Sr.
President
Douglas M. Bibby
National Multi Housing
Council
Washington, DC
Former Chairmen
Kelley A. Bergstrom
C. Preston Butcher
Ric Campo
Douglas Crocker, II
Allen Cymrot
Peter F. Donovan
Richard L. Michaux
Robert Sheridan
Geoffrey L. Stack
Leonard W. Wood
Executive Committee
Daryl J. Carter
Avanath Capital
Management
Irvine, CA
John R. Williams
Avanath Capital
Management
Irvine, CA
Richard P. Giles
The Bainbridge
Companies
West Palm Beach, FL
Alan King
Berkshire Property
Advisors
Roswell, GA
David J. Olney
Berkshire Property
Advisors
Boston, MA
Thomas S. Bozzuto
The Bozzuto Group
Greenbelt, MD
Sean J. Breslin
AvalonBay
Communities, Inc.
Arlington, VA
Timothy J. Naughton
AvalonBay
Communities, Inc.
Arlington, VA
Jonathan D. Bell
Bell Partners
Greensboro, NC
Lili F. Dunn
Bell Partners
Alexandria, VA
R. Scot Sellers
Archstone
Englewood, CO
Richard Schechter
The Bainbridge
Companies
West Palm Beach, FL
NMHC 50
Gary T. Kachadurian
ARA
Hinsdale, IL
Bruce C. Ward
Alliance Residential
Company
Phoenix, AZ
Patti Shwayder
Aimco
Denver, CO
30
Marc E. deBaptiste
ARA
Boca Raton, FL
James M. Krohn
Alliance Residential
Company
Phoenix, AZ
Patti Fielding
Aimco
Denver, CO
APRIL 2013
Executive Committee
Julie A. Smith
Bozzuto Management
Company
Greenbelt, MD
Stephen Dominiak
Irvine, CA
Constance B. Moore
San Francisco, CA
Laurie A. Baker
Camden Property
Trust
Houston, TX
Ric Campo
Camden Property
Trust
Houston, TX
Christopher Beda
Carmel Partners, Inc.
San Francisco, CA
Ron Zeff
Carmel Partners, Inc.
San Francisco, CA
Peter F. Donovan
CBRE
Boston, MA
Brian F. Stoffers
CBRE Capital Markets
Houston, TX
William T. Hyman
Centerline Capital
Group
New York, NY
John Larson
Centerline Capital
Group
Dallas, TX
C. Stephen Cordes
Clarion Partners
New York, NY
Robert D. Greer, Jr.
Clarion Partners
Washington, DC
Nathan S. Collier
The Collier Companies
Gainesville, FL
J. Andrew Hogshead
The Collier Companies
Gainesville, FL
Paul F. Earle
Colonial Properties
Trust
Birmingham, AL
Edward T. Wright
Colonial Properties
Trust
Birmingham, AL
Paul G. Kerr
Davlyn Investments
San Diego, CA
Jon D. Williams
Davlyn Investments
San Diego, CA
Alan W. George
Equity Residential
Chicago, IL
David J. Neithercut
Equity Residential
Chicago, IL
Susanne Hiegel
Fannie Mae
Washington, DC
Manuel Menendez
Fannie Mae
Washington, DC
Deborah RatnerSalzberg
Forest City
Enterprises, Inc.
Washington, DC
Ronald A. Ratner
Forest City Residential
Group, Inc.
Cleveland, OH
David Brickman
Freddie Mac
McLean, VA
John M. Cannon
Freddie Mac
New York, NY
Susan Ansel
Gables Residential
Dallas, TX
Dawn Severt
Gables Residential
Trust
Atlanta, GA
Robert E. DeWitt
GID
Boston, MA
APRIL 2013
NMHC 50
31
Executive Committee
Mona Keeter Carlton
HFF
Dallas, TX
Matthew Lawton
HFF
Chicago, IL
Laura A. Beuerlein
Heritage Title Company
of Austin, Inc.
Austin, TX
Gary S. Farmer
Heritage Title Company
of Austin, Inc.
Austin, TX
Hessam Nadji
Institutional Property
Advisors, a Marcus &
Millichap Company
Walnut Creek, CA
Guy K. Johnson
Johnson Capital
Las Vegas, NV
Jeffrey T. Morris
Jones Lang LaSalle
Americas, Inc.
Orlando, FL
Jubeen F. Vaghefi
Jones Lang LaSalle
Americas, Inc.
Miami, FL
James H. Callard
Klingbeil Capital
Management/American
Apartment Communities
Annapolis, MD
W. Dean Henry
Legacy Partners
Residential, Inc.
Foster City, CA
Brian C. Byrne
Lincoln Property
Company
Oak Brook, IL
Jeff B. Franzen
Lincoln Property
Company
Herndon, VA
H. Eric Bolton, Jr.
MAA
Memphis, TN
Albert M. Campbell
MAA
Memphis, TN
Stacy G. Hunt
Greystar Real Estate
Partners, LLC
Houston, TX
William C. Maddux
Greystar Real Estate
Partners, LLC
Charleston, SC
Clyde P. Holland
Holland Partner Group
Vancouver, WA
Guy K. Hays
Legacy Partners
Foster City, CA
John J. Kerin
Marcus & Millichap
Calabasas, CA
Charles R. Brindell, Jr.
Mill Creek Residential
Trust LLC
Dallas, TX
Mary Ann King
Moran & Company
Irvine, CA
Thomas F. Moran
Moran & Company
Chicago, IL
Kerry R. French
NorthMarq Capital, Inc.
Houston, TX
Edward Padilla
Minneapolis, MN
Rick Graf
Pinnacle
Addison, TX
Stan J. Harrelson
Pinnacle
Seattle, WA
David P. Stockert
Post Properties, Inc.
Atlanta, GA
Jamie Teabo
Post Properties, Inc.
Atlanta, GA
David Durning
Prudential Mortgage
Capital Company
Chicago, IL
James P. Hensley
Prudential Mortgage
Capital Company
Atlanta, GA
32
NMHC 50
APRIL 2013
Executive Committee
Jerome Ehlinger
RREEF
Chicago, IL
Michael Bissell
SARES*REGIS Group
Irvine, CA
Geoffrey L. Stack
SARES*REGIS Group
Irvine, CA
Timothy J. Hogan
Trammell Crow
Residential
Dallas, TX
Kenneth J. Valach
Trammell Crow
Residential
Houston, TX
Michael E. Tompkins
TriBridge Residential
LLC.
Atlanta, GA
Thomas W. Toomey
UDR, Inc.
Highlands Ranch, CO
Warren L. Troupe
UDR, Inc.
Highlands Ranch, CO
David R. Schwartz
Waterton Associates,
L.L.C.
Chicago, IL
Gregory J. Lozinak
Waterton Residential
Chicago, IL
Vincent R. Toye
Wells Fargo Multifamily
Capital
New York, NY
Alan Wiener
Wells Fargo Multifamily
Capital
New York, NY
Frank Middleton
Wood Partners, LLC
Mill Valley, CA
Executive
Committee
Mixed income.
Shared success.
(not pictured)
Kristen Klingbeil-Weis
Klingbeil Capital Management/American Apartment
Communities
Santa Barbara, CA
Timothy Ellsworth
RREEF
Chicago, IL
From single-project transactions to portfolio-wide
solutions, Citi Community Capital combines unparalleled
community development expertise with industry-leading
capital markets capabilities to offer financial solutions to
preserve and build stronger communities.
Citi. Your Community Development Partner.
citicommunitycapital.com
2012 Citibank, N.A. All rights reserved.
Citi and Arc Design is a registered service mark of Citigroup Inc.
APRIL 2013
Board of Directors
Jeffery Daniels
AIG Global Real Estate
Investment Corp.
New York, NY
Donald Huffner
Investment Corp.
New York, NY
Rodrigo Lopez
William C. Bayless, Jr.
AmeriSphere Multifamily
American Campus
Finance, LLC
Communities
Omaha, NE
Austin, TX
Jay Blasberg
Alliant Capital LLC
Tucson, AZ
Tim L. Myers
Allied Realty Services,
Ltd.
Houston, TX
Michael H. Godwin
Ambling Management
Company LLC
Valdosta, GA
R. Ryan Holmes
Ambling Management
Company LLC
Valdosta, GA
Scott G. Suttle
AmeriSphere Multifamily
Finance, LLC
Bethesda, MD
Steve F. Hallsey
AMLI Management
Company
Chicago, IL
Gregory T. Mutz
AMLI Residential
Properties, L.P.
Chicago, IL
Kimberly J. Sperry
Amstar Group, LLC
Denver, CO
Lauren A. Brockman
Anbrock, LLC
Denver, CO
Arlene Mayfield
Apartment Guide
Norcross, GA
Judy Bellack
Apartment Guide
Boca Raton, FL
Dick Burke
Apartments.com
Chicago, IL
Blake Okland
ARA
Boca Raton, FL
Thomas P. MacManus
ARA Finance, LLC
Boca Raton, FL
Morgan Anderson
Arthur J. Gallagher
& Co.
Irvine, CA
Jason A. Friedman
Associated Estates
Realty Corporation
Richmond Heights, OH
Lin Atkinson
AT&T Connected
Communities
Atlanta, GA
Thuy Woodall
AT&T Connected
Communities
Milton, GA
Michael G. Miller
AUM
Lombard, IL
Phillip E. Bogucki
AZUMA Leasing
Austin, TX
Bj Rosow
AZUMA Leasing
Austin, TX
Holly Costello
Balfour Beatty
Communities
Jacksonville, FL
Allan R. Winn
Ballard Spahr
Washington, DC
Grace Huebscher
Beech Street Capital
Bethesda, MD
Michael Stern
Beecher Carlson
Atlanta, GA
Robert S. Aisner
Behringer Harvard
Addison, TX
34
NMHC 50
APRIL 2013
Board of Directors
Mark Alfieri
Behringer Harvard
Addison, TX
Frank Lutz
Berkadia
Horsham, PA
Karl H. Reinlein
Berkadia
Horsham, PA
Jeffrey C. Day
Berkeley Point Capital
LLC
Bethesda, MD
Dwight D. Dunton, III
Bonaventure Realty
Group, LLC
Arlington, VA
Mark W. Dunne
Boston Capital
Corporation
Boston, MA
John P. Manning
Boston Capital
Corporation
Boston, MA
Barden Brown
Brown Realty Advisors
Atlanta, GA
Walter W. Miller
Brown Realty Advisors
Atlanta, GA
Josh Mandell
BSR Trust
Montgomery, AL
Bradley B. Chambers
Buckingham
Companies
Indianapolis, IN
B. Diane Butler
Butler Burgher Group
Dallas, TX
David J. Adelman
Campus Apartments
Philadelphia, PA
Miles H. Orth
Campus Apartments
Philadelphia, PA
Michael May
Cantor CCRE
Bethesda, MD
Anthony Orso
Cantor Commercial
Real Estate (CCRE)
New York, NY
Richard Lyon
Capital One Bank
New York, NY
Ernest L. Heymann
CAPREIT, Inc.
Rockville, MD
Richard L. Kadish
CAPREIT, Inc.
Rockville, MD
Tyler Anderson
CBRE
Phoenix, AZ
Stephen J. Zaleski
CBRE Global Investors,
LLC
Boston, MA
Hal G. Kuykendall
Citi Community Capital
Denver, CO
Wesley Hudson
CohnReznick LLP
Atlanta, GA
David B. Woodward
CompassRock Real
Estate LLC
Denver, CO
Daniel J. Epstein
The ConAm Group of
Companies
San Diego, CA
J. Bradley Forrester
The ConAm Group of
Companies
San Diego, CA
Jerry Davis
Conservice Utility
Management & Billing
Prosper, TX
Jason Rosa
Continental Realty
Advisors, Ltd.
Littleton, CO
David W. Snyder
Continental Realty
Advisors, Ltd.
Littleton, CO
James W. Harris
CoreLogic SafeRent
Rockville, MD
APRIL 2013
NMHC 50
35
Board of Directors
William B. Blash
Brian Natwick
Benjamin Collins
Marc D. Goldstein
Mark Higgins
Terri Herubin
Cornerstone Real Estate Cornerstone Real Estate Covington Development, Crescent Resources, LLC Crescent Resources, LLC Crossbeam Capital LLC
Bethesda, MD
Charlotte, NC
Charlotte, NC
LLC
Advisers LLC
Advisers LLC
St. Louis, MO
Hartford, CT
Hartford, CT
Richard K. Devaney
Crossbeam Capital
LLC
Bethesda, MD
Dodge Carter
Crow Holdings Capital
Partners, LLC
Dallas, TX
Steven Weilbach
Cushman & Wakefield
San Francisco, CA
Byron L. Moger
Cushman & Wakefield
Tampa, FL
Brian L. Dinerstein
The Dinerstein
Companies
Houston, TX
Anthony Schaffer
DIRECTV
El Segundo, CA
Andrew K. Dolben
The Dolben Company,
Inc.
Woburn, MA
Deane H. Dolben
The Dolben Company,
Inc.
Woburn, MA
Adam C. Breen
DRA Advisors, LLC
New York, NY
David Luski
DRA Advisors, LLC
New York, NY
Wendy Drucker
Drucker & Falk, LLC
Newport News, VA
Kellie Falk-Tillett
Drucker & Falk, LLC
Raleigh, NC
Miles Spencer
Eastdil Secured, LLC
Washington, DC
Randy Churchey
Education Realty Trust,
Inc.
Memphis, TN
John M. O’Hara, Jr.
Edward Rose & Sons
Farmington Hills, MI
Warren Rose
Edward Rose & Sons
Bloomfield Hills, MI
Gregory L. Engler
Engler Financial Group,
LLC
Alpharetta, GA
Patrick Jones
Engler Financial Group,
LLC
Alpharetta, GA
Christopher E. Hashioka
Fairfield Residential
Company LLC
San Diego, CA
Gregory R. Pinkalla
Fairfield Residential
Company LLC
San Diego, CA
Tom Kopfler
Ferguson Enterprises
Irvine, CA
Richard N. Shinberg
First Capital Realty,
Inc.
Bethesda, MD
Les Zimmerman
First Capital Realty,
Inc.
Bethesda, MD
Robert L. Johnston
First Communities
Atlanta, GA
36
NMHC 50
APRIL 2013
Board of Directors
Mark A. Fogelman
Fogelman Management
Group
Memphis, TN
Richard L. Fogelman
Fogelman Properties
Memphis, TN
Wayne E. McDonald
Forestar Group, Inc.
Austin, TX
Phillip Weber
Forestar Group, Inc.
Austin, TX
Daniel J. Roehl
G5
Bend, OR
Robert Dean
GE Real Estate
Washington, DC
Linda Zeller
Gerson Bakar &
Associates
San Francisco, CA
Philip S. Payne
Ginkgo Residential
Charlotte, NC
D. Scott Wilkerson
Ginkgo Residential
Charlotte, NC
John J. Gray, III
Grayco Partners LLC
Houston, TX
Billy Posey
Greystone Servicing
Corporation, Inc.
Memphis, TN
Robert Russell
Guggenheim
Commercial Real
Estate Finance, LLC
New York, NY
Philander P. Claxton
Happy Habitat, LLC
Laurel, MD
Judy Viitanen
Happy Habitat, LLC
Laurel, MD
Curt Hensel
HD Supply
San Diego, CA
James M. Bachner
Heitman LLC
Chicago, IL
Mark Forrester
Hendricks Berkadia
Phoenix, AZ
Don Hendricks
Hendricks Berkadia
Phoenix, AZ
Alan Patton
Hines
Houston, TX
Rochester, NY
Greg Faulkner
Humphreys & Partners
Architects, L.P.
Dallas, TX
Mark Humphreys
Humphreys & Partners
Architects, L.P.
Dallas, TX
David Kapiloff
Insgroup, Inc.
Houston, TX
Will Balthrope
Millichap Company
Dallas, TX
Peter Katz
Millichap
Phoenix, AZ
Kevin A. Baldridge
The Irvine Company
Apartment
Communities ‘IAC’
Irvine, CA
Martine Philibert
Ivanhoé Cambridge
Residential
Montreal, QC
Jean M. Anderson
J.P. Morgan Asset
Management
New York, NY
Tiffany Butcher
The JBG Companies
Chevy Chase, MD
Kai Reynolds
The JBG Companies
Chevy Chase, MD
APRIL 2013
NMHC 50
37
A special Supplement to national real estate investor
A special Supplement to national real estate investor
Board of Directors
Cindy Clare
Kettler
McLean, VA
Gregory G. Lamb
Jefferson Apartment
Group
McLean, VA
Richard J. High
John M. Corcoran &
Company
Braintree, MA
John W. Bray
Jones Lang LaSalle
Americas, Inc.
Atlanta, GA
Faron G. Thompson
Jones Lang LaSalle
Americas, Inc.
Atlanta, GA
Angela Mago
KeyBank Real Estate
Capital
Cleveland, OH
David G. Shillington
KeyBank Real Estate
Capital
Atlanta, GA
John Falco
Kingsley Associates
Atlanta, GA
Peggy Robinson
Kingsley Associates
Atlanta, GA
Rohit Anand
KTGY Group Inc.
Vienna, VA
Jay Olander
Landmark Apartment
Trust of America, Inc.
Richmond, VA
Keith A. Harris
The Laramar Group,
LLC
Chicago, IL
Tom Klaess
The Laramar Group,
LLC
Greenwood Village, CO
Peter P. DiLullo, Jr.
LCOR Incorporated
Berwyn, PA
Thomas J. O’Brien
LCOR Incorporated
Berwyn, PA
Michael E. Mueller
LeaseHawk
Scottsdale, AZ
Thomas F. McCoy, Jr.
Lockton Companies,
LLC
Denver, CO
Charles M. McDaniel
Lockton Companies,
LLC
Denver, CO
Sam J. Kasparek
The Lynd Company
Denver, CO
Adam David Lynd
The Lynd Company
San Antonio, TX
Dean Holmes
Madison Apartment
Group
Philadelphia, PA
Joseph F. Mullen
Madison Apartment
Group
Philadelphia, PA
Nicholas Michael
Ryan
The Marquette
Companies
Naperville, IL
Darren R. Sloniger
The Marquette
Companies
Naperville, IL
Gerald J. Haak
MAXX Properties
Harrison, NY
Andrew R. Wiener
MAXX Properties
Harrison, NY
Michael C. McDougal
McDougal Properties,
L.C.
Lubbock, TX
Tristan Thoma
McDougal Properties,
L.C.
Lubbock, TX
Kenneth Lee
McDowell Properties
San Francisco, CA
James A. Butz
Jefferson Apartment
Group
McLean, VA
38
NMHC 50
APRIL 2013
Board of Directors
W. Patrick McDowell
McDowell Properties
San Francisco, CA
Albert Berriz
McKinley
Ann Arbor, MI
Ken Polsinelli
McKinley
Ann Arbor, MI
Israel Schubert
Meridian Capital
Group, LLC
Iselin, NJ
Alasdair Cripps
Mesirow Financial
Chicago, IL
Charles Kendrick
Mesirow Financial
Chicago, IL
Jeffrey Goldberg
Milestone Group
New York, NY
Steve T. Lamberti
Milestone Management
Dallas, TX
Paul Harris
Moran & Company
Dallas, TX
Jeffrey Williams
Moran & Company
Seattle, WA
Carter Bechtol
The Morgan Group,
Inc.
Houston, TX
Michael S. Morgan
The Morgan Group,
Inc.
Houston, TX
Mitchell L. Morgan
Morgan Properties
King of Prussia, PA
Melanie Morrison
Morrison, Ekre & Bart
Management Services,
Inc.
Phoenix, AZ
Jodi Sheahan
Morrison, Ekre & Bart
Management Services,
Inc.
Phoenix, AZ
Sharon Fay
MRI Software
Solon, OH
Joshua Goldfarb
Multi Housing Advisors
Atlanta, GA
Marc G. Robinson
Multi Housing Advisors
Charlotte, NC
Gina M. Dingman
NAI Everest
Minneapolis, MN
Henry Nevins
NALS Apartment
Homes
Santa Barbara, CA
Michael R. Schell
NALS Apartment
Homes
Scottsdale, AZ
Richard Burns
The NHP Foundation
New York, NY
Robert A. Esposito
NWP Services
Corporation
Pembroke Pines, FL
Michael D. Radice
NWP Services
Corporation
Costa Mesa, CA
Neil Cullen
Oak Grove Capital
Bethesda, MD
Kevin Filter
Oak Grove Capital
Saint Paul, MN
Gene R. Blevins
Orion Real Estate
Services
Houston, TX
Pam McGlashen
Orion Real Estate
Services
Houston, TX
Alfred V. Pace
Pacific Urban
Residential
Palo Alto, CA
Stanley W. Sloter
Paradigm Development
Company
Arlington, VA
APRIL 2013
NMHC 50
39
Board of Directors
P. David Onanian
PAS Purchasing
Solutions
Houston, TX
Randall M. Paulson
PAS Purchasing
Solutions
Plano, TX
Gary Goodman
Passco Companies,
LLC
Irvine, CA
Larry Sullivan
Passco Companies,
LLC
Irvine, CA
David R. Picerne
Picerne Real Estate
Group
Phoenix, AZ
Ronald G. Brock, Sr.
Pierce-Eislen, Inc.
Scottsdale, AZ
Kieran P. Quinn
Pillar Multifamily, LLC
Vienna, VA
D. Scott Bassin
PNC Real Estate
Pittsburgh, PA
William Thomas
Booher
PNC Real Estate
San Francisco, CA
Marc S. Pollack
Pollack Shores Real
Estate Group
Atlanta, GA
Steven Shores
Pollack Shores Real
Estate Group
Atlanta, GA
Donna Preiss
The Preiss Company
Raleigh, NC
John Preiss
The Preiss Company
Raleigh, NC
John D. Millham
Prometheus
Walnut Creek, CA
Clayton A. Parker
Prometheus
San Mateo, CA
David Bateman
Property Solutions
International, Inc.
Provo, UT
Benjamin Zimmer
Property Solutions
International, Inc.
Provo, UT
Joe Colon
Protection 1 Security
Jacksonville, FL
Melisa Colon
Protection 1 Security
Tampa, FL
Bruce LaMotte
Providence
Management
Company, L.L.C.
Glenview, IL
Alan Pollack
Providence
Management
Company, L.L.C.
Glenview, IL
Thomas G. Smith
Prudential Real Estate
Investors
Atlanta, GA
Bruce Barfield
Rainmaker LRO
Alpharetta, GA
Tammy Farley
Rainmaker LRO
Alpharetta, GA
Ashley Chaffin
Glover
RealPage, Inc.
Carrollton, TX
Stephen T. Winn
RealPage, Inc.
Carrollton, TX
Mark C. Beisler
Red Mortgage Capital,
LLC
Reston, VA
David L. Goodman
Red Mortgage Capital,
LLC
Reston, VA
Howard S. Primer
RenaissancePG, LLC
Knoxville, TN
Terry S. Danner
Riverstone Residential
Group
Dallas, TX
40
NMHC 50
APRIL 2013
Board of Directors
Walt Smith
Riverstone Residential
Group
Dallas, TX
Daniel McNulty
Rockwood Real Estate
Advisors
New York, NY
J. Brian Peters
Rose Associates, Inc.
White Plains, NY
Adam R. Rose
Rose Associates, Inc.
New York, NY
W. Michael Doramus
Sarofim Realty
Advisors
Dallas, TX
David Evemy
Sarofim Realty
Advisors
Dallas, TX
James D. Scully Jr.
Scully Company
Jenkintown, PA
Michael A. Scully
Scully Company
Jenkintown, PA
W. Steve Gilmore
Shea Properties
Aliso Viejo, CA
Colm Macken
Shea Properties
Aliso Viejo, CA
Rick Craig
Simmons Vedder
Partners, Inc.
Houston, TX
Wolf Vedder
Simmons Vedder
Partners, Inc.
Austin, TX
J. Robert Love
Simpson Housing LLLP
Atlanta, GA
Michael Katz
Sterling American
Property Inc.
Great Neck, NY
Tarak Patolia
Sterling American
Property Inc.
Great Neck, NY
Scott Anderson
TIAA-CREF Global Real
Estate
Newport Beach, CA
Joanne Luger
Time Warner Cable
Herndon, VA
Dave Schwehm
Time Warner Cable
Herndon, VA
Steve Roe
TransUnion Rental
Screening Solutions
Greenwood Village, CO
Wayne A.
Vandenburg
TVO Groupe LLC
Chicago, IL
Russell A.
Vandenburg
TVO North America
El Paso, TX
David J. Ingram
UBS Realty Investors
LLC
Hartford, CT
Jeffrey G. Maguire
UBS Realty Investors
LLC
Hartford, CT
Geoffrey C. Brown
USA Properties Fund,
Inc.
Roseville, CA
Karen McCurdy
USA Properties Fund,
Inc.
Roseville, CA
Michael Keyes Ferris
Valet Waste, LLC
Tampa, FL
Syd McDonald
Valet Waste, LLC
Tampa, FL
Jonathan Holtzman
Village Green
Companies
Brendan Coleman
Walker & Dunlop
Bethesda, MD
Howard W. Smith, III
Walker & Dunlop
Bethesda, MD
APRIL 2013
NMHC 50
41
Board of Directors
Jack O’Connor
Weidner Property
Management LLC
Kirkland, WA
W. Dean Weidner
Weidner Property
Management LLC
Kirkland, WA
Michael K. Hayde
Western National
Property Management
Irvine, CA
Timothy J. Connelly
Whiteco Residential LLC
Merrillville, IN
Charles W.
Brammer, Jr.
The Wilkinson Group,
Inc.
Atlanta, GA
Phillip R. Deguire
The Wilkinson Group,
Inc.
Atlanta, GA
Samuel Ross
WinnCompanies
Boston, MA
Lawrence H. Curtis
WinnDevelopment
Boston, MA
Curtis W. Walker
Wood Partners, LLC
Atlanta, GA
Ronald V. Granville
Woodmont Real Estate
Services
Belmont, CA
Brigitta Eggleston
Yardi Systems, Inc.
Santa Barbara, CA
Amy Gerritsen
Yardi Systems, Inc.
Santa Barbara, CA
Board of Directors
Samuel C. Stephens, III
ZOM Companies
Orlando, FL
Brad Long
Apartments.com
Chicago, IL
Jim McDevitt
Berkeley Point Capital LLC
Bethesda, MD
John Caltagirone
The Dinerstein Companies
Houston, TX
Katie Bloom
Goldman Sachs
Irving, TX
Bonnie Habyan
Arbor Commercial
Mortgage, LLC
Uniondale, NY
Rainer Andrews
BSR Trust
Montgomery, AL
Robert Grosz
Dish Network
Englewood, CO
James B. Knight
Bury+Partners, Inc.
Dallas, TX
Brian Spencer
Dish Network
Englewood, CO
Alicia Cotton
Guggenheim Real Estate
Finance, LLC
Vienna, VA
Nick Moulinet
Bury+Partners, Inc.
Dallas, TX
John H. Pringle
E & S Ring Management
Corporation
Los Angeles, CA
Kyle Lewallen
Butler Burgher Group
Austin, TX
Thomas Trubiana
Education Realty Trust, Inc.
Memphis, TN
L. Marc Carter
Carter Haston Holdings, LLC
Nashville, TN
Trey Embrey
Embrey Partners, Ltd.
San Antonio, TX
Harris Haston
Carter Haston Holdings, LLC
Nashville, TN
George Fisher
Ferguson Enterprises
Augusta, GA
DeAnna Thomas
CBRE Global Investors, LLC
Boston, MA
Gregory A. Fowler
FPA Multifamily
San Francisco, CA
Edward Lusk
CohnReznick LLP
Atlanta, GA
Holland Smith
FPA Multifamily
Dallas, TX
Mark Klionsky
CoStar
Washington, DC
Dan Hobin
G5
Bend, OR
Roy E. Demmon, III
Demmon Partners
Redwood City, CA
Edward Coco
GE Real Estate
Alpharetta, GA
Thomas Walsh
Demmon Partners
Redwood City, CA
Stephen LoPresti
Gerson Bakar & Associates
San Francisco, CA
Erica Mileo
Arbor Commercial
Mortgage, LLC
Uniondale, NY
Brian Earle
Area Property Partners
New York, NY
Greg West
ZOM Companies
Fort Lauderdale, FL
Simon Ziff
Ackman Ziff Real Estate
Group, LLC
New York, NY
Toshi Matsushita
Alliant Capital LLC
Tucson, AZ
Joel L. Altman
Altman Development
Corporation
Boca Raton, FL
Jason Wills
American Campus
Communities
Austin, TX
APRIL 2013
(not pictured)
Steven Wolf
Area Property Partners
New York, NY
Alexandra Glickman
Arthur J. Gallagher & Co.
Glendale, CA
Jeffrey I. Friedman
Associated Estates
Realty Corporation
Richmond Heights, OH
David Carpenter
AUM
Elmhurst, IL
Morton P. Fisher, Jr.
Ballard Spahr
Baltimore, MD
Jeff Lee
Beech Street Capital
Bethesda, MD
Bob Lane
Beecher Carlson
Atlanta, GA
Paula Presenkowski
HD Supply
San Diego, CA
Howard Edelman
Heitman LLC
Chicago, IL
Jennifer Doran
Highland Commercial
Mortgage, LLC
Birmingham, AL
John O. Moore, Jr.
Highland Commercial
Mortgage, LLC
Birmingham, AL
Sylvain Fortier
Ivanhoé Cambridge Residential
Montreal, QC
Laurel Howell
Kettler
McLean, VA
Mike Kingsley
KTGY Group Inc.
Vienna, VA
Gus Remppies
Landmark Apartment Trust
of America, Inc.
Richmond, VA
Christine Akins
LaSalle Investment
Management, Inc.
Chicago, IL
NMHC 50
43
Board of Directors
Lori Xeller
LeaseHawk
Scottsdale, AZ
Jonathan Morgan
Morgan Properties
King of Prussia, PA
Jacob Katz
Meridian Capital Group, LLC
New York, NY
Eric Gramberg
Move
Westlake Village, CA
Robert D. Lazaroff
The Michelson Organization
St. Louis, MO
Elissa M. Courtright
MRI Software
Solon, OH
Bruce V. Michelson, Jr.
The Michelson Organization
St. Louis, MO
Arthur J. Cole
Pacific Urban Residential
Palo Alto, CA
W. Clark Ewart
Paradigm Development
Company
Arlington, VA
Ronald G. Brock, Jr.
Pierce-Eislen, Inc.
Scottsdale, AZ
Sherwin Nelvis
Pillar Multifamily, LLC
Vienna, VA
Seth Martin
Pritzker Realty Group, LLC
Chicago, IL
(not pictured)
Michael A. Sullivan
Pritzker Realty Group, LLC
Chicago, IL
Curtis W. Walker
Wood Partners, LLC
Atlanta, GA
Diane Batayeh
Village Green Companies
Greg M. Galli
Woodmont Companies
Belmont, CA
Raymond D. Barrows
Waypoint Residential
Atlanta, GA
Scott J. Lawlor
Waypoint Residential
Greenwich, CT
Advisory Committee
365 Connect, LLC
Kerry W. Kirby
New Orleans, LA
Apartment Finder
Marcia Bollinger
Norcross, GA
Balfour Beatty Construction
Michael Flanigan
Atlanta, GA
BlackRock Realty
Dale Gruen
San Francisco, CA
Acacia Capital Corp.
Robert G. Leupold
San Mateo, CA
The Apartment Group, Inc.
Jeffrey L. Price
Dallas, TX
Barker Apartments
David Barker
Iowa City, IA
Blackstone Consulting LLC
Scott D. Livingston
Portland, ME
Advenir
Taylor Rismiller
Aventura, FL
Apartment List
John Kobs
San Francisco, CA
The Bascom Group
Scott R. McClave
Irvine, CA
AEW Capital
Management L.P.
Julie Kittler
Boston, MA
Apex Construction
Services, LLC
Gene A. Ritz
Morrison, TN
BBL Builders LP
Chad Courty
Dallas, TX
Blu Sky Restoration
Contractors
Timothy Babcock
Centennial, CO
Mark Ellsworth Hertz
New York, NY
ApexOne Investment
Partners
Jim A. Hearn
Houston, TX
Alliance Tax Advisors, LLC
Tony J. Comparin
Irving, TX
Allianz Real Estate
Paul Wolters
Westport, CT
Allium Partners
Jay Costley
Chicago, IL
Allstate Investments, LLC
Robert J. Kalinowski
Boston, MA
ALM - Real Estate Media
Michael G. Desiato
New York, NY
American Seniors
Housing Association
David S. Schless
Washington, DC
ARA
Lisa A. Robinson
Atlanta, GA
Artemis Real Estate
Partners
Richard Banjo
Chevy Chase, MD
Ashley Management
Corporation
Stephen B. Ashley
Rochester, NY
Assurant Specialty
Property
Steven Hein
Atlanta, GA
Atkinson & Cullen, LLC
Chris Atkinson
Monroe, GA
BBVA Compass
Frederick L. Ruess
Denver, CO
Beachwold Residential LLC
Robert P. Rothenberg
New York, NY
Beacon Communities
Investments, LLC
Howard E. Cohen
Boston, MA
BMO Capital Markets
Corey J. Chisnell
Chicago, IL
Bellwether Enterprise
Real Estate Capital, LLC
C. Lamar Seats
Columbia, MD
Bridge Investment Group
Christian V. Young
Murray, UT
Bergstrom Investment
Management, LLC
Kelley A. Bergstrom
Key Colony Beach, FL
Berkeley Point
Capital LLC
Steven B. Wendel
Boston, MA
Aon Risk Services, Inc.
Kevin J. Madden
New York, NY
Auction.com Commercial
Steve O’Shaughnessy
Pompano Beach, FL
Apartment Association
of Greater Los Angeles
Jim Clarke
Los Angeles, CA
Axiometrics Inc.
Ronald G. Johnsey
Dallas, TX
Berkshire Residential
Development
Steve Wood
Boston, MA
Bader Company
Joshua Nicholson
Indianapolis, IN
Beztak Companies
Harold Beznos
Baker Tilly
Donald Bernards
Chicago, IL
BH Equities, LLC
Harry Bookey
Des Moines, IA
NMHC 50
BlueGate Partners LLC
Mark DeLillo
New York, NY
BofI Federal Bank
Morgan Ferris
San Diego, CA
Atlantic Pacific
Real Estate Group
Gregory Ward
Atlanta, GA
44
Blue Vista Capital Partners
Robert G. Byron
Chicago, IL
Beekman Advisors, Inc.
Shekar Narasimhan
McLean, VA
AMSI, an Infor company
George Landgrebe
Tampa, FL
Apartment Association,
California Southern Cities
Nancy J. Ahlswede
Long Beach, CA
Blue Ridge Companies, LLC
Susan Passmore
High Point, NC
Berkshire Property
Advisors, LLC
Eric Draeger
Boston, MA
BuildingLink.com LLC
Zachary Kestenbaum
New York, NY
Buyers Access
Peter Roden
Denver, CO
C.F. Evans Construction
John Barr
Orangeburg, SC
Cagan Management
Group, Inc.
Jeffrey Cagan
Skokie, IL
Cambridge
Constructors, Inc.
John Elliott
Mc Minnville, TN
Camp Construction
Services
Jeff Blevins
Houston, TX
Campus Televideo
Brian Benz
Greenwich, CT
Cantrell McCulloch, Inc.
Robert McCulloch
Dallas, TX
CapitalSource
Chris Kelly
New York, NY
Capri Capital Partners
Dori Nolan
Chicago, IL
Capture the Market
Kimberly Scott
Dallas, TX
CARES By Apartment Life
Kiley Haught
Euless, TX
The Carlyle Group
Brian Nelsen
Washington, DC
Cassidy Turley
Christopher J. Doerr
Washington, DC
Cassin & Cassin LLP
Amy Bernstein
New York, NY
CBRE
Malcolm McComb, III
Atlanta, GA
CBRE New England
Simon J. Butler
Boston, MA
CallMaX
David Clarke
Acworth, GA
CEL & Associates, Inc.
Christopher Lee
Los Angeles, CA
CalPERS
Liya Cornelius
Sacramento, CA
Chambliss, Bahner
& Stophel, P.C.
Michael J. Stewart
Chattanooga, TN
APRIL 2013
Advisory Committee
Chatham Financial
Joe Nowicki
Littleton, CO
Cox, Castle & Nicholson LLP
Amy H. Wells
Los Angeles, CA
ECI Capital Corp.
Seth Greenberg
Marietta, GA
FDC Management, Inc.
Patrick M. Kelly
Anaheim, CA
FPL Advisory Group
Michael A. Herzberg
Chicago, IL
Chicago Title
Sue Jacobson
Houston, TX
Criterion Brock
Kerri Silver
Milwaukie, OR
Crown Advisors
John C. DiMare
North Barrington, IL
Federal Home Loan
Bank of Dallas
Gregory J. Hettrick
Irving, TX
Franklin Capital Group
Joseph E. Resende
Alexandria, VA
Chicago Title
Konrad J. Kaltenbach, II
Dallas, TX
Enhanced Value
Strategies, Inc.
Lewis A. Levey
St. Louis, MO
CIGNA Realty Investors
John Clark
Hartford, CT
Crown Advisors, Inc.
John Cigna
Pittsburgh, PA
Entrepreneurial
Properties Corporation
Matthew V. Wherry
Newport Beach, CA
Finfrock
Alan Burcope
Apopka, FL
Citrin Cooperman
Mark Mindick
New York, NY
Curry Conduit Services, Inc.
R. Leigh Curry
Ewing, NJ
CLP Systems
Rich Clark
Pelham, AL
Cushman & Wakefield
Andrew J. Merin
East Rutherford, NJ
Coastal Apartment
Advisors
James Sewell
Hilton Head Island, SC
Cushman & Wakefield
Marc D. Renard
Los Angeles, CA
Equity Exchange
Kevin C. McGrade
Covina, CA
First American Title
Insurance Company
Phillip Salomon
New York, NY
Essex Property Trust,
Inc.
Jeff Rowerdink
Irvine, CA
Flournoy Development
Co., LLC
Thomas H. Flournoy
Columbus, GA
Experian RentBureau
Brannan Johnston
Costa Mesa, CA
Foley & Lardner LLP
Michael W. Hatch
Milwaukee, WI
CWS Apartment Homes
Steven J. Sherwood
Austin, TX
Fair Collections
& Outsourcing, Inc.
Carol M. Bloom
Beltsville, MD
For Rent Media Solutions
Amanda McCrowell
Atlanta, GA
CohnReznick
Mark J. Einstein
Bethesda, MD
Cypress Real Estate
Advisors
John Burnham
Austin, TX
Falcone Group, LLC
Arthur Falcone
Boca Raton, FL
Columbia National Real
Estate Finance, LLC
Roger Edwards
Washington, DC
The Dermot Company, Inc.
Stephen Benjamin
New York, NY
Cohen Financial
Peter C. Norrie
Portland, OR
Comcast Cable
Communications
Daniel O’Connell
Philadelphia, PA
Commercial Wireless
Systems International, LLC
Elizabeth Conha
Fort Lauderdale, FL
Communityvibe, inc.
Kariithi Kilemi
Pittsburgh, PA
The Compass Group, LLC
Charles S. Wilkins, Jr.
Washington, DC
CONNOR
Patrick T. Connor
Baltimore, MD
The Connor Group
Lawrence S. Connor
Centerville, OH
Continental Properties
Company
James H. Schloemer
Menomonee Falls, WI
Continental Realty
Corporation
Joseph M. Schapiro, III
Baltimore, MD
CORT
Mark Koepsell
Fairfax, VA
Cortland Partners, LLC
Steven DeFrancis
Atlanta, GA
Cox Communications
Shannon Boyle
Atlanta, GA
APRIL 2013
Faulkner Design Group, Inc.
Adrienne Faulkner
Dallas, TX
Freeman Webb Inc.
William H. Freeman
Nashville, TN
Friedman Integrated
Real Estate Solutions
Barry Swatsenbarg
Farmington, MI
FSI Construction
Tony Whitaker
Houston, TX
GAIA Real Estate
Mark Copeland
Addison, TX
Gallagher Evelius &
Jones, LLP
Stephen A. Goldberg
Baltimore, MD
Fore Property Company
Richard L. Fore
Washington, DC
Gates, Hudson &
Associates, Inc.
Patricia J.M. Blackburn
Fairfax, VA
Fortune-Johnson, Inc.
Brett Fortune
Norcross, GA
GDC Properties, LLC
William Ingraham
Hawthorne, NY
DirecSupply Inc.
James Lashbrook
Houston, TX
Dominion Due
Diligence Group
Jennifer H. Berger
Glen Allen, VA
Full Service Management, Worldwide Scope
• Full Service
Real Estate
Management Firm
Doster
Construction
Company, Inc.
John Rooney
Mountain Brook, AL
• Diversified Real
Estate Investment
Company
Dougherty
Mortgage LLC
Tresa Engel
Minneapolis, MN
• Successful Capital
Transactions
Dover/Paragon
Terry B. Schwartz
Bingham Farms, MI
Drake Realty
Group, LLC
Kyle N. Drake
Houston, TX
Duke Capital
Management
Patrick Duke
Austin, TX
Dwell Design
Studio, LLC
Jason Ryan Shepard
Alpharetta, GA
Eastham Capital
Eric Silverman
Needham, MA
Eaton Vance
Management
Andrew Frenette
Boston, MA
• Asset Management
Services
Harbor Group Management Company is a full service property management
company. We manage more than 32,000 residential apartment units and 10.2
million square feet of commercial properties throughout the United States. Our
experienced property management teams deliver superior customer service
and seek to establish mutually rewarding relationships with our residents,
investors, owners and the local community.
Simply put, Harbor Group Management Company delivers returns.
w w w. m y h g m c . c o m
w w w. h a r b o r g r o u p i n t . c o m
Connecticut | Florida | Georgia | Illinois | Indiana | Kentucky | Massachusetts | Maryland | Minnesota
Nevada | New Mexico | New York | North Carolina | Ohio | Tennessee | Texas | Virginia | Washington
Contact Robert Friedman, President
[email protected] | (757) 640-0800
Advisory Committee
GE Asset Management
Pamela Beam
Stamford, CT
Jordan E. Slone
Norfolk, VA
Hunter Warfield, Inc.
Todd Wahl
Tampa, FL
JP Morgan
Patrick J. Nash
Chicago, IL
LEM Capital, L.P.
Jay J. Eisner
Philadelphia, PA
GE Real Estate
Dan Earle
Norwalk, CT
Harbour Realty Partners, LLC
Patrick L. Beach
Santa Barbara, CA
I.Q. Data International, Inc.
Rose K. McMillen
Everett, WA
JRK Investors
Robert Lee
Los Angeles, CA
GE Real Estate,
North America Lending
Jill McEntegart
Alpharetta, GA
Hartford Investment
Management
John M. Maher
Hartford, CT
ibr Search
Wesley Easly
Pittsburgh, PA
Jupiter Communities
LLC - RAIT
Kellie Devilbiss
Chicago, IL
Lennar Multifamily
Investors
Todd M. Farrell
Charlotte, NC
Gebroe-Hammer
Associates
Nancy Reilly
Livingston, NJ
Hathaway Properties, Inc.
W. Michael Muggridge
Atlanta, GA
Impact Community Capital
Daniel F. Sheehy
San Francisco, CA
Kaba Access Control
Dale Mathias
Winston-Salem, NC
Information Tycoon
James Davis
Atlanta, GA
Lessard Design Inc.
Christian Lessard
Vienna, VA
KBKG
Gian Pazzia
Pasadena, CA
Hediger Enterprises Inc.
Gary R. Hediger
Atlanta, GA
Ingersoll Rand
Residential Solutions
Eric Elsmore
Carmel, IN
KC Venture Group, LLC
Susan Pohl
Houston, TX
LexisNexis Resident
Screening
Anna Gosiewski
Alpharetta, GA
Hendersen-Webb, Inc.
Pamela F. Newland
Cockeysville, MD
Inland American
Apartments Management
Thomas P. McGuinness
Oak Brook, IL
Gene B. Glick Company, Inc.
David O. Barrett
Indianapolis, IN
Gill Group, Inc.
Cash Gill
Dexter, MO
Goldstar Group
Michael S. Brodsky
Bethesda, MD
Goodwin Procter LLP
Craig Todaro
Boston, MA
Goulston & Storrs
Steven Schwartz
Boston, MA
Grace Hill, Inc.
Joseph Bailey
Augusta, GA
Grand Peaks Properties
Luke Simpson
Denver, CO
Grandbridge Real Estate
Capital LLC
Thomas S. Dennard
Charlotte, NC
Green Bear Capital
Jonathan S. Greenspahn
Chicago, IL
Green Street Advisors, Inc.
Andrew J. McCulloch
Newport Beach, CA
The Greysteel Company
John Mullen
Bethesda, MD
Greystone Funding
Corporation
Claudia Schiepers
New York, NY
Gross Builders
Gary L. Gross
Cleveland, OH
Guardian Management LLC
Thomas B. Brenneke
Portland, OR
The Habitat Company
Daniel E. Levin
Chicago, IL
Haley Real Estate Group
Daniel P. Clatanoff
Omaha, NE
HandyTrac Systems
John Lie-Nielsen
Alpharetta, GA
46
NMHC 50
HB Northwest
Edward Hewson
Seattle, WA
Henderson Global Investors
James G. Martha
Hartford, CT
Hendricks Berkadia
John Rhoades
Phoenix, AZ
HFF
William Miller
Dallas, TX
HFF
G. Craig LaFollette
Houston, TX
HHHunt
James R. King
Blacksburg, VA
Hills Property Management
Russell Lykes
Cincinnati, OH
Hillwood Multifamily, L.P.
Mark McHenry
Fort Worth, TX
HIP/KET
Thomas B. Wilkinson, IV
Houston, TX
Holland & Knight, LLP
Christopher B. Hanback
Washington, DC
Holland Development
Tom Parsons
Seattle, WA
Honigman Miller
Schwartz and Cohn LLP
Jonathan R. Borenstein
Bloomfield Hills, MI
HSBC Bank USA N.A.
Glenn Grimaldi
New York, NY
Hubacher & Ames, PLLC
Arthur S. Hubacher
Fairfax, VA
Hudson Realty Capital, LLC
Spencer Garfield
New York, NY
Hunt Companies
Ryan W. Luxon
El Paso, TX
Instar Services Group
Johnnie Smith
Troy, MI
Millichap Company
Steve Witten
New Haven, CT
INVESCO Real Estate
Paul S. Michaels
Dallas, TX
Investment Property
Associates, LLC
Jennifer Koster
Grand Haven, MI
ISI Group
Seth Laughlin
New York, NY
ista
Amanda Holden
San Diego, CA
The ITEX Group, LLC
K.T. Akbari
Port Arthur, TX
J. Turner Research
Joseph Batdorf
Houston, TX
Jackson Walker, L.L.P.
Vytas A. Petrulis
Houston, TX
Jevan Capital
Jason Buxbaum
Phoenix, AZ
Keefe, Bruyette & Woods
Taylor Schimkat
New York, NY
KeyBank Real
Estate Capital
Deborah Newman
Dallas, TX
Keystone
Commercial Capital
Charles Williams
Scottsdale, AZ
Lerner Corporation
Alan H. Gottlieb
Rockville, MD
LG Electronics
Kevin Kim
Englewood Cliffs, NJ
Lindquist & Vennum LLP
Laura Krenz
Minneapolis, MN
The Lionstone Group
Alan Arnold
Houston, TX
LIV Companies
Robert Bozeman Crumpton, III
Birmingham, AL
The Kirkland Company
William Kirkland
Brentwood, TN
Locke Lord LLP
Michael P. Petersilia
Dallas, TX
The Kislak Company, Inc.
Nancy Jacques
Woodbridge, NJ
Love Funding Corporation
Esther Cohen
St. Louis, MO
Korn/Ferry International
Anthony J. LoPinto
New York, NY
Lowe Enterprises
Alon Kraft
Los Angeles, CA
Kroll Factual Data
Damon Littlejohn
Loveland, CO
M&T Realty Capital
Corporation
Mark D. Gould
Baltimore, MD
Krooth & Altman LLP
Sameer Upadhya
Washington, DC
L&B Realty Advisors, LLP
William L. Fulton
Dallas, TX
L’arte Dalla Cucina
Kimber McCafferty
Miami, FL
LeaseStar, a Division
of RealPage, Inc.
Alex Chang
Carrollton, TX
M&T Realty Capital
Corporation
Thomas D. Knapp
Baltimore, MD
M-Fishency
Ward Katz
Kansas City, MO
Mac-Gray Services, Inc.
Kevin Fahey
Waltham, MA
Madera Equity
Charles Young
Lubbock, TX
JMG Realty, Inc.
T. Karlton Jackson
Atlanta, GA
LeaseTerm Solutions
Richard Schreiber
Chevy Chase, MD
John Hancock
Financial Services
Robert Maulden
Boston, MA
LeasingDesk, a Division
of RealPage, Inc.
David Carner
Carrollton, TX
Johnson Development
Associates, Inc.
David Benjamin Graves
Spartanburg, SC
LeCesse Development
Corporation
Salvador F. Leccese
Altamonte Springs, FL
Marcus & Millichap
Capital Corporation
William Hughes
Irvine, CA
Jones Lang LaSalle
Americas, Inc.
Peter Nicoletti
Parsippany, NJ
Legend Management
Group, LLC
Ruth G. Eisenhauer
McLean, VA
Mark-Taylor Residential, Inc.
Dale Phillips
Scottsdale, AZ
Maintenance Supply
Headquarters
Cary R. Wright
Stafford, TX
Manly & Stewart
John C. Manly
Irvine, CA
APRIL 2013
Advisory Committee
Marsh, Inc.
Jeff Alpaugh
Boston, MA
MMA Financial, LLC
Earl W. Cole
Baltimore, MD
Marvin F. Poer and
Company
William L. DuBois
Dallas, TX
Moen Incorporated
Deena Cave
North Olmsted, OH
Masco Cabinetry
Diana Adams
Tampa, FL
Masco Contractor
Services, Inc.
Jerald Castaneda
Daytona Beach, FL
The Matteson Companies
Duncan L. Matteson, Sr.
San Mateo, CA
Moody’s Corporation
Christopher Wimmer
New York, NY
Morgan Stanley
Haendel Emmanuel St. Juste
New York, NY
Morgan Stanley
Investment Management
James A. Cowan
New York, NY
Maxus Properties, Inc.
Michael P. McRobert
North Kansas City, MO
Morningside Equities
Group, Inc.
Brian Pawlik
Chicago, IL
Mayer Brown LLP
Keith J. Willner
Washington, DC
Moss Adams Capital, LLC
Stephen J. Duffy
Irvine, CA
McCaffery Interests
Yvonne Jones
Chicago, IL
MPF YieldStar, a Division
of RealPage
Janine Steiner Jovanovic
Carrollton, TX
The Medve Group, Inc.
Jakob Medve
Irving, TX
Mercy Housing
Jane Graf
Denver, CO
Merion Realty Partners
Richard T. Aljian
Wynnewood, PA
Merion Realty Partners
Jeffrey R. Shumaker
Wynnewood, PA
Mesa Capital Partners, LLC
Zach Schaumburg
Atlanta, GA
MetLife
Charles C. Davis, Jr.
Tampa, FL
Metropolitan Properties
of America, Inc.
Jeffrey J. Cohen
Boston, MA
Mid-Peninsula
Housing Coalition
Deborah K. Westby
Foster City, CA
Mike Seashols Consulting
Mike Seashols
Belmont, CA
Miles & Stockbridge PC
Justin C. Eller
Baltimore, MD
Minnesota Multi
Housing Association
Mary Rippe
Bloomington, MN
Minol
Tammy Cragg
Addison, TX
MM Properties
Kenneth S. Moczulski
Fort Worth, TX
APRIL 2013
Newmark Grubb Knight
Frank
Ernest L. Brown
San Antonio, TX
Newport Venture Capital
Richard Harris
Newport Beach, CA
NNC Apartment Ventures
John H. Nunn
Long Beach, CA
Northland Investment
Corporation
Lawrence R. Gottesdiener
Newton, MA
Penton Media Inc.
Rich Santos
New York, NY
NorthMarq Capital San Francisco
Jeffery Weidell
San Francisco, CA
Greg A. Duvall
Overland Park, KS
Robert W. Ranieri
White Plains, NY
Multifamily Executive
Rob Britt
San Francisco, CA
Novogradac
& Company LLP
Michael J. Novogradac
San Francisco, CA
Multifamily Solutions, Inc.
Dennis W. Smillie
Pocono Lake, PA
Muskin Commercial, LLC
Ellen Muskin
Austin, TX
NAI Harding Dahm
William T. Drinkall
Fort Wayne, IN
National Real Estate
Advisors
James D. Freko
Washington, DC
PayNearMe
Christopher J. Volgenau
Sunnyvale, CA
Pearlmark Real Estate
Partners
Edward J. Ryder
Chicago, IL
Notivus
Suzanne Lovelace
Alpharetta, GA
Multifamily Realty
Advisors, LLC
Richard R. Cotton
Raleigh, NC
PayLease
Nate Taylor
San Diego, CA
NorSouth Constructs
Colin Edelstein
Savannah, GA
Multi-Housing News
Diana Mosher
New York, NY
Multifamily Executive/
Hanley-Wood, LLC
Shabnam Mogharabi
Washington, DC
Pavlov Media Inc.
Doug Woods
Champaign, IL
NTS Development
Company
Gregory G. McDearmon
Louisville, KY
NWP Services
Corporation
Amanda Christensen
Lincoln, NE
Ocius LLC
James Rabinowitz
Chicago, IL
On-Site.com
Jake Harrington
Campbell, CA
One Eleven Partners, LLC
Chris Yeagle
Mount Pleasant, SC
OpsTechnology, a
Division of RealPage
William Chaney
Carrollton, TX
Pepper Hamilton LLP
Henry Liu
Washington, DC
Phoenix Capital
Partners, Ltd.
Andrew Scott
Addison, TX
Phoenix Realty Group
Alan Hirmes
New York, NY
PPG Architectural Coatings
Clifford Carlson
Louisville, KY
PPM Finance, Inc.
David L. Henderson
Chicago, IL
The Praedium Group
Mark Lippmann
New York, NY
The Preston
Partnership, LLC
Robert N. Preston
Atlanta, GA
Price Realty Corporation
Michael J. Ochstein
Addison, TX
Prudential Affordable
Mortgage Company
Paige Warren
Mc Lean, VA
RAM Partners, LLC
William F. Leseman
Atlanta, GA
RCLCO
Adam Ducker
Bethesda, MD
Real Capital Analytics
Robert M. White, Jr.
New York, NY
Real Capital Markets
Stephen J. Alter
Carlsbad, CA
Real Estate Board
of New York, Inc.
Steven Spinola
New York, NY
Real Estate Equities, Inc.
Terrence E. Troy
St. Paul, MN
Real Estate Media Lab, LLC
Michael J. Lapsley
West Bridgewater, MA
Realty Center
Management, Inc.
Curt Knabe
Los Angeles, CA
RealtyCom Partners, LLC
Annie Manfredi
San Rafael, CA
Reis, Inc.
Victor Calanog
New York, NY
Relaborate
Andy Boyer
Seattle, WA
Investors
Barry L. Howell
Atlanta, GA
Rent.com
Robert Johnson
Santa Monica, CA
NCC Business Services
of America, Inc.
Irv Pollan
Jacksonville, FL
Pacific Life Insurance
Company
Anthony Premer
Newport Beach, CA
Investors
Robert Jeans
Madison, NJ
Neal, Gerber &
Eisenberg LLP
Douglas J. Lubelchek
Chicago, IL
Palladian Capital Advisors
R. Gregory Geletka
Fort Pierce, FL
Q10 Kinghorn,
Driver, Hough & Co.
Ray Driver, III
Houston, TX
Palladium (USA)
International, Inc.
Thomas E. Huth
Dallas, TX
The Rainmaker Group
Andrew Rains
Alpharetta, GA
Rent Stabilization
Association
Joseph Strasburg
New York, NY
Investors
Justin Gleason
Madison, NJ
Neighborhood Pay
Services, LLC
Richard D. Calmas
Newton, MA
Raia Properties
Corporation
Samuel A. Raia
Ramsey, NJ
Prudential Mortgage
Capital Company
Michael McRoberts
Arlington, VA
The P.B. Bell Companies
R. Chapin Bell
Scottsdale, AZ
Nationwide Energy
Partners LLC
Jeff Morrison
Chicago, IL
Radclift Capital
Mortgage
Mark Dubrinsky
New York, NY
QBE First
John Drennen
Atlanta, GA
Renters Legal Liability LLC
Paul Kaliades
Salt Lake City, UT
RentMineOnline
Ed Spiegel
Emeryville, CA
RentPayment
Bill R. Evick
Walnut Creek, CA
Resident Gifts LLC
Gregory H. Smith
Singer Island, FL
ResidentCheck
Jorge Baldor
Dallas, TX
NMHC 50
47
Advisory Committee
Resite Online
Ann Padgett
Norfolk, VA
Seyfarth Shaw LLP
Ronald S. Gart
Washington, DC
The Strategic Solution
Kendall Pretzer
Flower Mound, TX
Troutman Sanders LLP
Mark S. Shiembob
Richmond, VA
Resource Investments
Limited, LLC
Steven Zalkind
Pennsauken, NJ
Shelter Corporation
Lynn Carlson Schell
Minnetonka, MN
Stratford Capital
Group, LLC
John M. Nelson, IV
Peabody, MA
The Tuckerman Group
Glen S. Weisberg
Chicago, IL
Resource Real Estate, Inc.
Yvana Melini
Philadelphia, PA
Sheppard, Mullin,
Richter & Hampton LLP
Jennifer G. Redmond
San Francisco, CA
Restoration Systems, Inc.
Blaise Hilton
Collierville, TN
Sherman Residential
Scott Gould
Deerfield, IL
Risk Innovations, Inc.
Rose A. Kugler
Downers Grove, IL
RM Watson Co.
Robert M. Watson
Seattle, WA
Robert W. Baird
Paula J. Poskon
Reston, VA
Rock Apartment
Advisors, Inc.
Stephen J. Ankenbrandt
Birmingham, AL
The Sherwin-Williams Co.
William G. Rafie
Cleveland, OH
The Shockey Precast
Group
Chris Grogan
Winchester, VA
Shreve Land
Constructors
Cindy Stanley
Dallas, TX
Shutts & Bowen LLP
Daniel T. O’Keefe
Orlando, FL
Rockhall Funding Corp.
Eli Freiden
Jericho, NY
Silver Capital
Mark Ambach
Boca Raton, FL
Rockport Mortgage
Corporation
Joseph J. Mueller
Gloucester, MA
Silvestri Craig Realtors
Ken Silvestri
Lexington, KY
Rockwood Capital LLC
Joel A. Moody
Los Angeles, CA
Rosen Consulting Group
Nancy Toledo
Berkeley, CA
Sage Law Practice Group
Patrick R. Pettitt
Hampton, VA
Sapp Partners
James Fales
Salt Lake City, UT
SatisFacts Research,
a Division of Internet
Brands, Inc.
Douglas J. Miller, Sr.
Lutherville, MD
The Solomon Organization
Marc S. Solomon
Summit, NJ
South City Partners, LLC
Mark W. Randall
Atlanta, GA
SouthWood Corporation
Ernest H. Dwight
Charlotte, NC
Specialty Consultants Inc.
Thomas G. Williams
Pittsburgh, PA
Spot On Networks
Richard Sherwin
New Haven, CT
SRR Advisors
David Kulkarni
Houston, TX
Suffolk Construction
Company, Inc.
Rick Kolb
Miami, FL
Sullivan Curtis Monroe
Michael Isaacs
Irvine, CA
WhiteFence
Francisco J. Arbide
Houston, TX
SunAmerica Affordable
Housing Partners, Inc.
Thomas A. Musante
Los Angeles, CA
USAA Real Estate
Company
Hailey Ghalib
San Antonio, TX
Williams Asset
Management, LLC
John A. Isakson
Atlanta, GA
TDI
Benjamin H. Montgomery
Irving, TX
Van Metre Companies
Carissa Barry
Fairfax, VA
Willis
Ronald D. Tucker
Columbia, MD
TDI
Robert D. Page
Irving, TX
Velocity, a Division
of RealPage, Inc.
John Lis
Carrollton, TX
Wilmar
Chris Thompson
Jacksonville, FL
Terra Capital Partners
Dan Cooperman
New York, NY
Terra Search Partners
Matthew Slepin
San Francisco, CA
TGM Associates L.P.
Michael Frazzetta
New York, NY
Tidal Real Estate
Hollis Considine
Denver, CO
Timberland Partners
Robert L. Fransen
Minneapolis, MN
Towers Watson
Data Services, Inc.
Marc M. McBrearty
White Plains, NY
Towne Properties
Neil K. Bortz
Cincinnati, OH
Trade Street Residential
Ryan Hanks
Aventura, FL
The Screening Pros, LLC
Gary Glucroft
Chatsworth, CA
Stellar Advisors, LLC
David Schwartzberg
Rockville, MD
Screening Reports, Inc.
Timothy Fortner
Wood Dale, IL
The Sterling Group, Inc.
Lance A. Swank
Mishawaka, IN
Transwestern MidAtlantic Multifamily Group
Dean Sigmon
Bethesda, MD
Security Capital
Research
& Management
David A. Kleinerman
Chicago, IL
Sterling Trust
Robert J. Thiebaut
Atlanta, GA
Transwestern
Steven E. Pumper
Dallas, TX
Stewart Title Guaranty
Regina L. Fiegel
Charlotte, NC
Trinsic Residential Group
Brian J. Tusa
Dallas, TX
Stewart Title Guaranty
Company
Tom Konkel
Denver, CO
TRIO Properties LLC
Eileen Swenson, CPM
Glastonbury, CT
NMHC 50
Westrope
David Brinkerhoff
Kansas City, MO
Urdang & Associates
Real Estate Advisors, Inc.
Mark B. Greco
Plymouth Meeting, PA
Starwood Capital Group
James Edward Kane
Atlanta, GA
48
University Furnishings
Paul Dougan
Dallas, TX
Western National
Realty Advisors
Rex F. DeLong
Irvine, CA
Summit Contracting Group
Marc Padgett
Jacksonville, FL
SC&H Group, LLC
Michelle K. Rudd
Baltimore, MD
Seminole Financial
Services, LLC
Robert J. Banks
Largo, FL
The United Group
of Companies, Inc.
Walter F. Uccellini
Troy, NY
Westdale Asset
Management
Evan J. Griffiths
Dallas, TX
Transwestern
Jon Kleinberg
Atlanta, GA
Verdek LLC
Rudy Garcia
Phoenix, AZ
Veritas Investments Inc.
Yat-Pang Au
San Francisco, CA
Whitney Bank
Dale St. John
New Orleans, LA
Witten Advisors LLC
G. Ronald Witten
Dallas, TX
The Wolff Company
Tim Wolff
Scottsdale, AZ
Verizon
Patricia French
St. Petersburg, FL
Womble Carlyle
Sandridge & Rice, PLLC
Pamela V. Rothenberg
Washington, DC
Visa, Inc.
David Weinshel
Wilmington, DE
Woodfield Development
Gregory Bonifield
Ashburn, VA
Wafra Investment
Advisory Group, Inc.
Edward J. Ryan
New York, NY
The Woodlark Companies
Harold Rosenblum
White Plains, NY
Walchle Lear
Multifamily Advisors
Bart Walchle
Jacksonville Beach, FL
Walker & Dunlop
Frank M. Baldasare
Atlanta, GA
Walker & Dunlop
Trevor Fase
Westlake Village, CA
Walker & Dunlop
Bryan L. Frazier
Needham, MA
Walker Holder
Residential, Inc.
Patrick M. Holder
Addison, TX
WDG Architecture
Frederick Hammann
Washington, DC
The Worthing Companies
John A. Echols
Atlanta, GA
WPC (Winter Park
Construction)
Jeffrey D. Forrest
Maitland, FL
WRH Realty Services, Inc.
J. Mark Rutledge
St. Petersburg, FL
Zillow
Russ Pengelly
Seattle, WA
ZMG Construction, Inc.
Kevin L. Somers
Longwood, FL
ZRS Management, LLC
Steven K. Buck
Orlando, FL
West River Capital
Management LLC
Alexander K. Zabik
New York, NY
APRIL 2013
CELE BRAT I NG O V ER $ 1 ,2 0 0 ,0 0 0 ,0 0 0
IN T RANS ACT I O N S IN 2 0 11 & 2 0 1 2
AN INSTITUTIONAL MULTIFAMILY SPECIALIST
• Market Research
FULLY INTEGRATED TO ACHIEVE
TIGHTER CONTROL, BETTER RETURNS,
AND MITIGATE RISK.
TGM is an investment advisory firm with a single focus: multifamily
properties. On behalf of its investor clients, TGM acquires, manages
and sells apartment properties throughout the United States
• Deal Sourcing
• Negotiation
• Due Diligence
• Asset Management
For More Information Contact:
JOHN GOCHBERG
• In-house Property Management
• In-house General Contracting
• Dispositions
P: 212.830.9312 | [email protected]
WWW.TGMASSOCIATES.COM
TH E FO CU S E D R E S O U R C E F OR APART M ENT INVESTORS
TGM is An SEC-Registered Investment Advisor
WHAT DOES
OUR HISTORY
OF 112,856
LOANS GET
YOU?
CONFIDENCE.
The confidence of having one partner
with everything you need for the entire
life of your property.
We know it takes more than confidence to make
your project a reality, and we offer that too.
Every one of our professionals has access to one
of the nation’s largest commercial real estate
servicing portfolios. This resource, combined with
unparalleled flexibility, direct access to capital,
and multi-family advisory services through the
recent acquisition of Hendricks-Berkadia, make
our firm The Industry of One.
BERKADIA.COM
S
ON
I
T
INA
G
CIN
SERVI
IG
OR
INVESTMENT
SALES
CALL 800.446.2226 AND GET THE INDUSTRY BEHIND YOU

2013 NMHC 50 - National Multifamily Housing Council

Transcription

Similar documents

Flier - Triland Realty Partners, LLC

Firehouse hosts Great Big Home Show

North Aire Apartments - University of Wisconsin

stockmens insurance agency llc

NEW 2009 Edition SurePass - United Educational Services

the eLeaP LMS brochure.

PDF - The Apartment Service