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A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
2011
The Nation’s 50 Largest Apartment Owners
and 50 Largest Apartment Managers
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N
ational Real Estate Investor is pleased to present the 22nd annual NMHC 50, the
National Multi Housing Council’s authoritative ranking of the nation’s 50 largest 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 the four key areas of: federal advocacy; strategic business information;
industry research; and public affairs. Through its federal advocacy program, the Council targets
such issues as capital markets, housing policy, energy and environmental affairs, tax policy, fair
housing, building codes, technology, human resources, rent control and more.
For those interested in joining the apartment industry’s leadership, NMHC welcomes inquiries
to its Washington office at 202/974-2300, or you can visit NMHC’s web site at www.nmhc.org.
Contents
Introduction .................................................................................... 2
2011 Apartment Ownership ............................................................ 4
2011 Apartment Management ........................................................ 6
NMHC 50: “The Great Recovery” Following “The Great Recession”.... 8
A Familiar Face Returns to Multifamily ......................................... 16
New Faces .................................................................................... 19
Revisiting the Number Ones ......................................................... 22
National Multi Housing Council:
Join the Who’s Who in the Apartment Industry ............................ 25
NMHC Officers ............................................................................. 26
NMHC Board of Directors Executive Committee ........................... 26
NMHC Board of Directors............................................................. 32
Cover Photo: Fillmore Center in San Francisco, CA
2 NMHC 50
APRIL 2011
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2011 Apartment Ownership
NATIONAL MULTI HOUSING COUNCIL 50
(50 Largest U.S. Apartment Owners as of January 1, 2011)
2011
RANK
2010
RANK
1
1
APARTMENTS WITH
OWNERSHIP INTEREST
2011
2010
COMPANY
HEADQUARTERS
CORPORATE
OFFICER
Boston Capital
Boston, MA
Jack Manning
158,947
162,677
2
Centerline Capital Group
New York, NY
Rob Levy
152,600
147,500
3
Boston Financial Investment Management, LP
Boston, MA
Ken Cutillo
145,454
144,907
4
2
SunAmerica Affordable Housing Partners, Inc.
Los Angeles, CA
Michael L. Fowler
141,113
147,087
5
3
Equity Residential
Chicago, IL
David J. Neithercut
129,604
136,843
6
5
PNC Tax Credit Capital
Portland, OR
Todd Crow
123,462
128,727
7
4
AIMCO
Denver, CO
Terry Considine
110,946
133,200
8
6
National Equity Fund, Inc.
Chicago, IL
Joseph Hagan
107,138
100,500
9
7
Enterprise Community Investment, Inc.
Columbia, MD
Charles R. Werhane
96,195
96,395
10
8
The Richman Group Affordable Housing Corporation
Greenwich, CT
Richard Paul Richman
94,925
90,346
11
9
Archstone
Englewood, CO
R. Scot Sellers
81,613
83,085
12
12
Alliant Capital, Ltd.
Woodland Hills, CA
Shawn Horwitz
65,245
60,258
13
11
Camden Property Trust
Houston, TX
Richard J. Campo
63,278
63,286
Hunt Companies, Inc.
El Paso, TX
Woody Hunt
62,109
37,036
14
15
15
UDR, Inc.
Highlands Ranch, CO Thomas W. Toomey
58,796
51,320
16
13
Edward Rose & Sons
Farmington Hills, MI Warren Rose
56,025
55,958
17
10
Pinnacle Family of Companies
Dallas, TX
Stan Harrelson
55,932
68,017
18
18
AvalonBay Communities, Inc.
Arlington, VA
Bryce Blair
52,490
48,924
J.P. Morgan Asset Management
New York, NY
Jean Anderson
52,304
52,754
19
20
17
WNC & Associates, Inc.
Irvine, CA
Wilfred N. Cooper, Jr.
52,134
50,332
21
20
Invesco Real Estate
Dallas, TX
Michael Kirby
50,567
47,340
22
19
Forest City Residential Group, Inc.
Cleveland, OH
Ronald A. Ratner
47,384
47,633
23
21
Lincoln Property Company
Dallas, TX
Tim Byrne
46,507
46,347
24
24
MAA
Memphis, TN
H. Eric Bolton, Jr.
46,306
43,604
25
31
JRK Property Holdings, Inc.
Los Angeles, CA
Jim Lippman
43,900
41,400
4 NMHC 50
APRIL 2011
2011
RANK
2010
RANK
26
APARTMENTS WITH
OWNERSHIP INTEREST
2011
2010
COMPANY
HEADQUARTERS
CORPORATE
OFFICER
26
Irvine Company Apartment Communities
Irvine, CA
Kevin Baldridge
43,791
42,764
27
22
Michaels Development Company
Marlton, NJ
Robert J. Greer
43,433
44,916
28
25
Bell Partners Inc.
Greensboro, NC
Steven D. Bell
and Jonathan D. Bell
43,265
43,160
29
23
Raymond James Tax Credit Funds, Inc.
St. Petersburg, FL
Ronald Diner
43,035
44,128
30
29
Picerne Real Estate Group
Phoenix, AZ
David R. Picerne
42,476
41,058
31
28
DRA Advisors LLC
New York, NY
David Luski
41,111
41,908
32
32
Home Properties, Inc.
Rochester, NY
Edward J. Pettinella
38,861
35,797
33
34
The Related Companies
New York, NY
Jeff Blau
35,637
35,578
34
33
Sentinel Real Estate Corporation
New York, NY
John H. Streicker
35,000
35,709
35
30
Empire American Holdings, LLC
Montvale, NJ
Eli Feller
34,939
40,776
36
39
Lindsey Management Co., Inc.
Fayetteville, AR
James E. Lindsey
34,088
33,293
37
37
Colonial Properties Trust
Birmingham, AL
Thomas H. Lowder
33,205
33,524
38
38
Westdale Real Estate Investment & Management
Dallas, TX
Joseph G. Beard
32,592
31,632
39
36
Concord Management Limited
Maitland, FL
Edward O. Wood, Jr.
32,313
32,022
40
44
BH Equities LLC
Des Moines, IA
Harry Bookey
30,172
28,165
41
43
UBS Realty Investors LLC
Hartford, CT
Matthew Lynch
29,310
28,433
42
47
Essex Property Trust, Inc.
Palo Alto, CA
Michael Schall
29,146
27,248
43
40
The Bascom Group, LLC
Irvine, CA
Jerome Fink
28,851
35,674
44
35
CNC Investments, Ltd.
Houston, TX
Charlie Yalamanchili
28,528
32,721
45
46
Berkshire Property Advisors
Boston, MA
Frank Apeseche
27,906
27,537
46
42
AEW Capital Management, L.P.
Boston, MA
Jeffrey Furber
27,556
28,650
47
CB Richard Ellis Investors, LLC
Los Angeles, CA
Stephen J. Zaleski
26,748
22,564
48
MCA Housing Partners, LLC
Gardena, CA
Michael A. Costa
26,335
25,824
BRE Properties, Inc.
San Francisco, CA
Constance B. Moore
25,398
25,325
GID Investment Advisers, LLC
Boston, MA
Robert E. DeWitt
25,002
12,247
49
50
APRIL 2011
48
NMHC 50 5
2011 Apartment Management
NATIONAL MULTI HOUSING COUNCIL 50
(50 Largest U.S. Apartment Managers as of January 1, 2011)
2011 2010
RANK RANK
COMPANY
HEADQUARTERS
CORPORATE
OFFICER
APARTMENTS MANAGED
2011
2010
1
3
Greystar Real Estate Partners, LLC
Charleston, SC
Robert A. Faith
187,360
153,819
2
2
Riverstone Residential Group
Dallas, TX
Walt Smith
162,182
178,431
3
1
Dallas, TX
Stan Harrelson
151,367
183,877
4
5
Dallas, TX
Tim Byrne
133,425
132,881
5
4
Equity Residential
Chicago, IL
David J. Neithercut
129,604
136,843
6
6
AIMCO
Denver, CO
Terry Considine
117,119
129,715
7
8
WinnCompanies
Boston, MA
Samuel Ross
84,817
73,302
8
7
Archstone
Englewood, CO
R. Scot Sellers
81,613
83,085
9
9
Houston, TX
Richard J. Campo
63,498
63,506
10
10
Bell Partners Inc.
Greensboro, NC
Steven D. Bell
and Jonathan D. Bell
60,182
60,422
11
11
FPI Management, Inc.
Folsom, CA
Dennis Treadaway
58,604
56,952
12
14
UDR, Inc.
Highlands Ranch, CO Thomas W. Toomey
58,340
50,493
13
13
Edward Rose & Sons
Farmington Hills, MI Warren Rose
56,025
55,958
14
16
AvalonBay Communities, Inc.
Arlington, VA
Bryce Blair
52,490
48,924
15
15
Alliance Residential Company
Phoenix, AZ
Bruce Ward
48,520
49,488
16
18
The ConAm Group of Companies
San Diego, CA
Brad Forrester
47,400
46,100
17
12
Fairfield Residential LLC
San Diego, CA
Chris Hashioka
46,851
53,641
18
20
MAA
Memphis, TN
H. Eric Bolton, Jr.
46,306
43,604
19
23
Milestone Management, L.P.
Dallas, TX
Steve Lamberti
45,896
36,408
20
17
Westdale Real Estate Investment & Management
Dallas, TX
Joseph G. Beard
44,765
46,682
21
19
Picerne Real Estate Group
Phoenix, AZ
David R. Picerne
44,588
44,927
22
30
Los Angeles, CA
Jim Lippman
41,900
39,400
23
21
BH Management Services, Inc.
Des Moines, IA
Nicholas H. Roby
41,641
41,366
24
43
The Laramar Group, LLC
Denver, CO
David B. Woodward
40,521
29,508
25
26
Village Green
Detroit, MI
Jonathan Holtzman
40,000
35,000
6 NMHC 50
APRIL 2011
2011 2010
RANK RANK
COMPANY
HEADQUARTERS
CORPORATE
OFFICER
APARTMENTS MANAGED
2011
2010
26
24
Michaels Development Company
Marlton, NJ
Robert J. Greer
39,575
38,236
27
29
Rochester, NY
38,861
36,947
28
28
Irvine Company Apartment Communities
Irvine, CA
Kevin Baldridge
38,220
37,193
29
25
Gables Residential
Atlanta, GA
David D. Fitch
38,105
37,842
30
27
Capstone Real Estate Services, Inc.
Austin, TX
James W. Berkey
36,884
37,675
Multifamily Management Services
Suffern, NY
Jeffrey Goldstein
35,800
35,000
31
32
31
Sentinel Real Estate Corporation
New York, NY
John H. Streicker
35,000
35,709
33
22
Empire American Holdings, LLC
Montvale, NJ
Eli Feller
34,939
40,776
34
38
Asset Plus Companies
Houston, TX
Michael S. McGrath
34,887
31,081
35
37
Fayetteville, AR
James E. Lindsey
34,440
33,645
36
35
The Related Companies
New York, NY
Jeff Blau
34,439
33,155
37
32
Forest City Residential Group, Inc.
Cleveland, OH
Ronald A. Ratner
34,096
34,658
38
45
McKinley, Inc.
Ann Arbor, MI
Albert M. Berriz
33,922
28,358
39
33
Birmingham, AL
Thomas H. Lowder
33,911
34,230
40
34
The Lynd Company
San Antonio, TX
A. David Lynd
32,875
33,471
41
36
Concord Management Limited
Maitland, FL
Edward O. Wood, Jr.
32,313
32,022
CAPREIT, Inc.
Rockville, MD
Dick Kadish
31,000
14,820
42
43
44
American Campus Communities, Inc.
Austin, TX
Bill Bayless
30,877
29,342
44
39
Morgan Properties
King of Prussia, PA
Mitchell L. Morgan
30,625
30,627
45
41
The John Stewart Company
San Francisco, CA
Jack D. Gardner
30,534
29,989
46
49
Palo Alto, CA
Michael Schall
30,317
27,218
47
40
The Bozzuto Group
Greenbelt, MD
Thomas S. Bozzuto
30,004
30,157
48
46
LEDIC Management Group, LLC
Memphis, TN
Scott P. “Pierce”
Ledbetter, Jr.
29,142
28,348
49
48
Ginkgo Residential, LLC
Charlotte, NC
Philip S. Payne
29,029
27,798
50
47
Berkshire Property Advisors
Boston, MA
Frank Apeseche
28,085
27,806
APRIL 2011
NMHC 50 7
NMHC 50:
“The Great Recovery”
Following “The Great Recession”
By Mark Obrinsky, Vice President of Research and Chief Economist, National Multi Housing Council
OVERVIEW
E
xactly one year ago, this article was titled “Apartment Industry Challenged by Great Recession.” What
a difference a year makes. The apartment industry made a surprising recovery in 2010 from the
aforementioned recession. Like all commercial real estate sectors, apartments have traditionally been
a lagging industry, and the rather modest improvement in the economy had suggested a more muted pickup
in apartment demand. Instead, the popularity of renting increased to its highest level since 1998—with
the share of households who rent rising to 33.4 percent by year-end—and occupancy rates rose across the
country. Net absorptions were also strong and rents increased as well (though not yet enough to fully offset
the previous decline). The modest improvement in employment led to some “un-coupling” of households,
but demand was mainly fueled by new households being formed coupled with reduced resident turnover
(especially move-outs to homeownership).
Meanwhile, starts of new multifamily buildings remained at historically low levels, while completions—
which lag new starts—fell by 43 percent. They will likely set an all-time low in 2011. In large part this stems
from the continued difficulty in obtaining construction financing. The combination of a demand surge and
reduced new supply foreshadows further gains in occupancy and rents in the next two years. With other
commercial real estate sectors not as far along in their recovery, equity capital has shown increasing interest in apartment investment; the Equity Financing Index in the January 2011 NMHC Quarterly Survey of
Apartment Market Conditions rose to a record high of 74, with the highest percentage ever (52 percent) of
respondents saying they had greater access to equity capital than late last year.
Transaction Boom
Not surprisingly, transaction volume rebounded as well, more than doubling to $31 billion. While still
a far cry from the condo conversion-fueled boom of 2005-2007, it’s a strong gain in the context of tighter
financing conditions. On the plus side, the debt finance markets also took a few steps toward a more normalized environment, as life insurance companies got back into the market and even the CMBS market showed
signs of life. Still, the industry continues to rely heavily on the GSEs and FHA for support.
After being dragged down by 30 percent or more during the recession and financial crisis, apartment
property prices recovered substantial ground in 2010. Correspondingly, cap rates on apartments have come
down 50 basis points from the peak in mid-2009.
The total number of apartments owned by firms in the NMHC 50 owners list is 7.7 percent greater than
the number managed by the top 50 managers. The
mean and median portfolios among the owners are
NMHC 50 PROFILE 2011
also larger than the mean and median management
Portfolio Size:
portfolios. Nonetheless, the top management firm has
No. of Apartments Owned
a larger portfolio than the top owner firm, and the
No. of Apartments Managed
entry threshold for NMHC 50 managers is higher than
that for the NMHC 50 owners. Thirty-three firms on
Minimum Entry Threshold:
the management list have at least 30,000, but fewer
than 50,000, apartments. By contrast, only 19 firms on
No. of Apartments Owner
the owners list are in that range.
No. of Apartments Managed
8 NMHC 50
2,933,672
2,722,894
25,002
28,085
APRIL 2011
APARTMENT OWNERSHIP
TOP 10 APARTMENT OWNER FIRMS
For the second straight year, Boston Capital headed
Rank Company
No. of
Apartments with
up the NMHC 50 owners list. (It was also the 20th
Ownership Interest
consecutive year the firm has been among the top
1
Boston
Capital
158,947
ten owners.) Moving into the second and third slots
2
152,600
are new incarnations of former top-ranked firms:
3
Boston Financial Investment Management, LP
145,454
Centerline Capital Group arose from the 2005 lead4
SunAmerica Affordable Housing Partners, Inc.
141,113
er CharterMac, while Boston Financial Investment
Management, LP replaces the 2009 top-ranked
5
Equity Residential
129,604
MMA Financial. As a result, SunAmerica Affordable
6
PNC Tax Credit Capital
123,462
Housing Partners, Inc. and Equity Residential both
7
AIMCO
110,946
moved down two places to the No. 4 and No. 5 slots,
8
107,138
respectively. Rounding out the top ten this year are last
9
Enterprise Community Investment, Inc.
96,195
year’s No. 4 through No. 8 firms.
10
The Richman Group Affordable Housing Corporation
94,925
Six of the top ten firms decreased the size of their
ownership portfolios, led by AIMCO’s
net selloff of 22,254 units. By contrast,
NMHC 50 OWNERS*
National Equity Fund, Inc., Centerline,
Number of Apartments Owned
2011
and The Richman Group Affordable
Top
10
1,260,384
Housing Corporation all saw sizable net
Second 10
599,926
increases. Overall, 30 of the NMHC 50
Top
25
2,094,974
owner firms (including newcomers) were
Second 25
838,698
net acquirers of apartments last year,
Top
50
2,933,672
while 20 were net sellers. The net sellers
reduced their portfolios by 81,274, while
Portfolio Size Measures
net buyers added a total of 98,817 apartMean
58,673
ments.
Median
43,846
The inclusion this year of some large
No. 1 firm
158,947
firms that weren’t on the list last year
No. 50 firm
25,002
led to a 7.2 percent increase in the overShare of National Apartment Stock
all number of apartments owned by
Top 10
7.2%
the top 50 firms in 2011. The biggest
Top 25
12.0%
portfolio increase was recorded by Hunt
Top 50
16.9%
Companies, Inc., which added 25,073
* After NMHC updated the ownership definition in 2006, CharterMac decided it no longer qualified
units, increasing its portfolio by more
and did not complete the survey. MMA Financial chose not to participate last year. Changes in
than two-thirds and putting it into the participation affect comparisons with last year’s survey results. See “Methodology” section at end
#14 position. Among top 50 firms for for more information.
both 2010 and 2011, UDR had the biggest Changes in ownership definition and company response make historical comparisons difficult.
increase with a portfolio gain of 7,476.
This year’s survey asked some general questions about business type and geographic location of their apartments. Forty-two firms
indicated they own market-rate apartments, 33 firms own tax credit or affordable units and 18 firms have senior housing apartments.
The most popular region among top 50 owners is the South Atlantic, where all but four firms own apartments. Of course, the South
Atlantic also has the most apartments.
APARTMENT OWNERS
Largest Portfolio Growth
Apartments
Hunt Companies, Inc.
GID Investment Advisers, LLC
UDR, Inc.
+ 25,073
+ 12,755
+ 7,476
+ 6,638
+ 5,100
APRIL 2011
Moving Up in Rank
BH Equities LLC
UBS Realty Investors LLC
Slots
+6
+5
+4
+3
+2
NMHC 50 9
REITs in the Rankings
T
he 2011 NMHC 50 owners list includes 10 REITs, the same number as last
year. The total apartment holdings by REITs in the NMHC 50 decreased, however, and the REIT share of the overall market fell to 3.4 percent, the lowest
level since 1997, when it was
2.3 percent. This decline appears
to be more company-specific
APARTMENT REIT SIZE AND RANK BY TWO MEASURES
than a consequence of the REIT
Apartments
Company
(as of January 1, 2011)
model. In particular, AIMCO’s
with
Rank
Total
Cap rank
Ownership among Capitalization among
sizable paring of its portfolio
Interest REITs ($ millions) REITs
outweighed substantial portfoEquity Residential
129,604
1
25,882
1
lio gains by UDR, AvalonBay,
AIMCO
110,946
2
9,566
3
Home Properties, Mid-America
63,278
3
6,388
5
Apartment Communities and
UDR, Inc.
58,796
4
7,984
4
Essex Property Trust.
In principle, apartment ownAvalonBay Communities, Inc.
52,490
5
13,548
2
ers could be ranked not only
Mid-America Apartment Communities, Inc.
46,306
6
3,861
9
by the number of apartments
38,861
7
5,326
7
owned but also by the value of
33,205
8
3,240
10
those apartments. While capEssex Property Trust, Inc.
29,146
9
5,918
6
turing such data is impractical,
25,398
10
4,889
8
there is an alternative measure
Note: Company total capitalization sums: (1) market value of shares outstanding, including operating partnership units;
available for public companies,
(2) the value of perpetual preferred stock; and (3) the book value of total debt outstanding. Capitalization estimates for
December 31, 2010, are provided by Stifel Nicolaus & Company, Inc.
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.
10 NMHC 50
APRIL 2011
APARTMENT MANAGERS
There were fewer changes among the NMHC top 50 managers. Only two new firms made the list, and the same firms from
last year’s top ten made up the 2011 top ten as well, albeit with some changed rankings. The biggest change was the new
leader: on the strength of a sizable net increase
in its management portfolio (a gain of 33,541
TOP 10 APARTMENT MANAGEMENT FIRMS
apartments), Greystar Real Estate Partners, LLC
Rank Company
No. of
became the largest apartment manager in the
Apartments
Managed
country. Riverstone Residential Group remained
in the No. 2 slot, with last year’s biggest manage1
187,360
ment firm, Pinnacle Family of Companies, now
2
Riverstone Residential Group
162,182
ranked No. 3. Lincoln Property Company (No.
3
151,367
4) and Equity Residential (No. 5) switched places
4
133,425
from last year, as did WinnCompanies (No. 7) and
5
Equity Residential
129,604
Archstone (No. 8).
6
AIMCO
117,119
Besides Greystar, the biggest portfolio gainers
7
WinnCompanies
84,817
were newcomer CAPREIT, WinnCompanies and
8
Archstone
81,613
The Laramar Group, LLC. Laramar was also the
biggest mover in the management rankings, mov9
63,498
ing up 19 places to the No. 24 slot. JRK Property
10
Bell Partners Inc.
60,182
Holdings, Inc. and McKinley, Inc. also moved up
the rankings ladder substantially.
One key characteristic of today’s apartment management landscape is the large number of similar-sized firms just outside
the top ten. The No. 11 firm (FPI Management, Inc.) manages 58,604 apartments, while the No. 50 firm manages 28,085 apartments, a difference of 30,519. By comparison, the management portfolio of the top firm is 91,185 units larger than that of the
No. 10 firm. Another measure of just how tightly bunched the middle of the rankings list is: Gables Residential increased the
number of apartments under management (by 263 units), yet still fell in the rankings by 4 slots.
All but one firm among the 50 largest managers have market-rate apartments in their portfolios. Thirty-seven firms manage
NMHC 50 MANAGERS
Number of Apartments Managed
Top 10
Second 10
Top 25
Second 25
Top 50
2011
2010
2009
2008
2007
2006
1,171,167
505,197
1,885,014
837,880
2,722,894
1,195,881
496,740
1,890,933
798,786
2,689,719
1,224,042
487,528
1,915,170
754,002
2,669,172
1,194,108
523,614
1,930,162
797,946
2,728,108
1,106,880
498,472
1,810,315
770,885
2,581,200
1,051,603
469,786
1,703,865
680,091
2,383,956
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
47,679
33,150
197,774
22,500
6.7%
10.8%
15.6%
6.9%
10.9%
15.5%
7.0%
11.0%
15.3%
6.9%
11.1%
15.7%
6.4%
10.4%
14.8%
6.0%
9.7%
13.6%
Portfolio Size Measures
Mean
Median
No. 1 firm
No. 50 firm
Share of National Apartment Stock
Top 10
Top 25
Top 50
APARTMENT MANAGERS
Largest Portfolio Growth
CAPREIT, Inc.
WinnCompanies
UDR, Inc.
12 NMHC 50
Apartments
+ 33,541
+ 16,180
+ 11,515
+ 11,013
+ 9,488
+ 7,847
Moving Up in Rank
McKinley, Inc.
Asset Plus Companies
Slots
+ 19
+8
+7
+4
+4
APRIL 2011
APARTMENT MANAGEMENT (by tier in thousands)
3,000
2,500
2,000
1,500
1,000
500
’90
’91
’92
Top 10
’93
’94
’95
’96
Top 25
tax credit/affordable properties and 12
firms manage senior housing. As with
the top 50 owners, the South Atlantic
has more top 50 managers than any
other region.
The number of apartments included
in the NMHC 50 manager list increased
by 1.2 percent in 2011 to 2,722,894,
the second-highest level in the survey’s history (the highest was 2,728,108
in 2008). Seven of the top ten firms
reduced their management portfolios, compared with only three that
increased their portfolios. As a result,
the apartments managed by the ten
largest firms declined by 2.1 percent,
the second straight decline. By contrast,
apartments under management by the
“second ten” firms rose by 1.7 percent.
More significantly, the portfolios of the
“second 25” firms rose by 4.9 percent to
a record high of 837,880.
Both the mean (average) and the
median rose and are close to their alltime highs. The minimum size needed
to make it into the top 50 (28,085 apartments) set a new record, 1,240 more
than the previous record set last year.
APRIL 2011
’97
’98
’99
’00
’01
’02
’03
’04
’05
’06
’07
’08
’09
’10
’11
Top 50
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METHODOLOGY
For the second straight year, the National Multi Housing Council partnered with Kingsley Associates to handle the NMHC 50 survey process (though 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 contacts staff from each firm who complete 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 over the investment property. Similarly, tax credit syndicators and
franchisers are regarded as owners only if they retain a fiduciary responsibility. (When 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 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. In practice, it is not feasible 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 not. 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.
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
and everyone’s best efforts, the process remains imperfect: 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. This year, both Crow
Holdings and GE Real Estate—firms that are likely large enough to make the ownership NMHC 50—declined to participate. As a
result, two other companies appear on the list that otherwise might not have been large enough. In addition, this affects the total
number of apartments owned by the top 50 firms, as well as other measures of concentration such as the mean and median portfolio size. (Note that this did not affect the management list.) For these reasons, year-to-year comparisons must be made with great care.
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TRUST. VISION. EXPERIENCE.
A Familiar Face
Returns to Multifamily
He’s back.
March 8, 2010 was a landmark date for prominent real estate
investor Andrew L. Farkas — and arguably for the apartment sector
as well. The day marked Farkas’ return to apartment investment a
decade after selling his previous mega-portfolio.
Farkas’ return to the field was as splashy as his exit back in the
late 1990s.
Affiliates of the Island Capital investment organization that
Farkas heads on that day closed acquisitions of various assets of the
struggling Centerline Holding Co. These include the commercial
mortgage special servicing and mortgage-backed securities fund
management divisions now operating under Island’s C-III Capital
Partners unit. They also include a stake in fee-based multifamily
finance originations and servicing, tax-credit equity fund management and related asset-management divisions still operating under
the Centerline Capital Group name, which ranks No. 2 on the
NMHC 50 Owners list.
In conjunction with the transaction, the Island Capital affiliate
known as Anubis Advisors, made up of key Island brain-trusters,
now acts as external management advisor to both Centerline and
C-III.
As was the case with his Insignia Financial Group back in the
late 1980s and early 1990s, Farkas now aims to build a large portfolio of apartments and other assets by exploiting opportunities
related to financial distress in the income-property arena.
Farkas describes his re-entry into the multifamily field as replicating Insignia’s strategy adapted for the prevailing environment.
But this time around he wants to gain control of assets by initially
targeting the debt side rather than picking up ownership interests
as he did back then.
Andrew L. Farkas
Chairman and CEO of Island Capital
TARGETING COLLATERAL ASSETS
More specifically, through C-III’s special servicing and CMBS fund
management activities, he aims to take control of collateral assets
underlying loans securitized mostly during the 2005-07 bubble
years.
“The equity lives inside the securitization today,” says Farkas,
who amassed some 350,000 apartments under the Insignia umbrella while still in his 30s. “Back then we acquired portfolios by
acquiring controlling classes of the [corresponding] equity security:” general partner interests in limited partnerships, managing
member positions in limited liability companies and the like.
But a decade into the new century — and now that he’s hit the
half-century mark — Farkas and his longtime teammates want to
“control the controlling classes of the debt security,” he explains.
“The true ownership of equity is somewhere inside the CMBS
stack.”
Can Farkas and company succeed in the prevailing environment
16 NMHC 50
APRIL 2011
as they did in the ’90s? Even after a decade away from the domestic
apartment sector — he’s been off acquiring yachting lifestyle destinations and marinas around the globe — Farkas commands no
shortage of peer respect.
David Woodward, CEO of fast-growing apartment owner-operator Laramar Group, points to other notable investors who have
since emulated Farkas’ move by investing in large special servicers.
For instance, Cerberus Capital Management, Oaktree Capital
Management and Vornado Realty Trust helped recapitalize LNR
Partners’ parent company, and Fortress Investment Group bought
CWCapital.
“It seems everyone has their eye on Island as they’re determining
how to proceed” when it comes to controlling real estate through
special servicing rights and B-piece positions, Woodward adds.
“Farkas is known as a savvy player, so if the opportunity is there,
the thinking is he’ll find a way to make it work.”
The Centerline deal appears to give Farkas a promising combination of assets and platforms.
C-III took on special servicing responsibilities covering some
$110 billion in commercial mortgages held in 80-plus CMBS
securitizations. The transaction also brought Centerline’s former
position in subordinate “first loss” tranches, known as B-pieces, of
those CMBS bond issues, with combined face values of about $3.1
billion.
GROWTH STRATEGY
Where it makes economic sense and is in the best interests of
CMBS bond-holder trusts, the C-III
team will look to convert control
of those B-piece tranches into control of financially distressed apartment properties and other real estate,
Farkas is quick to acknowledge.
Indeed, a primary component of
the near-term growth strategy entails
securing and exercising special-ser
vicer options to acquire distressed
assets at independently calculated
“fair values” – but, again, just in
select cases where that’s the best resolution for bond-holders.
“This gives us the opportunity to
make investments in defaulted assets,”
Farkas relates.
And it appears to be an attractive
environment to pursue that strategy – again, given how far CMBS
conduit lenders stretched in funding
loans during the bubble years. A huge
amount of conduit loans originated
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back in the syndication- and S&Ldriven ’80s, Farkas stresses.
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APRIL 2011
Initially launched with $5.5 million in investor capital Farkas arranged,
the operation that became Insignia Financial leaped into prominence
nationally when it acquired nearly all the assets of big apartment syndicator U.S. Shelter Corp. on the last day of 1990. Insignia went public
the following year and ultimately evolved into one of the world’s biggest
owner-operators with 350,000 apartment units.
When the economy was booming a couple of years before the dotcom bubble burst, Insignia sold most of that portfolio to public REIT
Apartment Investment & Management Co. (AIMCO) for approximately
$11 billion, including the combined capitalization of all the assets that
traded hands. The rapid growth didn’t come without at least a bit of
controversy, however: Insignia ultimately came to a settlement over allegations of improper fee-splitting arrangements covering HUD-financed
apartments, agreeing to repay more than $7 million in management fees
HUD had paid Insignia.
Looking forward, the Farkas team expects to devote considerable
resources in executing C-III’s and Centerline’s various multifamily strategies in coming years.
TARGETING DISTRESSED PROPERTIES
C-III began actively acquiring distressed properties through its special
servicing activities in late 2010, with a handful closed by mid-February.
“And we’ve got a bunch more teed up,” Farkas notes.
As C-III is now special servicer for CMBS deals with security interests
in all sorts of commercial real estate collateral, the team expects to take
control of office, retail and hospitality assets in addition to apartments.
“We will look to aggregate significant portfolios of each and [when the
timing is right] seek exit strategies.”
Apartments will be a primary thrust: “Obviously multifamily is an asset
class in which we have some degree of comfort,” Farkas understates.
If some market participants have expressed concerns that C-III, as
special servicer, will look to take control of assets rather than pursue
mutually favorable workouts with borrowers, Farkas points to the rules
of the game.
“We will always do what’s in the best interests of (CMBS) certificate
holders; that’s our responsibility,” he stresses. “If it’s determined that the
best-case outcome is through some liquidity strategy that involves sale of
an asset, we’d look at that prospect.”
As for the recapitalized Centerline operations, the tax-credit syndication operation – the nation’s second-largest apartment owner with interests in some 152,600 units at year-end – in mid-February closed its latest
nearly $120 million multi-investor fund. After a considerable dip in taxcredit equity raising during the 2008-09 period, that space is “returning
from its lull” and becoming more competitive, Farkas observes.
He’s optimistic about Centerline’s affordable-housing financing originations businesses as well, given that the Obama Administration isn’t
about to pursue dramatic program cuts even while looking to rein in the
federal deficit. “The form that affordable-housing financing might take
may be up in air,” Farkas observes, “but it’s a certainty that it will be a
public (function).”
There is, he says, inherent value in solid platforms for originating and
servicing on behalf of Fannie and Freddie — or the entities that succeed
them.
18 NMHC 50
APRIL 2011
New Faces
T
he 2011 NMHC 50 Managers roster features two firms that experienced exceptional portfolio growth last year. CAPREIT, Inc. made
its splashy debut at No. 42 after more than doubling its portfolio to
31,000-some units. And Laramar Group moved up an impressive 19 slots to
No. 24 as its portfolio grew by some 11,000 units to more than 40,500.
However, Laramar’s and CAPREIT’s growth came via contrasting strategies. Both reflect opportunities exploited by some of the savviest apartment
operators in the prevailing market. While Laramar grew piecemeal mostly
by taking over distressed properties for new clients, CAPREIT’s portfolio
expansion came via a particularly transformative transaction.
Laramar’s big jump is in great part a result of its strategic initiative
to handle more short-term apartment property management and related
engagements at distressed assets on behalf of lenders and special servicers, David Woodward
explains David Woodward, the company’s Denver-based Managing Partner Mananging Partner and CEO
and CEO.
of the Laramar Group, LLC
And the strategy senior executives adopted a couple of years back paid
particularly large dividends in 2010. Laramar augmented its client roster
with some household-name lenders, such as Wells Fargo and Citigroup,
along with top-tier special servicers including LNR Partners, CWCapital,
C-III Capital and Midland Loan Services.
Laramar can also offer these customers services such as receiverships,
due diligence and the construction management frequently needed at
REOs and otherwise distressed properties. Indeed, Laramar is already acting as receiver for properties totaling
upwards of 9,000 units in 12 states.
“And that part of the portfolio just continues to grow,” relates
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[email protected].
to stabilize occupancies, expenses and
income streams.
The initial wave of distressed properties included plenty of “thinly under
written” D+ and C- assets, Woodward
recalls. But the latest distressed additions to Laramar’s portfolio are more
Communities in: A L A B A M A | F L O R I DA | G E O R G I A | M A RY L A N D | M I S S O U R I
often in the B quality range, many of
N E VA D A | N O R T H C A R O L I N A | S O U T H C A R O L I N A | T E X A S | V I R G I N I A
them in reasonable operational shape
but with owners unable to fully refinance maturing mortgages in the prevailing credit environment, he adds.
Fortunately, the firm was well pre-
Ginkgo Residential is new in name only.
APRIL 2011
pared to take on these tough assignments, as Laramar has traditionally operated properties across much of the quality and price-point spectrums.
Another challenge: given that these assignments typically culminate in
preparing properties for dispositions or, in some cases, financial workouts, they’re mostly short-term in nature. The trick is to make sure the
new relationships last a lot longer than the distressed-asset engagements,
Woodward stresses. And that’s clearly the case with CWCapital, for whom
Laramar has become the servicer’s largest multifamily fee manager.
“We got in early with some of the big servicers, and now we’re one of
their go-to managers,” Woodward relates. “We’re very happy with where
we’re positioned with lenders and servicers; this gives us unique access to
properties.”
Laramar has traditionally overseen apartment communities for longterm holders, including institutional investors such as Prudential Real
Estate and Henderson Global. And the firm’s internal, fully invested fund,
dubbed Laramar Multi-Family Value Fund, accounts for some 8,000 units
under management (a follow-up fund is scheduled to close later this
year).
A dozen or so new distressed-asset relationships would make Laramar’s
management portfolio about as large as Woodward cares to see it.
Concerned about potential “diseconomies” of a large-scale, multi-market
operation, Woodward isn’t aiming to boost Laramar’s management portfolio beyond approximately 75,000 units in 30 markets.
“I’d say 50,000 to 75,000 units is the perfect size for us. You start getting
larger than that and it can be hard to turn the ship” when market dynamics
necessitate limber strategic responses, Woodward explains.
Laramar’s management portfolio is quickly approaching the 50,000-unit
mark. That includes 8,000 units in the Bay Area alone, with 5,000 in San
Francisco proper. While the firm usually sticks with communities of 100 or
more units, success in a market like San Francisco can require a cluster of
smaller projects.
Indeed, Laramar’s portfolio in the bayside city averages fewer than 40
apartments per property. Several are REOs previously controlled by Lembi
Group interests.
Now, Woodward and company aim to replicate that portfolio growth
strategy in New York City, where the company last year launched an operation to serve clients, as well as in Boston and Philadelphia. Woodward and
associates recruited veteran David Sorise from The Dermot Co. to head the
new regional office.
Dick Kadish
President of CAPREIT, Inc.
Laramar Managed Fillmore
Center in San Francisco, CA
ONE FELL SWOOP
As founder and owner Richard “Dick” Kadish explains, Rockville, Md.based CAPREIT’s growth last year likewise reflects a strategy pursued for a
couple of recession-rocked years. But in CAPREIT’s case, nearly the entire
portfolio expansion came via a single transaction that ultimately took
much of two years to complete.
A CAPREIT affiliate teamed with Morrison Grove Capital Advisors to
take over management of Credit Suisse Group’s approximately 240-property, 15,000-plus-unit portfolio of tax-credit apartments. CAPREIT, which
also part-owns and asset-manages other tax-credit, conventional and
tax-exempt bond-financed properties, logically handles the hands-on
20 NMHC 50
APRIL 2011
property-level work, while Morrison Grove oversees the tax-credit investor
relationships.
Kadish and his Morrison teammates were all too aware that their team was
competing against 15 or so other qualified suitors for the portfolio. One key
factor in securing the deal came when Credit Suisse engaged CAPREIT to
asset manage a couple of the struggling properties.
“Fortunately, we were able to turn around distressed situations into
money-making operations by employing standard real estate management
techniques and concentrated efforts,” Kadish recalls.
One small property actually lacked a general partner, property manager
and loan guarantor when CAPREIT took over. It also lacked tax-credit compliance approval for three years running. The new manager was able to resolve
all those issues and boost occupancy from roughly 65 percent to completely
full in just 63 days.
Still, it took well over a year to win the competition and several more
months to close the deal – on the last day of 2010.
Doubling CAPREIT’s management portfolio in one fell swoop certainly
presented challenges. But, fortunately, the CAPREIT/Morrison venture
retained much of Credit Suisse’s professional team working on the portfolio.
“So nothing was lost in transition,” as Kadish puts it.
Kadish cites CAPREIT’s extensive affordable-housing program compliance
policies and procedures as instrumental to winning and closing the Credit
Suisse deal. “Much to our benefit we
had very good relationships with the
housing finance agencies in the states
where the portfolio properties are
located.”
Kadish is now looking to further
grow CAPREIT’s portfolio with additional transactions along the lines of
the Credit Suisse deal.
“Our biggest advocate, if you will, is
the professionals on the Credit Suisse
side who’ve seen us in action,” Kadish
relates. “That’s the biggest recommendation we can make to (would-be
sellers): go and ask these people how
we’ve performed.”
CAPREIT’s portfolio is generally
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ing and successful relationships.”
APRIL 2011
Revisiting the Number Ones
N
ot long ago, public REITs sought identity as consolidators, but two giants
once topping the NMHC 50 Owners list have shrunk in recent years,
although they remain in the top 10. Still, executives at both AIMCO and
Equity Residential are more optimistic about the profitability prospects ahead
than they were when their portfolios exceeded 225,000 units.
AIMCO’s portfolio, now at about 111,000 (No. 7), is half the size it was a
half-decade back. And Equity Residential, at just under 130,000 (No. 5), has shed
roughly 100,000 units since its portfolio peak. Meanwhile, the recapitalized taxcredit syndicator now known as Centerline Capital Group has seen its portfolio
shrink even further, from a peak of some 325,000 units down to 152,600 at yearend (but No. 2, nonetheless).
Some noteworthy trends, at least in part stemming from the recession, are
apparently prompting some of the biggest publicly traded apartment owneroperators to right-size.
REITs, in particular, in recent years have generally concluded that efficiencies
of scale have limits. Yes, bulk buying power can generate discounts on supplies
and services, but it doesn’t improve profitability as much as a portfolio focused on
product offerings and markets where management boasts competitive expertise.
“Over the past few years, we’ve significantly streamlined and refocused” the
company and its portfolio, longtime AIMCO Chairman/CEO Terry Considine
stressed during the company’s latest quarterly conference call. Like many other
large apartment REITs, AIMCO has sold many of its communities with an eye
toward focusing on its core markets and strongest properties, added Executive
Vice President John Bezzant.
Likewise, Equity Residential’s portfolio continued shrinking last year in terms
of units owned, but the quality improved via strategic dispositions and investments, said CEO David Neithercut. Equity Residential acquired nearly 4,500
units for combined consideration of about $1.5 billion during the year, while also
selling another 7,171 apartments — primarily non-strategic assets in non-core
markets — for a total of $718.4 million.
As Neithercut also noted, many REITs facing large-scale secured and unsecured
debt maturities sold properties to raise cash and shore up balance sheets during
2008 and 2009, particularly when credit markets were so dysfunctional.
While that became less of an issue for many REITs a year ago as credit conditions improved, the impact is that prior strategic moves improved balance sheets
as portfolios shrank, as AIMCO’s Considine is quick to point out. “Recourse debt
was largely eliminated, costs were lowered, near-term maturities were reduced,
and liquidity and capacity were increased.”
The quest to deleverage was clearly more pronounced among public companies and appears to have pulled many private tax-credit syndicators to the top of
the nation’s roster of largest apartment owners, observes Jeff Goldstein, Executive
Vice President and Chief Operating Officer of Boston Capital, the reigning top
owner with just under 159,000 units.
Private syndicators just don’t face the kinds of shareholder pressures public
REITs do to de-lever and meet quarterly financial targets through active dispositions, he adds: “We can be far more patient.”
Indeed, affordable-housing specialists, primarily tax-credit syndicators, now
hold the top four slots, and six of the top eight.
David Neithercut
President and CEO
of Equity Residential
Jeff Goldstein
Executive Vice President
of Boston Capital
SYNDICATORS DOMINATE
TOP TIER
So even as the average size of the industry’s largest portfolios has generally
become smaller in recent years, it’s no great surprise to Goldstein and other pros
22 NMHC 50
APRIL 2011
that syndicators have come to dominate the upper tier. Even though tax-credit equity
raising fell off during the recession, it became about the most reliable source of capital
amid the credit crunch.
Rounding out the leading quintet in addition to Equity Residential, Centerline
and stalwart Boston Capital (this is the 20th straight year that Boston Capital has
been in the top 10 of the NMHC 50 Owners) are No. 3 Boston Financial Investment
Management, LP at about 144,500 and SunAmerica Affordable Housing, Inc. at a bit
over 141,000.
Several other affordable specialists also ranked among the companies experiencing
the strongest growth over the course of 2010. These include No. 8 National Equity
Fund, Inc., whose portfolio grew by more than 6,600 units; No. 10 Richman Group
Affordable Housing Corporation (growth of more than 4,500 units); and No. 12
Alliant Capital, Ltd. (growth of nearly 5,000 units).
Another reason so many syndicators top the NMHC 50 Owners list is that tax-credit
compliance life-cycles tend to minimize rapid market-driven property and portfolio
dispositions, notes Ken Cutillo, Boston Financial’s CEO. Investors seeking full compliance benefits need to stick with these investments for 15 years, he explains.
But compliance life-cycles during certain periods can likewise end up generating
growth in syndicator portfolios – as is the case today, adds Goldstein. A lot of investors
coming out of expiring compliance periods stemming from the deal-heavy mid-1990s
are now looking to redeploy capital into new tax-credit ventures, he explains.
Despite the recessionary decline in tax-credit equity raising, capital has still flowed
into affordable-housing ventures, Goldstein continues. Banks might be leery of real
estate lending, but they’re still motivated by Community Reinvestment Act obligations, he elaborates.
Boston Capital, Centerline Capital Group and Boston Financial Investment
Management, LP have all been working on sizable new tax-credit equity funds, proceeds of which will help them augment their respective portfolios. Boston Capital
closed a $305 million fund last October,
and Cutillo says Boston Financial is on
track to raise another $250 million to
$300 million this year. (Two years ago
JEN Partners and Real Estate Capital
Partners acquired Boston Financial,
then known as MMA Financial, from
troubled Municipal Mortgage &
NATIONAL PERSPECTIVE,
Equity.)
greystar.com
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Meanwhile, the recapitalized, publicly
traded Centerline in mid-February
closed its latest nearly $120 million
multi-investor fund. The syndication
arena is returning from its lull – and
has attracted a few start-up syndicators
adding to the competition for investors
and qualifying investments, observes
investor Andrew Farkas, who heads the
group that acquired a 40 percent stake
in Centerline last year.
Another hard-to-ignore trend
emerging among the nation’s largest
apartment owners: notwithstanding
the portfolio shrinkage among the very
largest players, holdings among the
balance of the NMHC 50 have clearly
APRIL 2011
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Mr. Stacy Hunt, Executive Director
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been growing.
Indeed, a half-decade back, only half the companies ranked No. 11 through
No. 20 could boast 50,000 or more units. Today they all can.
Likewise, No. 21 through No. 30 owned roughly 33,000 to 43,000 apartments.
Today the comparables are 41,000 to 50,000. Nine of the 10 from No. 31 through
No. 40 held 30,000 or fewer units five years ago; today nine of the 10 own 30,000
or more.
And none of the companies ranked No. 41 through No. 50 owned more than
23,000 apartments five years ago. Today they hold between 24,000 and 29,000,
roughly.
As for those public REITs formerly holding the top slot, their respective leaders
see more productive days ahead – but not necessarily larger portfolios.
Considine reiterated that AIMCO’s brain trust continues striving to squeeze
better operating margins out of the right-sized portfolio.
“Our conventional same-store operating margin actually improved during the
Great Recession to better than 61 percent,” he said.
Added Bezzant: “We are recycling capital through the portfolio, and we have
aggressively focused (on) selling off the bottom of the portfolio.”
At Equity Residential, Neithercut stressed that as the company looks to grow
again through offensive-minded development ventures and strategic acquisitions, the management team won’t hesitate to sell additional seasoned holdings
if offers are compelling.
Dispositions, in fact, will likely exceed acquisitions this year: with guidance
calling for some $1.25 billion of the former compared to $1 billion of the latter.
As for AIMCO’s plans: “We see more attractive investment opportunities
within our existing portfolio,” concludes Considine.
Ken Cutillo
Chief Executive Officer
of Boston Financial
Terry Considine
Chairman and CEO of AIMCO
Our employees are the
source of our success.
We thank all 2,670 of
our team members and
their families.
Recognized as a Top 100 Employer, Boston Globe, 2010.
Advancing careers in property management for 40 years.
AIMCO’s Greenspoint at
Paridise Valley in Phoenix, AZ
Serving over 450 multi-family
communities, nationwide
6 Faneuil Hall Marketplace, Boston, MA
www.winnco.com
APRIL 2011
$12 billion of multi-housing
value creation in 2010
$6.4*
$4.2
$1.4
billion
billion
billion
investment
sales
direct loan
originations
intermediary
loan
originations
CB Richard Ellis was once again the leading market-maker for the
multi-housing industry in 2010. We’ve been the #1 investment sales apartment
broker for 10 years running**, and the only commercial real estate brokerage
with Fannie Mae, Freddie Mac and HUD FHA direct lending capabilities.
We continue to create value for investors as the most robust facilitator of
multi-housing capital markets transactions in the United States.
For more information please contact:
Brian Stoffers
713.787.1999
Peter Donovan
617.488.7235
[email protected]
* includes $300 million of buyer-rep acquisitions in the U.S.
** Source: Real Capital Analytics
Mitchell Kiffe
703.905.0249
[email protected]
www.cbre.com/mhg
NMHC Officers 2011
Chairman
Peter F. Donovan
CB Richard Ellis
Boston, MA
Vice Chairman
Thomas S. Bozzuto
The Bozzuto Group
Greenbelt, MD
Treasurer
Daryl J. Carter
Avanath Capital Partners
Irvine, CA
Former Chairmen
Kelley A. Bergstrom
C. Preston Butcher
Ric Campo
Douglas Crocker, II
Allen Cymrot
William H. Elliott
Richard L. Fore
Randolph G. Hawthorne
Gary T. Kachadurian
Membershipp lists current as of Februaryy 21,, 2011.
Secretary
Robert E. DeWitt
GID Investment
Advisers LLC
Boston, MA
President
Douglas M. Bibby
National Multi
Housing Council
Washington, DC
Mary Ann King
Duncan L. Matteson, Sr.
Richard L. Michaux
Robert Sheridan
Geoffrey L. Stack
Leonard W. Wood
Board of Directors
Executive Committee
Patti Fielding
AIMCO
Denver, CO
Patti Shwayder
AIMCO
Denver, CO
Marc E. deBaptiste
Apartment Realty
Advisors
Boca Raton, FL
Gary T. Kachadurian
Apartment Realty
Advisors
Oak Brook, IL
Charles E. Mueller, Jr.
Archstone
Englewood, CO
R. Scot Sellers
Archstone
Englewood, CO
Sean J. Breslin
AvalonBay
Communities, Inc.
Arlington, VA
Timothy J. Naughton
AvalonBay
Communities, Inc.
Arlington, VA
David J. Olney
Berkshire Property
Advisors
Boston, MA
Thomas Shuler
Berkshire Property
Advisors
Roswell, GA
Julie A. Smith
Bozzuto Management
Company
Greenbelt, MD
Stephen Dominiak
Irvine, CA
Constance B. Moore
San Francisco, CA
Laurie A. Baker
Houston, TX
Ric Campo
Houston, TX
John R. Williams
Carmel Partners, Inc.
San Francisco, CA
Ron Zeff
Carmel Partners, Inc.
San Francisco, CA
Brian F. Stoffers
CBRE Capital Markets
Houston, TX
William T. Hyman
New York, NY
John Larson
New York, NY
26 NMHC 50
APRIL 2011
Board of Directors
Executive Committee
Nathan S. Collier
The Collier Companies
Gainesville, FL
J. Andrew Hogshead
The Collier Companies
Gainesville, FL
Paul F. Earle
Birmingham, AL
Edward T. Wright
Birmingham, AL
Michael D. Berman
CWCapital
Needham, MA
Donald P. King, III
CWCapital
Needham, MA
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
Heidi McKibben
Fannie Mae
Pasadena, CA
Deborah Ratner-Salzberg
Forest City
Enterprises, Inc.
Washington, DC
Ronald A. Ratner
Forest City Residential
Group, Inc.
Cleveland, OH
Michael May
Freddie Mac
McLean, VA
Michael F. McRoberts
Freddie Mac
McLean, VA
Susan Ansel
Gables Residential
Dallas, TX
David Fitch
Gables Residential
Atlanta, GA
Stacy G. Hunt
Greystar Real Estate
Partners, LLC
Houston, TX
William C. Maddux
Greystar Real Estate
Partners, LLC
Charleston, SC
Laura A. Beuerlein
Heritage Title Company
of Austin, Inc.
Austin, TX
Gary S. Farmer
Heritage Title Company
of Austin, Inc.
Austin, TX
Mona Keeter Carlton
HFF
Dallas, TX
Matthew Lawton
HFF
Chicago, IL
Clyde P. Holland
Holland Partner Group
Vancouver, WA
Robert D. Greer, Jr.
ING Clarion
Washington, DC
C. Stephen Cordes
ING Clarion Partners
New York, NY
Guy K. Johnson
Johnson Capital
Irvine, CA
James H. Callard
Klingbeil
g
Capital
p
Management/American
g
Apartment Communities
Annapolis, MD
C. Preston Butcher
Legacy Partners
Foster City, CA
APRIL 2011
NMHC 50 27
Board of Directors
Executive Committee
W. Dean Henry
Legacy Partners
Residential, Inc.
Foster City, CA
J. Timothy Byrne
Lincoln Property
Company
Dallas, TX
Jeff B. Franzen
Lincoln Property
Company
Herndon, VA
John J. Kerin
Marcus & Millichap
Encino, CA
Martin T. Lanigan
Mezz Cap
Short Hills, NJ
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
Rick Graf
Pinnacle
Dallas, 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
Dale H. Taysom
Prudential Real Estate
Investors
Atlanta, GA
Jerome Ehlinger
RREEF
Chicago, IL
Brian E. McAuliffe
RREEF
Chicago, IL
Michael P. Bissell
SARES*REGIS Group
Irvine, CA
Geoffrey L. Stack
SARES*REGIS Group
Irvine, CA
Kenneth J. Valach
Trammell Crow
Residential
Houston, TX
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
Warren J. Durkin, Jr.
Wood Partners, LLC
Boca Raton, FL
Jay Jacobson
Wood Partners, LLC
Boca Raton, FL
28 NMHC 50
APRIL 2011
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Board of Directors
Membershipp lists current as of Februaryy 21,, 2011.
James M. Krohn
Alliance Residential
Company
Phoenix, AZ
Bruce C. Ward
Alliance Residential
Company
Phoenix, AZ
Lauren A. Brockman
Allied Realty
Services, Ltd.
Denver, CO
Tim L. Myers
Allied Realty
Services, Ltd.
Houston, TX
Michael H. Godwin
Ambling Companies, Inc.
Valdosta, GA
R. Ryan Holmes
Ambling Companies, Inc.
Valdosta, GA
William C. Bayless, Jr.
American Campus
Communities
Austin, TX
Rodrigo Lopez
AmeriSphere Multifamily
Finance, LLC
Omaha, NE
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
Margette Getto
Apartment Guide
Carrollton, TX
Kevin Doyle
Apartments.com
Chicago, IL
Thomas P. MacManus
ARA Finance, LLC
Boca Raton, FL
Roger H. Beless
Archon Residential
Irving, TX
William S. Robinson
Archon Residential
Irving, TX
Lin Atkinson
AT&T Connected
Communities
Atlanta, GA
Thuy Woodall
AT&T Connected
Communities
Atlanta, GA
Michael G. Miller
AUM
Oak Brook, IL
Daniel J. Roehl
AUM
Oak Brook, IL
Bj Rosow
AZUMA Leasing
Austin, TX
Richard Schechter
The Bainbridge
Companies
West Palm Beach, FL
Robert S. Aisner
Behringer Harvard
Addison, TX
Mark Alfieri
Behringer Harvard
Addison, TX
Jonathan D. Bell
Bell Partners
Greensboro, NC
Steven D. Bell
Bell Partners
Greensboro, NC
John M. Cannon
Berkadia Commercial
Mortgage
Horsham, PA
Mark W. Dunne
Boston Capital
Corporation
Boston, MA
John P. Manning
Boston Capital
Corporation
Boston, MA
30 NMHC 50
APRIL 2011
Board of Directors
Walter W. Miller
Brown Realty Advisors
Atlanta, GA
Alexandra S. Jackiw
Buckingham Companies
Indianapolis, IN
Jerry Feldman
CallSource
Westlake Village, CA
Mark Sadosky
CallSource
David J. Adelman
Campus Apartments
Philadelphia, PA
Miles H. Orth
Campus Apartments
Philadelphia, PA
Ernest L. Heymann
CAPREIT, Inc.
Rockville, MD
Richard L. Kadish
CAPREIT, Inc.
Rockville, MD
Tyler Anderson
CB Richard Ellis, Inc.
Phoenix, AZ
Stephen J. Zaleski
CB Richard Ellis
Investors, LLC
Boston, MA
Steven Fayne
Citi Community Capital
San Francisco, CA
Hal G. Kuykendall
Citi Community Capital
Denver, CO
Francis J. Coen
Clark Realty
Capital, L.L.C.
Monterey, CA
LaNitra Webb
Colliers International
USA Headquarters
Boston, MA
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
Logan, UT
Jason Rosa
Continental Realty
Advisors, Ltd.
Littleton, CO
David W. Snyder
Continental Realty
Advisors, Ltd.
Littleton, CO
James W. Harris
CoreLogic SafeRent
Rockville, MD
Mark Higgins
Cornerstone Real Estate
Advisers LLC
Santa Monica, CA
Brian Murdy
Cornerstone Real Estate
Advisers LLC
Hartford, CT
William Bradford Blash
Crossbeam Capital LLC
Bethesda, MD
Richard K. Devaney
Crossbeam Capital LLC
Bethesda, MD
Dodge Carter
Crow Holdings
Dallas, TX
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
Barden Brown
Brown Realty Advisors
Atlanta, GA
APRIL 2011
NMHC 50 31
Board of Directors
Deane H. Dolben
The Dolben
Company, Inc.
Woburn, MA
Jack W. Safar
Dominium Group, Inc.
Plymouth, MN
Jon Segner
Dominium Group, Inc.
Plymouth, MN
Adam C. Breen
DRA Advisors, LLC
New York, NY
Kellie Falk-Tillett
Drucker & Falk, LLC
Raleigh, NC
Daniel Haefner
Drucker & Falk, LLC
Raleigh, NC
Miles Spencer
Eastdil Secured, LLC
Washington, DC
Randy Churchey
Education Realty
Trust, Inc.
Memphis,
p , TN
John M. O’Hara, Jr.
Edward Rose & Sons
Farmington Hills, MI
Warren Rose
Edward Rose & Sons
Gregory L. Engler
Engler Financial
Group, LLC
Alpharetta, GA
Christopher E.
Hashioka
San Diego, CA
Gregory R. Pinkalla
San Diego, CA
Jonathan Cox
The Federated
Companies
Miami Beach, FL
Dung T. Lam
The Federated
Companies
Miami Beach, FL
Richard N. Shinberg
First Capital Realty, Inc.
Bethesda, MD
Les Zimmerman
First Capital Realty, Inc.
Bethesda, MD
Robert L. Johnston
First Communities
Atlanta, GA
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
Gina M. Dingman
GDCRE, Inc.
Minneapolis, MN
Frank Marro
GE Real Estate
Alpharetta, GA
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
James M. Bachner
Heitman LLC
Chicago, IL
Mark Forrester
Hendricks & Partners
Phoenix, AZ
32 NMHC 50
APRIL 2011
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unwavering commitment to your success. Our wide array of customizable
services includes everything you need to maximize your investment.
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Board of Directors
Don Hendricks
Hendricks & Partners
Phoenix, AZ
Alan Patton
Hines
Houston, TX
Jeffrey A. Hirschfeld
Hirschfeld
Properties LLC
New York, NY
Scott A. Doyle
Rochester, NY
Rochester, NY
David Kapiloff
p
Insgroup,
g p, Inc.
Houston, TX
Peter Katz
Institutional Property
p y
Advisors (A
( Marcus &
Millichapp Company)
p
Phoenix, AZ
Hessam Nadji
p y
Advisors (A
( Marcus &
Millichapp Company)
p y
Walnut Creek, CA
Kevin A. Baldridge
The Irvine Company
Apartment
p
Communities ‘IAC’
Irvine, CA
William N. Elam, III
The JBG Companies
Chevy Chase, MD
James A. Butz
Jefferson
Apartment Group
McLean,, VA
Gregory G. Lamb
Jefferson
Apartment Group
McLean,, VA
Richard J. High
John M. Corcoran
& Company
Braintree,, MA
Jeffrey T. Morris
Jones Lang LaSalle
Americas, Inc.
Orlando,, FL
Jubeen F. Vaghefi
Jones Lang LaSalle
Americas, Inc.
Miami,, FL
RED CAPITAL GROUP®
OVER $1.95 BILLION OF CAPITAL PROVIDED IN 2010
Capital Solutions for Multifamily Housing
$23,990,000
$16,694,500
$18,500,000
$24,263,655
NoHo Senior Arts Colony (CA)
FHA 221(d)(4) Financing
Courtyard Off Main (WA)
Fannie Mae MBS/DUS® Financing
The Mansions at the Cascades (TX)
Fannie Mae MBS/DUS® Financing
For information, contact:
Mark C. Beisler
703.318.4201
David L. Goodman
703.318.4202
[email protected]
[email protected]
Anthony D. Cinquini
949.610.0269
John K. Powell
312.453.7701
[email protected]
[email protected]
©2011 RED CAPITAL GROUP (3/1/11) MEJ
NMHC 50
Vista Verde at Coconut Creek (FL)
FHA 223(a)(7) Financing
800.837.5100_www.redcapitalgroup.com
Offices_Columbus, OH_Boston, MA_Charlotte, NC_Chicago, IL
Dallas, TX_Nashville, TN_Newport Beach, CA_Reston, VA_San Diego, CA
Board of Directors
Cindy Clare
Kettler
McLean, VA
John Falco
Kingsley Associates
Atlanta, GA
Peggy Robinson
Kingsley Associates
Atlanta, GA
Keith A. Harris
Chicago, IL
David B. Woodward
Greenwood Village, CO
Peter P. DiLullo
LCOR Incorporated
Berwyn, PA
Thomas J. O’Brien
LCOR Incorporated
Berwyn, PA
Thomas Bacon
The Lionstone Group
Houston, TX
Alison Dimick
Malkhassian
The Lionstone Group
Houston, TX
Thomas F. McCoy, Jr.
Lockton Companies, LLC
Denver, CO
Charles M. McDaniel
Lockton Companies, LLC
Denver, CO
Joseph F. Mullen
Madison
Apartment Group
Philadelphia, PA
Nicholas Michael Ryan
The Marquette
Companies
Naperville, IL
Gerald J. Haak
MAXX Properties
Harrison, NY
Andrew R. Wiener
MAXX Properties
Harrison, NY
GOLDEN
OPPORTUNITTY
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Board of Directors
Michael C. McDougal
McDougal
Properties, L.C.
Lubbock, TX
Kenneth Lee
McDowell Properties
San Francisco, CA
W. Patrick McDowell
McDowell Properties
San Francisco, CA
Robert D. Lazaroff
The Michelson
Organization
St. Louis, MO
Bruce V. Michelson, Jr.
The Michelson
Organization
St. Louis, MO
H. Eric Bolton, Jr.
MAA
Memphis, TN
Richard Furr
Milestone Group
Dallas, TX
Steve T. Lamberti
Milestone Management
Dallas, TX
Paul Harris
Moran & Company
Dallas, TX
Jeffrey Williams
Moran & Company
Seattle, WA
Michael S. Morgan
The Morgan Group, Inc.
Houston, TX
Sharon Fay
MRI Software
Highland Hills, OH
John H. Helm
MyNewPlace
San Francisco, CA
Henry Nevins
Nevins*Adams*Lewbel*Schell
Santa Barbara, CA
Richard Burns
The NHP Foundation
New York, NY
NMHC 50
Board of Directors
Kerry R. French
NorthMarq Capital, Inc.
Houston, TX
Edward Padilla
NorthMarq Capital, Inc.
Minneapolis, MN
Robert A. Esposito
NWP Services
Corporation
Pembroke Pines, FL
Mike Radice
NWP Services
Corporation
Irvine, CA
Gene R. Blevins
Orion Real Estate
Services
Houston, TX
Kirk H. Tate, CPM
Orion Real Estate
Services, Inc.
Houston, TX
P. David Onanian
PAS Purchasing
Solutions
Houston, TX
Randall M. Paulson
PAS Purchasing
Solutions
Plano, TX
David R. Picerne
Picerne Real
Estate Group
Phoenix, AZ
Ronald G. Brock, Jr.
Pierce-Eislen, Inc.
Scottsdale, AZ
Herman Bulls
Pillar Multifamily, LLC
Vienna, VA
D. Scott Bassin
PNC Real Estate
Pittsburgh, PA
William Thomas
Booher
PNC Real Estate
San Francisco, CA
Donna Preiss
The Preiss Company
Raleigh, NC
John W. Bray
Primary Capital
Advisors, LC
Atlanta, GA
PROVIDING FINANCING SOLUTIONS NATIONWIDE
National HUD Lender
Multifamily & Healthcare
17 Rogers Street
Gloucester, MA
P 978 675 2001
F 978 283 1227
www.rockportmortgage.com
Board of Directors
Faron G. Thompson
Primary Capital
Advisors, LC
Atlanta, GA
John D. Millham
Prometheus
Walnut Creek, CA
Clayton A. Parker
Prometheus
San Mateo, CA
Joe Colon
Protection 1 Security
Jacksonville, FL
Bruce LaMotte
Providence Management
Company, L.L.C.
Chicago, IL
Alan Pollack
Providence Management
Company, L.L.C.
Chicago, IL
Bruce Barfield
The Rainmaker Group
Alpharetta, GA
Tammy Farley
The Rainmaker Group
Alpharetta, GA
Dirk D. Wakeham
RealPage, Inc.
Carrollton, TX
Stephen T. Winn
RealPage, Inc.
Carrollton, TX
Mark C. Beisler
Red Mortgage
Capital, LLC
Reston, VA
Howard S. Primer
RenaissancePG, LLC
Knoxville, TN
Brannan Johnston
RentBureau,
A part of Experian
Costa Mesa, CA
Tamela M. Coval
Rentwiki.com
Atlanta, GA
Suzanne Lovelace
Rentwiki.com
Atlanta, GA
38 NMHC 50
APRIL 2011
HELPING BUILD COMMUNITIES FOR MORE THAN 25 YEARS
Through all market cycles, Fannie Mae has provided liquidity and financing to the multifamily market.
Our consistent leadership and experience delivers reliable, effective solutions that help lenders and
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of execution, flexible processes, competitive pricing, and strong credit risk management. Our DUS®
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To learn how Fannie Mae’s Multifamily Mortgage Business
can help you, visit eFannieMae.com/mf
© 2011 Fannie Mae. Fannie Mae®, DUS® and the Fannie Mae Logo are registered trademarks of Fannie Mae.
Board of Directors
Terry S. Danner
Riverstone
Residential Group
Dallas, TX
Ralph Daruns
Rockhall Funding Corp.
Dallas, TX
Kathryn Thompson
Rockhall Funding Corp.
Dallas, TX
Daniel McNulty
Rockwood Real
Estate Advisors
New York, NY
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
Jeffrey K. Hettleman
Shelter Development,
LLC
Baltimore, MD
Marilynn K. Duker
The Shelter Group
Baltimore, MD
K. Brad Broyhill
Simpson Housing LLLP
Denver, CO
J. Robert Love
Simpson Housing LLLP
Atlanta, GA
Nancy Barton
Stellar Advisors, LLC
Rockville, MD
David Schwartzberg
Stellar Advisors, LLC
Rockville, MD
Michael Katz
Sterling American
Property Inc.
Great Neck, NY
Tarak Patolia
Sterling American
Property Inc.
Great Neck, NY
Dave Schwehm
Time Warner Cable
Herndon, VA
Edward J. Ryder
Transwestern
Investment
Company,
p y, LLC
C cago,
Chicago,
g , IL
Douglas
g Crocker, II
Transwestern
Multifamilyy
Partners,, L.L.C.
Fort
o t Myers,
ye
y s,, FL
Michael E. Tompkins
TriBridge
Residential LLC.
Atlanta, GA
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
Thomas W. Toomey
UDR, Inc.
Highlands Ranch, CO
Warren L. Troupe
UDR, Inc.
Highlands Ranch, CO
Geoffrey C. Brown
USA Properties
Fund, Inc.
Roseville, CA
Karen McCurdy
USA Properties
Fund, Inc.
Roseville, CA
Eric D. Cevis
Verizon Enhanced
Communities
Baskingg Ridge,
g NJ
40 NMHC 50
APRIL 2011
Board of Directors
Jonathan Holtzman
Village Green Companies
Detroit, MI
George S. Quay, IV
Village Green Companies
Detroit, MI
Brendan Coleman
Walker & Dunlop
Bethesda, MD
Howard W. Smith, III
Walker & Dunlop
Bethesda, MD
Jack O’Connor
Weidner Property
Management LLC
Kirkland, WA
Tom P. Colich
Wesco Companies
Torrance, CA
Donald J. Pierce, II
Wesco Companies
Torrance, CA
Michael K. Hayde
Western National
Property Management
Irvine, CA
Stephan T. Beck
Whiteco Residential LLC
Merrillville, IN
Samuel Ross
WinnCompanies
Boston, MA
Lawrence H. Curtis
WinnDevelopment
Boston, MA
Jeff Bosshard
Woodmont Real
Estate Services
Belmont, CA
Ronald V. Granville
Woodmont Real
Estate Services
Belmont, CA
Amy Gerritsen
Yardi Systems, Inc.
Santa Barbara, CA
Greg West
ZOM Companies
Fort Lauderdale, FL
PROPERT Y TA XES
When your
y
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
g
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
Y TAX
X COUNSEL
NMHC 50
Smart, Aggressive Property Tax Advocacy
Board of Directors (not pictured)
EXECUTIVE COMMITTEE
Jason Wills
American Campus Communities
Austin, TX
Michael D. Bryant
Berkadia Commercial Mortgage
Dallas, TX
Arlene Mayfield
Apartment Guide
Norcross, GA
Bradley B. Chambers
Buckingham Companies
Indianapolis, IN
Brad Long
Apartments.com
Chicago, IL
DeAnna Thomas
CB Richard Ellis Investors, LLC
Boston, MA
Timothy J. Hogan
Trammell Crow Residential
Dallas, TX
Phillip E. Bogucki
AZUMA Leasing
Austin, TX
Douglas R. Sandor
Clark Realty Capital, L.L.C.
Arlington, VA
BOARD OF DIRECTORS
David Doerner
Bader Company
Indianapolis, IN
Nevel DeHart
CoreLogic SafeRent
Rockville, MD
Simon Ziff
Ackman Ziff Real Estate
Group, LLC
New York, NY
John Swift
Bader Company
Indianapolis, IN
Simon J. Butler
Cushman & Wakefield
Boston, MA
Jeffery Daniels
AIG Global Real Estate
Investment Corp.
New York, NY
Tom Keady
The Bainbridge Companies
West Palm Beach, FL
John Caltagirone
The Dinerstein Companies
Houston, TX
Grace Huebscher
Beech Street Capital
Bethesda, MD
David Luski
DRA Advisors, LLC
New York, NY
Jeff Lee
Beech Street Capital
Bethesda, MD
Thomas Trubiana
Education Realty
Trust, Inc.
Memphis, TN
Eli Hanacek
Holland Partner Group
Vancouver, WA
Kristen Klingbeil-Weis
Klingbeil Capital Management/
American Apartment
Communities
Santa Barbara, CA
Donald Huffner
AIG Global Real Estate
Investment Corp.
New York, NY
Patrick Jones
Engler Financial
Group, LLC
Alpharetta, GA
Edward Coco
GE Real Estate
Alpharetta, GA
Stephen LoPresti
Gerson Bakar & Associates
San Francisco, CA
Howard Edelman
Heitman LLC
Chicago, IL
Laurel Howell
Kettler
McLean, VA
David G. Shillington
KeyBank Real
Estate Capital
Dallas, TX
Christine Akins
LaSalle Investment
Management, Inc.
Chicago, IL
Helen Angelo
Madison
Apartment Group
Philadelphia, PA
Who We Are&What Makes Us
different
Ancillary Income|Repositioning Programs
Asset Appreciation Systems|Technology Innovator
Outperform Market In Rental Rates & Economic Occupancies
Hiring/Training/Performance Standards/Lower Employee Turnover
Wellness Program|Cost Per Rental/Purchasing Power
GREEN Initiatives|Socially Responsible
2009 & 2010
National
Multifamily
Customer Service
Award Winner
for Excellence
villagegreen.com
or Smartphone
APRIL 2011
&
NMHC 50
Board
BoardofofDirectors
Directors (not pictured)
John Eifler
The Marquette Companies
Romeoville, IL
Bess Matuszewski
MRI Software
Highland Hills, OH
W. Michael Doramus
Sarofim Realty Advisors
Dallas, TX
Tristan Thoma
McDougal
Properties, L.C.
Lubbock, TX
Michael R. Schell
Nevins*Adams*Lewbel*Schell
Scottsdale, AZ
Robert Rosania
Stellar Management
New York, NY
Melisa Hutson
Protection 1 Security
Tampa, FL
Joanne Luger
Time Warner Cable
Herndon, VA
Thomas G. Smith
Prudential Real
Estate Investors
Atlanta, GA
Mike Mauseth
TransUnion/CreditRetriever
Albert M. Campbell
Mid-America Apartment
Communities, Inc.
Memphis, TN
Carter Bechtol
The Morgan Group, Inc.
Houston, TX
David Koffler
Morgan Properties
King of Prussia, PA
David L. Goodman
Red Mortgage
Capital, LLC
Reston, VA
Eric Gramberg
Move
Nicola Scheman
RentBureau,
A part of Experian
Costa Mesa, CA
Steve Roe
TransUnion/CreditRetriever
W. Dean Weidner
Weidner Property
Management LLC
Kirkland, WA
Charles W. Brammer, Jr.
The Wilkinson Group, Inc.
Atlanta, GA
Phillip R. Deguire
The Wilkinson Group, Inc.
Atlanta, GA
Brigitta Eggleston
Yardi Systems, Inc.
Santa Barbara, CA
Samuel C. Stephens, III
ZOM Companies
Orlando, FL
Thomas Nugent
Verizon Enhanced Communities
Basking Ridge, NJ
Advisory Committee
AEW Capital Management L.P.
Iphigenia Demetriades
Boston, MA
All Nation Renovation, Inc.
Ofer Manashe
Houston, TX
Alliance Tax Advisors, LLC
Tony J. Comparin
Irving, TX
ALM
Michael G. Desiato
New York, NY
Altman Development
Corporation
Joel L. Altman
Boca Raton, FL
American Seniors
Housing Association
David S. Schless
Washington, DC
AMSI, an Infor company
George Landgrebe
Tampa, FL
Aon Risk Services, Inc.
Kevin J. Madden
New York, NY
Apartment Association of
Greater Los Angeles
Charles A. Isham
Los Angeles, CA
44 NMHC 50
Apartment Association,
California Southern Cities
Nancy J. Ahlswede
Long Beach, CA
Apartment Finder
Marcia Bollinger
Lawrenceville, GA
The Apartment Group, Inc.
Jeffrey L. Price
Dallas, TX
Apartment Realty Advisors
Richard P. Donnellan, Jr.
Boca Raton, FL
The Ashley Group
Stephen B. Ashley
Rochester, NY
Beecher Carlson
Michael Stern
Atlanta, GA
Associated Estates Realty
Corporation
Jeffrey I. Friedman
Richmond Heights, OH
Beekman Advisors, Inc.
Shekar Narasimhan
McLean, VA
Assurant Specialty Property
Brian Tribble
Miami, FL
Bergstrom Investment
Management, LLC
Kelley A. Bergstrom
Kenilworth, IL
Axiometrics Inc.
Ronald G. Johnsey
Dallas, TX
Apartment Realty Advisors
David K. Oelfke
Houston, TX
Ballard Spahr Andrews
& Ingersoll, LLP
Allan R. Winn
Washington, DC
Apartment Trust of America
(Formerly Grubb & Ellis
Apartment REIT)
Jay Olander
Richmond, VA
Barker Apartments
David Barker
Iowa City, IA
Arbor Commercial
Mortgage, LLC
Bonnie Habyan
Uniondale, NY
Artemis Real Estate Partners
Richard Banjo
Chevy Chase, MD
Arthur J. Gallagher
David Hayth
Clearwater, FL
The Bascom Group
Scott R. McClave
Irvine, CA
BBVA Compass
Jeffrey Journey
Dallas, TX
Beacon Communities
Howard E. Cohen
Boston, MA
Berkshire Property
Advisors, LLC
Kevin Mignogna
San Diego, CA
Berkshire Residential
Development
Steve Wood
Boston, MA
Beztak Companies
Harold Beznos
BH Equities, LLC
Harry Bookey
Des Moines, IA
BlackRock Realty
Dale Gruen
San Francisco, CA
Bridge Investment Group
Christian V. Young
Murray, UT
APRIL 2011
Advisory
Board of Committee
Directors
BuildingLink.com LLC
Zachary Kestenbaum
New York, NY
CEL & Associates, Inc.
Christopher Lee
Los Angeles, CA
Cox, Castle & Nicholson LLP
Amy H. Wells
Los Angeles, CA
Equinox Search LLC
Peter V. Hall
San Francisco, CA
Bury & Partners, Inc.
James B. Knight
Austin, TX
CertainTeed Corporation
Peter Dachowski
Valley Forge, PA
Crescent Resources, LLC
Todd M. Farrell
Charlotte, NC
eREI, A RealPage Company
Jon Tull
Camarillo, CA
Butler Burgher Group
B. Diane Butler
Dallas, TX
Chicago Title
Konrad J. Kaltenbach, II
Dallas, TX
CRIO, Inc.
Dan Freudenthal
West Palm Beach, FL
Jeff Rowerdink
Irvine, CA
Buyers Access
James Sweeney
Denver, CO
CIBC World Markets Corp.
Andrew S. Fawer
New York, NY
Criterion Brock
Kerri Silver
Milwaukie, OR
Facebook Marketplace
Stephen Feltner
San Mateo, CA
Cagan Management
Group, Inc.
Jeffrey Cagan
Skokie, IL
CMS Companies
Richard T. Aljian
Wynnewood, PA
Crown Advisors, Inc.
John Cigna
Pittsburgh, PA
Fair Collections &
Outsourcing, Inc.
Carol M. Bloom
Beltsville, MD
Coastal Apartment Advisors
James Sewell
Hilton Head Island, SC
Cushman & Wakefield
Marc D. Renard
Los Angeles, CA
Columbia National Real Estate
Finance, LLC
Roger Edwards
Washington, DC
CWS Apartment Homes
Steven J. Sherwood
Austin, TX
CallMaX
David Clarke
Acworth, GA
CalPERS
Cleon Pantell
Sacramento, CA
Camp Construction Services
Jeff Blevins
Houston, TX
Campus Televideo
Brian Benz
Greenwich, CT
CapitalSource
Chris Kelly
New York, NY
Capstone Building Corp.
Charles Anthony Vick
Birmingham, AL
Captec Realty Capital
Patrick L. Beach
Santa Barbara, CA
CARES By Apartment Life
Kiley Haught
Euless, TX
Carter Haston Holdings, LLC
L. Marc Carter
Nashville, TN
Cassin & Cassin LLP
Joseph M. Cassin
New York, NY
CB Richard Ellis N.E.
Partners LP
Paul E. Donahue
Boston, MA
CB Richard Ellis, Inc.
Malcolm McComb, III
Atlanta, GA
APRIL 2011
Comcast Cable
Communications
William F. Revell
Philadelphia, PA
Compliance Depot
Lonnie Derden
Plano, TX
Demmon Partners
Roy E. Demmon, III
Palo Alto, CA
Deutsche Bank
Berkshire Mortgage
Jeffrey C. Day
Irvine, CA
Faulkner Design Group, Inc.
Adrienne Faulkner
Dallas, TX
FDC Management, Inc.
Patrick M. Kelly
Anaheim, CA
First Centrum, LLC
Mark L. Weshinskey
Sterling, VA
Flournoy Development
Co., LLC
Thomas H. Flournoy
Columbus, GA
Connexion Technologies
Susan Knowles
Cary, NC
The Distinguished
Programs Group
Christopher J. Volgenau
Foley & Lardner LLP
Michael W. Hatch
Milwaukee, WI
CONNOR
Patrick T. Connor
Baltimore, MD
Dover Realty Advisors
Terry B. Schwartz
Bingham Farms, MI
For Rent Media Solutions
Judith Gogol
Atlanta, GA
The Connor Group
Lawrence S. Connor
Centerville, OH
The DZAP Group & LeaseLabs
Dana Zeff
San Diego, CA
Fore Property Company
Richard L. Fore
Washington, DC
Continental Properties
Company
James H. Schloemer
Menomonee Falls, WI
E & S Ring
Management Corporation
John H. Pringle
Culver City, CA
FPL Advisory Group
Michael A. Herzberg
Chicago, IL
Continental Realty
Corporation
Joseph M. Schapiro, III
Baltimore, MD
ECI Group, Inc.
Phil H. Carlock
Marietta, GA
Corcoran Jennison Companies
Marty Jones
Boston, MA
Edgewood Management
Corporation
A. Scott Jones
Germantown, MD
CORT
Mark Koepsell
Fairfax, VA
Embrey Partners, Ltd.
Walter M. Embrey, Jr.
San Antonio, TX
Cox Communications
Shannon Boyle
Atlanta, GA
Entrepreneurial Properties
Corporation
Matthew V. Wherry
Newport Beach, CA
Franklin Capital Group
Joseph E. Resende
Alexandria, VA
Franklin Street
Darron Kattan
Tampa, FL
Freeman Webb Inc.
William H. Freeman
Nashville, TN
G5
Bill Bliss
Bend, OR
NMHC 50 45
Advisory
Committee
Board
of Directors
Gallagher Evelius
& Jones, LLP
Stephen A. Goldberg
Baltimore, MD
Gates, Hudson
& Associates, Inc.
Patricia J.M. Blackburn
Fairfax, VA
GDC Properties, LLC
Gregg Shapiro
Hawthorne, NY
GE Real Estate
Dan Earle
Norwalk, CT
Gene B. Glick Company, Inc.
David O. Barrett
Indianapolis, IN
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
Hathaway Properties, Inc.
W. Michael Muggridge
Atlanta, GA
Ideal Realty Group
Allen Manesh
Potomac, MD
HD Supply
Michael J. Hendel
San Diego, CA
Ingersoll Rand
Residential Solutions
Eric Elsmore
Carmel, IN
Heartland Payment Systems
Christopher Weiss
Plano, TX
Hediger Enterprises Inc.
Gary R. Hediger
Greenville, SC
Helix Funds LLC
David Helfand
Chicago, IL
Hendersen-Webb, Inc.
Pamela F. Newland
Cockeysville, MD
HFF
William Miller
Dallas, TX
ista
Amanda Holden
San Diego, CA
HFF
G. Craig LaFollette
Houston, TX
J. Turner Research
Joseph Batdorf
Houston, TX
HHHunt
James R. King
Blacksburg, VA
J.P. Morgan Asset
Management
Jean M. Anderson
New York, NY
Gross Builders
Gary L. Gross
Cleveland, OH
Holland & Knight, LLP
Christopher B. Hanback
Washington, DC
Grubb & Ellis Company
Ernest L. Brown
San Antonio, TX
Humphrey Development, Inc.
Bethany H. Hooper
Columbia, MD
Guardian Management LLC
Thomas B. Brenneke
Portland, OR
Humphreys & Partners
Architects, L.P.
Mark Humphreys
Dallas, TX
Hanley Wood
Susan Piel
San Francisco, CA
Harbor Group International
Jordan E. Slone
Norfolk, VA
46 NMHC 50
Advisors (A Marcus &
Millichap Company)
Will Balthrope
Dallas, TX
Investment Property
Associates, LLC
Jennifer Koster
Grand Haven, MI
Hills Property Management
Russell Lykes
Cincinnati, OH
HandyTrac Systems
John Lie-Nielsen
Alpharetta, GA
Instar Services Group
Johnnie Smith
Troy, MI
Henderson Global Investors
James G. Martha
Hartford, CT
Greystone Servicing
Corporation
Betsy Vartanian
New York, NY
Haley Real Estate Group
Daniel P. Clatanoff
Omaha, NE
Inland American
Apartments Management
Thomas P. McGuinness
Oak Brook, IL
Hunt Companies
Ryan W. Luxon
El Paso, TX
Hunter Warfield, Inc.
Todd Wahl
Tampa, FL
Hyperion Realty
Dan Hopkins
Dallas, TX
I.Q. Data International, Inc.
Kenneth Stumbo
Everett, WA
JMG Realty, Inc.
T. Karlton Jackson
Atlanta, GA
Johnson Development
Associates, Inc.
David Benjamin Graves
Spartanburg, SC
Jones Lang LaSalle
Americas, Inc.
Peter Nicoletti
Parsippany, NJ
JPI
Benjamin H. Montgomery
Irving, TX
KABA Multihousing
& Institutional
Dale Mathias
Laguna Niguel, CA
KET Enterprises
Thomas B. Wilkinson, IV
Houston, TX
The Kislak Company, Inc.
Nancy Jacques
Woodbridge, NJ
Korcett Holdings, Inc.
Lisa K. Cortes
Austin, TX
Kroll Factual Data
Damon Littlejohn
Loveland, CO
L&B Realty Advisors, LLP
William L. Fulton
Dallas, TX
Langan Engineering and
Environmental Services
Mark Devaney
Elmwood Park, NJ
LBK Management Services
James D. Alexander
Irving, TX
LeaseTerm Insurance
Group LLC
Walter D. Shealy, III
West Point, GA
LeasingDesk, a Division
of RealPage, Inc.
David Carner
Carrollton, TX
LeCesse Development
Corporation
Salvador F. Leccese
Altamonte Springs, FL
LEDIC Management Group
Pierce Ledbetter
Memphis, TN
Legend Management
Group, LLC
Ruth G. Eisenhauer
McLean, VA
JPI
Robert D. Page
Irving, TX
LEM Mezzanine, Inc.
Jay J. Eisner
Philadelphia, PA
JRK Birchmont Advisors
Robert Lee
Los Angeles, CA
Lerner Corporation
Alan H. Gottlieb
Rockville, MD
Jupiter Communities
LLC - RAIT
Kellie Devilbiss
Chicago, IL
Lessard Group, Inc.
John M. Jenkins
Vienna, VA
APRIL 2011
Advisory Committee
Level One, a
RealPage Company
Ben Holbrook
Greer, SC
LexisNexis Resident
Screening
Pam Storm
Alpharetta, GA
The Liberty Group
Kenneth J. Bohan
Houston, TX
LTVentures
D. Scott Lee
Los Angeles, CA
Mesirow Financial
Alasdair Cripps
Chicago, IL
NTS Development Company
Gregory G. McDearmon
Louisville, KY
Metropolitan Properties
of America, Inc.
Jeffrey J. Cohen
Boston, MA
Oak Grove Capital
Neil Cullen
Bethesda, MD
Miles & Stockbridge PC
Justin C. Eller
Baltimore, MD
Milstein Properties
Howard P. Milstein
New York, NY
M/PF YieldStar
Janine Steiner Jovanovic
Carrollton, TX
Minnesota Multi
Housing Association
Mary Rippe
Bloomington, MN
MAC Realty Advisors LLC
Bruce Levin
Washington, DC
Moen Incorporated
Aubri Mandelbaum
North Olmsted, OH
Mac-Gray Services, Inc.
Kevin Fahey
Waltham, MA
Morrison, Ekre & Bart
Management Services, Inc.
Jodi Bart
Phoenix, AZ
Maintenance Supply
Headquarters
Cary R. Wright
Stafford, TX
Manly & Stewart
John C. Manly
Newport Beach, CA
Marchex
Leigh McMillan
Seattle, WA
Mark-Taylor Residential, Inc.
Dale Phillips
Scottsdale, AZ
Marvin F. Poer and Company
William L. DuBois
Dallas, TX
The Matteson Companies
Duncan L. Matteson, Sr.
Palo Alto, CA
Maxus Properties, Inc.
Michael P. McRobert
Kansas City, MO
Mayer Brown LLP
Keith J. Willner
Washington, DC
Mercy Housing
Brian Shuman
Denver, CO
Meridian Capital Group, LLC
Israel Schubert
Iselin, NJ
APRIL 2011
Multi-Housing News
Diana Mosher
New York, NY
Multifamily Executive/
Hanley-Wood, LLC
Shabnam Mogharabi
Washington, DC
Multifamily Realty
Advisors, LLC
Richard R. Cotton
Raleigh, NC
NAI Global Multifamily Group
Art Carll
Las Vegas, NV
National Foundation
for Affordable Housing
Solutions, Inc.
Martin C. Schwartzberg
Rockville, MD
NCC Business Services
of America, Inc.
Irv Pollan
Jacksonville, FL
Northland Investment
Corporation
Lawrence R. Gottesdiener
Newton, MA
NorthMarq Capital San Francisco
Jeffery Weidell
San Francisco, CA
Ocius LLC
James Rabinowitz
Chicago, IL
On-Site.com
Jake Harrington
Mountain View, CA
OpsTechnology, a Division
of RealPage
Sukhi Singh
San Francisco, CA
The P.B. Bell Companies
R. Chapin Bell
Scottsdale, AZ
Real Estate Board
of New York, Inc.
Steven Spinola
New York, NY
Real Estate Equities, Inc.
Robert S. Bisanz
St. Paul,, MN
Realty Center
Management, Inc.
Curt Knabe
Los Angeles, CA
RealtyCom Partners, LLC
Annie Manfredi
Larkspur, CA
Recap Real Estate Advisors
Todd Trehubenko
Boston, MA
Rent Stabilization Association
Joseph Strasburg
New York, NY
Pacific Life
Insurance Company
John C. Mulvihill
Newport Beach, CA
Rent.com
R b t JJohnson
Robert
h
Santa Monica, CA
Pacific Property Company
Alfred V. Pace
Palo Alto, CA
RentGrow, Inc.
Michael J. Lapsley
Waltham, MA
Passco Companies, LLC
Gary Goodman
Irvine, CA
RentPayment
Monte Jones
Santa Monica, CA
Penco, Inc.
Todd Pirtle
Austin, TX
Resident Gifts LLC
Gregory H. Smith
Naperville, IL
Penton Media Inc.
Rich Santos
New York, NY
ResidentCheck
Jorge Baldor
Dallas,, TX
Phoenix Realty Group
Alan Hirmes
New York, NY
Resite Online
Ann Padgett
Norfolk, VA
PPG Architectural Coatings
Amy Mercante
Pittsburgh, PA
Resource Investments
Limited, LLC
Steven Zalkind
Pennsauken, NJ
Price Realty Corporation
Michael J. Ochstein
Addison, TX
Property Solutions
International, Inc.
Benjamin Zimmer
Provo, UT
Resource Real Estate, Inc.
Yvana Melini
Philadelphia, PA
Roberts Properties
Management, LLC
Charles S. Roberts
Atlanta, GA
PropertyBridge, a
MoneyGram Company
Leslie Olsen
Oakland, CA
Rockwood Capital LLC
Joel A. Moody
Los Angeles, CA
Real Capital Markets
Stephen J. Alter
Carlsbad, CA
Sales, Inc.
Rick Burkhalter
Duluth, GA
NMHC 50 47
Advisory Committee
SatisFacts Research, LLC
Douglas J. Miller, Sr.
Lutherville, MD
Towne Properties
Neil K. Bortz
Cincinnati, OH
Sawyer Realty Holdings LLC
Gregg Clickstein
Needham, MA
Transwestern
Jon Kleinberg
Atlanta, GA
The Screening Pros, LLC
Gary Glucroft
Chatsworth, CA
Transwestern
Steven E. Pumper
Dallas, TX
Screening Reports, Inc.
Timothy Fortner
Bensenville, IL
The Tuckerman Group/SSgA
Charles J. Lauckhardt
Rye Brook, NY
Shelter Corporation
Lynn Carlson Schell
Minnetonka, MN
University Furnishings
Paul Dougan
Dallas, TX
Sherman Residential
Scott Gould
Deerfield, IL
Urdang & Associates Real
Estate Advisors, Inc.
Mark B. Greco
Plymouth Meeting, PA
The Sherwin-Williams Co.
William G. Rafie
Cleveland, OH
USAA Real Estate Company
Hailey Ghalib
San Antonio, TX
Southeast Apartment
Partners, LLC
Marc G. Robinson
Atlanta, GA
Valet Waste, Inc.
David Magrisso
Tampa, FL
Sperry Van Ness Nevada LLC
David Baird
Las Vegas, NV
VARO, a BYL Company
Kristie Wetherbee
West Chester, PA
Sterling Trust
Robert J. Thiebaut
Atlanta, GA
VaultWare
Michael E. Mueller
Scottsdale, AZ
Stewart Title Guaranty
Regina L. Fiegel
Charlotte, NC
Velocity, a Division of
RealPage, Inc.
Ashley Chaffin Glover
Carrollton, TX
Stratford Capital Group, LLC
John M. Nelson, IV
Peabody, MA
Summit Housing Partners
David P. Garcia
Montgomery, AL
SureDeposit
Stuart Litwin
Livingston, NJ
Terra Search Partners
Matthew B. Slepin
San Francisco, CA
TGM Associates L.P.
Thomas J. Gochberg
New York, NY
Timberland Partners
Robert L. Fransen
Minneapolis, MN
48 NMHC 50
Verizon Enhanced
Communities
Douglas A. Barton
Irving, TX
Western National
Realty Advisors
Rex F. DeLong
Irvine, CA
Westrope
David Brinkerhoff
Kansas City, MO
Williams Asset
Management, LLC
John A. Isakson
Atlanta, GA
Willis
Brian Ruane
New York, NY
Witten Advisors LLC
G. Ronald Witten
Dallas, TX
The Wolff Company
Tim Wolff
Scottsdale, AZ
Womble Carlyle Sandridge
& Rice, PLLC
Pamela V. Rothenberg
Washington, DC
Wonderlic, Inc.
Tom Bowman
Libertyville, IL
Worthing Southeast
Corporation
John A. Echols
Atlanta, GA
WRH Realty Services, Inc.
J. Mark Rutledge
Saint Petersburg, FL
Ygnition Networks
Brian Moorhead
Houston, TX
Visa, Inc.
David Weinshel
Wilmington, DE
Waller Lansden Dortch
& Davis, LLP
J. Steven Kirkham
Nashville, TN
Waypoint Residential
Scott J. Lawlor
New York, NY
Westdale Asset Management
Evan J. Griffiths
Dallas, TX
APRIL 2011
Grow with YARDI Multifamily Suite ™
YARDI Portal ™
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is just the beginning...
Cut costs, improve productivity,
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Facilitate property marketing, online applications, and payments
YARDI Procure to Pay ™
Streamline procurement with online catalogs and automated invoice processing
efficiency by integrating
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these front-office solutions
Cut costs with credit card or ACH payments and onsite check scanning
with your single, centralized
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Improve collections with convergent bills for RUBS and submetered properties
Ask us about our rapid implementation program. To learn more, call 800.866.1144 or visit www.yardi.com/nrei21

clicking here - National Real Estate Investor

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