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

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2011 Apartment Ownership

NATIONAL MULTI HOUSING COUNCIL 50
(50 Largest U.S. Apartment Owners as of January 1, 2011)
APARTMENTS WITH
2011 2010 CORPORATE OWNERSHIP INTEREST
RANK RANK COMPANY HEADQUARTERS OFFICER 2011 2010
1 1 Boston Capital Boston, MA Jack Manning 158,947 162,677
2 Centerline Capital Group New York, NY Rob Levy 152,600 147,500
3 Boston Financial Investment Management, LP Boston, MA Ken Cutillo 145,454 144,907
4 2 SunAmerica Affordable Housing Partners, Inc. Los Angeles, CA Michael L. Fowler 141,113 147,087
5 3 Equity Residential Chicago, IL David J. Neithercut 129,604 136,843
6 5 PNC Tax Credit Capital Portland, OR Todd Crow 123,462 128,727
7 4 AIMCO Denver, CO Terry Considine 110,946 133,200
8 6 National Equity Fund, Inc. Chicago, IL Joseph Hagan 107,138 100,500
9 7 Enterprise Community Investment, Inc. Columbia, MD Charles R. Werhane 96,195 96,395
10 8 The Richman Group Affordable Housing Corporation Greenwich, CT Richard Paul Richman 94,925 90,346
11 9 Archstone Englewood, CO R. Scot Sellers 81,613 83,085
12 12 Alliant Capital, Ltd. Woodland Hills, CA Shawn Horwitz 65,245 60,258
13 11 Camden Property Trust Houston, TX Richard J. Campo 63,278 63,286
14 Hunt Companies, Inc. El Paso, TX Woody Hunt 62,109 37,036
15 15 UDR, Inc. Highlands Ranch, CO Thomas W. Toomey 58,796 51,320
16 13 Edward Rose & Sons Farmington Hills, MI Warren Rose 56,025 55,958
17 10 Pinnacle Family of Companies Dallas, TX Stan Harrelson 55,932 68,017
18 18 AvalonBay Communities, Inc. Arlington, VA Bryce Blair 52,490 48,924
19 J.P. Morgan Asset Management New York, NY Jean Anderson 52,304 52,754
20 17 WNC & Associates, Inc. Irvine, CA Wilfred N. Cooper, Jr. 52,134 50,332
21 20 Invesco Real Estate Dallas, TX Michael Kirby 50,567 47,340
22 19 Forest City Residential Group, Inc. Cleveland, OH Ronald A. Ratner 47,384 47,633
23 21 Lincoln Property Company Dallas, TX Tim Byrne 46,507 46,347
24 24 MAA Memphis, TN H. Eric Bolton, Jr. 46,306 43,604
25 31 JRK Property Holdings, Inc. Los Angeles, CA Jim Lippman 43,900 41,400

APARTMENTS WITH
2011 2010 CORPORATE OWNERSHIP INTEREST
26 26 Irvine Company Apartment Communities Irvine, CA Kevin Baldridge 43,791 42,764
27 22 Michaels Development Company Marlton, NJ Robert J. Greer 43,433 44,916
28 25 Bell Partners Inc. Greensboro, NC Steven D. Bell 43,265 43,160

and Jonathan D. Bell
29 23 Raymond James Tax Credit Funds, Inc. St. Petersburg, FL Ronald Diner 43,035 44,128
30 29 Picerne Real Estate Group Phoenix, AZ David R. Picerne 42,476 41,058
31 28 DRA Advisors LLC New York, NY David Luski 41,111 41,908
32 32 Home Properties, Inc. Rochester, NY Edward J. Pettinella 38,861 35,797
33 34 The Related Companies New York, NY Jeff Blau 35,637 35,578
34 33 Sentinel Real Estate Corporation New York, NY John H. Streicker 35,000 35,709
35 30 Empire American Holdings, LLC Montvale, NJ Eli Feller 34,939 40,776
36 39 Lindsey Management Co., Inc. Fayetteville, AR James E. Lindsey 34,088 33,293
37 37 Colonial Properties Trust Birmingham, AL Thomas H. Lowder 33,205 33,524
38 38 Westdale Real Estate Investment & Management Dallas, TX Joseph G. Beard 32,592 31,632
39 36 Concord Management Limited Maitland, FL Edward O. Wood, Jr. 32,313 32,022
40 44 BH Equities LLC Des Moines, IA Harry Bookey 30,172 28,165
41 43 UBS Realty Investors LLC Hartford, CT Matthew Lynch 29,310 28,433
42 47 Essex Property Trust, Inc. Palo Alto, CA Michael Schall 29,146 27,248
43 40 The Bascom Group, LLC Irvine, CA Jerome Fink 28,851 35,674
44 35 CNC Investments, Ltd. Houston, TX Charlie Yalamanchili 28,528 32,721
45 46 Berkshire Property Advisors Boston, MA Frank Apeseche 27,906 27,537
46 42 AEW Capital Management, L.P. Boston, MA Jeffrey Furber 27,556 28,650
47 CB Richard Ellis Investors, LLC Los Angeles, CA Stephen J. Zaleski 26,748 22,564
48 MCA Housing Partners, LLC Gardena, CA Michael A. Costa 26,335 25,824
49 48 BRE Properties, Inc. San Francisco, CA Constance B. Moore 25,398 25,325
50 GID Investment Advisers, LLC Boston, MA Robert E. DeWitt 25,002 12,247
APRIL 2011 NMHC 50 5

2011 Apartment Management

NATIONAL MULTI HOUSING COUNCIL 50
(50 Largest U.S. Apartment Managers as of January 1, 2011)
2011 2010 CORPORATE APARTMENTS MANAGED

1 3 Greystar Real Estate Partners, LLC Charleston, SC Robert A. Faith 187,360 153,819
2 2 Riverstone Residential Group Dallas, TX Walt Smith 162,182 178,431
3 1 Pinnacle Family of Companies Dallas, TX Stan Harrelson 151,367 183,877
4 5 Lincoln Property Company Dallas, TX Tim Byrne 133,425 132,881
5 4 Equity Residential Chicago, IL David J. Neithercut 129,604 136,843
6 6 AIMCO Denver, CO Terry Considine 117,119 129,715
7 8 WinnCompanies Boston, MA Samuel Ross 84,817 73,302
8 7 Archstone Englewood, CO R. Scot Sellers 81,613 83,085
9 9 Camden Property Trust Houston, TX Richard J. Campo 63,498 63,506
10 10 Bell Partners Inc. Greensboro, NC Steven D. Bell

and Jonathan D. Bell 60,182 60,422
11 11 FPI Management, Inc. Folsom, CA Dennis Treadaway 58,604 56,952
12 14 UDR, Inc. Highlands Ranch, CO Thomas W. Toomey 58,340 50,493
13 13 Edward Rose & Sons Farmington Hills, MI Warren Rose 56,025 55,958
14 16 AvalonBay Communities, Inc. Arlington, VA Bryce Blair 52,490 48,924
15 15 Alliance Residential Company Phoenix, AZ Bruce Ward 48,520 49,488
16 18 The ConAm Group of Companies San Diego, CA Brad Forrester 47,400 46,100
17 12 Fairfield Residential LLC San Diego, CA Chris Hashioka 46,851 53,641
18 20 MAA Memphis, TN H. Eric Bolton, Jr. 46,306 43,604
19 23 Milestone Management, L.P. Dallas, TX Steve Lamberti 45,896 36,408
20 17 Westdale Real Estate Investment & Management Dallas, TX Joseph G. Beard 44,765 46,682
21 19 Picerne Real Estate Group Phoenix, AZ David R. Picerne 44,588 44,927
22 30 JRK Property Holdings, Inc. Los Angeles, CA Jim Lippman 41,900 39,400
23 21 BH Management Services, Inc. Des Moines, IA Nicholas H. Roby 41,641 41,366
24 43 The Laramar Group, LLC Denver, CO David B. Woodward 40,521 29,508
25 26 Village Green Detroit, MI Jonathan Holtzman 40,000 35,000

2011 2010 CORPORATE APARTMENTS MANAGED

26 24 Michaels Development Company Marlton, NJ Robert J. Greer 39,575 38,236
27 29 Home Properties, Inc. Rochester, NY Edward J. Pettinella 38,861 36,947
28 28 Irvine Company Apartment Communities Irvine, CA Kevin Baldridge 38,220 37,193
29 25 Gables Residential Atlanta, GA David D. Fitch 38,105 37,842
30 27 Capstone Real Estate Services, Inc. Austin, TX James W. Berkey 36,884 37,675
31 Multifamily Management Services Suffern, NY Jeffrey Goldstein 35,800 35,000
32 31 Sentinel Real Estate Corporation New York, NY John H. Streicker 35,000 35,709
33 22 Empire American Holdings, LLC Montvale, NJ Eli Feller 34,939 40,776
34 38 Asset Plus Companies Houston, TX Michael S. McGrath 34,887 31,081
35 37 Lindsey Management Co., Inc. Fayetteville, AR James E. Lindsey 34,440 33,645
36 35 The Related Companies New York, NY Jeff Blau 34,439 33,155
37 32 Forest City Residential Group, Inc. Cleveland, OH Ronald A. Ratner 34,096 34,658
38 45 McKinley, Inc. Ann Arbor, MI Albert M. Berriz 33,922 28,358
39 33 Colonial Properties Trust Birmingham, AL Thomas H. Lowder 33,911 34,230
40 34 The Lynd Company San Antonio, TX A. David Lynd 32,875 33,471
41 36 Concord Management Limited Maitland, FL Edward O. Wood, Jr. 32,313 32,022
42 CAPREIT, Inc. Rockville, MD Dick Kadish 31,000 14,820
43 44 American Campus Communities, Inc. Austin, TX Bill Bayless 30,877 29,342
44 39 Morgan Properties King of Prussia, PA Mitchell L. Morgan 30,625 30,627
45 41 The John Stewart Company San Francisco, CA Jack D. Gardner 30,534 29,989
46 49 Essex Property Trust, Inc. Palo Alto, CA Michael Schall 30,317 27,218
47 40 The Bozzuto Group Greenbelt, MD Thomas S. Bozzuto 30,004 30,157
48 46 LEDIC Management Group, LLC Memphis, TN Scott P. “Pierce”

Ledbetter, Jr. 29,142 28,348
49 48 Ginkgo Residential, LLC Charlotte, NC Philip S. Payne 29,029 27,798
50 47 Berkshire Property Advisors Boston, MA Frank Apeseche 28,085 27,806

NMHC 50:
“The Great Recovery”
Following “The Great Recession”
By Mark Obrinsky, Vice President of Research and Chief Economist, National Multi Housing Council
OVERVIEW
E
xactly one year ago, this article was titled “Apartment Industry Challenged by Great Recession.” What
a difference a year makes. The apartment industry made a surprising recovery in 2010 from the
aforementioned recession. Like all commercial real estate sectors, apartments have traditionally been
a lagging industry, and the rather modest improvement in the economy had suggested a more muted pickup
in apartment demand. Instead, the popularity of renting increased to its highest level since 1998—with
the share of households who rent rising to 33.4 percent by year-end—and occupancy rates rose across the
country. Net absorptions were also strong and rents increased as well (though not yet enough to fully offset
the previous decline). The modest improvement in employment led to some “un-coupling” of households,
but demand was mainly fueled by new households being formed coupled with reduced resident turnover
(especially move-outs to homeownership).
Meanwhile, starts of new multifamily buildings remained at historically low levels, while completions—
which lag new starts—fell by 43 percent. They will likely set an all-time low in 2011. In large part this stems
from the continued difficulty in obtaining construction financing. The combination of a demand surge and
reduced new supply foreshadows further gains in occupancy and rents in the next two years. With other
commercial real estate sectors not as far along in their recovery, equity capital has shown increasing inter-
est in apartment investment; the Equity Financing Index in the January 2011 NMHC Quarterly Survey of
Apartment Market Conditions rose to a record high of 74, with the highest percentage ever (52 percent) of
respondents saying they had greater access to equity capital than late last year.
Transaction Boom
Not surprisingly, transaction volume rebounded as well, more than doubling to $31 billion. While still
a far cry from the condo conversion-fueled boom of 2005-2007, it’s a strong gain in the context of tighter
financing conditions. On the plus side, the debt finance markets also took a few steps toward a more normal-
ized environment, as life insurance companies got back into the market and even the CMBS market showed
signs of life. Still, the industry continues to rely heavily on the GSEs and FHA for support.
After being dragged down by 30 percent or more during the recession and financial crisis, apartment
property prices recovered substantial ground in 2010. Correspondingly, cap rates on apartments have come
down 50 basis points from the peak in mid-2009.
The total number of apartments owned by firms in the NMHC 50 owners list is 7.7 percent greater than
the number managed by the top 50 managers. The
mean and median portfolios among the owners are NMHC 50 PROFILE 2011
also larger than the mean and median management
portfolios. Nonetheless, the top management firm has Portfolio Size:
a larger portfolio than the top owner firm, and the No. of Apartments Owned 2,933,672
entry threshold for NMHC 50 managers is higher than No. of Apartments Managed 2,722,894
that for the NMHC 50 owners. Thirty-three firms on
the management list have at least 30,000, but fewer Minimum Entry Threshold:
than 50,000, apartments. By contrast, only 19 firms on No. of Apartments Owner 25,002
the owners list are in that range. No. of Apartments Managed 28,085

APARTMENT OWNERSHIP TOP 10 APARTMENT OWNER FIRMS

For the second straight year, Boston Capital headed Rank Company No. of
up the NMHC 50 owners list. (It was also the 20th Apartments with
Ownership Interest
consecutive year the firm has been among the top
ten owners.) Moving into the second and third slots 1 Boston Capital 158,947
are new incarnations of former top-ranked firms: 2 Centerline Capital Group 152,600
Centerline Capital Group arose from the 2005 lead- 3 Boston Financial Investment Management, LP 145,454
er CharterMac, while Boston Financial Investment 4 SunAmerica Affordable Housing Partners, Inc. 141,113
Management, LP replaces the 2009 top-ranked 5 Equity Residential 129,604
MMA Financial. As a result, SunAmerica Affordable 6 PNC Tax Credit Capital 123,462
Housing Partners, Inc. and Equity Residential both 7 AIMCO 110,946
moved down two places to the No. 4 and No. 5 slots, 8 National Equity Fund, Inc. 107,138
respectively. Rounding out the top ten this year are last 9 Enterprise Community Investment, Inc. 96,195
year’s No. 4 through No. 8 firms. 10 The Richman Group Affordable Housing Corporation 94,925
Six of the top ten firms decreased the size of their
ownership portfolios, led by AIMCO’s
net selloff of 22,254 units. By contrast,
National Equity Fund, Inc., Centerline,
NMHC 50 OWNERS*
and The Richman Group Affordable Number of Apartments Owned 2011
Housing Corporation all saw sizable net Top 10 1,260,384
increases. Overall, 30 of the NMHC 50 Second 10 599,926
owner firms (including newcomers) were Top 25 2,094,974
net acquirers of apartments last year, Second 25 838,698
while 20 were net sellers. The net sellers Top 50 2,933,672
reduced their portfolios by 81,274, while Portfolio Size Measures
net buyers added a total of 98,817 apart- Mean 58,673
ments. Median 43,846
The inclusion this year of some large No. 1 firm 158,947
firms that weren’t on the list last year No. 50 firm 25,002
led to a 7.2 percent increase in the over- Share of National Apartment Stock
all number of apartments owned by Top 10 7.2%
the top 50 firms in 2011. The biggest Top 25 12.0%
portfolio increase was recorded by Hunt Top 50 16.9%
Companies, Inc., which added 25,073
* After NMHC updated the ownership definition in 2006, CharterMac decided it no longer qualified
units, increasing its portfolio by more
and did not complete the survey. MMA Financial chose not to participate last year. Changes in
than two-thirds and putting it into the participation affect comparisons with last year’s survey results. See “Methodology” section at end
#14 position. Among top 50 firms for for more information.
both 2010 and 2011, UDR had the biggest Changes in ownership definition and company response make historical comparisons difficult.
increase with a portfolio gain of 7,476.
This year’s survey asked some general questions about business type and geographic location of their apartments. Forty-two firms
indicated they own market-rate apartments, 33 firms own tax credit or affordable units and 18 firms have senior housing apartments.
The most popular region among top 50 owners is the South Atlantic, where all but four firms own apartments. Of course, the South
Atlantic also has the most apartments.
APARTMENT OWNERS
Largest Portfolio Growth Apartments Moving Up in Rank Slots
Hunt Companies, Inc. + 25,073 JRK Property Holdings, Inc. +6
GID Investment Advisers, LLC + 12,755 Essex Property Trust, Inc. +5
UDR, Inc. + 7,476 BH Equities LLC +4
National Equity Fund, Inc. + 6,638 Lindsey Management Co., Inc. +3
Centerline Capital Group + 5,100 UBS Realty Investors LLC +2

REITs in the Rankings

T
he 2011 NMHC 50 owners list includes 10 REITs, the same number as last
year. The total apartment holdings by REITs in the NMHC 50 decreased, how-
ever, and the REIT share of the overall market fell to 3.4 percent, the lowest
level since 1997, when it was
2.3 percent. This decline appears
APARTMENT REIT SIZE AND RANK BY TWO MEASURES to be more company-specific
(as of January 1, 2011) Apartments Company than a consequence of the REIT
with Rank Total Cap rank model. In particular, AIMCO’s
Ownership among Capitalization among sizable paring of its portfolio
Interest REITs ($ millions) REITs outweighed substantial portfo-
Equity Residential 129,604 1 25,882 1 lio gains by UDR, AvalonBay,
AIMCO 110,946 2 9,566 3 Home Properties, Mid-America
Camden Property Trust 63,278 3 6,388 5 Apartment Communities and
UDR, Inc. 58,796 4 7,984 4 Essex Property Trust.
AvalonBay Communities, Inc. 52,490 5 13,548 2 In principle, apartment own-
Mid-America Apartment Communities, Inc. 46,306 6 3,861 9 ers could be ranked not only
Home Properties, Inc. 38,861 7 5,326 7 by the number of apartments
Colonial Properties Trust 33,205 8 3,240 10 owned but also by the value of
Essex Property Trust, Inc. 29,146 9 5,918 6 those apartments. While cap-
BRE Properties, Inc. 25,398 10 4,889 8 turing such data is impractical,
there is an alternative measure
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 available for public companies,
December 31, 2010, are provided by Stifel Nicolaus & Company, Inc. namely total capitalization.
While not perfect—ownership
of non-apartment assets can
substantially affect overall firm value—it provides a useful perspective on relative size
among apartment firms.

APARTMENT MANAGERS
There were fewer changes among the NMHC top 50 managers. Only two new firms made the list, and the same firms from
last year’s top ten made up the 2011 top ten as well, albeit with some changed rankings. The biggest change was the new
leader: on the strength of a sizable net increase
in its management portfolio (a gain of 33,541
apartments), Greystar Real Estate Partners, LLC
TOP 10 APARTMENT MANAGEMENT FIRMS
became the largest apartment manager in the Rank Company No. of
country. Riverstone Residential Group remained Apartments Managed
in the No. 2 slot, with last year’s biggest manage- 1 Greystar Real Estate Partners, LLC 187,360
ment firm, Pinnacle Family of Companies, now 2 Riverstone Residential Group 162,182
ranked No. 3. Lincoln Property Company (No. 3 Pinnacle Family of Companies 151,367
4) and Equity Residential (No. 5) switched places
4 Lincoln Property Company 133,425
from last year, as did WinnCompanies (No. 7) and
5 Equity Residential 129,604
Archstone (No. 8).
Besides Greystar, the biggest portfolio gainers 6 AIMCO 117,119
were newcomer CAPREIT, WinnCompanies and 7 WinnCompanies 84,817
The Laramar Group, LLC. Laramar was also the 8 Archstone 81,613
biggest mover in the management rankings, mov- 9 Camden Property Trust 63,498
ing up 19 places to the No. 24 slot. JRK Property 10 Bell Partners Inc. 60,182
Holdings, Inc. and McKinley, Inc. also moved up
the rankings ladder substantially.
One key characteristic of today’s apartment management landscape is the large number of similar-sized firms just outside
the top ten. The No. 11 firm (FPI Management, Inc.) manages 58,604 apartments, while the No. 50 firm manages 28,085 apart-
ments, a difference of 30,519. By comparison, the management portfolio of the top firm is 91,185 units larger than that of the
No. 10 firm. Another measure of just how tightly bunched the middle of the rankings list is: Gables Residential increased the
number of apartments under management (by 263 units), yet still fell in the rankings by 4 slots.
All but one firm among the 50 largest managers have market-rate apartments in their portfolios. Thirty-seven firms manage
NMHC 50 MANAGERS
Number of Apartments Managed 2011 2010 2009 2008 2007 2006
Top 10 1,171,167 1,195,881 1,224,042 1,194,108 1,106,880 1,051,603
Second 10 505,197 496,740 487,528 523,614 498,472 469,786
Top 25 1,885,014 1,890,933 1,915,170 1,930,162 1,810,315 1,703,865
Second 25 837,880 798,786 754,002 797,946 770,885 680,091
Top 50 2,722,894 2,689,719 2,669,172 2,728,108 2,581,200 2,383,956
Portfolio Size Measures

Mean 54,458 53,794 53,383 54,562 51,624 47,679
Median 39,788 37,767 37,871 40,578 40,010 33,150
No. 1 firm 187,360 183,877 185,219 195,888 209,412 197,774
No. 50 firm 28,085 26,845 23,730 25,852 25,277 22,500
Share of National Apartment Stock

Top 10 6.7% 6.9% 7.0% 6.9% 6.4% 6.0%
Top 25 10.8% 10.9% 11.0% 11.1% 10.4% 9.7%
Top 50 15.6% 15.5% 15.3% 15.7% 14.8% 13.6%
APARTMENT MANAGERS
Largest Portfolio Growth Apartments Moving Up in Rank Slots
Greystar Real Estate Partners, LLC + 33,541 The Laramar Group, LLC + 19
CAPREIT, Inc. + 16,180 JRK Property Holdings, Inc. +8
WinnCompanies + 11,515 McKinley, Inc. +7
The Laramar Group, LLC + 11,013 Milestone Management, L.P. +4
Milestone Management, L.P. + 9,488 Asset Plus Companies +4
UDR, Inc. + 7,847

APARTMENT MANAGEMENT (by tier in thousands)

3,000
2,500
2,000
1,500
1,000
500
’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11
Top 10 Top 25 Top 50
tax credit/affordable properties and 12

firms manage senior housing. As with
the top 50 owners, the South Atlantic
has more top 50 managers than any #$#
other region.
The number of apartments included
"( "#"&
in the NMHC 50 manager list increased
by 1.2 percent in 2011 to 2,722,894,
the second-highest level in the sur-
vey’s history (the highest was 2,728,108
in 2008). Seven of the top ten firms
reduced their management portfo-
lios, compared with only three that
increased their portfolios. As a result,
the apartments managed by the ten
largest firms declined by 2.1 percent,
the second straight decline. By contrast,
apartments under management by the
“second ten” firms rose by 1.7 percent. &! !"" !"
"( '
# $!#""%
More significantly, the portfolios of the ") !##
#!!!$! &! $!""
“second 25” firms rose by 4.9 percent to !"! #"&#!#!" &&
a record high of 837,880. "#"! " !"""! "
Both the mean (average) and the $)"$(!" "!"
median rose and are close to their all- "'"&!$$
time highs. The minimum size needed !"" "
to make it into the top 50 (28,085 apart-
ments) set a new record, 1,240 more $!"

than the previous record set last year.
APRIL 2011
METHODOLOGY
For the second straight year, the National Multi Housing Council partnered with Kingsley Associates to handle the NMHC 50 survey pro-
cess (though NMHC remains solely responsible for any errors). To compile the NMHC 50 lists, both organizations gather names of owners
and managers from as wide a range of sources as possible and contacts staff from each firm who complete the survey online. Over the years,
improved outreach and increased publicity associated with the rankings has resulted in more firms responding to the survey.
For the purposes of this survey, investment fund managers are treated as owners only if they retain substantial equity in the apartment
property or if they maintain effective responsibility and decision-making over the investment property. Similarly, tax credit syndicators and
franchisers are regarded as owners only if they retain a fiduciary responsibility. (When firms function strictly as advisers rather than investors,
they are not regarded as owners.)
The rankings do not distinguish between partial and full ownership. Some firms own sizable apartment properties through joint ventures
in which their share could range anywhere from 1 to 99 percent. Others are primarily the sole owners of their apartments. In principle, it would
be desirable to account for partial ownership—treating 50 percent ownership of 100 apartments as equivalent to full ownership of 50 units, for
example. In practice, it is not feasible to make such distinctions.
The survey excludes condominiums, cooperatives, hotel rooms, nursing homes, hospital rooms, mobile homes and houses with rental units.
Rental housing for seniors (age-restricted apartments) is included, although assisted living and congregate care facilities are not. Finally, since
we measure industry concentration by comparing the top 50 owners and managers against the nation’s entire apartment stock, only U.S. apart-
ments 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 invest-
ment fund managers with neither substantial equity nor effective control over the investment property. Second, occasionally firms
that have previously been among the top 50 owners or managers have not responded to the NMHC survey. This year, both Crow
Holdings and GE Real Estate—firms that are likely large enough to make the ownership NMHC 50—declined to participate. As a
result, two other companies appear on the list that otherwise might not have been large enough. In addition, this affects the total
number of apartments owned by the top 50 firms, as well as other measures of concentration such as the mean and median portfo-
lio size. (Note that this did not affect the management list.) For these reasons, year-to-year comparisons must be made with great care.
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A Familiar Face
Returns to Multifamily
He’s back.
March 8, 2010 was a landmark date for prominent real estate
investor Andrew L. Farkas — and arguably for the apartment sector
as well. The day marked Farkas’ return to apartment investment a
decade after selling his previous mega-portfolio.
Farkas’ return to the field was as splashy as his exit back in the
late 1990s.
Affiliates of the Island Capital investment organization that
Farkas heads on that day closed acquisitions of various assets of the
struggling Centerline Holding Co. These include the commercial
mortgage special servicing and mortgage-backed securities fund
management divisions now operating under Island’s C-III Capital
Partners unit. They also include a stake in fee-based multifamily
finance originations and servicing, tax-credit equity fund manage-
ment and related asset-management divisions still operating under
the Centerline Capital Group name, which ranks No. 2 on the
NMHC 50 Owners list.
In conjunction with the transaction, the Island Capital affiliate Andrew L. Farkas
known as Anubis Advisors, made up of key Island brain-trusters, Chairman and CEO of Island Capital
now acts as external management advisor to both Centerline and
C-III.
As was the case with his Insignia Financial Group back in the
late 1980s and early 1990s, Farkas now aims to build a large port-
folio of apartments and other assets by exploiting opportunities
related to financial distress in the income-property arena.
Farkas describes his re-entry into the multifamily field as repli-
cating Insignia’s strategy adapted for the prevailing environment.
But this time around he wants to gain control of assets by initially
targeting the debt side rather than picking up ownership interests
as he did back then.
TARGETING COLLATERAL ASSETS

More specifically, through C-III’s special servicing and CMBS fund
management activities, he aims to take control of collateral assets
underlying loans securitized mostly during the 2005-07 bubble
years.
“The equity lives inside the securitization today,” says Farkas,
who amassed some 350,000 apartments under the Insignia umbrel-
la while still in his 30s. “Back then we acquired portfolios by
acquiring controlling classes of the [corresponding] equity secu-
rity:” general partner interests in limited partnerships, managing
member positions in limited liability companies and the like.
But a decade into the new century — and now that he’s hit the
half-century mark — Farkas and his longtime teammates want to
“control the controlling classes of the debt security,” he explains.
“The true ownership of equity is somewhere inside the CMBS
stack.”
Can Farkas and company succeed in the prevailing environment

as they did in the ’90s? Even after a decade away from the domestic
apartment sector — he’s been off acquiring yachting lifestyle des-
tinations and marinas around the globe — Farkas commands no
shortage of peer respect.
David Woodward, CEO of fast-growing apartment owner-oper-
ator Laramar Group, points to other notable investors who have
since emulated Farkas’ move by investing in large special servicers.
For instance, Cerberus Capital Management, Oaktree Capital
Management and Vornado Realty Trust helped recapitalize LNR
Partners’ parent company, and Fortress Investment Group bought
CWCapital.
“It seems everyone has their eye on Island as they’re determining
how to proceed” when it comes to controlling real estate through
special servicing rights and B-piece positions, Woodward adds.
“Farkas is known as a savvy player, so if the opportunity is there,
the thinking is he’ll find a way to make it work.”
The Centerline deal appears to give Farkas a promising combi-
nation of assets and platforms.
C-III took on special servicing responsibilities covering some
$110 billion in commercial mortgages held in 80-plus CMBS
securitizations. The transaction also brought Centerline’s former
position in subordinate “first loss” tranches, known as B-pieces, of
those CMBS bond issues, with combined face values of about $3.1
billion.
GROWTH STRATEGY
Where it makes economic sense and is in the best interests of
CMBS bond-holder trusts, the C-III
team will look to convert control
of those B-piece tranches into con-
trol of financially distressed apart-
ment properties and other real estate,
Farkas is quick to acknowledge.
Indeed, a primary component of
the near-term growth strategy entails
securing and exercising special-ser-

vicer options to acquire distressed
assets at independently calculated
“fair values” – but, again, just in
select cases where that’s the best reso-
lution for bond-holders.
“This gives us the opportunity to
make investments in defaulted assets,”
Farkas relates.
And it appears to be an attractive
environment to pursue that strat-
egy – again, given how far CMBS
conduit lenders stretched in funding
loans during the bubble years. A huge
amount of conduit loans originated
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APRIL 2011
Initially launched with $5.5 million in investor capital Farkas arranged,

the operation that became Insignia Financial leaped into prominence
nationally when it acquired nearly all the assets of big apartment syn-
dicator U.S. Shelter Corp. on the last day of 1990. Insignia went public
the following year and ultimately evolved into one of the world’s biggest
owner-operators with 350,000 apartment units.
When the economy was booming a couple of years before the dot-
com bubble burst, Insignia sold most of that portfolio to public REIT
Apartment Investment & Management Co. (AIMCO) for approximately
$11 billion, including the combined capitalization of all the assets that
traded hands. The rapid growth didn’t come without at least a bit of
controversy, however: Insignia ultimately came to a settlement over alle-
gations of improper fee-splitting arrangements covering HUD-financed
apartments, agreeing to repay more than $7 million in management fees
HUD had paid Insignia.
Looking forward, the Farkas team expects to devote considerable
resources in executing C-III’s and Centerline’s various multifamily strate-
gies in coming years.
TARGETING DISTRESSED PROPERTIES

C-III began actively acquiring distressed properties through its special
servicing activities in late 2010, with a handful closed by mid-February.
“And we’ve got a bunch more teed up,” Farkas notes.
As C-III is now special servicer for CMBS deals with security interests
in all sorts of commercial real estate collateral, the team expects to take
control of office, retail and hospitality assets in addition to apartments.
“We will look to aggregate significant portfolios of each and [when the
timing is right] seek exit strategies.”
Apartments will be a primary thrust: “Obviously multifamily is an asset
class in which we have some degree of comfort,” Farkas understates.
If some market participants have expressed concerns that C-III, as
special servicer, will look to take control of assets rather than pursue
mutually favorable workouts with borrowers, Farkas points to the rules
of the game.
“We will always do what’s in the best interests of (CMBS) certificate
holders; that’s our responsibility,” he stresses. “If it’s determined that the
best-case outcome is through some liquidity strategy that involves sale of
an asset, we’d look at that prospect.”
As for the recapitalized Centerline operations, the tax-credit syndica-
tion operation – the nation’s second-largest apartment owner with inter-
ests in some 152,600 units at year-end – in mid-February closed its latest
nearly $120 million multi-investor fund. After a considerable dip in tax-
credit equity raising during the 2008-09 period, that space is “returning
from its lull” and becoming more competitive, Farkas observes.
He’s optimistic about Centerline’s affordable-housing financing origi-
nations businesses as well, given that the Obama Administration isn’t
about to pursue dramatic program cuts even while looking to rein in the
federal deficit. “The form that affordable-housing financing might take
may be up in air,” Farkas observes, “but it’s a certainty that it will be a
public (function).”
There is, he says, inherent value in solid platforms for originating and
servicing on behalf of Fannie and Freddie — or the entities that succeed
them.

New Faces
T
he 2011 NMHC 50 Managers roster features two firms that experi-
enced exceptional portfolio growth last year. CAPREIT, Inc. made
its splashy debut at No. 42 after more than doubling its portfolio to
31,000-some units. And Laramar Group moved up an impressive 19 slots to
No. 24 as its portfolio grew by some 11,000 units to more than 40,500.
However, Laramar’s and CAPREIT’s growth came via contrasting strate-
gies. Both reflect opportunities exploited by some of the savviest apartment
operators in the prevailing market. While Laramar grew piecemeal mostly
by taking over distressed properties for new clients, CAPREIT’s portfolio
expansion came via a particularly transformative transaction.
Laramar’s big jump is in great part a result of its strategic initiative
to handle more short-term apartment property management and related
engagements at distressed assets on behalf of lenders and special servicers, David Woodward
explains David Woodward, the company’s Denver-based Managing Partner Mananging Partner and CEO
and CEO. of the Laramar Group, LLC
And the strategy senior executives adopted a couple of years back paid
particularly large dividends in 2010. Laramar augmented its client roster
with some household-name lenders, such as Wells Fargo and Citigroup,
along with top-tier special servicers including LNR Partners, CWCapital,
C-III Capital and Midland Loan Services.
Laramar can also offer these customers services such as receiverships,
due diligence and the construction management frequently needed at
REOs and otherwise distressed prop-
erties. Indeed, Laramar is already act-
ing as receiver for properties totaling
upwards of 9,000 units in 12 states.
“And that part of the portfo- Ginkgo Residential is new in name only.
lio just continues to grow,” relates

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The initial wave of distressed prop-
erties included plenty of “thinly under-

written” D+ and C- assets, Woodward
recalls. But the latest distressed addi-
tions to Laramar’s portfolio are more
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them in reasonable operational shape
but with owners unable to fully refi-
nance maturing mortgages in the pre-
vailing credit environment, he adds.
Fortunately, the firm was well pre-
APRIL 2011
pared to take on these tough assignments, as Laramar has traditionally oper-

ated properties across much of the quality and price-point spectrums.
Another challenge: given that these assignments typically culminate in
preparing properties for dispositions or, in some cases, financial work-
outs, they’re mostly short-term in nature. The trick is to make sure the
new relationships last a lot longer than the distressed-asset engagements,
Woodward stresses. And that’s clearly the case with CWCapital, for whom
Laramar has become the servicer’s largest multifamily fee manager.
“We got in early with some of the big servicers, and now we’re one of
their go-to managers,” Woodward relates. “We’re very happy with where
we’re positioned with lenders and servicers; this gives us unique access to
properties.” Dick Kadish
Laramar has traditionally overseen apartment communities for long- President of CAPREIT, Inc.
term holders, including institutional investors such as Prudential Real
Estate and Henderson Global. And the firm’s internal, fully invested fund,
dubbed Laramar Multi-Family Value Fund, accounts for some 8,000 units
under management (a follow-up fund is scheduled to close later this
year).
A dozen or so new distressed-asset relationships would make Laramar’s
management portfolio about as large as Woodward cares to see it.
Concerned about potential “diseconomies” of a large-scale, multi-market
operation, Woodward isn’t aiming to boost Laramar’s management portfo-
lio beyond approximately 75,000 units in 30 markets.
“I’d say 50,000 to 75,000 units is the perfect size for us. You start getting
larger than that and it can be hard to turn the ship” when market dynamics
necessitate limber strategic responses, Woodward explains.
Laramar’s management portfolio is quickly approaching the 50,000-unit
mark. That includes 8,000 units in the Bay Area alone, with 5,000 in San
Francisco proper. While the firm usually sticks with communities of 100 or
more units, success in a market like San Francisco can require a cluster of
smaller projects.
Indeed, Laramar’s portfolio in the bayside city averages fewer than 40
apartments per property. Several are REOs previously controlled by Lembi
Group interests.
Now, Woodward and company aim to replicate that portfolio growth
strategy in New York City, where the company last year launched an opera- Laramar Managed Fillmore
tion to serve clients, as well as in Boston and Philadelphia. Woodward and Center in San Francisco, CA
associates recruited veteran David Sorise from The Dermot Co. to head the
new regional office.
ONE FELL SWOOP

As founder and owner Richard “Dick” Kadish explains, Rockville, Md.-
based CAPREIT’s growth last year likewise reflects a strategy pursued for a
couple of recession-rocked years. But in CAPREIT’s case, nearly the entire
portfolio expansion came via a single transaction that ultimately took
much of two years to complete.
A CAPREIT affiliate teamed with Morrison Grove Capital Advisors to
take over management of Credit Suisse Group’s approximately 240-prop-
erty, 15,000-plus-unit portfolio of tax-credit apartments. CAPREIT, which
also part-owns and asset-manages other tax-credit, conventional and
tax-exempt bond-financed properties, logically handles the hands-on

property-level work, while Morrison Grove oversees the tax-credit investor

relationships.
Kadish and his Morrison teammates were all too aware that their team was
competing against 15 or so other qualified suitors for the portfolio. One key
factor in securing the deal came when Credit Suisse engaged CAPREIT to
asset manage a couple of the struggling properties.
“Fortunately, we were able to turn around distressed situations into
money-making operations by employing standard real estate management
techniques and concentrated efforts,” Kadish recalls.
One small property actually lacked a general partner, property manager
and loan guarantor when CAPREIT took over. It also lacked tax-credit com-
pliance approval for three years running. The new manager was able to resolve
all those issues and boost occupancy from roughly 65 percent to completely
full in just 63 days.
Still, it took well over a year to win the competition and several more
months to close the deal – on the last day of 2010.
Doubling CAPREIT’s management portfolio in one fell swoop certainly
presented challenges. But, fortunately, the CAPREIT/Morrison venture
retained much of Credit Suisse’s professional team working on the portfolio.
“So nothing was lost in transition,” as Kadish puts it.
Kadish cites CAPREIT’s extensive affordable-housing program compliance
policies and procedures as instrumental to winning and closing the Credit
Suisse deal. “Much to our benefit we
had very good relationships with the
housing finance agencies in the states
where the portfolio properties are
located.”
Kadish is now looking to further
grow CAPREIT’s portfolio with addi-
tional transactions along the lines of
the Credit Suisse deal.
“Our biggest advocate, if you will, is
the professionals on the Credit Suisse
side who’ve seen us in action,” Kadish
relates. “That’s the biggest recommen-
dation we can make to (would-be
sellers): go and ask these people how
we’ve performed.”
CAPREIT’s portfolio is generally
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ing and successful relationships.”

APRIL 2011
Revisiting the Number Ones

N
ot long ago, public REITs sought identity as consolidators, but two giants
once topping the NMHC 50 Owners list have shrunk in recent years,
although they remain in the top 10. Still, executives at both AIMCO and
Equity Residential are more optimistic about the profitability prospects ahead
than they were when their portfolios exceeded 225,000 units.
AIMCO’s portfolio, now at about 111,000 (No. 7), is half the size it was a
half-decade back. And Equity Residential, at just under 130,000 (No. 5), has shed
roughly 100,000 units since its portfolio peak. Meanwhile, the recapitalized tax-
credit syndicator now known as Centerline Capital Group has seen its portfolio
shrink even further, from a peak of some 325,000 units down to 152,600 at year-
end (but No. 2, nonetheless).
Some noteworthy trends, at least in part stemming from the recession, are David Neithercut
apparently prompting some of the biggest publicly traded apartment owner- President and CEO
operators to right-size. of Equity Residential
REITs, in particular, in recent years have generally concluded that efficiencies
of scale have limits. Yes, bulk buying power can generate discounts on supplies
and services, but it doesn’t improve profitability as much as a portfolio focused on
product offerings and markets where management boasts competitive expertise.
“Over the past few years, we’ve significantly streamlined and refocused” the
company and its portfolio, longtime AIMCO Chairman/CEO Terry Considine
stressed during the company’s latest quarterly conference call. Like many other
large apartment REITs, AIMCO has sold many of its communities with an eye
toward focusing on its core markets and strongest properties, added Executive
Vice President John Bezzant.
Likewise, Equity Residential’s portfolio continued shrinking last year in terms
of units owned, but the quality improved via strategic dispositions and invest-
ments, said CEO David Neithercut. Equity Residential acquired nearly 4,500
units for combined consideration of about $1.5 billion during the year, while also
selling another 7,171 apartments — primarily non-strategic assets in non-core
markets — for a total of $718.4 million. Jeff Goldstein
As Neithercut also noted, many REITs facing large-scale secured and unsecured Executive Vice President
debt maturities sold properties to raise cash and shore up balance sheets during of Boston Capital
2008 and 2009, particularly when credit markets were so dysfunctional.
While that became less of an issue for many REITs a year ago as credit condi-
tions improved, the impact is that prior strategic moves improved balance sheets
as portfolios shrank, as AIMCO’s Considine is quick to point out. “Recourse debt
was largely eliminated, costs were lowered, near-term maturities were reduced,
and liquidity and capacity were increased.”
The quest to deleverage was clearly more pronounced among public compa-
nies and appears to have pulled many private tax-credit syndicators to the top of
the nation’s roster of largest apartment owners, observes Jeff Goldstein, Executive
Vice President and Chief Operating Officer of Boston Capital, the reigning top
owner with just under 159,000 units.
Private syndicators just don’t face the kinds of shareholder pressures public
REITs do to de-lever and meet quarterly financial targets through active disposi-
tions, he adds: “We can be far more patient.”
Indeed, affordable-housing specialists, primarily tax-credit syndicators, now
hold the top four slots, and six of the top eight.
SYNDICATORS DOMINATE
TOP TIER
So even as the average size of the industry’s largest portfolios has generally
become smaller in recent years, it’s no great surprise to Goldstein and other pros

that syndicators have come to dominate the upper tier. Even though tax-credit equity
raising fell off during the recession, it became about the most reliable source of capital
amid the credit crunch.
Rounding out the leading quintet in addition to Equity Residential, Centerline
and stalwart Boston Capital (this is the 20th straight year that Boston Capital has
been in the top 10 of the NMHC 50 Owners) are No. 3 Boston Financial Investment
Management, LP at about 144,500 and SunAmerica Affordable Housing, Inc. at a bit
over 141,000.
Several other affordable specialists also ranked among the companies experiencing
the strongest growth over the course of 2010. These include No. 8 National Equity
Fund, Inc., whose portfolio grew by more than 6,600 units; No. 10 Richman Group
Affordable Housing Corporation (growth of more than 4,500 units); and No. 12
Alliant Capital, Ltd. (growth of nearly 5,000 units).
Another reason so many syndicators top the NMHC 50 Owners list is that tax-credit
compliance life-cycles tend to minimize rapid market-driven property and portfolio
dispositions, notes Ken Cutillo, Boston Financial’s CEO. Investors seeking full compli-
ance benefits need to stick with these investments for 15 years, he explains.
But compliance life-cycles during certain periods can likewise end up generating
growth in syndicator portfolios – as is the case today, adds Goldstein. A lot of investors
coming out of expiring compliance periods stemming from the deal-heavy mid-1990s
are now looking to redeploy capital into new tax-credit ventures, he explains.
Despite the recessionary decline in tax-credit equity raising, capital has still flowed
into affordable-housing ventures, Goldstein continues. Banks might be leery of real
estate lending, but they’re still motivated by Community Reinvestment Act obliga-
tions, he elaborates.
Boston Capital, Centerline Capital Group and Boston Financial Investment
Management, LP have all been working on sizable new tax-credit equity funds, pro-
ceeds of which will help them augment their respective portfolios. Boston Capital
closed a $305 million fund last October,
and Cutillo says Boston Financial is on
track to raise another $250 million to
$300 million this year. (Two years ago
JEN Partners and Real Estate Capital greystar.com
Partners acquired Boston Financial,
then known as MMA Financial, from
troubled Municipal Mortgage & NATIONAL PERSPECTIVE, LOCAL EXPERTISE...
Equity.)
Property Management
START-UP SYNDICATORS Seattle
Investment Management
COMPETE Boston
Development & Construction

Meanwhile, the recapitalized, publicly Chicago
Asset Management
traded Centerline in mid-February San Francisco Denverr
Washington
D.C.
closed its latest nearly $120 million C

Charlotte
Risk Management
Las Vegas
multi-investor fund. The syndication Los Angeles

Phoenix
Atlanta Charleston
Corporate Headquarters
REO/Special Asset Situations
arena is returning from its lull – and Dallas
Property Accounting
Austin
has attracted a few start-up syndicators Office Locations San Antonio

Houston
Tampa
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Orlando
Ft. Lauderdale Renovations

Greystar Presence
adding to the competition for investors
and qualifying investments, observes
investor Andrew Farkas, who heads the Small Company Culture with Big Company Resources
group that acquired a 40 percent stake
What do you get when you infuse the partnership culture, local market expertise and
in Centerline last year. commitment to customer service of a small company into an institutional quality
Another hard-to-ignore trend platform that has grown to more than 187,000 units under management in 100
emerging among the nation’s largest markets nationwide?
apartment owners: notwithstanding An industry leading organization that is constantly exploring innovative ways
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APRIL 2011
been growing.
Indeed, a half-decade back, only half the companies ranked No. 11 through
No. 20 could boast 50,000 or more units. Today they all can.
Likewise, No. 21 through No. 30 owned roughly 33,000 to 43,000 apartments.
Today the comparables are 41,000 to 50,000. Nine of the 10 from No. 31 through
No. 40 held 30,000 or fewer units five years ago; today nine of the 10 own 30,000
or more.
And none of the companies ranked No. 41 through No. 50 owned more than
23,000 apartments five years ago. Today they hold between 24,000 and 29,000,
roughly.
As for those public REITs formerly holding the top slot, their respective leaders
see more productive days ahead – but not necessarily larger portfolios. Ken Cutillo
Considine reiterated that AIMCO’s brain trust continues striving to squeeze Chief Executive Officer
better operating margins out of the right-sized portfolio. of Boston Financial
“Our conventional same-store operating margin actually improved during the
Great Recession to better than 61 percent,” he said.
Added Bezzant: “We are recycling capital through the portfolio, and we have
aggressively focused (on) selling off the bottom of the portfolio.”
At Equity Residential, Neithercut stressed that as the company looks to grow
again through offensive-minded development ventures and strategic acquisi-
tions, the management team won’t hesitate to sell additional seasoned holdings
if offers are compelling.
Dispositions, in fact, will likely exceed acquisitions this year: with guidance
calling for some $1.25 billion of the former compared to $1 billion of the latter.
As for AIMCO’s plans: “We see more attractive investment opportunities
within our existing portfolio,” concludes Considine.
Terry Considine
Chairman and CEO of AIMCO
Our employees are the

source of our success.
We thank all 2,670 of
our team members and
their families.
Recognized as a Top 100 Employer, Boston Globe, 2010.
Advancing careers in property management for 40 years.
AIMCO’s Greenspoint at
Paridise Valley in Phoenix, AZ
Serving over 450 multi-family

communities, nationwide
6 Faneuil Hall Marketplace, Boston, MA
www.winnco.com
APRIL 2011
$12 billion of multi-housing
value creation in 2010
$6.4* $4.2 $1.4

billion billion billion
investment direct loan intermediary
sales originations loan
originations
CB Richard Ellis was once again the leading market-maker for the
multi-housing industry in 2010. We’ve been the #1 investment sales apartment
broker for 10 years running**, and the only commercial real estate brokerage
with Fannie Mae, Freddie Mac and HUD FHA direct lending capabilities.
We continue to create value for investors as the most robust facilitator of
multi-housing capital markets transactions in the United States.
For more information please contact:
Brian Stoffers Peter Donovan Mitchell Kiffe

713.787.1999 617.488.7235 703.905.0249
peter.donovan@cbre.com mitchell.kiffe@cbre.com www.cbre.com/mhg
* includes $300 million of buyer-rep acquisitions in the U.S.

** Source: Real Capital Analytics
NMHC Officers 2011 Membershipp lists current as of Februaryy 21,, 2011.
Chairman Vice Chairman Treasurer Secretary President

Peter F. Donovan Thomas S. Bozzuto Daryl J. Carter Robert E. DeWitt Douglas M. Bibby
CB Richard Ellis The Bozzuto Group Avanath Capital Partners GID Investment National Multi
Boston, MA Greenbelt, MD Irvine, CA Advisers LLC Housing Council
Boston, MA Washington, DC
Former Chairmen
Kelley A. Bergstrom Douglas Crocker, II Richard L. Fore Mary Ann King Robert Sheridan
C. Preston Butcher Allen Cymrot Randolph G. Hawthorne Duncan L. Matteson, Sr. Geoffrey L. Stack
Ric Campo William H. Elliott Gary T. Kachadurian Richard L. Michaux Leonard W. Wood
Board of Directors
Executive Committee
Patti Fielding Patti Shwayder Marc E. deBaptiste Gary T. Kachadurian Charles E. Mueller, Jr.
AIMCO AIMCO Apartment Realty Apartment Realty Archstone
Denver, CO Denver, CO Advisors Advisors Englewood, CO
Boca Raton, FL Oak Brook, IL
R. Scot Sellers Sean J. Breslin Timothy J. Naughton David J. Olney Thomas Shuler
Archstone AvalonBay AvalonBay Berkshire Property Berkshire Property
Englewood, CO Communities, Inc. Communities, Inc. Advisors Advisors
Arlington, VA Arlington, VA Boston, MA Roswell, GA
Julie A. Smith Stephen Dominiak Constance B. Moore Laurie A. Baker Ric Campo
Bozzuto Management BRE Properties, Inc. BRE Properties, Inc. Camden Property Trust Camden Property Trust
Company Irvine, CA San Francisco, CA Houston, TX Houston, TX
Greenbelt, MD
John R. Williams Ron Zeff Brian F. Stoffers William T. Hyman John Larson
Carmel Partners, Inc. Carmel Partners, Inc. CBRE Capital Markets Centerline Capital Group Centerline Capital Group
San Francisco, CA San Francisco, CA Houston, TX New York, NY New York, NY

Board of Directors
Executive Committee
Nathan S. Collier J. Andrew Hogshead Paul F. Earle Edward T. Wright Michael D. Berman
The Collier Companies The Collier Companies Colonial Properties Trust Colonial Properties Trust CWCapital
Gainesville, FL Gainesville, FL Birmingham, AL Birmingham, AL Needham, MA
Donald P. King, III Paul G. Kerr Jon D. Williams Alan W. George David J. Neithercut
CWCapital Davlyn Investments Davlyn Investments Equity Residential Equity Residential
Needham, MA San Diego, CA San Diego, CA Chicago, IL Chicago, IL
Susanne Hiegel Heidi McKibben Deborah Ratner-Salzberg Ronald A. Ratner Michael May
Fannie Mae Fannie Mae Forest City Forest City Residential Freddie Mac
Washington, DC Pasadena, CA Enterprises, Inc. Group, Inc. McLean, VA
Washington, DC Cleveland, OH
Michael F. McRoberts Susan Ansel David Fitch Stacy G. Hunt William C. Maddux
Freddie Mac Gables Residential Gables Residential Greystar Real Estate Greystar Real Estate
McLean, VA Dallas, TX Atlanta, GA Partners, LLC Partners, LLC
Houston, TX Charleston, SC
Laura A. Beuerlein Gary S. Farmer Mona Keeter Carlton Matthew Lawton Clyde P. Holland
Heritage Title Company Heritage Title Company HFF HFF Holland Partner Group
of Austin, Inc. of Austin, Inc. Dallas, TX Chicago, IL Vancouver, WA
Austin, TX Austin, TX
Robert D. Greer, Jr. C. Stephen Cordes Guy K. Johnson James H. Callard C. Preston Butcher
ING Clarion ING Clarion Partners Johnson Capital Klingbeil
g Capital
p Legacy Partners
Washington, DC New York, NY Irvine, CA Management/American
g Foster City, CA
Apartment Communities
Annapolis, MD

Board of Directors
Executive Committee
W. Dean Henry J. Timothy Byrne Jeff B. Franzen John J. Kerin Martin T. Lanigan
Legacy Partners Lincoln Property Lincoln Property Marcus & Millichap Mezz Cap
Residential, Inc. Company Company Encino, CA Short Hills, NJ
Foster City, CA Dallas, TX Herndon, VA
Charles R. Brindell, Jr. Mary Ann King Thomas F. Moran Rick Graf Stan J. Harrelson
Mill Creek Residential Moran & Company Moran & Company Pinnacle Pinnacle
Trust LLC Irvine, CA Chicago, IL Dallas, TX Seattle, WA
Dallas, TX
David P. Stockert Jamie Teabo David Durning Dale H. Taysom Jerome Ehlinger
Post Properties, Inc. Post Properties, Inc. Prudential Mortgage Prudential Real Estate RREEF
Atlanta, GA Atlanta, GA Capital Company Investors Chicago, IL
Chicago, IL Atlanta, GA
Brian E. McAuliffe Michael P. Bissell Geoffrey L. Stack Kenneth J. Valach David R. Schwartz
RREEF SARES*REGIS Group SARES*REGIS Group Trammell Crow Waterton Associates,
Chicago, IL Irvine, CA Irvine, CA Residential L.L.C.
Houston, TX Chicago, IL
Gregory J. Lozinak Vincent R. Toye Alan Wiener Warren J. Durkin, Jr. Jay Jacobson
Waterton Residential Wells Fargo Multifamily Wells Fargo Multifamily Wood Partners, LLC Wood Partners, LLC
Chicago, IL Capital Capital Boca Raton, FL Boca Raton, FL
New York, NY New York, NY

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Board of Directors Membershipp lists current as of Februaryy 21,, 2011.
James M. Krohn Bruce C. Ward Lauren A. Brockman Tim L. Myers Michael H. Godwin
Alliance Residential Alliance Residential Allied Realty Allied Realty Ambling Companies, Inc.
Company Company Services, Ltd. Services, Ltd. Valdosta, GA
Phoenix, AZ Phoenix, AZ Denver, CO Houston, TX
R. Ryan Holmes William C. Bayless, Jr. Rodrigo Lopez Scott G. Suttle Steve F. Hallsey
Ambling Companies, Inc. American Campus AmeriSphere Multifamily AmeriSphere Multifamily AMLI Management
Valdosta, GA Communities Finance, LLC Finance, LLC Company
Austin, TX Omaha, NE Bethesda, MD Chicago, IL
Gregory T. Mutz Kimberly J. Sperry Margette Getto Kevin Doyle Thomas P. MacManus
AMLI Residential Amstar Group, LLC Apartment Guide Apartments.com ARA Finance, LLC
Properties, L.P. Denver, CO Carrollton, TX Chicago, IL Boca Raton, FL
Chicago, IL
Roger H. Beless William S. Robinson Lin Atkinson Thuy Woodall Michael G. Miller
Archon Residential Archon Residential AT&T Connected AT&T Connected AUM
Irving, TX Irving, TX Communities Communities Oak Brook, IL
Atlanta, GA Atlanta, GA
Daniel J. Roehl Bj Rosow Richard Schechter Robert S. Aisner Mark Alfieri

AUM AZUMA Leasing The Bainbridge Behringer Harvard Behringer Harvard
Oak Brook, IL Austin, TX Companies Addison, TX Addison, TX
West Palm Beach, FL
Jonathan D. Bell Steven D. Bell John M. Cannon Mark W. Dunne John P. Manning
Bell Partners Bell Partners Berkadia Commercial Boston Capital Boston Capital
Greensboro, NC Greensboro, NC Mortgage Corporation Corporation
Horsham, PA Boston, MA Boston, MA

Board of Directors
Barden Brown Walter W. Miller Alexandra S. Jackiw Jerry Feldman Mark Sadosky
Brown Realty Advisors Brown Realty Advisors Buckingham Companies CallSource CallSource
Atlanta, GA Atlanta, GA Indianapolis, IN Westlake Village, CA Westlake Village, CA
David J. Adelman Miles H. Orth Ernest L. Heymann Richard L. Kadish Tyler Anderson
Campus Apartments Campus Apartments CAPREIT, Inc. CAPREIT, Inc. CB Richard Ellis, Inc.
Philadelphia, PA Philadelphia, PA Rockville, MD Rockville, MD Phoenix, AZ
Stephen J. Zaleski Steven Fayne Hal G. Kuykendall Francis J. Coen LaNitra Webb
CB Richard Ellis Citi Community Capital Citi Community Capital Clark Realty Colliers International
Investors, LLC San Francisco, CA Denver, CO Capital, L.L.C. USA Headquarters
Boston, MA Monterey, CA Boston, MA
Daniel J. Epstein J. Bradley Forrester Jerry Davis Jason Rosa David W. Snyder
The ConAm The ConAm Conservice Utility Continental Realty Continental Realty
Group of Companies Group of Companies Management & Billing Advisors, Ltd. Advisors, Ltd.
San Diego, CA San Diego, CA Logan, UT Littleton, CO Littleton, CO
James W. Harris Mark Higgins Brian Murdy William Bradford Blash Richard K. Devaney
CoreLogic SafeRent Cornerstone Real Estate Cornerstone Real Estate Crossbeam Capital LLC Crossbeam Capital LLC
Rockville, MD Advisers LLC Advisers LLC Bethesda, MD Bethesda, MD
Santa Monica, CA Hartford, CT
Dodge Carter Byron L. Moger Brian L. Dinerstein Anthony Schaffer Andrew K. Dolben
Crow Holdings Cushman & Wakefield The Dinerstein DIRECTV The Dolben
Dallas, TX Tampa, FL Companies El Segundo, CA Company, Inc.
Houston, TX Woburn, MA

Board of Directors
Deane H. Dolben Jack W. Safar Jon Segner Adam C. Breen Kellie Falk-Tillett
The Dolben Dominium Group, Inc. Dominium Group, Inc. DRA Advisors, LLC Drucker & Falk, LLC
Company, Inc. Plymouth, MN Plymouth, MN New York, NY Raleigh, NC
Woburn, MA
Daniel Haefner Miles Spencer Randy Churchey John M. O’Hara, Jr. Warren Rose
Drucker & Falk, LLC Eastdil Secured, LLC Education Realty Edward Rose & Sons Edward Rose & Sons
Raleigh, NC Washington, DC Trust, Inc. Farmington Hills, MI Farmington Hills, MI
Memphis,
p , TN
Gregory L. Engler Christopher E. Gregory R. Pinkalla Jonathan Cox Dung T. Lam

Engler Financial Hashioka Fairfield Residential LLC The Federated The Federated
Group, LLC Fairfield Residential LLC San Diego, CA Companies Companies
Alpharetta, GA San Diego, CA Miami Beach, FL Miami Beach, FL
Richard N. Shinberg Les Zimmerman Robert L. Johnston Mark A. Fogelman Richard L. Fogelman
First Capital Realty, Inc. First Capital Realty, Inc. First Communities Fogelman Fogelman Properties
Bethesda, MD Bethesda, MD Atlanta, GA Management Group Memphis, TN
Memphis, TN
Wayne E. McDonald Phillip Weber Gina M. Dingman Frank Marro Linda Zeller
Forestar Group, Inc. Forestar Group, Inc. GDCRE, Inc. GE Real Estate Gerson Bakar &
Austin, TX Austin, TX Minneapolis, MN Alpharetta, GA Associates
San Francisco, CA
Philip S. Payne D. Scott Wilkerson John J. Gray, III James M. Bachner Mark Forrester
Ginkgo Residential Ginkgo Residential Grayco Partners LLC Heitman LLC Hendricks & Partners
Charlotte, NC Charlotte, NC Houston, TX Chicago, IL Phoenix, AZ

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Pinnacle is your real estate solution, providing unmatched expertise and an
unwavering commitment to your success. Our wide array of customizable
services includes everything you need to maximize your investment.
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Board of Directors
Don Hendricks Alan Patton Jeffrey A. Hirschfeld Scott A. Doyle Edward J. Pettinella
Hendricks & Partners Hines Hirschfeld Home Properties, Inc. Home Properties, Inc.
Phoenix, AZ Houston, TX Properties LLC Rochester, NY Rochester, NY
New York, NY
David Kapiloff
p Peter Katz Hessam Nadji Kevin A. Baldridge William N. Elam, III
Insgroup,
g p, Inc. Institutional Property
p y Institutional Property
p y The Irvine Company The JBG Companies
Houston, TX Advisors (A
( Marcus & Advisors (A
( Marcus & Apartment
p Chevy Chase, MD
Millichapp Company)
p Millichapp Company)
p y Communities ‘IAC’
Phoenix, AZ Walnut Creek, CA Irvine, CA
James A. Butz Gregory G. Lamb Richard J. High Jeffrey T. Morris Jubeen F. Vaghefi
Jefferson Jefferson John M. Corcoran Jones Lang LaSalle Jones Lang LaSalle
Apartment Group Apartment Group & Company Americas, Inc. Americas, Inc.
McLean,, VA McLean,, VA Braintree,, MA Orlando,, FL Miami,, FL
RED CAPITAL GROUP®

OVER $1.95 BILLION OF CAPITAL PROVIDED IN 2010
Capital Solutions for Multifamily Housing

$23,990,000 $16,694,500
NoHo Senior Arts Colony (CA) Courtyard Off Main (WA)
FHA 221(d)(4) Financing Fannie Mae MBS/DUS® Financing
$18,500,000 $24,263,655
The Mansions at the Cascades (TX) Vista Verde at Coconut Creek (FL)
Fannie Mae MBS/DUS® Financing FHA 223(a)(7) Financing
For information, contact:

Mark C. Beisler David L. Goodman
703.318.4201 703.318.4202
mcbeisler@redcapitalgroup.com dlgoodman@redcapitalgroup.com
800.837.5100_www.redcapitalgroup.com
Anthony D. Cinquini John K. Powell
949.610.0269 312.453.7701 Offices_Columbus, OH_Boston, MA_Charlotte, NC_Chicago, IL
adcinquini@redcapitalgroup.com jkpowell@redcapitalgroup.com Dallas, TX_Nashville, TN_Newport Beach, CA_Reston, VA_San Diego, CA
©2011 RED CAPITAL GROUP (3/1/11) MEJ

NMHC 50
Board of Directors
Cindy Clare John Falco Peggy Robinson Keith A. Harris David B. Woodward
Kettler Kingsley Associates Kingsley Associates The Laramar Group, LLC The Laramar Group, LLC
McLean, VA Atlanta, GA Atlanta, GA Chicago, IL Greenwood Village, CO
Peter P. DiLullo Thomas J. O’Brien Thomas Bacon Alison Dimick Thomas F. McCoy, Jr.
LCOR Incorporated LCOR Incorporated The Lionstone Group Malkhassian Lockton Companies, LLC
Berwyn, PA Berwyn, PA Houston, TX The Lionstone Group Denver, CO
Houston, TX
Charles M. McDaniel Joseph F. Mullen Nicholas Michael Ryan Gerald J. Haak Andrew R. Wiener
Lockton Companies, LLC Madison The Marquette MAXX Properties MAXX Properties
Denver, CO Apartment Group Companies Harrison, NY Harrison, NY
Philadelphia, PA Naperville, IL
GOLDEN
OPPORTUNITTY
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Board of Directors
Michael C. McDougal Kenneth Lee W. Patrick McDowell Robert D. Lazaroff Bruce V. Michelson, Jr.
McDougal McDowell Properties McDowell Properties The Michelson The Michelson
Properties, L.C. San Francisco, CA San Francisco, CA Organization Organization
Lubbock, TX St. Louis, MO St. Louis, MO
H. Eric Bolton, Jr. Richard Furr Steve T. Lamberti Paul Harris Jeffrey Williams
MAA Milestone Group Milestone Management Moran & Company Moran & Company
Memphis, TN Dallas, TX Dallas, TX Dallas, TX Seattle, WA
Michael S. Morgan Sharon Fay John H. Helm Henry Nevins Richard Burns
The Morgan Group, Inc. MRI Software MyNewPlace Nevins*Adams*Lewbel*Schell The NHP Foundation
Houston, TX Highland Hills, OH San Francisco, CA Santa Barbara, CA New York, NY
NMHC 50
Board of Directors
Kerry R. French Edward Padilla Robert A. Esposito Mike Radice Gene R. Blevins
NorthMarq Capital, Inc. NorthMarq Capital, Inc. NWP Services NWP Services Orion Real Estate
Houston, TX Minneapolis, MN Corporation Corporation Services
Pembroke Pines, FL Irvine, CA Houston, TX
Kirk H. Tate, CPM P. David Onanian Randall M. Paulson David R. Picerne Ronald G. Brock, Jr.
Orion Real Estate PAS Purchasing PAS Purchasing Picerne Real Pierce-Eislen, Inc.
Services, Inc. Solutions Solutions Estate Group Scottsdale, AZ
Houston, TX Houston, TX Plano, TX Phoenix, AZ
Herman Bulls D. Scott Bassin William Thomas Donna Preiss John W. Bray
Pillar Multifamily, LLC PNC Real Estate Booher The Preiss Company Primary Capital
Vienna, VA Pittsburgh, PA PNC Real Estate Raleigh, NC Advisors, LC
San Francisco, CA Atlanta, GA
PROVIDING FINANCING SOLUTIONS NATIONWIDE
National HUD Lender
Multifamily & Healthcare
17 Rogers Street P 978 675 2001

Gloucester, MA F 978 283 1227
www.rockportmortgage.com
Board of Directors
Faron G. Thompson John D. Millham Clayton A. Parker Joe Colon Bruce LaMotte
Primary Capital Prometheus Prometheus Protection 1 Security Providence Management
Advisors, LC Walnut Creek, CA San Mateo, CA Jacksonville, FL Company, L.L.C.
Atlanta, GA Chicago, IL
Alan Pollack Bruce Barfield Tammy Farley Dirk D. Wakeham Stephen T. Winn
Providence Management The Rainmaker Group The Rainmaker Group RealPage, Inc. RealPage, Inc.
Company, L.L.C. Alpharetta, GA Alpharetta, GA Carrollton, TX Carrollton, TX
Chicago, IL
Mark C. Beisler Howard S. Primer Brannan Johnston Tamela M. Coval Suzanne Lovelace
Red Mortgage RenaissancePG, LLC RentBureau, Rentwiki.com Rentwiki.com
Capital, LLC Knoxville, TN A part of Experian Atlanta, GA Atlanta, GA
Reston, VA Costa Mesa, CA

HELPING BUILD COMMUNITIES FOR MORE THAN 25 YEARS
Through all market cycles, Fannie Mae has provided liquidity and financing to the multifamily market.
Our consistent leadership and experience delivers reliable, effective solutions that help lenders and
borrowers succeed. We bring significant, competitive advantages such as speed and certainty
of execution, flexible processes, competitive pricing, and strong credit risk management. Our DUS®
lender network, unique in the industry, offers responsive, reliable service in every market, every
day. In short, Fannie Mae always has been and always will be committed to the multifamily market.
To learn how Fannie Mae’s Multifamily Mortgage Business

can help you, visit eFannieMae.com/mf
© 2011 Fannie Mae. Fannie Mae®, DUS® and the Fannie Mae Logo are registered trademarks of Fannie Mae.
Board of Directors
Terry S. Danner Ralph Daruns Kathryn Thompson Daniel McNulty David Evemy
Riverstone Rockhall Funding Corp. Rockhall Funding Corp. Rockwood Real Sarofim Realty Advisors
Residential Group Dallas, TX Dallas, TX Estate Advisors Dallas, TX
Dallas, TX New York, NY
James D. Scully Jr. Michael A. Scully W. Steve Gilmore Colm Macken Jeffrey K. Hettleman
Scully Company Scully Company Shea Properties Shea Properties Shelter Development,
Jenkintown, PA Jenkintown, PA Aliso Viejo, CA Aliso Viejo, CA LLC
Baltimore, MD
Marilynn K. Duker K. Brad Broyhill J. Robert Love Nancy Barton David Schwartzberg
The Shelter Group Simpson Housing LLLP Simpson Housing LLLP Stellar Advisors, LLC Stellar Advisors, LLC
Baltimore, MD Denver, CO Atlanta, GA Rockville, MD Rockville, MD
Michael Katz Tarak Patolia Dave Schwehm Edward J. Ryder Douglas

g Crocker, II
Sterling American Sterling American Time Warner Cable Transwestern Transwestern
Property Inc. Property Inc. Herndon, VA Investment Multifamilyy
Company,
p y, LLC Partners,, L.L.C.
Great Neck, NY Great Neck, NY C cago,
Chicago,
g , IL Fort
o t Myers,
ye
y s,, FL
Michael E. Tompkins Wayne A. Vandenburg Russell A. Vandenburg David J. Ingram Jeffrey G. Maguire
TriBridge TVO Groupe LLC TVO North America UBS Realty UBS Realty
Residential LLC. Chicago, IL El Paso, TX Investors LLC Investors LLC
Atlanta, GA Hartford, CT Hartford, CT
Thomas W. Toomey Warren L. Troupe Geoffrey C. Brown Karen McCurdy Eric D. Cevis
UDR, Inc. UDR, Inc. USA Properties USA Properties Verizon Enhanced
Highlands Ranch, CO Highlands Ranch, CO Fund, Inc. Fund, Inc. Communities
Roseville, CA Roseville, CA Baskingg Ridge,
g NJ

Board of Directors
Jonathan Holtzman George S. Quay, IV Brendan Coleman Howard W. Smith, III Jack O’Connor
Village Green Companies Village Green Companies Walker & Dunlop Walker & Dunlop Weidner Property
Detroit, MI Detroit, MI Bethesda, MD Bethesda, MD Management LLC
Kirkland, WA
Tom P. Colich Donald J. Pierce, II Michael K. Hayde Stephan T. Beck Samuel Ross
Wesco Companies Wesco Companies Western National Whiteco Residential LLC WinnCompanies
Torrance, CA Torrance, CA Property Management Merrillville, IN Boston, MA
Irvine, CA
Lawrence H. Curtis Jeff Bosshard Ronald V. Granville Amy Gerritsen Greg West
WinnDevelopment Woodmont Real Woodmont Real Yardi Systems, Inc. ZOM Companies
Boston, MA Estate Services Estate Services Santa Barbara, CA Fort Lauderdale, FL
Belmont, CA Belmont, CA
PROPERT Y TA XES
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y fair share
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Your property tax is based on mass appraisals. That often results in your paying an
unfair share of taxes. Members of American Property Tax Counsel are recognized
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us toll free at 1-877-TAX-APTC (829-2782) or www.APTCNET.com.
AMERICAN PROPERTY
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NMHC 50 Smart, Aggressive Property Tax Advocacy

Board of Directors (not pictured)

EXECUTIVE COMMITTEE Jason Wills Michael D. Bryant Patrick Jones
American Campus Communities Berkadia Commercial Mortgage Engler Financial
Eli Hanacek Austin, TX Dallas, TX Group, LLC
Holland Partner Group Alpharetta, GA
Vancouver, WA Arlene Mayfield Bradley B. Chambers
Apartment Guide Buckingham Companies Edward Coco
Kristen Klingbeil-Weis Norcross, GA Indianapolis, IN GE Real Estate
Klingbeil Capital Management/ Alpharetta, GA
American Apartment Brad Long DeAnna Thomas
Communities Apartments.com CB Richard Ellis Investors, LLC Stephen LoPresti
Santa Barbara, CA Chicago, IL Boston, MA Gerson Bakar & Associates
San Francisco, CA
Timothy J. Hogan Phillip E. Bogucki Douglas R. Sandor
Trammell Crow Residential AZUMA Leasing Clark Realty Capital, L.L.C. Howard Edelman
Dallas, TX Austin, TX Arlington, VA Heitman LLC
Chicago, IL
David Doerner Nevel DeHart
BOARD OF DIRECTORS Bader Company CoreLogic SafeRent Laurel Howell
Indianapolis, IN Rockville, MD Kettler
Simon Ziff McLean, VA
Ackman Ziff Real Estate John Swift Simon J. Butler
Group, LLC Bader Company Cushman & Wakefield David G. Shillington
New York, NY Indianapolis, IN Boston, MA KeyBank Real
Estate Capital
Jeffery Daniels Tom Keady John Caltagirone Dallas, TX
AIG Global Real Estate The Bainbridge Companies The Dinerstein Companies
Investment Corp. West Palm Beach, FL Houston, TX Christine Akins
New York, NY LaSalle Investment
Grace Huebscher David Luski Management, Inc.
Donald Huffner Beech Street Capital DRA Advisors, LLC Chicago, IL
AIG Global Real Estate Bethesda, MD New York, NY
Investment Corp. Helen Angelo
New York, NY Jeff Lee Thomas Trubiana Madison
Beech Street Capital Education Realty Apartment Group
Bethesda, MD Trust, Inc. Philadelphia, PA
Memphis, TN
Who We Are&What Makes Us

different
Ancillary Income|Repositioning Programs
Asset Appreciation Systems|Technology Innovator
Outperform Market In Rental Rates & Economic Occupancies
Hiring/Training/Performance Standards/Lower Employee Turnover
Wellness Program|Cost Per Rental/Purchasing Power
GREEN Initiatives|Socially Responsible
2009 & 2010

National
Multifamily
Customer Service
Award Winner
for Excellence
villagegreen.com
or Smartphone
APRIL 2011 & NMHC 50
Board
BoardofofDirectors
Directors (not pictured)
John Eifler Bess Matuszewski W. Michael Doramus W. Dean Weidner
The Marquette Companies MRI Software Sarofim Realty Advisors Weidner Property
Romeoville, IL Highland Hills, OH Dallas, TX Management LLC
Kirkland, WA
Tristan Thoma Michael R. Schell Robert Rosania
McDougal Nevins*Adams*Lewbel*Schell Stellar Management Charles W. Brammer, Jr.
Properties, L.C. Scottsdale, AZ New York, NY The Wilkinson Group, Inc.
Lubbock, TX Atlanta, GA
Melisa Hutson Joanne Luger
Albert M. Campbell Protection 1 Security Time Warner Cable Phillip R. Deguire
Mid-America Apartment Tampa, FL Herndon, VA The Wilkinson Group, Inc.
Communities, Inc. Atlanta, GA
Memphis, TN Thomas G. Smith Mike Mauseth
Prudential Real TransUnion/CreditRetriever Brigitta Eggleston
Carter Bechtol Estate Investors Greenwood Village, CO Yardi Systems, Inc.
The Morgan Group, Inc. Atlanta, GA Santa Barbara, CA
Houston, TX Steve Roe
David L. Goodman TransUnion/CreditRetriever Samuel C. Stephens, III
David Koffler Red Mortgage Greenwood Village, CO ZOM Companies
Morgan Properties Capital, LLC Orlando, FL
King of Prussia, PA Reston, VA Thomas Nugent
Verizon Enhanced Communities
Eric Gramberg Nicola Scheman Basking Ridge, NJ
Move RentBureau,
Westlake Village, CA A part of Experian
Costa Mesa, CA
Advisory Committee
AEW Capital Management L.P. Apartment Association, The Ashley Group Beecher Carlson
Iphigenia Demetriades California Southern Cities Stephen B. Ashley Michael Stern
Boston, MA Nancy J. Ahlswede Rochester, NY Atlanta, GA
Long Beach, CA
All Nation Renovation, Inc. Associated Estates Realty Beekman Advisors, Inc.
Ofer Manashe Apartment Finder Corporation Shekar Narasimhan
Houston, TX Marcia Bollinger Jeffrey I. Friedman McLean, VA
Lawrenceville, GA Richmond Heights, OH
Alliance Tax Advisors, LLC Bergstrom Investment
Tony J. Comparin The Apartment Group, Inc. Assurant Specialty Property Management, LLC
Irving, TX Jeffrey L. Price Brian Tribble Kelley A. Bergstrom
Miami, FL
Dallas, TX Kenilworth, IL
ALM
Michael G. Desiato Axiometrics Inc.
Apartment Realty Advisors Ronald G. Johnsey Berkshire Property
New York, NY Richard P. Donnellan, Jr. Advisors, LLC
Dallas, TX
Boca Raton, FL Kevin Mignogna
Altman Development San Diego, CA
Ballard Spahr Andrews
Corporation Apartment Realty Advisors
Joel L. Altman David K. Oelfke & Ingersoll, LLP
Allan R. Winn Berkshire Residential
Boca Raton, FL Houston, TX Development
Washington, DC
Steve Wood
American Seniors Apartment Trust of America Boston, MA
(Formerly Grubb & Ellis Barker Apartments
Housing Association David Barker
David S. Schless Apartment REIT) Beztak Companies
Jay Olander Iowa City, IA
Washington, DC Harold Beznos
Richmond, VA Farmington Hills, MI
The Bascom Group
AMSI, an Infor company Scott R. McClave
George Landgrebe Arbor Commercial BH Equities, LLC
Mortgage, LLC Irvine, CA
Tampa, FL Harry Bookey
Bonnie Habyan
Uniondale, NY BBVA Compass Des Moines, IA
Aon Risk Services, Inc. Jeffrey Journey
Kevin J. Madden Artemis Real Estate Partners Dallas, TX BlackRock Realty
New York, NY Richard Banjo Dale Gruen
Chevy Chase, MD Beacon Communities San Francisco, CA
Apartment Association of Howard E. Cohen
Greater Los Angeles Arthur J. Gallagher Boston, MA Bridge Investment Group
Charles A. Isham David Hayth Christian V. Young
Los Angeles, CA Clearwater, FL Murray, UT

Advisory
Board of Committee
Directors
BuildingLink.com LLC CEL & Associates, Inc. Cox, Castle & Nicholson LLP Equinox Search LLC
Zachary Kestenbaum Christopher Lee Amy H. Wells Peter V. Hall
New York, NY Los Angeles, CA Los Angeles, CA San Francisco, CA
Bury & Partners, Inc. CertainTeed Corporation Crescent Resources, LLC eREI, A RealPage Company
James B. Knight Peter Dachowski Todd M. Farrell Jon Tull
Austin, TX Valley Forge, PA Charlotte, NC Camarillo, CA
Butler Burgher Group Chicago Title CRIO, Inc. Essex Property Trust, Inc.
B. Diane Butler Konrad J. Kaltenbach, II Dan Freudenthal Jeff Rowerdink
Dallas, TX Dallas, TX West Palm Beach, FL Irvine, CA
Buyers Access CIBC World Markets Corp. Criterion Brock Facebook Marketplace
James Sweeney Andrew S. Fawer Kerri Silver Stephen Feltner
Denver, CO New York, NY Milwaukie, OR San Mateo, CA
Cagan Management CMS Companies Crown Advisors, Inc. Fair Collections &
Group, Inc. Richard T. Aljian John Cigna Outsourcing, Inc.
Jeffrey Cagan Wynnewood, PA Pittsburgh, PA Carol M. Bloom
Skokie, IL Beltsville, MD
Coastal Apartment Advisors Cushman & Wakefield
CallMaX James Sewell Marc D. Renard Faulkner Design Group, Inc.
David Clarke Hilton Head Island, SC Los Angeles, CA Adrienne Faulkner
Acworth, GA Dallas, TX
Columbia National Real Estate CWS Apartment Homes
CalPERS Finance, LLC Steven J. Sherwood FDC Management, Inc.
Cleon Pantell Roger Edwards Austin, TX Patrick M. Kelly
Sacramento, CA Washington, DC Anaheim, CA
Demmon Partners
Camp Construction Services Comcast Cable Roy E. Demmon, III First Centrum, LLC
Jeff Blevins Communications Palo Alto, CA Mark L. Weshinskey
Houston, TX William F. Revell Sterling, VA
Philadelphia, PA Deutsche Bank
Campus Televideo Berkshire Mortgage Flournoy Development
Brian Benz Compliance Depot Jeffrey C. Day Co., LLC
Greenwich, CT Lonnie Derden Irvine, CA Thomas H. Flournoy
Plano, TX Columbus, GA
CapitalSource The Distinguished
Chris Kelly Connexion Technologies Programs Group Foley & Lardner LLP
New York, NY Susan Knowles Christopher J. Volgenau Michael W. Hatch
Cary, NC Greenwood Village, CO Milwaukee, WI
Capstone Building Corp.
Charles Anthony Vick CONNOR Dover Realty Advisors For Rent Media Solutions
Birmingham, AL Patrick T. Connor Terry B. Schwartz Judith Gogol
Baltimore, MD Bingham Farms, MI Atlanta, GA
Captec Realty Capital
Patrick L. Beach The Connor Group The DZAP Group & LeaseLabs Fore Property Company
Santa Barbara, CA Lawrence S. Connor Dana Zeff Richard L. Fore
Centerville, OH San Diego, CA Washington, DC
CARES By Apartment Life
Kiley Haught Continental Properties E & S Ring FPL Advisory Group
Euless, TX Company Management Corporation Michael A. Herzberg
James H. Schloemer John H. Pringle Chicago, IL
Carter Haston Holdings, LLC Menomonee Falls, WI Culver City, CA
L. Marc Carter Franklin Capital Group
Nashville, TN Continental Realty ECI Group, Inc. Joseph E. Resende
Corporation Phil H. Carlock Alexandria, VA
Cassin & Cassin LLP Joseph M. Schapiro, III Marietta, GA
Joseph M. Cassin Baltimore, MD Franklin Street
New York, NY Edgewood Management Darron Kattan
Corcoran Jennison Companies Corporation Tampa, FL
CB Richard Ellis N.E. Marty Jones A. Scott Jones
Partners LP Boston, MA Germantown, MD Freeman Webb Inc.
Paul E. Donahue William H. Freeman
Boston, MA CORT Embrey Partners, Ltd. Nashville, TN
Mark Koepsell Walter M. Embrey, Jr.
CB Richard Ellis, Inc. Fairfax, VA San Antonio, TX G5
Malcolm McComb, III Bill Bliss
Atlanta, GA Cox Communications Entrepreneurial Properties Bend, OR
Shannon Boyle Corporation
Atlanta, GA Matthew V. Wherry
Newport Beach, CA

Advisory
Board Committee
of Directors
Gallagher Evelius Hathaway Properties, Inc. Ideal Realty Group KABA Multihousing
& Jones, LLP W. Michael Muggridge Allen Manesh & Institutional
Stephen A. Goldberg Atlanta, GA Potomac, MD Dale Mathias
Baltimore, MD Laguna Niguel, CA
HD Supply Ingersoll Rand
Gates, Hudson Michael J. Hendel Residential Solutions KET Enterprises
& Associates, Inc. San Diego, CA Eric Elsmore Thomas B. Wilkinson, IV
Patricia J.M. Blackburn Carmel, IN Houston, TX
Fairfax, VA Heartland Payment Systems
Christopher Weiss Inland American The Kislak Company, Inc.
GDC Properties, LLC Plano, TX Apartments Management Nancy Jacques
Gregg Shapiro Thomas P. McGuinness Woodbridge, NJ
Hawthorne, NY Hediger Enterprises Inc. Oak Brook, IL
Gary R. Hediger Korcett Holdings, Inc.
GE Real Estate Greenville, SC Instar Services Group Lisa K. Cortes
Dan Earle Johnnie Smith Austin, TX
Norwalk, CT Helix Funds LLC Troy, MI
David Helfand Kroll Factual Data
Gene B. Glick Company, Inc. Chicago, IL Institutional Property Damon Littlejohn
David O. Barrett Advisors (A Marcus & Loveland, CO
Indianapolis, IN Hendersen-Webb, Inc. Millichap Company)
Will Balthrope L&B Realty Advisors, LLP
Pamela F. Newland Dallas, TX
Goulston & Storrs Cockeysville, MD William L. Fulton
Steven Schwartz Investment Property Dallas, TX
Boston, MA Henderson Global Investors Associates, LLC
James G. Martha Jennifer Koster Langan Engineering and
Grace Hill, Inc. Hartford, CT Grand Haven, MI Environmental Services
Joseph Bailey Mark Devaney
Augusta, GA HFF ista Elmwood Park, NJ
William Miller Amanda Holden
Grand Peaks Properties Dallas, TX San Diego, CA LBK Management Services
Luke Simpson James D. Alexander
Denver, CO HFF J. Turner Research Irving, TX
G. Craig LaFollette Joseph Batdorf
Grandbridge Real Estate Houston, TX Houston, TX LeaseTerm Insurance
Capital LLC Group LLC
Thomas S. Dennard HHHunt J.P. Morgan Asset Walter D. Shealy, III
Charlotte, NC James R. King Management West Point, GA
Blacksburg, VA Jean M. Anderson
Greystone Servicing New York, NY LeasingDesk, a Division
Corporation Hills Property Management of RealPage, Inc.
Betsy Vartanian Russell Lykes JMG Realty, Inc. David Carner
New York, NY Cincinnati, OH T. Karlton Jackson Carrollton, TX
Atlanta, GA
Gross Builders Holland & Knight, LLP LeCesse Development
Gary L. Gross Christopher B. Hanback Johnson Development Corporation
Cleveland, OH Washington, DC Associates, Inc. Salvador F. Leccese
David Benjamin Graves Altamonte Springs, FL
Grubb & Ellis Company Humphrey Development, Inc. Spartanburg, SC
Ernest L. Brown Bethany H. Hooper LEDIC Management Group
San Antonio, TX Columbia, MD Jones Lang LaSalle Pierce Ledbetter
Americas, Inc. Memphis, TN
Guardian Management LLC Humphreys & Partners Peter Nicoletti
Thomas B. Brenneke Architects, L.P. Parsippany, NJ Legend Management
Portland, OR Mark Humphreys Group, LLC
Dallas, TX JPI Ruth G. Eisenhauer
Haley Real Estate Group Benjamin H. Montgomery McLean, VA
Daniel P. Clatanoff Hunt Companies Irving, TX
Omaha, NE Ryan W. Luxon LEM Mezzanine, Inc.
JPI
El Paso, TX Robert D. Page Jay J. Eisner
HandyTrac Systems Irving, TX Philadelphia, PA
John Lie-Nielsen Hunter Warfield, Inc.
Alpharetta, GA Todd Wahl JRK Birchmont Advisors Lerner Corporation
Tampa, FL Robert Lee Alan H. Gottlieb
Hanley Wood Los Angeles, CA Rockville, MD
Susan Piel Hyperion Realty
San Francisco, CA Dan Hopkins Jupiter Communities Lessard Group, Inc.
Dallas, TX LLC - RAIT John M. Jenkins
Harbor Group International Kellie Devilbiss Vienna, VA
Jordan E. Slone I.Q. Data International, Inc. Chicago, IL
Norfolk, VA Kenneth Stumbo
Everett, WA

Advisory Committee
Level One, a Mesirow Financial NTS Development Company Real Estate Board
RealPage Company Alasdair Cripps Gregory G. McDearmon of New York, Inc.
Ben Holbrook Chicago, IL Louisville, KY Steven Spinola
Greer, SC New York, NY
Metropolitan Properties Oak Grove Capital
LexisNexis Resident of America, Inc. Neil Cullen Real Estate Equities, Inc.
Screening Jeffrey J. Cohen Bethesda, MD Robert S. Bisanz
Pam Storm Boston, MA St. Paul,, MN
Alpharetta, GA Ocius LLC
Miles & Stockbridge PC James Rabinowitz Realty Center
The Liberty Group Justin C. Eller Chicago, IL Management, Inc.
Kenneth J. Bohan Baltimore, MD Curt Knabe
Houston, TX On-Site.com Los Angeles, CA
Milstein Properties Jake Harrington
LTVentures Howard P. Milstein Mountain View, CA RealtyCom Partners, LLC
D. Scott Lee New York, NY Annie Manfredi
Los Angeles, CA OpsTechnology, a Division Larkspur, CA
Minnesota Multi of RealPage
M/PF YieldStar Housing Association Sukhi Singh Recap Real Estate Advisors
Janine Steiner Jovanovic Mary Rippe San Francisco, CA Todd Trehubenko
Carrollton, TX Bloomington, MN Boston, MA
The P.B. Bell Companies
MAC Realty Advisors LLC Moen Incorporated R. Chapin Bell Rent Stabilization Association
Bruce Levin Aubri Mandelbaum Scottsdale, AZ Joseph Strasburg
Washington, DC North Olmsted, OH New York, NY
Pacific Life
Mac-Gray Services, Inc. Morrison, Ekre & Bart Insurance Company Rent.com
Kevin Fahey Management Services, Inc. John C. Mulvihill R b t JJohnson
Robert h
Waltham, MA Jodi Bart Newport Beach, CA Santa Monica, CA
Phoenix, AZ
Maintenance Supply Pacific Property Company RentGrow, Inc.
Headquarters Multi-Housing News Alfred V. Pace Michael J. Lapsley
Cary R. Wright Diana Mosher Palo Alto, CA Waltham, MA
Stafford, TX New York, NY
Passco Companies, LLC RentPayment
Manly & Stewart Multifamily Executive/ Gary Goodman Monte Jones
John C. Manly Hanley-Wood, LLC Irvine, CA Santa Monica, CA
Newport Beach, CA Shabnam Mogharabi
Washington, DC Penco, Inc. Resident Gifts LLC
Marchex Todd Pirtle Gregory H. Smith
Leigh McMillan Multifamily Realty Austin, TX Naperville, IL
Seattle, WA Advisors, LLC
Richard R. Cotton Penton Media Inc. ResidentCheck
Mark-Taylor Residential, Inc. Raleigh, NC Rich Santos Jorge Baldor
Dale Phillips New York, NY Dallas,, TX
Scottsdale, AZ NAI Global Multifamily Group
Art Carll Phoenix Realty Group Resite Online
Marvin F. Poer and Company Las Vegas, NV Alan Hirmes Ann Padgett
William L. DuBois New York, NY Norfolk, VA
Dallas, TX National Foundation
for Affordable Housing PPG Architectural Coatings Resource Investments
The Matteson Companies Solutions, Inc. Amy Mercante Limited, LLC
Duncan L. Matteson, Sr. Martin C. Schwartzberg Pittsburgh, PA Steven Zalkind
Palo Alto, CA Rockville, MD Pennsauken, NJ
Price Realty Corporation
Maxus Properties, Inc. NCC Business Services Michael J. Ochstein Resource Real Estate, Inc.
Michael P. McRobert of America, Inc. Addison, TX Yvana Melini
Kansas City, MO Irv Pollan Philadelphia, PA
Jacksonville, FL Property Solutions
Mayer Brown LLP International, Inc. Roberts Properties
Keith J. Willner Northland Investment Benjamin Zimmer Management, LLC
Washington, DC Corporation Provo, UT Charles S. Roberts
Lawrence R. Gottesdiener Atlanta, GA
Mercy Housing Newton, MA PropertyBridge, a
Brian Shuman MoneyGram Company Rockwood Capital LLC
Denver, CO NorthMarq Capital - Leslie Olsen Joel A. Moody
San Francisco Oakland, CA Los Angeles, CA
Meridian Capital Group, LLC Jeffery Weidell
Israel Schubert San Francisco, CA Real Capital Markets Sales, Inc.
Iselin, NJ Stephen J. Alter Rick Burkhalter
Carlsbad, CA Duluth, GA

Advisory Committee
SatisFacts Research, LLC Towne Properties Western National
Douglas J. Miller, Sr. Neil K. Bortz Realty Advisors
Lutherville, MD Cincinnati, OH Rex F. DeLong
Irvine, CA
Sawyer Realty Holdings LLC Transwestern
Gregg Clickstein Jon Kleinberg Westrope
Needham, MA Atlanta, GA David Brinkerhoff
Kansas City, MO
The Screening Pros, LLC Transwestern
Gary Glucroft Steven E. Pumper Williams Asset
Chatsworth, CA Dallas, TX Management, LLC
John A. Isakson
Screening Reports, Inc. The Tuckerman Group/SSgA Atlanta, GA
Timothy Fortner Charles J. Lauckhardt
Bensenville, IL Rye Brook, NY Willis
Brian Ruane
Shelter Corporation University Furnishings New York, NY
Lynn Carlson Schell Paul Dougan
Minnetonka, MN Dallas, TX Witten Advisors LLC
G. Ronald Witten
Sherman Residential Urdang & Associates Real Dallas, TX
Scott Gould Estate Advisors, Inc.
Deerfield, IL Mark B. Greco The Wolff Company
Plymouth Meeting, PA Tim Wolff
The Sherwin-Williams Co. Scottsdale, AZ
William G. Rafie USAA Real Estate Company
Cleveland, OH Hailey Ghalib Womble Carlyle Sandridge
San Antonio, TX & Rice, PLLC
Southeast Apartment Pamela V. Rothenberg
Partners, LLC Valet Waste, Inc. Washington, DC
Marc G. Robinson David Magrisso
Atlanta, GA Tampa, FL Wonderlic, Inc.
Tom Bowman
Sperry Van Ness Nevada LLC VARO, a BYL Company Libertyville, IL
David Baird Kristie Wetherbee
Las Vegas, NV West Chester, PA Worthing Southeast
Corporation
Sterling Trust VaultWare John A. Echols
Robert J. Thiebaut Michael E. Mueller Atlanta, GA
Atlanta, GA Scottsdale, AZ
WRH Realty Services, Inc.
Stewart Title Guaranty Velocity, a Division of J. Mark Rutledge
Regina L. Fiegel RealPage, Inc. Saint Petersburg, FL
Charlotte, NC Ashley Chaffin Glover
Carrollton, TX Ygnition Networks
Stratford Capital Group, LLC Brian Moorhead
John M. Nelson, IV Verizon Enhanced Houston, TX
Peabody, MA Communities
Douglas A. Barton
Summit Housing Partners Irving, TX
David P. Garcia
Montgomery, AL Visa, Inc.
David Weinshel
SureDeposit Wilmington, DE
Stuart Litwin
Livingston, NJ Waller Lansden Dortch
& Davis, LLP
Terra Search Partners J. Steven Kirkham
Matthew B. Slepin Nashville, TN
San Francisco, CA
Waypoint Residential
TGM Associates L.P. Scott J. Lawlor
Thomas J. Gochberg New York, NY
New York, NY
Westdale Asset Management
Timberland Partners Evan J. Griffiths
Robert L. Fransen Dallas, TX
Minneapolis, MN

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Top 50 Largest Apartment Operators

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A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

The Nation’s 50 Largest Apartment Owners

She found you

For more information or to discuss your speciﬁc ﬁnancing needs, contact:

Cover Photo: Fillmore Center in San Francisco, CA

2 NMHC 50 APRIL 2011

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2011 Apartment Ownership

1 1 Boston Capital Boston, MA Jack Manning 158,947 162,677

2 Centerline Capital Group New York, NY Rob Levy 152,600 147,500

3 Boston Financial Investment Management, LP Boston, MA Ken Cutillo 145,454 144,907

5 3 Equity Residential Chicago, IL David J. Neithercut 129,604 136,843

6 5 PNC Tax Credit Capital Portland, OR Todd Crow 123,462 128,727

7 4 AIMCO Denver, CO Terry Considine 110,946 133,200

8 6 National Equity Fund, Inc. Chicago, IL Joseph Hagan 107,138 100,500

9 7 Enterprise Community Investment, Inc. Columbia, MD Charles R. Werhane 96,195 96,395

11 9 Archstone Englewood, CO R. Scot Sellers 81,613 83,085

12 12 Alliant Capital, Ltd. Woodland Hills, CA Shawn Horwitz 65,245 60,258

13 11 Camden Property Trust Houston, TX Richard J. Campo 63,278 63,286

14 Hunt Companies, Inc. El Paso, TX Woody Hunt 62,109 37,036

15 15 UDR, Inc. Highlands Ranch, CO Thomas W. Toomey 58,796 51,320

17 10 Pinnacle Family of Companies Dallas, TX Stan Harrelson 55,932 68,017

18 18 AvalonBay Communities, Inc. Arlington, VA Bryce Blair 52,490 48,924

21 20 Invesco Real Estate Dallas, TX Michael Kirby 50,567 47,340

23 21 Lincoln Property Company Dallas, TX Tim Byrne 46,507 46,347

24 24 MAA Memphis, TN H. Eric Bolton, Jr. 46,306 43,604

4 NMHC 50 APRIL 2011

26 26 Irvine Company Apartment Communities Irvine, CA Kevin Baldridge 43,791 42,764

27 22 Michaels Development Company Marlton, NJ Robert J. Greer 43,433 44,916

28 25 Bell Partners Inc. Greensboro, NC Steven D. Bell 43,265 43,160

30 29 Picerne Real Estate Group Phoenix, AZ David R. Picerne 42,476 41,058

31 28 DRA Advisors LLC New York, NY David Luski 41,111 41,908

32 32 Home Properties, Inc. Rochester, NY Edward J. Pettinella 38,861 35,797

33 34 The Related Companies New York, NY Jeff Blau 35,637 35,578

35 30 Empire American Holdings, LLC Montvale, NJ Eli Feller 34,939 40,776

36 39 Lindsey Management Co., Inc. Fayetteville, AR James E. Lindsey 34,088 33,293

37 37 Colonial Properties Trust Birmingham, AL Thomas H. Lowder 33,205 33,524

39 36 Concord Management Limited Maitland, FL Edward O. Wood, Jr. 32,313 32,022

40 44 BH Equities LLC Des Moines, IA Harry Bookey 30,172 28,165

41 43 UBS Realty Investors LLC Hartford, CT Matthew Lynch 29,310 28,433

43 40 The Bascom Group, LLC Irvine, CA Jerome Fink 28,851 35,674

44 35 CNC Investments, Ltd. Houston, TX Charlie Yalamanchili 28,528 32,721

45 46 Berkshire Property Advisors Boston, MA Frank Apeseche 27,906 27,537

46 42 AEW Capital Management, L.P. Boston, MA Jeffrey Furber 27,556 28,650

48 MCA Housing Partners, LLC Gardena, CA Michael A. Costa 26,335 25,824

49 48 BRE Properties, Inc. San Francisco, CA Constance B. Moore 25,398 25,325

50 GID Investment Advisers, LLC Boston, MA Robert E. DeWitt 25,002 12,247

APRIL 2011 NMHC 50 5

2011 Apartment Management

2011 2010 CORPORATE APARTMENTS MANAGED

2 2 Riverstone Residential Group Dallas, TX Walt Smith 162,182 178,431

3 1 Pinnacle Family of Companies Dallas, TX Stan Harrelson 151,367 183,877

4 5 Lincoln Property Company Dallas, TX Tim Byrne 133,425 132,881

5 4 Equity Residential Chicago, IL David J. Neithercut 129,604 136,843

6 6 AIMCO Denver, CO Terry Considine 117,119 129,715

7 8 WinnCompanies Boston, MA Samuel Ross 84,817 73,302

8 7 Archstone Englewood, CO R. Scot Sellers 81,613 83,085

9 9 Camden Property Trust Houston, TX Richard J. Campo 63,498 63,506

10 10 Bell Partners Inc. Greensboro, NC Steven D. Bell

11 11 FPI Management, Inc. Folsom, CA Dennis Treadaway 58,604 56,952

12 14 UDR, Inc. Highlands Ranch, CO Thomas W. Toomey 58,340 50,493

14 16 AvalonBay Communities, Inc. Arlington, VA Bryce Blair 52,490 48,924

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