The Nation`s 50 Largest Apartment Owners And 50 Largest

Transcription

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
2012
The Nation’s 50
Largest Apartment
Owners and 50
Largest Apartment
Managers
A boutique brokerage platform dedicated
to serving the needs of institutional and
major private multifamily investors.
A Sampling of Marquee Closed Transactions
NoHo 14
North Hollywood, CA
Price: $73,905,000
Units: 180
Parkside Apartment Homes
Sunnyvale, CA
Price: Confidential
Units: 192
The Varsity (Student Housing)
College Park, MD
Units: 258
Manzanita Gate Apartment Homes
Reno, NV
Units: 324
The Mark Pasadena
Pasadena, CA
Price: $21,000,000
Units: 84
Town Place Apartments
Middletown, CT
Price: $18,600,000
Units: 166
Retreat at Chelsea Park
Selma, TX
Units: 324
Mar Lago Village
Plantation, FL
Price: $26,500,000
Units: 216
Toledo Club Apartments
North Port, FL
Units: 346
www.InstitutionalPropertyAdvisors.com
ExPErIENCE

ExPErtISE

ExECutIoN
Delivered through a leading
team of Institutional
Apartment Advisors
STANFoRD W. JoNeS
Northern California
(650) 391-1774
[email protected]
PHiLiP A. SAGLiMbeNi
Northern California
(650) 391-1796
[email protected]
SALVAToRe S. SAGLiMbeNi
Northern California
(650) 391-1797
[email protected]
WiLL bALTHRoPe
texas
(972) 755-5160
[email protected]
STeVe b. WiTTeN
Northeast/Mid-Atlantic
(203) 672-3320
[email protected]
ViCToR W. NoLLeTTi
Northeast/Mid-Atlantic
(203) 672-3321
[email protected]
GReGoRy S. HARRiS
Southern California
(310) 706-4407
[email protected]
RoNALD Z. HARRiS
Southern California
(213) 943-1900
[email protected]
STeWART i. WeSToN
Southern California
(562) 257-1270
[email protected]
PeTeR K. KATZ
Phoenix
(602) 687-6775
[email protected]
JAMie b. MAy
Central, North and West Florida
(813) 387-4860
[email protected]
eVAN P. KRiSToL
South Florida
(954) 245-3459
[email protected]
STiLL HuNTeR, iii
South Florida
(954) 245-3502
[email protected]
NATIONAL REAL ESTATE INVESTOR is pleased to present the 22nd annual
NMHC 50, the National Multi Housing Council’s authoritative ranking of the nation’s
50 largest 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
2012 Apartment Ownership ............................................................. 4
2012 Apartment Management .......................................................... 6
Top Apartment Firms Strategically Pursue Surging Rental Market ...... 8
The Anatomy of a Brand Strategy .................................................. 16
ON THE COVER: The
327 rental units at luxury
apartment community
Gables Tanglewood,
40 San Felipe Street,
Houston, Texas, will be
ready for occupancy in
2013.
Show Me the Money Managers....................................................... 19
On a Path of Growth ...................................................................... 22
NMHC Officers .............................................................................. 28
NMHC Board of Directors Executive Committee.............................. 28
NMHC Board of Directors .............................................................. 32
NMHC Advisory Board ................................................................... 42
2 NMHC 50
APRIL 2012
2012 Apartment Ownership
NATIONAl MUlTI HOUSINg COUNCIl 50
(50 Largest U.S. Apartment Owners as of January 1, 2012)
2012
RANK
2011
RANK
COMPANY
UNITS
OWNED
2012
UNITS
OWNED
2011
CORPORATE
OFFICER
HQ CITY
STATE
Boston
MA
1
1
Boston Capital
157,423
158,947
Jack Manning
2
2
Centerline Capital Group
150,000
152,600
Rob Levy
New York
NY
3
3
Boston Financial Investment
Management, LP
140,077
145,454
Ken Cutillo
Boston
MA
4
4
SunAmerica Affordable Housing
Partners Inc.
134,882
141,113
Douglas S. Tymins
Los Angeles
CA
5
6
PNC Real Estate
126,260
123,462
Todd Crow
Portland
OR
6
5
Equity Residential
119,743
129,604
David J. Neithercut
Chicago
IL
7
14
Hunt Companies, Inc.
114,712
62,109
Woody Hunt
El Paso
TX
8
8
National Equity Fund, Inc.
106,772
107,138
Joseph Hagan
Chicago
IL
9
10
The Richman Group Affordable
Housing Corporation
98,770
94,925
Richard Paul Richman
Greenwich
CT
10
9
Enterprise Community
Investment, Inc.
97,822
96,195
Charles R. Werhane
Columbia
MD
11
7
Aimco
93,630
110,943
Terry Considine
Denver
CO
12
11
Archstone
73,955
81,613
R. Scot Sellers
Englewood
CO
13
12
Alliant Capital, Ltd.
71,220
65,245
Brian Goldberg
Woodland Hills
CA
14
13
Camden Property Trust
66,997
63,316
Richard J. Campo
Houston
TX
15
15
UDR, Inc.
57,743
58,796
Thomas W. Toomey
Highlands Ranch
CO
16
18
AvalonBay Communities, Inc.
57,426
54,579
Tim Naughton
Arlington
VA
17
16
Edward Rose & Sons
56,385
56,025
Warren Rose
Farmington Hills
MI
18
17
Pinnacle Family of Companies
52,655
55,932
Stan Harrelson
Dallas
TX
19
20
WNC & Associates, Inc.
51,224
52,134
Wilfred N Cooper, Jr.
Irvine
CA
20
21
Invesco Real Estate
51,125
50,567
Michael Kirby
Dallas
TX
21
24
MAA
49,407
46,306
H. Eric Bolton, Jr.
Memphis
TN
22
33
The Related Companies
48,967
35,637
Jeff Blau
New York
NY
23
22
Forest City Residential Group, Inc.
48,482
47,384
Ronald A. Ratner
Cleveland
OH
24
19
J.P. Morgan Asset Management
47,587
52,000
Jean Anderson
New York
NY
25
25
JRK Property Holdings, Inc.
47,398
43,912
Jim Lippman
Los Angeles
CA
4
NMHC 50
APRIL 2012
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INvESTOR
2012
RANK
2011
RANK
COMPANY
UNITS
OWNED
2012
UNITS
OWNED
2011
CORPORATE
OFFICER
26
23
Lincoln Property Company
47,245
46,507
Tim Byrne
27
29
Raymond James Tax Credit
Funds, Inc.
46,572
43,035
Ronald Diner
28 Newcomer
TIAA-CREF
46,489
NA*
29
27
Michaels Development Company
45,425
30
28
Bell Partners Inc.
31
26
32
33
HQ CITY
STATE
Dallas
TX
St. Petersburg
FL
Thomas Garbutt
New York
NY
44,843
Robert J. Greer
Marlton
NJ
44,931
43,265
Steven D. Bell and
Jonathan D. Bell
Greensboro
NC
Irvine Company Apartment
Communities
44,545
43,791
Kevin Baldridge
Irvine
CA
31
DRA Advisors LLC
42,515
41,111
David Luski
New York
NY
32
Home Properties, Inc.
41,951
38,861
Edward J. Pettinella
Rochester
NY
34 Newcomer
Holiday Retirement Corp./
Colson & Colson
37,076
36,859
Jack Callison
Salem
OR
35
36
Lindsey Management Co., Inc.
35,628
34,088
James E. Lindsey
Fayetteville
AR
36
37
Colonial Properties Trust
33,975
33,569
Thomas H. Lowder
Birmingham
AL
37
45
Berkshire Property Advisors
33,847
27,906
Frank Apeseche
Boston
MA
38
34
Sentinel Real Estate Corporation
33,500
35,000
John H. Streicker
New York
NY
39
40
BH Equities LLC
33,205
30,172
Harry Bookey
Des Moines
IA
40
41
UBS Realty Investors LLC
32,983
27,452
Matthew Lynch
Hartford
CT
41
42
Essex Property Trust, Inc.
32,753
29,146
Michael Schall
Palo Alto
CA
42
39
Concord Management Limited
32,467
32,313
Edward O. Wood, Jr.
Maitland
FL
43
38
Westdale Real Estate Investment
& Management
32,296
32,592
Joseph G. Beard
Dallas
TX
44 Newcomer
Weidner Apartment Homes
31,551
20,508
Jack O’Connor
Kirkland
WA
45 Newcomer
Heitman LLC
26,490
21,941
Maury Tognarelli
Chicago
IL
46
48
Highridge Costa Investors, LLC
26,416
26,335
Michael A. Costa
Gardena
CA
47
35
Empire American Holdings, LLC
25,859
34,939
Eli Feller
Montvale
NJ
48
49
BRE Properties, Inc.
25,192
25,174
Constance B. Moore
San Francisco
CA
49
46
AEW Capital Management, LP
24,891
27,556
Jeffrey Furber
Boston
MA
50
43
The Bascom Group, LLC
24,877
28,851
Jerome Fink
Irvine
CA
*TIAA-CREF did not provide 2011 unit data.
APRIL 2012
NMHC 50
5
2012 apartment Management
NaTIONal MUlTI HOUSINg COUNCIl 50
(50 Largest U.S. Apartment Managers as of January 1, 2012)
UNITS
MaNaged
2012
2012
RaNK
2011
RaNK
COMPaNY
1
1
Greystar Real Estate Partners LLC
192,711
2
2
Riverstone Residential Group
3
4
4
UNITS
MaNaged
2011
CORPORaTe
OFFICeR
HQ CITY
STaTe
187,360
Robert A. Faith
Charleston
SC
170,341
162,182
Walt Smith
Dallas
TX
144,033
133,425
Tim Byrne
Dallas
TX
3
Pinnacle Family of Companies
138,638
151,367
Stan Harrelson
Dallas
TX
5
5
Equity Residential
119,743
129,604
David J. Neithercut
Chicago
IL
6
7
WinnCompanies
91,920
84,817
Samuel Ross
Boston
MA
7
6
Aimco
88,530
116,491
Terry Considine
Denver
CO
8
8
Archstone
77,997
81,613
R. Scot Sellers
Englewood
CO
9
9
67,217
63,536
Richard J. Campo
Houston
TX
10
10
Bell Partners Inc.
65,205
60,182
Steven D. Bell and
Jonathan D. Bell
Greensboro
NC
11
11
FPI Management Inc.
63,002
58,604
Dennis Treadaway
Folsom
CA
12 Newcomer
Apartment Management
Consultants, LLC
59,856
52,059
Greg Wiseman
Midvale
UT
13
12
UDR, Inc.
57,743
58,340
Thomas W. Toomey
Highlands Ranch
CO
14
14
57,426
54,579
Tim Naughton
Arlington
VA
15
15
Alliance Residential Company
56,952
48,520
Bruce Ward
Phoenix
AZ
16
13
Edward Rose & Sons
56,385
56,025
Warren Rose
Farmington Hills
MI
17 Newcomer*
51,281
34,792
Woody Hunt
El Paso
TX
18
18
MAA
49,407
46,306
H. Eric Bolton, Jr.
Memphis
TN
19
17
Fairfield Residential Company LLC
49,053
46,851
Chris Hashioka
San Diego
CA
20
16
The ConAm Group of Companies
46,700
47,400
Brad Forrester
San Diego
CA
21
23
BH Management Services, Inc.
45,907
41,641
Nicholas H. Roby
Des Moines
IA
22
22
JRK Property Holdings, Inc.
45,422
41,934
Jim Lippman
Los Angeles
CA
23
36
44,289
34,439
Jeff Blau
New York
NY
24
20
Westdale Real Estate Investment
& Management
43,883
44,765
Joseph G. Beard
Dallas
TX
*Due to changes in reporting, Hunt Companies, Inc. appears for the first time on the top managers list; however, Hunt subsidiary LEDIC Management Group, Inc. ranked No. 48 on the 2011 managers list.
6
NMHC 50
APRIL 2012
A SPECIAL SuPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
COMPaNY
UNITS
MaNaged
2012
UNITS
MaNaged
2011
27
41,951
38,861
26
26
Michaels Development Company
41,597
39,575
27
24
The Laramar Group, LLC
41,235
28
25
Village Green
29
31
30
2012
RaNK
2011
RaNK
25
CORPORaTe
OFFICeR
HQ CITY
STaTe
Rochester
NY
Robert J. Greer
Marlton
NJ
40,521
Thomas Klaess
Denver
CO
39,500
40,000
Jonathan Holtzman
Detroit/Chicago
MI
Multifamily Management Services
39,100
35,800
Jeffrey Goldstein
Suffern
NY
28
Irvine Company Apartment
Communities
38,914
38,220
Kevin Baldridge
Irvine
CA
31
29
Gables Residential
36,896
38,105
David D. Fitch
Atlanta
GA
32
37
36,053
34,096
Ronald A. Ratner
Cleveland
OH
33
35
Lindsey Management Co., Inc.
35,980
34,440
James E. Lindsey
Fayetteville
AR
34
40
The Lynd Company
35,095
32,875
A. David Lynd
San Antonio
TX
35
39
34,681
34,275
Thomas H. Lowder
Birmingham
AL
36
19
Milestone Management, L.P.
34,439
45,896
Steve Lamberti
Dallas
TX
37
38
McKinley, Inc.
34,056
33,922
Albert M. Berriz
Ann Arbor
MI
38
46
Essex Property Trust Inc.
33,924
30,317
Michael Schall
Palo Alto
CA
39
32
Sentinel Real Estate Corporation
33,500
35,000
John H. Streicker
New York
NY
40
50
32,536
28,085
Frank Apeseche
Boston
MA
41
41
Concord Management Limited
32,467
32,313
Edward O. Wood, Jr.
Maitland
FL
42
34
Asset Plus Companies
32,302
34,887
Michael S. McGrath
Houston
TX
43 Newcomer
31,551
20,508
Jack O’Connor
Kirkland
WA
44
30
Capstone Real Estate Services, Inc.
31,044
36,884
James W. Berkey
Austin
TX
45
45
The John Stewart Company
30,637
30,534
Jack D. Gardner
San Francisco
CA
46
47
The Bozzuto Group
30,529
32,276
Thomas S. Bozzuto
Greenbelt
MD
47
42
CAPREIT, Inc.
30,040
31,000
Dick Kadish
Rockville
MD
48 Newcomer
Harbor Group International
28,686
22,000
Jordan Slone
Norfolk
VA
49
Morgan Properties
28,118
30,625
Mitchell L. Morgan
King of Prussia
PA
Orion Real Estate Services, Inc.
27,573
26,570
Kirk Tate
Houston
TX
44
50 Newcomer
APRIL 2012
NMHC 50
7
A sPECIAL suPPLEMENt tO NAtIONAL REAL EstAtE INVEstOR
Top Apartment Firms
Strategically Pursue
Surging Rental Market
By Mark Obrinsky, Vice President of Research and Chief Economist,
National Multi Housing Council
OvERviEw
Apartment Market
Demand for apartment residences continued to surge
in 2011 as more households decided that renting was
a better fit for their lifestyles, needs and budgets than
owning. Overall, the renter share of households rose to
34.0 percent at year-end, the highest level in almost
14 years. Net absorption among investment-grade
apartments posted the best back-to-back years since
the boom of 1999-2000, while the occupancy rate
NMHC 50 PROFilE 2012
Portfolio Size:
No. of Apartments Owned
No. of Apartments Managed
Minimum Entry Threshold:
No. of Apartments Owned
No. of Apartments Managed
DEVELOPMENT | FINANCE | CONSTRUCTION | MANAGEMENT
American Campus Communities is a $4.5 billion real
estate investment trust (REIT) traded on the NYSE
(symbol: ACC). Since 1993 we have structured and
closed more than $6 billion of student housing transactions. With business expertise
in project design and development, asset acquisition, and management services,
we are the nation’s premier owner and operator of quality student housing.
3,003,341
2,776,045
24,877
27,573
rose 110 basis points (bps) from the fourth
quarter of last year to almost 95 percent,
an indication of solid recovery from the
Great Recession.
New supply remained sparse. The historically low level of multifamily starts in
2009 and 2010 led to low completions in
2011. However, starts rebounded significantly, suggesting completions should ramp
up in 2012, with stronger deliveries likely for
2013 and beyond. Even so, the level of new
multifamily construction in 2011 was barely half of the average annual pace from 1997
to 2006. NMHC’s most recent Quarterly
Survey of Apartment Market Conditions
showed that although new development
activity was widespread, starts lagged—
only one-fifth of respondents indicated that
groundbreaking had accelerated. What’s
more, almost half of respondents indicated
that new development was considerably
below demand. New construction financing remained an obstacle in many markets,
along with outdated zoning codes, unnecessary regulations and “NIMBY” groups.
The boom in renters combined with
the near-bust in supply led to strong
rent growth. Same-store asking rents
AMERICANCAMPUS.COM
APRIL 2012
Working together.
$13,860,000
$25,700,000
$15,700,000
Branchwood Towers
Monterra Apartments
Waterview Apartments
Clinton, MD
Freddie Mac Affordable
Refinance
Cooper City, FL
Freddie Mac Affordable
Construction
Benicia, CA
Freddie Mac CME
Refinance
$10,680,000
$24,750,000
$5,800,000
Carrollton Oaks
Pembrook Club
Towers on Greenwood
Carrollton, TX
Fannie Mae DUS
Acquisition
Gurnee, IL
Fannie Mae DUS
Acquisition
Seattle, WA
Life Company
Refinance
With diverse expertise encompassing all components of
the real estate capital structure, CW differentiates itself
by harnessing its vast resources to develop the most
successful, client specific solutions.
For more information, contact:
Ellen Kantrowitz | FHA
781.707.9309 | ekantrowitz @cwcapital.com
Donald King | Fannie Mae & Freddie Mac
781.707.9494 | dking @cwcapital.com
C WC A P I TA L .CO M
Fannie Mae – Freddie Mac – FHA – Life Co – Bridge – Conduit – Mezz
A SPECIAL SuPPLEMENT To NATIoNAL REAL ESTATE INvESToR
TOp 10 ApArTMeNT OwNer FirMs
rank/Company
were up by almost five percent in 2011 nationally, surpassing the previous peak. Adjusted
for inflation, however, real rents were still
seven percent below the level of 4Q2006.
Apartment transaction volume continued to
grow in 2011, climbing 54 percent higher than
2010 and more than tripling 2009 levels. Indeed,
at nearly $54 billion, volume surpassed 2004
levels, the last year before the condo conversionfueled boom. Apartment prices have risen sharply
since the trough—the national average is up
25 percent to 35 percent by most measures—
and recent transactions show that many class-A
properties in prime locations have even surpassed
their previous peak. Cap rates eased a bit further
last year to 6.5 percent, around 50 bps lower than
the peak two years earlier.
Top 50 Owners and Managers
The total number of apartments owned by firms
in the NMHC 50 owners list is 8.2 percent greater
than the number managed by the Top 50 managers, the largest difference in six years. In line with
the previous three years, the mean and median
portfolios among apartment owners are also
larger than the mean and median management
portfolios. But once again, the top management
firm has a larger portfolio than the top owner
firm, and the entry threshold for NMHC 50
managers is higher than that for the NMHC 50
owners. Most firms are bunched together in a
relatively small band: 30 of the top management
firms have between 30,000 and 50,000 apartments, as do 24 firms on the owners list.
Apartment Ownership
Boston Capital topped the NMHC 50 owners
list for the third consecutive year. (The firm
also marked its 21st straight year among the
Top 10 owners.) The next three spots were
unchanged as well: Centerline Capital Group,
Boston Financial Investment Management
LP and SunAmerica Affordable Housing
No. of
Apartments
1
Boston Capital
157,423
2
Centerline Capital Group
150,000
3
Boston Financial Investment Management, LP
140,077
4
SunAmerica Affordable Housing Partners, Inc.
134,882
5
PNC Real Estate
126,260
6
Equity Residential
119,743
7
114,712
8
National Equity Fund, Inc.
106,772
9
The Richman Group Affordable Housing Corporation
98,770
10
Enterprise Community Investment, Inc.
97,822
NMHC 50 OwNers* Overview
Number of Apartments Owned
Top 10
Second 10
Top 25
Second 25
Top 50
1,246,461
632,360
2,120,662
882,679
3,003,341
portfolio size Measures
Mean
Median
No. 1 firm
No. 50 firm
60,067
47,322
157,423
24,877
share of National Apartment stock
Top 10
Top 25
Top 50
7.1%
12.1%
17.1%
* Changes in ownership definition and company response make historical comparisons difficult.
Partners Inc. PNC Real Estate moved up a notch to round out
the top five, while Equity Residential moved down one spot to
No. 6. Hunt Companies, Inc. appears in the Top 10 list for the first
time, coming in at No. 7. Rounding out the Top 10 this year are the
same firms from last year, although The Richman Group Affordable
Housing Corporation and Enterprise Community Investment Inc.
swapped order.
Four of the Top 10 owner firms increased their portfolios in
ApArTMeNT OwNers
Largest portfolio Growth
10
NMHC 50
Apartments
+ 52,603
+ 13,330
+ 11,043
+ 5,975
+ 5,941
Moving Up in rank
MAA
slots
+ 11
+8
+7
+3
APRIL 2012
GrandMarc at
Westberry Place
Fort Worth, TX
$54,336,722
Student Housing
Investment Sale
360 West Hubbard
Chicago, IL
$140,500,000
Equity Raise/
Construction Financing
The Alexander
Alexandria City, VA
$75,925,000
Investment Sale
H191 Portfolio
Seattle Metro
$155,342,000
Freddie Mac
Fixed Rate Financing
More than $17 Billion of Multi-Housing
Value Creation in 2011
CBRE was once again the leading market-maker for the multi-housing industry in 2011. 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.
*Source: Real Capital Analytics
CBRE Multi-Housing Group
Market Insight. Capital Access. Execution.
www.cbre.com/mhg
A SPECIAL SUPPLEMENT To NATIoNAL REAL ESTATE INvESToR
2011. Hunt Companies, Inc. had the biggest net
TOp 10 ApARTMENT MANAGEMENT FIRMS
gain with a pickup of 52,603 apartments, largely
Rank/Company
No. of
a result of the purchase of Capmark Financial
Apartments
Group’s affordable housing portfolio. Equity
Managed
Residential shed the largest number of apart1
Greystar Real Estate Partners, LLC
192,711
ments, downsizing their holdings to the tune of
2
170,341
9,861 units. Thirty-two of the 2012 NMHC 50
3
144,033
owner firms were net acquirers last year, adding
4
Pinnacle
Family
of
Companies
138,638
a total of 143,200 apartments to their portfolios.
5
Equity Residential
119,743
By contrast, 17 were net sellers, dropping 78,098
units.* On balance, these firms grew by a com6
WinnCompanies
91,920
bined total of 65,102 units.
7
Aimco
88,530
This year’s 50 largest firms own 2.4 percent more
8
Archstone
77,997
apartments than last year’s Top 50, a growth rate
9
67,217
right in line with the average for the past five years.
10
Bell
Partners
Inc.
65,205
For the second year in a row, Hunt Companies, Inc.
posted the biggest increase, which moved them
Top 10 for the first time since 1997.
into the Top 10 for the first time. The Related Companies
Roughly eight out of 10 Top 50 owners have market-rate
made the biggest jump up the rankings list, shooting up 11
apartments in their portfolios while exactly half own taxplaces to the No. 22 slot. For the fourth straight year, Aimco
credit properties or other subsidized properties. Eighteen
remains the biggest net seller, trimming its portfolio by
firms have senior housing apartments; of those, five have
17,313 units—a strategy that moved the company out of the
more than 20,000 senior apartments. The NMHC 50 owners
are geographically diversified: 90 percent have properties
*Totals do not add up to 50; TIAA-CREF did not provide 2011 unit data.
REITs in the Rankings
he number of REITs on the 2012 NMHC 50
owners list is unchanged from the previous
two years. Total apartment holdings by REITs
in the NMHC 50 decreased for the ninth consecutive year. At 1.6 percent, however, it was the smallest decline since 2006. As in past years, the drop
had more to do with company-specific strategies
than with the character of the REIT model. In fact,
seven REITs grew their portfolios, but this was outweighed by downsizing at Aimco, Equity Residential
and, to a much lesser extent, UDR, Inc.
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
Units
Owned
Equity Residential
Rank
Total
Cap Rank
Among Capitalization Among
REITs
($ millions)
REITs
119,743
1
26,424
1
Aimco
93,630
2
8,221
4
66,997
3
7,028
6
UDR, Inc.
57,743
4
9,680
3
57,426
5
16,218
2
MAA
49,407
6
4,075
9
41,951
7
5,893
7
33,975
8
3,656
10
32,753
9
7,368
5
25,192
10
5,521
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 December 31, 2011, were provided by Stifel
Nicolaus & Company, Inc.
APRIL 2012
A sPECIAL sUPPLEmEnT To nATIonAL REAL EsTATE InvEsToR
ApArtMeNt MANAGeMeNt by tier
3,000
Top 10
Top 25
Top 50
Units (thousands)
2,500
2,000
2,000
1,500
1,000
500
1990
1992
1994
Hunt Companies, Inc. registered the largest portfolio gain, adding 16,489 units. Five
other firms also had portfolio gains of more
than 8,000 units. The Related Companies
1,925.6
made the biggest jump in the rankings, up 13
slots to No. 23. Berkshire Property Advisors
also made a double-digit move, climbing
1,156.3
10 places to the No. 40 position. Overall,
firms on this year’s management list added a
combined 61,628 apartments to their portfolios, as 34 companies grew compared to the
2010 2012
16 firms that shed assets.
The total number of apartments managed by the Top 50 companies is the
highest on record. The share of the entire
apartment stock under management by the NMHC 50 rose
to 15.8 percent, also a new high. Both the mean and the
median rose and set new all-time highs. The minimum size
needed to make it into the Top 50 edged down a bit from last
year’s record, but at 27,573 units is still the second-highest
threshold since the rankings began.
Concentration trends were mixed last year. The portfolios of the 10 largest firms make up 41.7 percent of the
Top 50, down from 43 percent last year—the group’s lowest share
in 18 years. Apartments managed by the next 10 firms (No.
11 through No. 20 in the rankings) rose to 19.7 percent from
18.6 percent a year ago. The percentage marks a sizable share but
is below 2005’s high-water mark of 20.8 percent.
All of the Top 50 firms manage market-rate apartments.
In addition, 32 companies have Low-Income Housing Tax
Credit (LIHTC) properties in their portfolios—and of those,
19 also manage non-LIHTC affordable properties. Eighteen
firms have senior housing apartments under management,
although only Pinnacle Family of Companies has more than
20,000 such units. The South Atlantic region is home to properties from 44 of the Top 50 managers, the most of any region. At
the other end of the spectrum, 23 of the Top 50 manage properties in the New England region.
2,776.0
1996
1998
2000
2002
2004
2006 2008
in the South Atlantic region and 64 percent have properties
in New England while each of the other seven regions has
properties owned by 78 percent to 86 percent of the firms on
the NMHC 50 ownership list.
Apartment Managers
Stability was the theme at the top of the NMHC management list. For the fourth consecutive year, the same firms
made up the Top 10. Greystar Real Estate Partners LLC
remains in the top spot for the second straight year, while
Riverstone Residential Group kept its second place ranking.
Lincoln Property Company (No. 3) and Pinnacle Family
of Companies (No. 4) switched places—the only ranking
change among the Top 10.
There were five new firms on the management list
this year, two of which debuted in the Top 20. Apartment
Management Consultants LLC (No. 12) was a first-time
survey respondent, while Hunt Companies, Inc. (No. 17)
consolidated its reporting, including former Top 50 manager
LEDIC under its umbrella this year. The other newcomers—Weidner Apartment Homes (No. 43), Harbor Group
International (No. 48) and Orion Real Estate Services Inc.
(No. 50)—rode portfolio increases to a Top 50 ranking.
ApArtMeNt MANAGers
Largest portfolio Growth
Alliance Residential Company
14
NMHC 50
Apartments
+ 16,489
+ 11,043
+ 10,608
+ 9,850
+ 8,432
+ 8,159
Moving Up in rank
The Lynd Company
slots
+ 13
+ 10
+8
+6
+5
APRIL 2012
A SpeciAl SuppleMeNT To NATioNAl reAl eSTATe iNveSTor
NMHC 50 MaNagers
Number of apartments
Managed
2012
Top 10
1,156,335
Second 10
547,805
Top 25
1,925,592
Second 25
850,453
Top 50
2,776,045
2011
1,171,167
505,197
1,885,014
837,880
2,722,894
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
2006
1,051,603
469,786
1,703,865
680,091
2,383,956
Portfolio size Measures
Mean
55,521
Median
41,774
No. 1 firm
192,711
No. 50 firm
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
47,679
33,150
197,774
22,500
share of National apartment stock
Top 10
6.6%
6.7%
Top 25
11.0%
10.8%
Top 50
15.8%
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%
MetHodology
The National Multi Housing Council (NMHC) 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 staff from each firm complete the survey online. Over the years, improved
outreach and increased publicity associated with the rankings have 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. 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
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.
Note: In some cases, newly introduced policies prohibited firms from sharing the kind of information needed for these rankings.
April 2012
NMHC 50
15
A sPeCIAL suPPLement to nAtIonAL ReAL estAte InVestoR
The Anatomy of a
Brand Strategy
Changing demographics lead some apartment firms to pursue new brand
segmentation strategies.
By Bill Gloede
GenerATion Y enerGY: AvalonBay’s AVA
communities target the highly social, super-connected
echo boomer demographic.
16
nMHC 50
W
hen Arlington, Va.-based AvalonBay
Communities, Inc. announced in
December that it was splitting its communities into three distinct brands, many in the
industry took the news as a sign that the apartment rental industry had fully shaken off the
dust from the downturn. With rents and renewals rising, business was back on a growth track,
and the future looked promising. Not only were
consumers beginning to question the value of
homeownership, but Generation Y’s throngs of
echo boomers were coming of age, creating a
huge, emerging demographic market for apartment rentals. Not since the upscale rental segment
took off back in the late 1990s had there been such
a clearly defined marketing opportunity.
Under AvalonBay’s new structure, the company’s core brand, Avalon, will continue as the company’s flagship. Located in bigger urban and suburban markets, Avalon communities will include
high-end amenities and services and continue as
the publicly traded REIT’s primary growth engine
through new development, according to the company’s Senior Vice President for Brand Strategy
Kurt Conway. Apartments will be larger and
include premium finishes, lighting, appliances
and amenities.
The second brand in AvalonBay’s portfolio,
called Eaves by Avalon, will include communities
located in mostly suburban locations and target
more cost-conscious, value-oriented renters.
The final brand is dubbed AVA, partly
because, as Conway puts it, “The word ‘AVA’
underscores the brand’s social elements. After
all, it’s a person’s name.” The brand is squarely
targeted to the highly social, super-connected
Generation Y demographic. These communities
will be in transit-friendly and urban settings
in “energized neighborhoods,” as Conway calls
them. Properties will feature smaller apartments
APRIL 2012
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“[We’re] focusing on the best
performing markets and
submarkets in the u.s, and
within these markets, we are
putting the right product that
best matches customer needs.”
as well as units more conducive to roommate living.
Conway points to a new AVA community under construction in the H-Street district of Washington, D.C., as representative of the new brand. Situated in an emerging youthful,
walkable neighborhood, the property offers Generation Y
residents ready access to transit, nightlife, galleries and restaurants. Apartments range from 450 square feet for a studio
to 550- to 650-sq.-ft. one-bedrooms and roommate-friendly
units in the 750- to 1,050-sq.-ft. range.
While the brands are new for the company, which ranked
No. 16 on the NMHC 50 Owners list and No. 14 on the
NMHC 50 Managers list, the underlying strategy is really
reflective of something the company’s been doing for the
— Kurt conway, AvalonBay communities, inc.
past 25 years—investing in locations where people want
to live. “[We’re] focusing on the best performing markets
and submarkets in the U.S, and within these markets, we
are putting the right product that best matches customer
needs,” Conway says.
Properties. And even before them, the LeFrak Organization.
But while some in the industry see new branding strateHoltzman’s take on the industry reflects his background; he
gies similar to AvalonBay’s as an extension of existing target
is the third generation of his family to run the company, which
marketing efforts, others disagree, arguing that the industry,
was founded by his grandfather in 1919. When the first wave
in general, has placed more emphasis on the transaction and
of branding and segmentation took place in the 1960s, he says,
the property than the end user, or resident.
the apartment companies that bought in were asking the same
Jonathan Holtzman, chairman and CEO of Farmington
question: “How can you call an urban high-rise building with
Hills, Mich.-based Village Green, which
ranked No. 28 on the NMHC 50 Managers
list, would agree that the apartment
industry, in general, has been behind the
curve in terms of consumer segmentation. However, he points out that some
companies’ strategies aimed at capturing
Generation Y’s attention aren’t so much
new as newly launched. As he explains it,
somewhat diplomatically, “The apartment
business has historically been behind the
retail, hospitality and food industries. The
Occupancy. Rent Values. Retention.
fact that some companies are now acting
like this is a fresh idea is not respectful of
Regardless of your 2012 focus,
apartment firms that have had branding
ours continues to be delivering
since the 1960s.”
ROI through community.
For example, Holtzman says Village
Green, which now owns or manages
approximately 40,000 apartments in
16 states, adopted a brand strategy after
witnessing the growth “of this company called Holiday Inn.” It was the
first branded chain of motels, and it
grew, quickly, to a dominant position
New Look, Same Focus.
in the industry. Along with Village
Green in the move to branding back
then, says Holzman, were Oakwood,
now Oakwood Worldwide, and Post
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live, work, play: Generation Y’s housing preferences are driving
apartment firms toward urban, transit-oriented development like this
community by Somerset Development, located three subway stops from
Midtown Manhattan in Wood-Ridge, N.J.
older, suburban garden apartment complexes; Village
Park became a new brand characterized by apartments
with cathedral ceilings, in-unit washers and dryers,
fireplaces, pools and clubhouses aimed at increasingly affluent baby boomers closer in to urban cores.
And that trend continued through the decades to
follow. In the late 1990s, company executives rolled
out the City brand as Village Green began building
environmentally friendly urban apartments with ready
access to transit, featuring island kitchens, upscale
appliances, upgraded flooring and bathrooms and
rooftop pools. In the early 2000s, the company unveiled
its Regents Park brand, which targets an older, upscale
demographic looking for a more suburban setting. The
company also added fifth brand aimed at the corporate
relocation and temporary housing market that offers wellhigh rents the same name as a 20-year-old garden apartment
appointed, furnished shorter-term rentals.
community in the suburbs? No other industry would
However, some apartment executives remain skeptical of
do that.”
the long-term value and effectiveness of a multi-brand stratSo, in 1989, company executives decided to do something
egy. Greensboro, N.C.-based Bell Partners, No. 30 on the
different. Rather than market their properties based on
NMHC 50 Owners list and No. 10 on the NMHC 50 Managers
their location, amenities and rent levels, which is what most
list, markets properties using its core brand proposition,
firms were doing, executives moved to launch two distinct
“apartment living at its best.” The tagline is trademarked
brands. Village Green became a single brand, made up of
and used across its entire portfolio in
conjunction with micro-brands created
for individual communities. This strategy reflects a view that apartments are
largely commodity products, and each
community offers apartments designed
to address unique tastes and needs.
“The consumers own the brand, and
DEVELOPMENT | FINANCE | CONSTRUCTION | MANAGEMENT
they define what that brand stands for,”
says Kevin Thompson, senior vice president of marketing for Bell.
For Bell, “apartment living at its
best,” is a blanket marketing strategy
that can just as easily define a 595-sq.ft. studio at Bell Park Central in Dallas
or a two-bedroom, two-bath suite at
the Bell Midtown in Nashville or even
a 1,500-sq.-ft. three-bedroom, twobath family apartment at Bell Preston
Reserve in Cary, N.C.
Bell’s strategy is more akin to a
mass marketer than those of Village
American Campus Communities is a $4.5 billion real
Green and AvalonBay. Think Ford.
estate investment trust (REIT) traded on the NYSE
Every Ford is called a Ford. Every
(symbol: ACC). Since 1993 we have structured and
Bell apartment is called a Bell apartment. That’s by design, according to
closed more than $6 billion of student housing transactions. With business expertise
Thompson. “We should always be cauin project design and development, asset acquisition, and management services,
tious before we do brand extensions,”
we are the nation’s premier owner and operator of quality student housing.
he says. “You can easily cannibalize
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your core brand.”
18
NMHC 50
APRIL 2012
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to nAtionAl
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Show Me the Money Managers
institutional managers continue to make their place in the apartment business
next to traditional owners.
By Bill Goede
T
he apartment rental business has long been a good place
to park money. Depending on economic conditions, of
course, it usually offers steady returns on capital and
relatively stable asset value, which is a tough combination
to match in, say, the stock markets. This continued stable
performance is causing the rental business’ mix to change as
more investment management companies, attracted by the
potential yields, join the ranks of more traditional owners.
According to an analysis of data collected for the NMHC Top
50, investment management firms are an increasing presence
among the largest apartment owners in the U.S. The number
of such companies among the Top 50 has nearly doubled from
four in 2008 to seven this year, with TIAA-CREF, the financial
services and retirement giant that takes its abbreviated moniker from Teachers Insurance and Annuity Association (TIAA)
and College Retirement Equities Fund (CREF), making its first
appearance on the list. TIAA-CREF debuted on the Top 50
owners list at No. 28.
To the investment management companies that have been
active in the industry for a while, this comes as no surprise,
especially given the nature of the recent recession and concomitant crash of the homeownership market.
“The sector is attractive because there’s a good income
return, it doesn’t have a long lead time to develop and it’s
attractive to a large number of investors,” says Jean Anderson,
New York-based managing director for J.P. Morgan Asset
Management, which ranked No. 24 on the top owners list.
“And it certainly has been a property type that’s rebounded
quickly from the recession.”
“What has fueled the strength in the apartment rental
industry over the past three years is the housing crisis,” says
Paul Michaels, managing director of No. 20-ranked Invesco
Real Estate in Dallas. “There’s been this huge flight to rental
properties. The buzz in the industry is apartments.”
Andrew McCulloch, an analyst who follows the apartment
sector for Green Street Advisors in Newport Beach, Calif.,
cites the still-ailing market for single-family homes, demographic factors that signal strength in the rental market for
years to come, a relative dearth of new supply owing to construction slowdowns during the recession and the relatively
low cost of debt as primary drivers of this interest.
“It’s easy to see why investment managers like apartments,” he says.
April 2012
Dan Fasulo, managing director at Real Capital Analytics
in New York who tracks the commercial real estate sector,
agrees. “Multifamily is in full-fledged recovery right now,” he
reports, and, given that, says the increasing interest in the sector among investment managers “doesn’t surprise me. Real
estate looks good versus some of the other alternatives; multifamily looks good versus other commercial property sectors.
It looks awfully rosy versus the other prospects.”
New apartment construction is near historic lows.
“there’s been this huge flight to
rental properties. the buzz in
the industry is apartments.”
— paul michaels, invesco real estate
According to the Commerce Department, housing permits
nationally for buildings with five or more units plunged from
359,000 in 2007 to 295,400 units in 2008 to 121,100 in 2009
before rising to 135,300 in 2010 and 176,400 last year. The
2009 and 2010 numbers were the lowest since the government
began tracking this type of data back in 1959.
“The developers and lenders hit the brakes very early in
the cycle,” Fasulo explains. “Looking back, this is going to be
some of the slowest growth we’ve seen for multifamily construction in the post-war period.”
But then there’s that return. According to the National
Council of Real Estate Investment Fiduciaries, which has
since 1984 been tracking what it calls a composite total rate
of return on investment for apartments owned at least in part
by tax-exempt, institutional investors, there have been only
eight quarters of negative returns through the end of 2011, six
of them during the recession of 2008-2009. In 2011, average
annualized returns rose to 15.5 percent.
The other primary driver of interest in multifamily is
demographics. The so-called Echo Boom generation, also
known as Generation Y or the Millennial Generation, is entering the prime rental market demographic of 18 to 30 years
NMHC 50
19
A sPecIAL suPPLeMenT To nATIonAL ReAL esTATe InvesToR
old, many of them carrying record levels of education debt,
which could keep them renting longer than previous generations. Add to that the millions of former homeowners
who have returned or will return to the rental market as the
national homeownership rate fell from a high of 69.4 percent
in 2004 to 66.0 percent in 2011, the biggest drop in that
metric since the Great Depression according to the Census
Bureau. Coupled with the relative lack of new supply, these
factors continue to keep rents and renewals steady.
Still, investment management owners are keeping a wary
eye on supply. “As long as supply remains in check, multifamily is going to be a great place to be,” says Invesco’s
Michaels.
J. P. Morgan’s Anderson echoes that sentiment. “Overall,
the trends are very positive,” she says, but then asks, “How
may units will be delivered two or three years from now?”
Invesco, for one, is turning cautious on some markets,
among them Seattle, Austin and Washington, D.C., which,
not coincidentally, are areas that held up relatively well during the housing bust. He also believes there could be a supply
surge in Boston. “People have to start to look at [markets]
more closely,” says Michaels. “Two or three years from now,
you might start to see supply exceeding demand.”
However, he isn’t expecting to see that happen in New York
“[The apartment sector]
certainly has been a property
type that’s rebounded quickly
from the recession.”
— Jean Anderson, J.P. Morgan Asset
Management
or Southern California, where demand continues to outstrip
supply, in New York because of lack of developable land and
in Southern California due to the length and difficulty of the
permitting process. Anderson is likewise optimistic on JP
Morgan markets, which are mostly gateway cities, including
New York, San Francisco and the so-called Gold Coast on the
Hudson River in New Jersey.
Still, that caution will hardly dampen interest in multifamily among investment managers, Michaels believes. “I
think [the rental market] is so good that people are still looking at the glass half full,” he says.
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On a Path of Growth
Top apartment firms outline strategies for making the most of a
promising market in 2012.
By Hortense Leon
A
s the economy sidestepped a double dip and began to
firm up through 2010, its measured recovery set the
stage to make 2011 a turning point for the apartment
industry. Suddenly demand for rental units outpaced limited
new supply and capital was flowing more freely to the sector.
Market dynamics had shifted in such a way that apartment
firms saw rents climb rather substantially, a key signal that
the apartment market had indeed turned around.
“We expect to see 5 percent to 7 percent increases in net
rents in many markets [in 2012],” says Nicholas Roby, president of BH Management Services (No. 21 on the NMHC 50
Manager’s list) and vice chair of the equities division of BH
Equities (No. 39 on the NMHC 50 Owners list). “This is a big
improvement over the zero market rent growth and concessions of a half a month’s free rent or more, that were common
a couple of years ago.”
With opportunity like that dangling
like a carrot in front of a hungry apartment industry, apartment firms are trying to come up with the best strategies to
capture as much of the demand growth
Seattle
as they can, while it lasts. The industry’s
runway for growth could shorten in 2013
and 2014, making 2012 a critical year for
NMHC 50 executives to continue to execute new initiatives and complete transacSan Francisco
tions, better positioning their companies
for longer-term success. But finding the
right strategy can be challenging in an
Irvine
improving market, as apartment firms
San Diego
wrestle with which opportunities to pursue—and which to let fall by the wayside.
Office Locations
Greystar Presence
According to a January NMHC Quarterly Survey of apartment market conditions, 53 percent of respondents reported
a substantial pick-up in land acquisition and the lining up of
financing and securing of building permits, although actual
construction starts appeared to lag. An additional 20 percent
of respondents reported that developers had been breaking
ground on new projects at a rapid clip.
“We have doubled our development pipeline this year,”
says Ric Campo, chairman and CEO of the Houston-based
Camden Property Trust (No. 14 on the owners’ list and No. 9
on the managers’ list).
The company currently has about 2,300 apartments under
construction at a cost of about $400 million and another
520 units under construction, at a cost of $113 million, with
joint-venture partners. Campo says in the near term the
Boston
Chicago
Washington
D.C.
Denver
Charlotte
Las Vegas
Phoenix
Atlanta
Austin
San Antonio
Some Will Build
The economic and housing recession has
kept the apartment industry in a chronic
state of under-production. Through 2011,
there were 167,300 multifamily apartments started (5+ unit properties), a little
more than half of the new units the industry should produce a year.
However, greater access to capital is
starting to accelerate new development.
APRIL 2012
Charleston
Corporate Headquarters
Dallas
Orlando
Houston
Tampa
Ft. Lauderdale
A sPecIAL suPPLement to nAtIonAL ReAL estAte InvestoR
company plans to start construction on an additional 3,000
units in Tampa, Fla.; Orlando; Washington, D.C.; Denver and
Southern California, among other locations.
“We felt that the fact that there hasn’t been any apartment
development in the last several years [would result in] pentup demand,” he says.
At Denver-based UDR, Inc. for example, president and
CEO Tom Toomey reports that his company (No. 15 on the
owners’ list and No. 13 on the managers’ list) is currently
investing $1.1 billion in building about 3,000 apartment units
and redeveloping another 3,000.
Warren Rose, CEO of Farmington Hills, Michigan-based
Edward Rose & Sons, is another apartment owner looking to
take advantage of burgeoning rental demand, an improving
economy and more access to capital. His company (No. 17
on the owners’ list and No. 16 on the managers’ list) is on
track to develop 800 to 1,000 new units this year. This is the
first significant development the company has done since the
beginning of the recession in 2008, says Rose. And running
counter to other expansion strategies at work in the market,
which focus on only gateway markets on the East and West
coasts, Rose says the new units will be in markets in Illinois,
Indiana, Iowa, Michigan, Nebraska, Ohio, South Carolina
and Wisconsin.
“We have
doubled our
development
pipeline this year.
We felt that the
fact that there hasn’t been any
apartment development in the
last several years [would result
in] pent-up demand.”
— Ric campo, camden Property trust
For as much as a limited supply of new apartment product
is driving new development, the acceleration in apartment
construction also reflects anticipated demand as the almost
80 million-strong Generation Y comes of
age. Camden’s Campo says, “Of the 3.8
million new jobs that have been created
since the bottom of the recession, twothirds have gone to people under 34 who
are mobile and more likely to be apartment dwellers [than other generations].”
Ronald Ratner, president of the
Cleveland-based Forest City Residential
Group, Inc. (No. 23 on the owners’ list
and No. 32 on the managers’ list), says
the industry is building with that demographic in mind. “Everyone today is
looking at building smaller product,”
designed to appeal to the tastes and budgets of a younger group of urban professionals, he says.
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Others Will Buy
But building a property from the ground
up takes time—anywhere from 18 months
to 30 months in many markets—and some
apartment companies are wont to wait.
Consequently, many apartment companies seek to grow not only organically
through development but also through
acquisitions of both individual properties
and larger portfolios.
In fact, 2011 was a hot year for
APRIL 2012
A sPecIAL suPPLement to nAtIonAL ReAL estAte InvestoR
“everyone today is
looking at building
smaller product,”
designed to appeal
to the tastes and
budgets of a younger group of
urban professionals.
apartment trades, according to Real Capital Analytics. More
than 3,500 properties changed hands last year, representing a 49 percent increase in volume from 2010. Moreover,
appetite for portfolio deals also grew; roughly $9.6 billion
in assets traded in portfolio transactions in 2011, more than
double the value of portfolio deals in 2010.
Jack O’Connor, chief operating officer at Kirkland, Wash.based Weidner Apartment Homes (No. 42 on the managers’
list and No. 44 on the owners’ list) says his company takes a
balanced approach to growth. “We grow our business about
half through acquisition and half through new construction,” he says. “We expect to have 10 percent to 15 percent
more units (between 3,000 and 5,000) completed and/or
acquired by the end of 2012. This is our yearly target, but
there can be bumps in the road.”
— Ronald Ratner, Forest city Residential
REITs UDR, Inc. and Equity Residential (No. 6 on the
Group, Inc.
owners’ list and No. 5 on the managers’ list) have been two of
the most aggressive acquirers in recent years. UDR’s Toomey
units in its portfolio by nearly 10,000 units last year.
says that, during the financial crisis, his company made few
Company president and CEO David Neithercut says, “We
acquisitions but started buying more assets again in late
continue to pursue a strategy of reducing capital commit2010, when UDR, Inc. purchased about $400 million worth
ments to non-core ‘commodity’ markets, and investing in
of properties. In 2011, the company bought $1.8 billion in
more protected, high-barrier, high-density markets.”
apartment properties.
The strategy is driving the company to sell more of
But bigger isn’t necessarily better when it comes to navigating the next phase of the apartment cycle.
For as much as companies are pursuing
choice properties to add to their portfolio, many are also strategically shedding
other assets in an effort to optimize their
portfolios.
• Full Service
Real Estate
BH Equities, for one, is focusing on
Management Firm
acquiring relatively new product in the
• Diversified Real
Sunbelt and Chicago. At the same time,
Estate Investment
it is also trying to upgrade its portfolio by
Company
selling its older properties, those built in
• Successful Capital
the 1970s to early 1980s, says Roby.
Transactions
“We prefer properties built within the
• Asset Management
last 20 years,” says Roby. “Older properServices
ties needed a lot of rehab,” he says. While
older properties may have higher cap
Harbor Group Management Company is a full service property management
rates, newer apartment buildings are less
company. We manage more than 28,000 residential apartment units throughout
risky, he says.
the United States. Our experienced property management teams deliver superior
At Chicago-based Equity Residential,
customer service and seek to establish mutually rewarding relationships with
while the company continues to develop
our residents, investors, owners and the local community.
new product—it expects to have $750
Simply put, Harbor Group Management Company delivers returns.
million worth of apartment starts this
year, in addition to the $500 million in
apartments under construction at the
end of 2011—it is putting equal emphaw 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
sis on acquisitions. The company was
Connecticut | Florida | Georgia | Illinois | Indiana | Kentucky | Maryland | Minnesota | Nevada
a leading asset seller in 2011, both in
New Mexico | New York | North Carolina | Ohio | South Carolina | Tennessee | Texas | Virginia
terms of property and dollar volumes;
Contact Robert Friedman, President
the company reduced the number of
Full Service Management, Worldwide Scope
[email protected] | (757) 640-0800
APRIL 2012
Top 25 Apartment Buyers and Sellers in 2011 (by investment volume)
NMHC 50 firms are some of the most active in asset trading.
BUYERS
UDR, Inc.
Equity Residential
AREA Property Partners
TIAA-CREF
AvalonBay Communities
Greystar RE Partners LLC
Essex Property Trust, LLC
Cornerstone RE Advisors
Praedium Group
Pantzer Properties
Dune Capital Mgmt
Kennedy Wilson
Angelo Gordon
Invesco Real Estate
Waterton Associates
Phoenix Realty Group
GID
Allianz
Kayne Anderson
Hartz Mountain Industries
Mid-America APT
SELLERS
Equity Residential
Bank of America
Lehman Bros. Holdings
Tishman Speyer
RREEF
GE Capital
UDR, Inc.
CalPERS
AvalonBay Communities
Zucker Organization
JPI Multifamily Inc.
Northwestern Mutual
Crescent Heights
Carmel Partners
Aimco
Forest City Residential Group Inc.
Fairfield Residential
Legacy Partners
Moinian Group
Verde Realty Group
BLDG Mgmt Co.
Brookfield Asset Management
Dinerstein Companies
Invesco Real Estate
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its garden-style apartments in
favor of buying more upscale
urban apartments. “The assets
we are selling are significantly
smaller than the ones we are
buying,” says Neithercut. In
the case of the former, prices range from about $35 to
$40 million, “which is the middle of the fairway for Fannie
Mae and Freddie Mac,” he says.
“We are buying assets in the
$100 to $150 million range.”
In 2011, Equity Residential
sold $1.48 billion worth of properties and bought $1.34 billion.
This year, Neithercut expects
the company to buy and sell a
similar amount, roughly $1.25
billion. This works out well, he
says: “We are generating capital
with the disposition process.”
But while there are many
means by which apartment firms
are navigating the year ahead,
a single end seems assured for
most: a successful 2012.
APRIL 2012
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changed our commitment to excellence remains the same.
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Turning real estate ideas into reality.
NMHC Officers 2012
Chairman
Thomas S. Bozzuto
The Bozzuto Group
Greenbelt, MD
Treasurer
Robert E. DeWitt
GID
Boston, MA
Secretary
Susan M. Ansel
Gables Residential
Dallas, TX
President
Douglas M. Bibby
National Multi
Housing Council
Washington, DC
William H. Elliott
Richard L. Fore
Randolph G. Hawthorne
Gary T. Kachadurian
Mary Ann King
Duncan L. Matteson, Sr.
Richard L. Michaux
Robert Sheridan
Geoffrey L. Stack
Vice Chairman
Daryl J. Carter
Avanath Capital
Management, LLC
Irvine, CA
Former Chairmen
Kelley A. Bergstrom
C. Preston Butcher
Ric Campo
Douglas Crocker, II
Allen Cymrot
Peter F. Donovan
Executive Committee
Patti Fielding
Aimco
Denver, CO
Patti Shwayder
Aimco
Denver, CO
James M. Krohn
Alliance Residential
Company
Phoenix, AZ
Bruce C. Ward
Alliance Residential
Company
Phoenix, AZ
Marc E. deBaptiste
ARA
Boca Raton, FL
Gary T. Kachadurian
ARA
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
Richard P. Giles
The Bainbridge
Companies
West Palm Beach, FL
Richard Schechter
The Bainbridge
Companies
West Palm Beach, FL
Jonathan D. Bell
Bell Partners
Greensboro, NC
Lili F. Dunn
Bell Partners
Alexandria, VA
David J. Olney
Berkshire Property
Advisors
Boston, MA
Julie A. Smith
Bozzuto Management
Company
Greenbelt, MD
Stephen Dominiak
Irvine, CA
Constance B. Moore
San Francisco, CA
28
NMHC 50
APRIL 2012
Executive Committee
Laurie A. Baker
Camden Property
Trust
Houston, TX
Ric Campo
Camden Property
Trust
Houston, TX
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
New York, NY
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
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
Susanne Hiegel
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
Mc Lean, VA
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
David J. Neithercut
Equity Residential
Chicago, IL
Stacy G. Hunt
Greystar Real Estate
Partners, LLC
Houston, TX
APRIL 2012
David Fitch
Gables Residential
Atlanta, GA
Matthew Lawton
HFF
Chicago, IL
NMHC 50
29
Executive Committee
Eli Hanacek
Holland Partner Group
Vancouver, WA
Clyde P. Holland
Holland Partner Group
Vancouver, WA
Guy K. Johnson
Johnson Capital
Las Vegas, NV
James H. Callard
Klingbeil Capital
Management/American
Apartment Communities
Annapolis, MD
C. Preston Butcher
Legacy Partners
Foster City, CA
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
John J. Kerin
Marcus & Millichap
Calabasas, CA
Hessam Nadji
Marcus & Millichap/
Institutional Property
Advisors
Walnut Creek, CA
Mary Ann King
Moran & Company
Irvine, CA
Thomas F. Moran
Moran & Company
Chicago, IL
Rick Graf
Pinnacle
Addison, TX
Stan J. Harrelson
Pinnacle
Seattle, WA
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
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
Charles R. Brindell,
Jr.
Mill Creek Residential
Trust LLC
Dallas, TX
Jamie Teabo
Post Properties, Inc.
Atlanta, GA
Geoffrey L. Stack
SARES*REGIS Group
Irvine, CA
30
NMHC 50
David P. Stockert
Post Properties, Inc.
Atlanta, GA
Michael P. Bissell
SARES*REGIS Group
Irvine, CA
David R. Schwartz
Waterton Associates,
L.L.C.
Chicago, IL
APRIL 2012
Executive Committee
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
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614.857.1482
[email protected]
A special Supplement to national real estate investor
Board of Directors
Jeffery Daniels
AIG Global Real Estate
Investment Corp.
New York, NY
Donald Huffner
AIG Global Real Estate
Investment Corp.
New York, NY
Lauren A. Brockman
Allied Realty Services,
Ltd.
Denver, CO
Tim L. Myers
Allied Realty Services,
Ltd.
Houston, TX
Michael H. Godwin
Ambling Management
Company LLC
Valdosta, GA
William C. Bayless, Jr.
American Campus
Communities
Austin, TX
Rodrigo Lopez
AmeriSphere Multifamily
Finance, LLC
Omaha, NE
Steve F. Hallsey
AMLI Management
Company
Chicago, IL
Gregory T. Mutz
AMLI Residential
Properties, LP
Chicago, IL
Kimberly J. Sperry
Amstar Group, LLC
Denver, CO
Margette Getto
Apartment Guide
Carrollton, TX
Kevin Doyle
Apartments.com
Chicago, IL
Blake Okland
ARA
Charlotte, NC
Thomas P.
MacManus
ARA Finance, LLC
Boca Raton, FL
Roger H. Beless
Archon Residential
Irving, TX
William S. Robinson
Archon Residential
Irving, TX
Kevin Davis
Area Property Partners
New York, NY
Lin Atkinson
AT&T Connected
Communities
Atlanta, GA
Thuy Woodall
AT&T Connected
Communities
Atlanta, GA
Michael G. Miller
AUM
Lombard, IL
Phillip E. Bogucki
AZUMA Leasing
Austin, TX
Robert S. Aisner
Behringer Harvard
Addison, TX
Mark Alfieri
Behringer Harvard
Addison, TX
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
Alexandra S. Jackiw
Buckingham
Companies
Indianapolis, IN
Jerry Feldman
CallSource
Westlake Village, CA
Mark Sadosky
CallSource
32
NMHC 50
APRIL 2012
Board of Directors
David J. Adelman
Campus Apartments
Philadelphia, PA
Miles H. Orth
Campus Apartments
Philadelphia, PA
Richard Lyon
Capital One Bank
New York, NY
Richard L. Kadish
CAPREIT, Inc.
Rockville, MD
Stephen J. Zaleski
CBRE Global Investors,
LLC
Boston, MA
Steven Fayne
Citi Community Capital
San Francisco, CA
Hal G. Kuykendall
Citi Community Capital
Denver, CO
Warren Dahlstrom
Colliers International
Washington, DC
LaNitra Webb
Colliers International
USA Headquarters
Boston, MA
David B. Woodward
Compass Point
Greenwood Village, 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
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
Brian Murdy
Cornerstone Real
Estate Advisers LLC
Hartford, CT
Richard K. Devaney
Crossbeam Capital
LLC
Bethesda, MD
Dodge Carter
Crow Holdings Capital
Partners, LLC
Dallas, TX
Byron L. Moger
Cushman & Wakefield
Tampa, FL
Steven Weilbach
Cushman & Wakefield
San Francisco, CA
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
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
APRIL 2012
NMHC 50
33
Board of Directors
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
Gina M. Dingman
Everest Real Estate
Advisors
Minneapolis, MN
Brannan Johnston
Experian RentBureau
Costa Mesa, CA
Christopher E. Hashioka
Fairfield Residential
Company LLC
San Diego, CA
Gregory R. Pinkalla
Fairfield Residential
Company LLC
San Diego, CA
Jonathan Cox
The Federated
Companies
Miami, 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
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
Judy Viitanen
Happy Habitat, LLC
Laurel, MD
James M. Bachner
Heitman LLC
Chicago, IL
Mark Forrester
Hendricks & Partners
Phoenix, AZ
Don Hendricks
Hendricks & Partners
Phoenix, AZ
Alan Patton
Hines
Houston, TX
Scott A. Doyle
Rochester, NY
Rochester, NY
David Kapiloff
Insgroup, Inc.
Houston, TX
Kevin A. Baldridge
The Irvine Company
Apartment
Communities ‘IAC’
Irvine, CA
Jean M. Anderson
J.P. Morgan Asset
Management
New York, NY
James A. Butz
Jefferson Apartment
Group
McLean, VA
34
NMHC 50
APRIL 2012
Board of Directors
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
John W. Bray
Jones Lang LaSalle
Americas, Inc.
Atlanta, GA
Faron G. Thompson
Jones Lang LaSalle
Americas, Inc.
Atlanta, GA
Cindy Clare
Kettler
McLean, VA
John Falco
Kingsley Associates
Atlanta, GA
Peggy Robinson
Kingsley Associates
Atlanta, GA
Rohit Anand
KTGY Group Inc.
Vienna, VA
Keith A. Harris
The Laramar Group,
LLC
Chicago, IL
Tom Klaess
The Laramar Group,
LLC
Peter P. DiLullo
LCOR Incorporated
Berwyn, PA
Thomas J. O’Brien
LCOR Incorporated
Berwyn, PA
Alan Arnold
The Lionstone Group
Houston, TX
Thomas Bacon
The Lionstone Group
Houston, TX
Thomas F. McCoy, Jr.
Lockton Companies,
LLC
Denver, CO
Charles M. McDaniel
Lockton Companies,
LLC
Denver, CO
Dean Holmes
Madison Apartment
Group
Philadelphia, PA
Joseph F. Mullen
Madison Apartment
Group
Philadelphia, PA
Peter Katz
Marcus & Millichap/
Institutional Property
Advisors
Phoenix, AZ
Nicholas Michael
Ryan
The Marquette
Companies
Naperville, IL
Cathy Bokman
Marriott ExecuStay
Bethesda, MD
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
W. Patrick McDowell
McDowell Properties
San Francisco, CA
Albert Berriz
McKinley
Ann Arbor, MI
APRIL 2012
NMHC 50
35
Board of Directors
Joe Colon
Protection 1 Security
Jacksonville, FL
Alan Pollack
Providence Management Company, LLC
Chicago, IL
Bruce Barfield
Rainmaker
Alpharetta, GA
Tammy Farley
Rainmaker
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
Terry S. Danner
Riverstone Residential
Group
Dallas, TX
Walt Smith
Riverstone Residential
Group
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
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
Scott Anderson
TIAA-CREF Global Real
Estate
Newport Beach, CA
Dave Schwehm
Time Warner Cable
Herndon, VA
Steve Roe
TransUnion/
CreditRetriever
Wayne A.
Vandenburg
TVO Groupe LLC
Chicago, IL
Russell A.
Vandenburg
TVO North America
El Paso, TX
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
APRIL 2012
NMHC 50
37
Board of Directors
Eric D. Cevis
Verizon Enhanced
Communities
Basking Ridge, NJ
Jack O’Connor
Weidner Property
Management LLC
Kirkland, WA
Lawrence H. Curtis
WinnDevelopment
Boston, MA
Jonathan Holtzman
Village Green
Companies
Michael K. Hayde
Western National
Property Management
Irvine, CA
Ronald V. Granville
Woodmont Real Estate
Services
Belmont, CA
George S. Quay, IV
Village Green
Companies
Charles W.
Brammer, Jr.
The Wilkinson Group,
Inc.
Atlanta, GA
Brigitta Eggleston
Yardi Systems, Inc.
Santa Barbara, CA
Brendan Coleman
Walker & Dunlop
Bethesda, MD
Phillip R. Deguire
The Wilkinson Group,
Inc.
Atlanta, GA
Amy Gerritsen
Yardi Systems, Inc.
Santa Barbara, CA
Howard W. Smith, III
Walker & Dunlop
Bethesda, MD
Samuel Ross
WinnCompanies
Boston, MA
Greg West
ZOM Companies
Fort Lauderdale, FL
Board of Directors
Executive Committee
Alan King
Boston, MA
Kristen Klingbeil-Weis
Klingbeil Capital Management/
American Apartment Communities
Santa Barbara, CA
Timothy J. Hogan
Trammell Crow Residential
Dallas, TX
Board of Directors
Simon Ziff
Ackman Ziff Real Estate Group,
LLC
New York, NY
Jay Blasberg
Alliant Capital LLC
Tucson, AZ
Toshi Matsushita
Alliant Capital LLC
Tucson, AZ
R. Ryan Holmes
Ambling Management Company
LLC
Valdosta, GA
Jason Wills
American Campus Communities
Austin, TX
Scott G. Suttle
AmeriSphere Multifamily Finance,
LLC
Bethesda, MD
David Doerner
Bader Company
Indianapolis, IN
Thomas Trubiana
Education Realty Trust, Inc.
Memphis, TN
Mike Kingsley
KTGY Group Inc.
Vienna, VA
John Swift
Bader Company
Indianapolis, IN
Patrick Jones
Engler Financial Group, LLC
Alpharetta, GA
Grace Huebscher
Beech Street Capital
Bethesda, MD
Nicola Scheman
Experian RentBureau
Costa Mesa, CA
Christine Akins
LaSalle Investment Management,
Inc.
Chicago, IL
Jeff Lee
Beech Street Capital
Bethesda, MD
Nick Wexler
The Federated Companies
Miami, FL
Karl H. Reinlein
Berkadia
Horsham, PA
Gregory A. Fowler
FPA Multifamily
San Francisco, CA
Bradley B. Chambers
Buckingham Companies
Indianapolis, IN
Holland Smith
FPA Multifamily
Dallas, TX
Ernest L. Heymann
CAPREIT, Inc.
Rockville, MD
Edward Coco
GE Real Estate
Alpharetta, GA
Tyler Anderson
CB Richard Ellis, Inc.
Phoenix, AZ
Stephen LoPresti
Gerson Bakar & Associates
San Francisco, CA
Nevel DeHart
CoreLogic SafeRent
Rockville, MD
Sherwin Nelvis
Guggenheim Real Estate Finance,
LLC
Vienna, VA
Mark Higgins
Cornerstone Real Estate Advisers
LLC
Hartford, CT
William B. Blash
Crossbeam Capital LLC
Bethesda, MD
Arlene Mayfield
Apartment Guide
Norcross, GA
Roy E. Demmon, III
Demmon Partners
Redwood City, CA
Jay Olander
Apartment Trust of America*
Richmond, VA
Thomas Walsh
Demmon Partners
Redwood City, CA
Gus Remppies
Apartment Trust of America*
Richmond, VA
John Caltagirone
The Dinerstein Companies
Houston, TX
Brad Long
Apartments.com
Chicago, IL
Robert Grosz
DISH Network
Englewood, CO
Brian Earle
Area Property Partners
New York, NY
Brian Spencer
DISH Network
Englewood, CO
BJ Rosow
AZUMA Leasing
Austin, TX
David Luski
DRA Advisors, LLC
New York, NY
John H. Pringle
E & S Ring Management
Corporation
Los Angeles, CA
40
NMHC 50
(not pictured)
Alicia Cotton
Guggenheim Real Estate Finance,
LLC
Vienna, VA
Will Balthrope
Marcus & Millichap/Institutional
Property Advisors
Dallas, TX
Darren R. Sloniger
The Marquette Companies
Naperville, IL
Adam Sherer
Marriott ExecuStay
Bethesda, MD
Jacob Katz
Meridian Capital Group, LLC
New York, NY
Israel Schubert
Meridian Capital Group, LLC
Iselin, NJ
Robert D. Lazaroff
The Michelson Organization
St. Louis, MO
Bruce V. Michelson, Jr.
The Michelson Organization
St. Louis, MO
Carter Bechtol
The Morgan Group, Inc.
Houston, TX
Philander P. Claxton
Happy Habitat, LLC
Laurel, MD
Michael S. Morgan
The Morgan Group, Inc.
Houston, TX
Howard Edelman
Heitman LLC
Chicago, IL
Jonathan Morgan
Morgan Properties
King of Prussia, PA
Jennifer Doran
Highland Commercial Mortgage,
LLC
Birmingham, AL
Mitchell L. Morgan
Morgan Properties
King of Prussia, PA
John O. Moore, Jr.
Highland Commercial Mortgage,
LLC
Birmingham, AL
Laurel Howell
Kettler
McLean, VA
David G. Shillington
KeyBank Real Estate Capital
Dallas, TX
Eric Gramberg
Move
Kevin Filter
Oak Grove Capital
St. Paul, MN
Pam McGlashen
Orion Real Estate Services
Houston, TX
W. Clark Ewart
Paradigm Development Company
Arlington, VA
APRIL 2012
Board of Directors
(not pictured)
P. David Onanian
PAS Purchasing Solutions
Houston, TX
David J. Ingram
UBS Realty Investors LLC
Hartford, CT
W. Dean Weidner
Weidner Property Management LLC
Kirkland, WA
Larry Sullivan
Passco Companies, LLC
Irvine, CA
Michael Keyes Ferris
Valet Waste, LLC
Tampa, FL
Stephan T. Beck
Whiteco Residential LLC
Merrillville, IN
Douglas Crocker, II
Pearlmark Real Estate Partners
Chicago, IL
Syd McDonald
Valet Waste, LLC
Tampa, FL
Timothy J. Connelly
Whiteco Residential LLC
Merrillville, IN
Edward J. Ryder
Pearlmark Real Estate Partners
Chicago, IL
Patricia French
Verizon Enhanced Communities
St. Petersburg, FL
Greg M. Galli
Woodmont Companies
Belmont, CA
Ronald G. Brock, Jr.
Pierce-Eislen, Inc.
Scottsdale, AZ
Eric Garrett
Watermark Residential
Indianapolis, IN
Samuel C. Stephens, III
ZOM Companies
Orlando, FL
Seth Martin
Pritzker Realty Group, LLC
Chicago, IL
Paul Thrift
Watermark Residential
Indianapolis, IN
Michael A. Sullivan
Pritzker Realty Group, LLC
Chicago, IL
Melisa Colon
Protection 1 Security
Tampa, FL
Bruce LaMotte
Providence Management Company, LLC
Chicago, IL
Thomas G. Smith
Prudential Real Estate Investors
Atlanta, GA
David L. Goodman
Red Mortgage Capital, LLC
Reston, VA
Wesley Hudson
Reznick Group
Atlanta, GA
Edward Lusk
Reznick Group
Atlanta, GA
Mixed income.
Shared success.
Ralph Daruns
Rockhall Funding Corp.
Dallas, TX
W. Michael Doramus
Sarofim Realty Advisors
Dallas, TX
Joanne Luger
Time Warner Cable
Herndon, VA
Mike Mauseth
TransUnion/CreditRetriever
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 2012
Advisory Committee
Beztak Companies
Harold Beznos
Captec Realty Capital
Patrick L. Beach
Santa Barbara, CA
BH Equities, LLC
Harry Bookey
Des Moines, IA
Capture the Market
Kimberly Scott
Dallas, TX
BlackRock Realty
Dale Gruen
San Francisco, CA
CARES By Apartment Life
Kiley Haught
Euless, TX
Blu SKY Restoration Contractors
Timothy Babcock
Centennial, CO
Carter Haston Holdings, LLC
L. Marc Carter
Nashville, TN
Blue Vista Capital Partners
Robert G. Byron
Chicago, IL
Cassidy Turley
Christopher J. Doerr
Washington, DC
BofI Federal Bank
Morgan Ferris
San Diego, CA
Cassin & Cassin LLP
Amy Bernstein
New York, NY
Bonaventure Realty Group, LLC
Dwight D. Dunton, III
Arlington, VA
CB Richard Ellis, Inc.
Malcolm McComb, III
Atlanta, GA
Bridge Investment Group
Christian V. Young
Murray, UT
CEL & Associates, Inc.
Christopher Lee
Los Angeles, CA
BuildingLink.com LLC
Zachary Kestenbaum
New York, NY
CertainTeed Corporation
Eric S. Nilsson
Valley Forge, PA
Bury & Partners, Inc.
James B. Knight
Dallas, TX
Chicago Title
Konrad J. Kaltenbach, II
Dallas, TX
Butler Burgher Group
B. Diane Butler
Dallas, TX
CLP Systems
Rich Clark
Pelham, AL
Buyers Access
Peter Roden
Denver, CO
Coastal Apartment Advisors
James Sewell
Hilton Head Island, SC
Beacon Communities
Investments, LLC
Howard E. Cohen
Boston, MA
The BYL Companies
Kristie Wetherbee
West Chester, PA
Apartment Association,
California Southern Cities
Nancy J. Ahlswede
Long Beach, CA
Columbia National Real Estate
Finance, LLC
Roger Edwards
Washington, DC
Beecher Carlson
Michael Stern
Atlanta, GA
Cagan Management Group, Inc.
Jeffrey Cagan
Skokie, IL
Apartment Finder
Marcia Bollinger
Lawrenceville, GA
Beekman Advisors, Inc.
Shekar Narasimhan
McLean, VA
CallMaX
David Clarke
Acworth, GA
The Apartment Group, Inc.
Jeffrey L. Price
Dallas, TX
Bergstrom Investment
Management, LLC
Kelley A. Bergstrom
Kenilworth, IL
CalPERS
Cleon Pantell
Sacramento, CA
Advenir
Taylor Rismiller
Aventura, FL
AEW Capital Management L.P.
Julie Kittler
Boston, MA
AFI Services, LLC
James Fales
The Woodlands, TX
All Nation Renovation, Inc.
Ofer Manashe
Houston, TX
Alliance Tax Advisors, LLC
Tony J. Comparin
Irving, TX
ALM - Real Estate Media
Michael G. Desiato
New York, NY
Altman Development
Corporation
Joel L. Altman
Boca Raton, FL
American Seniors Housing
Association
David S. Schless
Washington, DC
AMI Capital
Michael Sullivan
Easton, MD
AMSI, an Infor company
George Landgrebe
Tampa, FL
Aon Risk Services, Inc.
Kevin J. Madden
New York, NY
Apartment Association of
Greater Los Angeles
Jim Clarke
Los Angeles, CA
ApexOne Investment Partners
Jim A. Hearn
Houston, TX
ARA
Lisa A. Robinson
Atlanta, GA
42
NMHC 50
Arbor Commercial Mortgage,
LLC
Bonnie Habyan
Uniondale, NY
Artemis Real Estate Partners
Richard Banjo
Chevy Chase, MD
The Ashley Group
Stephen B. Ashley
Rochester, NY
Associated Estates Realty
Corporation
Jeffrey I. Friedman
Richmond Heights, OH
Assurant Specialty Property
Brian Tribble
Miami, FL
Axiometrics Inc.
Ronald G. Johnsey
Dallas, TX
Baker Tilly
Donald Bernards
Chicago, IL
Ballard Spahr Andrews &
Ingersoll, LLP
Allan R. Winn
Washington, DC
Barker Apartments
David Barker
Iowa City, IA
The Bascom Group
Scott R. McClave
Irvine, CA
BBVA Compass
Jeffrey Journey
Dallas, TX
Berkshire Property Advisors,
LLC
Eric Draeger
Boston, MA
Berkshire Residential
Development
Steve Wood
Boston, MA
Camp Construction Services
Jeff Blevins
Houston, TX
Campus Televideo
Brian Benz
Greenwich, CT
CapitalSource
Chris Kelly
New York, NY
Comcast Cable Communications
William F. Revell
Philadelphia, PA
Compliance Depot, a RealPage
Company
Lonnie Derden
Plano, TX
Connexion Technologies
Bobby DeSpain
Cary, NC
Connexion Technologies
Elizabeth Ray
Cary, NC
CONNOR
Patrick T. Connor
Baltimore, MD
APRIL 2012
Advisory Committee
The Connor Group
Lawrence S. Connor
Centerville, OH
The DZAP Group & LeaseLabs
Dana Zeff
San Diego, CA
Freeman Webb Inc.
William H. Freeman
Nashville, TN
Goulston & Storrs
Steven Schwartz
Boston, MA
Continental Properties Company
James H. Schloemer
Menomonee Falls, WI
ECI Capital Corp.
Seth Greenberg
Marietta, GA
Friedman Integrated Real Estate
Solutions
Barry Swatsenbarg
Grace Hill, Inc.
Joseph Bailey
Augusta, GA
Continental Realty Corporation
Joseph M. Schapiro, III
Baltimore, MD
Edgewood Management
Corporation
A. Scott Jones
Edgewater, MD
G5
Ilene Vogt
Bend, OR
Embrey Partners, Ltd.
Walter M. Embrey, Jr.
San Antonio, TX
Gallagher Evelius & Jones, LLP
Stephen A. Goldberg
Baltimore, MD
Grandbridge Real Estate Capital
LLC
Thomas S. Dennard
Charlotte, NC
Enterprise Community
Investment, Inc.
C. Lamar Seats
Columbia, MD
Gates, Hudson & Associates, Inc.
Patricia J.M. Blackburn
Fairfax, VA
Gross Builders
Gary L. Gross
Cleveland, OH
GDC Properties, LLC
William Ingraham
Hawthorne, NY
Grubb & Ellis Company
Ernest L. Brown
San Antonio, TX
GE Real Estate
Dan Earle
Norwalk, CT
Guardian Management LLC
Thomas B. Brenneke
Portland, OR
Gene B. Glick Company, Inc.
David O. Barrett
Indianapolis, IN
The Habitat Company
Daniel E. Levin
Chicago, IL
CORT
Mark Koepsell
Fairfax, VA
Cortland Partners, LLC
Steven DeFrancis
Atlanta, GA
Cox Communications
Shannon Boyle
Atlanta, GA
Cox, Castle & Nicholson LLP
Amy H. Wells
Los Angeles, CA
Crescent Resources, LLC
Brian Natwick
Charlotte, NC
CRIO, Inc.
Dan Freudenthal
West Palm Beach, FL
Entrepreneurial Properties
Corporation
Matthew V. Wherry
Newport Beach, CA
Equinox Search LLC
Peter V. Hall
San Francisco, CA
Jeff Rowerdink
Irvine, CA
Criterion Brock
Kerri Silver
Milwaukie, OR
Fair Collections & Outsourcing,
Inc.
Carol M. Bloom
Beltsville, MD
Crown Advisors
John C. DiMare
North Barrington, IL
Falcone Group, LLC
Arthur Falcone
Boca Raton, FL
Crown Advisors, Inc.
John Cigna
Pittsburgh, PA
Faulkner Design Group, Inc.
Adrienne Faulkner
Dallas, TX
Cushman & Wakefield
Marc D. Renard
Los Angeles, CA
FDC Management, Inc.
Patrick M. Kelly
Anaheim, CA
CWS Apartment Homes
Steven J. Sherwood
Austin, TX
Foley & Lardner LLP
Michael W. Hatch
Milwaukee, WI
Cypress Real Estate Advisors
John Burnham
Austin, TX
Fore Property Company
Richard L. Fore
Washington, DC
The Dermot Company
Stephen Benjamin
New York, NY
Fortune-Johnson, Inc.
Brett Fortune
Norcross, GA
Deutsche Bank Berkshire
Mortgage
Jeffrey C. Day
Irvine, CA
FPL Advisory Group
Michael A. Herzberg
Chicago, IL
Dover/Paragon
Terry B. Schwartz
Bingham Farms, MI
Franklin Capital Group
Joseph E. Resende
Alexandria, VA
Franklin Street
Darron Kattan
Tampa, FL
APRIL 2012
Grand Peaks Properties
Luke Simpson
Denver, CO
Advisory Committee
Haley Real Estate Group
Daniel P. Clatanoff
Omaha, NE
Helix Funds LLC
David Helfand
Chicago, IL
HIP/KET
Thomas B. Wilkinson, IV
Houston, TX
The ITEX Group, LLC
K.T. Akbari
Port Arthur, TX
HandyTrac Systems
John Lie-Nielsen
Alpharetta, GA
Hendersen-Webb, Inc.
Pamela F. Newland
Cockeysville, MD
Holland & Knight, LLP
Christopher B. Hanback
Washington, DC
J. Turner Research
Joseph Batdorf
Houston, TX
Hanley Wood
Rob Britt
San Francisco, CA
Henderson Global Investors
James G. Martha
Hartford, CT
Holland Development
Tom Parsons
Seattle, WA
J.I. Kislak, Inc.
Thomas Bartelmo
Miami Lakes, FL
Jordan E. Slone
Norfolk, VA
HFF
William Miller
Dallas, TX
Houlihan Lokey
Jonathan G. Geanakos
New York, NY
JMG Realty, Inc.
T. Karlton Jackson
Atlanta, GA
Hartford Investment
Management
John M. Maher
Hartford, CT
HFF
G. Craig LaFollette
Houston, TX
Humphrey Development, Inc.
Bethany H. Hooper
Columbia, MD
Johnson Development
Associates, Inc.
David Benjamin Graves
Spartanburg, SC
HHHunt
James R. King
Blacksburg, VA
Humphreys & Partners
Architects, LP
Mark Humphreys
Dallas, TX
Hathaway Properties, Inc.
W. Michael Muggridge
Atlanta, GA
HD Supply
Aaron Baker
San Diego, CA
Hediger Enterprises Inc.
Gary R. Hediger
Greenville, SC
Hills Property Management
Russell Lykes
Cincinnati, OH
Hillwood Multifamily, LP
Mark McHenry
Fort Worth, TX
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
ibr Search
Wesley Easly
Pittsburgh, PA
Ideal Realty Group
Allen Manesh
Potomac, MD
Ingersoll Rand Residential
Solutions
Eric Elsmore
Carmel, IN
Inland American Apartment
Management
Thomas P. McGuinness
Oak Brook, IL
Instar Services Group
Johnnie Smith
Troy, MI
Institutional Property Advisors
(A Marcus & Millichap Company)
Steve Witten
New Haven, CT
Investment Property Associates,
LLC
Jennifer Koster
Grand Haven, MI
Jones Lang LaSalle Americas,
Inc.
Peter Nicoletti
Parsippany, NJ
JPI
Benjamin H. Montgomery
Irving, TX
JPI
Robert D. Page
Irving, TX
JRK Investors
Robert Lee
Los Angeles, CA
Jupiter Communities LLC - RAIT
Kellie Devilbiss
Chicago, IL
Kaba Access Control
Dale Mathias
Laguna Niguel, CA
Keystone Commercial Capital
Charles Williams
Phoenix, AZ
The Kirkland Company
William Kirkland
Brentwood, TN
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
Lane Asset Management, LLC
Eric Hade
Atlanta, GA
ista
Amanda Holden
San Diego, CA
APRIL 2012
Advisory Committee
Langan Engineering and
Environmental Services
Mark Devaney
Elmwood Park, NJ
LBK Management Services
James D. Alexander
Irving, TX
LeaseStar, a Division of
RealPage, Inc.
Sina Shekou
Carrollton, TX
LeaseTerm Insurance Group LLC
Roger Hilterbrandt
Atlanta, GA
LeasingDesk, a Division of
RealPage, Inc.
David Carner
Carrollton, TX
Legend Management Group, LLC
Ruth G. Eisenhauer
McLean, VA
LTVentures
D. Scott Lee
Los Angeles, CA
Mark-Taylor Residential, Inc.
Dale Phillips
Scottsdale, AZ
LEM Capital
Jay J. Eisner
Philadelphia, PA
m-fishency
Ward Katz
Kansas City, MO
Marvin F. Poer and Company
William L. DuBois
Dallas, TX
Lennar
Todd M. Farrell
Charlotte, NC
MAC Realty Advisors LLC
Bruce Levin
Washington, DC
Masco Contractor Services, Inc.
Jerald Castaneda
Daytona Beach, FL
Lerner Corporation
Alan H. Gottlieb
Rockville, MD
Mac-Gray Services, Inc.
Kevin Fahey
Waltham, MA
The Matteson Companies
Duncan L. Matteson, Sr.
San Mateo, CA
Lessard Design Inc.
Christian Lessard
Vienna, VA
Maintenance Supply
Headquarters
Cary R. Wright
Stafford, TX
Maxus Properties, Inc.
Michael P. McRobert
Kansas City, MO
Level One, a RealPage Company
Ben Holbrook
Greer, SC
LeCesse Development
Corporation
Salvador F. Leccese
Altamonte Springs, FL
LexisNexis Resident Screening
Pam Storm
Alpharetta, GA
LEDIC Management Group
Pierce Ledbetter
Memphis, TN
Love Funding Corporation
Esther Cohen
St. Louis, MO
Mayer Brown LLP
Keith J. Willner
Washington, DC
Manly & Stewart
John C. Manly
Newport Beach, CA
Marcus & Millichap Capital
Corporation
William Hughes
Irvine, CA
McCaffery Interests
Yvonne Jones
Chicago, IL
Mercy Housing
Brian Shuman
Denver, CO
2012 NMHC Fall Board of Directors
and Advisory Committee Meeting
September 11-13 • Washington, DC
Future Meeting Dates
If I had to pick one
trade association to
represent my interests,
there’s no contest —
NMHC has the best
staff, provides the best
information and puts
on the best meetings
in multifamily housing.
Daryl Carter
Chief Executive Officer,
Avanath Capital
Management, LLC
JOIN TODAY!
2012 NMHC Research Forum
2012 NMHC Student Housing
Conference & Exposition
October 1 & 2 • Phoenix, AZ
March 28 & 29 • Chicago, IL
2012 NMHC Human Resources Forum
March 28 & 29 • Chicago, IL
2012 NMHC Apartment Operations
and Technology (OpTech) Conference
& Exposition
November 12-14 • Dallas, TX
2012 NMHC Apartment Strategies/
Finance Conference
May 15 & 16 • Scottsdale, AZ
2013 NMHC Apartment Strategies
Conference
January 22 • Palm Springs, CA
2012 NMHC Spring
Board of Directors Meeting
2013 NMHC Annual Meeting
May 16 & 17 • Scottsdale, AZ
January 22-24 • Palm Springs, CA
visit www.nmhc.org/goto/join • 202/974-2300 • 202/775-0112 (fax) • [email protected]
Advisory Committee
Merion Realty Partners
Richard T. Aljian
Wynnewood, PA
Moen Incorporated
Aubri Mandelbaum
North Olmsted, OH
Nationwide Energy Partners LLC
Jeff Morrison
Chicago, IL
NWP Services Corporation
Amanda Christensen
Lincoln, NE
Mesirow Financial
Alasdair Cripps
Chicago, IL
Morningside Equities Group, Inc.
Brian Pawlik
Chicago, IL
NCC Business Services of
America, Inc.
Irv Pollan
Jacksonville, FL
Ocius LLC
James Rabinowitz
Chicago, IL
Metropolitan Properties of
America, Inc.
Jeffrey J. Cohen
Boston, MA
Multi-Housing News
Diana Mosher
New York, NY
Mike Seashols Consulting
Mike Seashols
Belmont, CA
Multifamily Executive/HanleyWood, LLC
John McManus
Washington, DC
Miles & Stockbridge P.C.
Justin C. Eller
Baltimore, MD
Multifamily Realty Advisors, LLC
Richard R. Cotton
Raleigh, NC
Minnesota Multi Housing
Association
Mary Rippe
Bloomington, MN
NAI Global Multifamily Group
Jen Grimm
Princeton, NJ
MM Properties
Kenneth S. Moczulski
Fort Worth, TX
National Foundation for
Affordable Housing Solutions,
Inc.
Martin C. Schwartzberg
Rockville, MD
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
NorthMarq Capital - San
Francisco
Jeffrey Weidell
San Francisco, CA
NTS Development Company
Gregory G. McDearmon
Louisville, KY
On-Site.com
Jake Harrington
Campbell, CA
OpsTechnology, a Division of
RealPage
Mike Britti
Carrollton, TX
The P.B. Bell Companies
R. Chapin Bell
Scottsdale, AZ
Pacific Life Insurance Company
John C. Mulvihill
Newport Beach, CA
Pacific Property Company
Alfred V. Pace
Palo Alto, CA
Palladium (USA) International,
Inc.
Thomas E. Huth
Dallas, TX
PayNearMe
Christopher J. Volgenau
Mountain View, CA
Penton Media Inc.
Rich Santos
New York, NY
Phoenix Realty Group
Alan Hirmes
New York, NY
PPG Architectural Coatings
Clifford Carlson
Louisville, KY
Price Realty Corporation
Michael J. Ochstein
Addison, TX
Property Solutions International,
Inc.
Benjamin Zimmer
Provo, UT
PropertyBridge, a MoneyGram
Company
Leslie Olsen
Oakland, CA
Prudential Multifamily
Mortgage, Inc.
Frank Guzikowski
McLean, VA
QBE First
John Drennen
Atlanta, GA
APRIL 2012
Advisory Committee
Radclift Capital Mortgage
Mark Dubrinsky
New York, NY
RealPage, Inc.
Stacey Blackwell
Carrollton, TX
RentMineOnline
Ed Spiegel
San Francisco, CA
Rockwood Capital LLC
Joel A. Moody
Los Angeles, CA
Raia Properties Corporation
Samuel A. Raia
Ramsey, NJ
Realty Center Management, Inc.
Curt Knabe
Los Angeles, CA
RentPayment
Bill R. Evick
Walnut Creek, CA
Sales, Inc.
Rick Burkhalter
Duluth, GA
RCLCO
Adam Ducker
Bethesda, MD
RealtyCom Partners, LLC
Annie Manfredi
Larkspur, CA
Resident Gifts LLC
Gregory H. Smith
Singer Island, FL
SatisFacts Research, LLC
Douglas J. Miller, Sr.
Lutherville, MD
Real Capital Markets
Stephen J. Alter
Carlsbad, CA
Recap Real Estate Advisors
Travis D’Amato
Boston, MA
ResidentCheck
Jorge Baldor
Dallas, TX
Sawyer Realty Holdings LLC
Gregg Clickstein
Needham, MA
Real Estate Board of New York,
Inc.
Steven Spinola
New York, NY
Recap Real Estate Advisors
Todd Trehubenko
Boston, MA
Resite Online
Ann Padgett
Norfolk, VA
The Screening Pros, LLC
Gary Glucroft
Chatsworth, CA
Rent Stabilization Association
Joseph Strasburg
New York, NY
Resource Investments Limited,
LLC
Steven Zalkind
Pennsauken, NJ
Screening Reports, Inc.
Timothy Fortner
Wood Dale, IL
Real Estate Equities, Inc.
Terrence E. Troy
St. Paul, MN
Real Estate Media Lab, LLC
Michael J. Lapsley
West Bridgewater, MA
Realfacts/Meyers Apartment
Data Advisors
Sarah L. Bridge
Novato, CA
Rent.com
Robert Johnson
Santa Monica, CA
Renters Legal Liability LLC
Paul Kaliades
Salt Lake City, UT
Forever Great Communities.
Best-in-class service.
Time tested strategy.
Resource Real Estate, Inc.
Yvana Melini
Philadelphia, PA
RM Watson Co.
Robert M. Watson
Seattle, WA
Seven Hills Commercial
Gary Guion
Dallas, TX
Sharp Laboratories of America
Mick Grover
Camas, WA
gables.com
Advisory Committee
Shelter Corporation
Lynn Carlson Schell
Minnetonka, MN
Stratford Capital Group, LLC
John M. Nelson, IV
Peabody, MA
The Shelter Group
Marilynn K. Duker
Baltimore, MD
Summit Contracting Group
Marc Padgett
Jacksonville, FL
Sherman Residential
Scott Gould
Deerfield, IL
Summit Housing Partners
Rainer Andrews
Montgomery, AL
The Sherwin-Williams Co.
William G. Rafie
Cleveland, OH
SunAmerica Affordable Housing
Partners, Inc.
Thomas A. Musante
Los Angeles, CA
Shutts & Bowen LLP
Daniel T. O’Keefe
Orlando, FL
Silver Capital
Mark Ambach
Boca Raton, FL
Simmons Vedder Partners, Inc.
Wolf Vedder
Austin, TX
SureDeposit
Richard F. Schreiber
Chevy Chase, MD
Terra Capital Partners
Dan Cooperman
New York, NY
Terra Search Partners
Matthew B. Slepin
San Francisco, CA
The United Group of Companies,
Inc.
Walter F. Uccellini
Troy, NY
University Furnishings
Paul Dougan
Dallas, TX
Urdang & Associates Real Estate
Advisors, Inc.
Mark B. Greco
Plymouth Meeting, PA
USAA Real Estate Company
Hailey Ghalib
San Antonio, TX
Velocity, a Division of RealPage,
Inc.
William Chaney
Carrollton, TX
Veritas Investments Inc.
Yat-Pang Au
San Francisco, CA
Visa, Inc.
David Weinshel
Wilmington, DE
Southeast Apartment Partners,
LLC
Marc G. Robinson
Atlanta, GA
TGM Associates L.P.
Thomas J. Gochberg
New York, NY
Specialty Consultants Inc.
Thomas G. Williams
Pittsburgh, PA
Timberland Partners
Robert L. Fransen
Minneapolis, MN
Sperry Van Ness Nevada LLC
David Baird
Las Vegas, NV
Towne Properties
Neil K. Bortz
Cincinnati, OH
Spot On Networks
Richard Sherwin
New Haven, CT
Transwestern
Jon Kleinberg
Atlanta, GA
The Sterling Group, Inc.
Lance A. Swank
Mishawaka, IN
Transwestern
Steven E. Pumper
Dallas, TX
Sterling Trust
Robert J. Thiebaut
Atlanta, GA
Trinsic Residential Group
Brian J. Tusa
Dallas, TX
Stewart Title Guaranty
Regina L. Fiegel
Charlotte, NC
TRIO Properties LLC
Eileen Swenson, CPM
Glastonbury, CT
Williams Asset Management,
LLC
John A. Isakson
Atlanta, GA
Stewart Title Guaranty Company
Tom Konkel
Houston, TX
The Tuckerman Group
Glen S. Weisberg
Chicago, IL
Willis
Ronald D. Tucker
Columbia, MD
48
NMHC 50
Waypoint Residential
Scott J. Lawlor
New York, NY
Weingarten Realty
Kyle Kretsinger
Houston, TX
Wilmar
James Lashbrook
Houston, TX
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
Worthing Southeast Corporation
John A. Echols
Atlanta, GA
WRH Realty Services, Inc.
J. Mark Rutledge
St. Petersburg, FL
YieldStar
Janine Steiner Jovanovic
Carrollton, TX
ZMG Construction, Inc.
Kevin L. Somers
Longwood, FL
ZRS Management, LLC
Steven K. Buck
Orlando, FL
Westdale Asset Management
Evan J. Griffiths
Dallas, TX
Western National Realty
Advisors
Rex F. DeLong
Irvine, CA
Westrope
David Brinkerhoff
Kansas City, MO
APRIL 2012
Connecting
ideas,
capital and
clients.
Grandbridge Real Estate Capital provides the vital link
between complex market conditions and capital solutions.
As a national full-service leader in commercial and
multifamily finance, we combine our wide range of
capital sources with a knowledgeable and experienced
team to deliver results, deal after deal.
Our scope of services includes:
- Freddie Mac Program Plus®
Seniors Housing and Targeted Affordable Housing
- Fannie Mae DUS®
- FHA-insured Loans | MAP and LEAN
- Nearly 50 Insurance Companies
- CMBS | Institutional Investors | Pension Funds
- Proprietary Lending Platform | Structured Finance
- $25 Billion+ Loan Servicing Portfolio
To find the lending professionals in your area, visit
gbrecap.com/connect.
OppOrtunities realized.
$144,432,200
tX, CO, az
MHC Credit Facility
11 Communities
Acquisition
Agency and CMBS
$27,400,000
West palm Beach, Fl
Multifamily
250 Units
Refinance
Agency
$5,200,000
Charlotte, nC
Office
64,637 Sq.Ft.
Acquisition
Insurance Company
$16,000,000
dublin, OH
Multifamily
238 Units
Refinance
Agency
$17,500,000
Virginia Beach, Va
Hospitality
160 Rooms
Refinance
CMBS
$10,500,000
Houston, tX
Office/Retail
49,461 Sq.Ft.
Refinance
CMBS
Atlanta | Birmingham | Charleston | Charlotte | Columbus | Dallas | Ft. Lauderdale | Greenville | Houston
Indianapolis | Jacksonville | Kansas City | Louisville | Madison | Milwaukee/Chicago | Minneapolis | Mobile
Naples | Norfolk | Pittsburgh | Raleigh | Tampa | Washington, D.C.
gbrecap.com/connect
Loans are subject to credit approval.
Yardi Voyager
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The Nation`s 50 Largest Apartment Owners And 50 Largest

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