Us NMHC 2012

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2012
The Nations 50 Largest Apartment Owners and 50 Largest Apartment Managers
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STANFoRD W. JoNeS Northern California (650) 391-1774 sjones@ipausa.com
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PHiLiP A. SAGLiMbeNi Northern California (650) 391-1796 psaglimbeni@ipausa.com
STeVe b. WiTTeN Northeast/Mid-Atlantic (203) 672-3320 switten@ipausa.com
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ViCToR W. NoLLeTTi Northeast/Mid-Atlantic (203) 672-3321 vnolletti@ipausa.com
GReGoRy S. HARRiS Southern California (310) 706-4407 gharris@ipausa.com JAMie b. MAy Central, North and West Florida (813) 387-4860 jbm@ipausa.com
RoNALD Z. HARRiS Southern California (213) 943-1900 rharris@ipausa.com
STeWART i. WeSToN Southern California (562) 257-1270 sweston@ipausa.com
eVAN P. KRiSToL South Florida (954) 245-3459 ekristol@ipausa.com
PeTeR K. KATZ Phoenix (602) 687-6775 pkatz@ipausa.com
STiLL HuNTeR, iii South Florida (954) 245-3502 shunter@ipausa.com
NATIONAL REAL ESTATE INVESTOR is pleased to present the 22nd annual NMHC 50, the National Multi Housing Councils authoritative ranking of the nations 50 largest apartment owners and 50 largest apartment managers. For more than two decades, the NMHC 50 has been a key resource for industry observers. The top owner and manager lists, and the analysis that accompanies them, have provided the only historical benchmark against which to measure industry trends and concentration. Based in Washington, D.C., the National Multi Housing Council provides leadership for the apartment industry. NMHCs 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 industrys leadership, NMHC welcomes inquiries to its Washington office at (202) 974-2300, or you can visit NMHCs web site at www.nmhc.org.
Contents
Introduction ..................................................................................... 2 2012 Apartment Ownership ............................................................. 4 2012 Apartment Management .......................................................... 6 Top Apartment Firms Strategically Pursue Surging Rental Market ...... 8 The Anatomy of a Brand Strategy .................................................. 16
ON THE COVER: The 327 rental units at luxury apartment community Gables Tanglewood, 40 San Felipe Street, Houston, Texas, will be ready for occupancy in 2013.
Show Me the Money Managers....................................................... 19 On a Path of Growth ...................................................................... 22 NMHC Officers .............................................................................. 28 NMHC Board of Directors Executive Committee.............................. 28 NMHC Board of Directors .............................................................. 32 NMHC Advisory Board ................................................................... 42
2 NMHC 50
APRIL 2012
2012 Apartment Ownership

NATIONAl MUlTI HOUSINg COUNCIl 50
(50 Largest U.S. Apartment Owners as of January 1, 2012)
2012 RANK 2011 RANK UNITS OWNED 2012 UNITS OWNED 2011 CORPORATE OFFICER COMPANY HQ CITY STATE
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25
1 2 3 4 6 5 14 8 10 9 7 11 12 13 15 18 16 17 20 21 24 33 22 19 25
Boston Capital Centerline Capital Group Boston Financial Investment Management, LP SunAmerica Affordable Housing Partners Inc. PNC Real Estate Equity Residential Hunt Companies, Inc. National Equity Fund, Inc. The Richman Group Affordable Housing Corporation Enterprise Community Investment, Inc. Aimco Archstone Alliant Capital, Ltd. Camden Property Trust UDR, Inc. AvalonBay Communities, Inc. Edward Rose & Sons Pinnacle Family of Companies WNC & Associates, Inc. Invesco Real Estate MAA The Related Companies Forest City Residential Group, Inc. J.P. Morgan Asset Management JRK Property Holdings, Inc.
157,423 150,000 140,077 134,882 126,260 119,743 114,712 106,772 98,770 97,822 93,630 73,955 71,220 66,997 57,743 57,426 56,385 52,655 51,224 51,125 49,407 48,967 48,482 47,587 47,398
158,947 152,600 145,454 141,113 123,462 129,604 62,109 107,138 94,925 96,195 110,943 81,613 65,245 63,316 58,796 54,579 56,025 55,932 52,134 50,567 46,306 35,637 47,384 52,000 43,912
Jack Manning Rob Levy Ken Cutillo Douglas S. Tymins Todd Crow David J. Neithercut Woody Hunt Joseph Hagan Richard Paul Richman Charles R. Werhane Terry Considine R. Scot Sellers Brian Goldberg Richard J. Campo Thomas W. Toomey Tim Naughton Warren Rose Stan Harrelson Wilfred N Cooper, Jr. Michael Kirby H. Eric Bolton, Jr. Jeff Blau Ronald A. Ratner Jean Anderson Jim Lippman
Boston New York Boston Los Angeles Portland Chicago El Paso Chicago Greenwich Columbia Denver Englewood Woodland Hills Houston Highlands Ranch Arlington Farmington Hills Dallas Irvine Dallas Memphis New York Cleveland New York Los Angeles
MA NY MA CA OR IL TX IL CT MD CO CO CA TX CO VA MI TX CA TX TN NY OH NY CA
NMHC 50
APRIL 2012
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2012 RANK
2011 RANK
COMPANY
UNITS OWNED 2012
UNITS OWNED 2011
CORPORATE OFFICER
HQ CITY
STATE
26 27
23 29
Lincoln Property Company Raymond James Tax Credit Funds, Inc. TIAA-CREF Michaels Development Company Bell Partners Inc. Irvine Company Apartment Communities DRA Advisors LLC Home Properties, Inc. Holiday Retirement Corp./ Colson & Colson Lindsey Management Co., Inc. Colonial Properties Trust Berkshire Property Advisors Sentinel Real Estate Corporation BH Equities LLC UBS Realty Investors LLC Essex Property Trust, Inc. Concord Management Limited Westdale Real Estate Investment & Management Weidner Apartment Homes Heitman LLC Highridge Costa Investors, LLC Empire American Holdings, LLC BRE Properties, Inc. AEW Capital Management, LP The Bascom Group, LLC
47,245 46,572 46,489 45,425 44,931 44,545 42,515 41,951 37,076 35,628 33,975 33,847 33,500 33,205 32,983 32,753 32,467 32,296 31,551 26,490 26,416 25,859 25,192 24,891 24,877
46,507 43,035 NA* 44,843 43,265 43,791 41,111 38,861 36,859 34,088 33,569 27,906 35,000 30,172 27,452 29,146 32,313 32,592 20,508 21,941 26,335 34,939 25,174 27,556 28,851
Tim Byrne Ronald Diner Thomas Garbutt Robert J. Greer Steven D. Bell and Jonathan D. Bell Kevin Baldridge David Luski Edward J. Pettinella Jack Callison James E. Lindsey Thomas H. Lowder Frank Apeseche John H. Streicker Harry Bookey Matthew Lynch Michael Schall Edward O. Wood, Jr. Joseph G. Beard Jack OConnor Maury Tognarelli Michael A. Costa Eli Feller Constance B. Moore Jeffrey Furber Jerome Fink
Dallas St. Petersburg New York Marlton Greensboro Irvine New York Rochester Salem Fayetteville Birmingham Boston New York Des Moines Hartford Palo Alto Maitland Dallas Kirkland Chicago Gardena Montvale San Francisco Boston Irvine
TX FL NY NJ NC CA NY NY OR AR AL MA NY IA CT CA FL TX WA IL CA NJ CA MA CA
28 Newcomer 29 30 31 32 33 27 28 26 31 32
34 Newcomer 35 36 37 38 39 40 41 42 43 36 37 45 34 40 41 42 39 38
44 Newcomer 45 Newcomer 46 47 48 49 50 48 35 49 46 43
*TIAA-CREF did not provide 2011 unit data.
APRIL 2012
NMHC 50
2012 apartment Management

NaTIONal MUlTI HOUSINg COUNCIl 50
(50 Largest U.S. Apartment Managers as of January 1, 2012)
2012 RaNK 2011 RaNK COMPaNY UNITS MaNaged 2012 UNITS MaNaged 2011 CORPORaTe OFFICeR HQ CITY STaTe
1 2 3 4 5 6 7 8 9
1 2 4 3 5 7 6 8 9
Greystar Real Estate Partners LLC Riverstone Residential Group Lincoln Property Company Pinnacle Family of Companies Equity Residential WinnCompanies Aimco Archstone Camden Property Trust
192,711 170,341 144,033 138,638 119,743 91,920 88,530 77,997 67,217
187,360 162,182 133,425 151,367 129,604 84,817 116,491 81,613 63,536
Robert A. Faith Walt Smith Tim Byrne Stan Harrelson David J. Neithercut Samuel Ross Terry Considine R. Scot Sellers Richard J. Campo Steven D. Bell and Jonathan D. Bell Dennis Treadaway
Charleston Dallas Dallas Dallas Chicago Boston Denver Englewood Houston
SC TX TX TX IL MA CO CO TX
10 11
10 11
Bell Partners Inc. FPI Management Inc. Apartment Management Consultants, LLC UDR, Inc. AvalonBay Communities, Inc. Alliance Residential Company Edward Rose & Sons Hunt Companies, Inc. MAA Fairfield Residential Company LLC The ConAm Group of Companies BH Management Services, Inc. JRK Property Holdings, Inc. The Related Companies Westdale Real Estate Investment & Management
65,205 63,002
60,182 58,604
Greensboro Folsom
NC CA
12 Newcomer 13 14 15 16 12 14 15 13
59,856 57,743 57,426 56,952 56,385 51,281 49,407 49,053 46,700 45,907 45,422 44,289
52,059 58,340 54,579 48,520 56,025 34,792 46,306 46,851 47,400 41,641 41,934 34,439
Greg Wiseman Thomas W. Toomey Tim Naughton Bruce Ward Warren Rose Woody Hunt H. Eric Bolton, Jr. Chris Hashioka Brad Forrester Nicholas H. Roby Jim Lippman Jeff Blau
Midvale Highlands Ranch Arlington Phoenix Farmington Hills El Paso Memphis San Diego San Diego Des Moines Los Angeles New York
UT CO VA AZ MI TX TN CA CA IA CA NY
17 Newcomer* 18 19 20 21 22 23 18 17 16 23 22 36
24
20
43,883
44,765
Joseph G. Beard
Dallas
TX
*Due to changes in reporting, Hunt Companies, Inc. appears for the first time on the top managers list; however, Hunt subsidiary LEDIC Management Group, Inc. ranked No. 48 on the 2011 managers list.
NMHC 50
APRIL 2012
A SPECIAL SuPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
2012 RaNK
2011 RaNK
COMPaNY
UNITS MaNaged 2012
UNITS MaNaged 2011
CORPORaTe OFFICeR
HQ CITY
STaTe
25 26 27 28 29
27 26 24 25 31
Home Properties, Inc. Michaels Development Company The Laramar Group, LLC Village Green Multifamily Management Services Irvine Company Apartment Communities Gables Residential Forest City Residential Group, Inc. Lindsey Management Co., Inc. The Lynd Company Colonial Properties Trust Milestone Management, L.P. McKinley, Inc. Essex Property Trust Inc. Sentinel Real Estate Corporation Berkshire Property Advisors Concord Management Limited Asset Plus Companies Weidner Apartment Homes Capstone Real Estate Services, Inc. The John Stewart Company The Bozzuto Group CAPREIT, Inc. Harbor Group International Morgan Properties Orion Real Estate Services, Inc.
41,951 41,597 41,235 39,500 39,100
38,861 39,575 40,521 40,000 35,800
Edward J. Pettinella Robert J. Greer Thomas Klaess Jonathan Holtzman Jeffrey Goldstein
Rochester Marlton Denver Detroit/Chicago Suffern
NY NJ CO MI NY
30 31 32 33 34 35 36 37 38 39 40 41 42
28 29 37 35 40 39 19 38 46 32 50 41 34
38,914 36,896 36,053 35,980 35,095 34,681 34,439 34,056 33,924 33,500 32,536 32,467 32,302 31,551 31,044 30,637 30,529 30,040 28,686 28,118 27,573
38,220 38,105 34,096 34,440 32,875 34,275 45,896 33,922 30,317 35,000 28,085 32,313 34,887 20,508 36,884 30,534 32,276 31,000 22,000 30,625 26,570
Kevin Baldridge David D. Fitch Ronald A. Ratner James E. Lindsey A. David Lynd Thomas H. Lowder Steve Lamberti Albert M. Berriz Michael Schall John H. Streicker Frank Apeseche Edward O. Wood, Jr. Michael S. McGrath Jack OConnor James W. Berkey Jack D. Gardner Thomas S. Bozzuto Dick Kadish Jordan Slone Mitchell L. Morgan Kirk Tate
Irvine Atlanta Cleveland Fayetteville San Antonio Birmingham Dallas Ann Arbor Palo Alto New York Boston Maitland Houston Kirkland Austin San Francisco Greenbelt Rockville Norfolk King of Prussia Houston
CA GA OH AR TX AL TX MI CA NY MA FL TX WA TX CA MD MD VA PA TX
43 Newcomer 44 45 46 47 30 45 47 42
48 Newcomer 49 44
50 Newcomer
APRIL 2012
NMHC 50
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Top Apartment Firms Strategically Pursue Surging Rental Market

By Mark Obrinsky, Vice President of Research and Chief Economist, National Multi Housing Council
OvERviEw
Apartment Market
Demand for apartment residences continued to surge in 2011 as more households decided that renting was a better fit for their lifestyles, needs and budgets than owning. Overall, the renter share of households rose to 34.0 percent at year-end, the highest level in almost 14 years. Net absorption among investment-grade apartments posted the best back-to-back years since the boom of 1999-2000, while the occupancy rate
NMHC 50 PROFilE 2012

Portfolio Size: No. of Apartments Owned No. of Apartments Managed Minimum Entry Threshold: No. of Apartments Owned No. of Apartments Managed 3,003,341 2,776,045
24,877 27,573
DEVELOPMENT | FINANCE | CONSTRUCTION | MANAGEMENT
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rose 110 basis points (bps) from the fourth quarter of last year to almost 95 percent, an indication of solid recovery from the Great Recession. New supply remained sparse. The historically low level of multifamily starts in 2009 and 2010 led to low completions in 2011. However, starts rebounded significantly, suggesting completions should ramp up in 2012, with stronger deliveries likely for 2013 and beyond. Even so, the level of new multifamily construction in 2011 was barely half of the average annual pace from 1997 to 2006. NMHCs most recent Quarterly Survey of Apartment Market Conditions showed that although new development activity was widespread, starts lagged only one-fifth of respondents indicated that groundbreaking had accelerated. Whats more, almost half of respondents indicated that new development was considerably below demand. New construction financing remained an obstacle in many markets, along with outdated zoning codes, unnecessary regulations and NIMBY groups. The boom in renters combined with the near-bust in supply led to strong rent growth. Same-store asking rents
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TOp 10 ApArTMeNT OwNer FirMs

rank/Company
were up by almost five percent in 2011 nationally, surpassing the previous peak. Adjusted for inflation, however, real rents were still seven percent below the level of 4Q2006. Apartment transaction volume continued to grow in 2011, climbing 54 percent higher than 2010 and more than tripling 2009 levels. Indeed, at nearly $54 billion, volume surpassed 2004 levels, the last year before the condo conversionfueled boom. Apartment prices have risen sharply since the troughthe national average is up 25 percent to 35 percent by most measures and recent transactions show that many class-A properties in prime locations have even surpassed their previous peak. Cap rates eased a bit further last year to 6.5 percent, around 50 bps lower than the peak two years earlier.
No. of Apartments 157,423 150,000 140,077 134,882 126,260 119,743 114,712 106,772 98,770 97,822
1 2 3 4 5 6 7 8 9 10
Boston Capital Centerline Capital Group Boston Financial Investment Management, LP SunAmerica Affordable Housing Partners, Inc. PNC Real Estate Equity Residential Hunt Companies, Inc. National Equity Fund, Inc. The Richman Group Affordable Housing Corporation Enterprise Community Investment, Inc.
NMHC 50 OwNers* Overview

Number of Apartments Owned
Top 10 Second 10 Top 25 Second 25 Top 50 1,246,461 632,360 2,120,662 882,679 3,003,341 60,067 47,322 157,423 24,877 7.1% 12.1% 17.1%
Top 50 Owners and Managers

The total number of apartments owned by firms in the NMHC 50 owners list is 8.2 percent greater than the number managed by the Top 50 managers, the largest difference in six years. In line with the previous three years, the mean and median portfolios among apartment owners are also larger than the mean and median management portfolios. But once again, the top management firm has a larger portfolio than the top owner firm, and the entry threshold for NMHC 50 managers is higher than that for the NMHC 50 owners. Most firms are bunched together in a relatively small band: 30 of the top management firms have between 30,000 and 50,000 apartments, as do 24 firms on the owners list.
portfolio size Measures

Mean Median No. 1 firm No. 50 firm
share of National Apartment stock

Top 10 Top 25 Top 50
* Changes in ownership definition and company response make historical comparisons difficult.
Apartment Ownership
Boston Capital topped the NMHC 50 owners list for the third consecutive year. (The firm also marked its 21st straight year among the Top 10 owners.) The next three spots were unchanged as well: Centerline Capital Group, Boston Financial Investment Management LP and SunAmerica Affordable Housing
Partners Inc. PNC Real Estate moved up a notch to round out the top five, while Equity Residential moved down one spot to No. 6. Hunt Companies, Inc. appears in the Top 10 list for the first time, coming in at No. 7. Rounding out the Top 10 this year are the same firms from last year, although The Richman Group Affordable Housing Corporation and Enterprise Community Investment Inc. swapped order. Four of the Top 10 owner firms increased their portfolios in
ApArTMeNT OwNers
Largest portfolio Growth
Hunt Companies, Inc. The Related Companies Weidner Apartment Homes Camden Property Trust Berkshire Property Advisors
Apartments
+ 52,603 + 13,330 + 11,043 + 5,975 + 5,941
Moving Up in rank
The Related Companies Berkshire Property Advisors Hunt Companies, Inc. MAA
slots
+ 11 +8 +7 +3
10
NMHC 50
APRIL 2012
GrandMarc at Westberry Place Fort Worth, TX $54,336,722 Student Housing Investment Sale 360 West Hubbard Chicago, IL $140,500,000 Equity Raise/ Construction Financing
The Alexander Alexandria City, VA $75,925,000 Investment Sale
H191 Portfolio Seattle Metro $155,342,000 Freddie Mac Fixed Rate Financing
More than $17 Billion of Multi-Housing Value Creation in 2011

CBRE was once again the leading market-maker for the multi-housing industry in 2011. Weve been the #1 investment sales apartment broker for 10 years running*, and the only commercial real estate brokerage with Fannie Mae, Freddie Mac and HUD FHA direct lending capabilities. We continue to create value for investors as the most robust facilitator of multi-housing capital markets transactions in the United States.
*Source: Real Capital Analytics
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2011. Hunt Companies, Inc. had the biggest net TOp 10 ApARTMENT MANAGEMENT FIRMS gain with a pickup of 52,603 apartments, largely Rank/Company No. of a result of the purchase of Capmark Financial Apartments Groups affordable housing portfolio. Equity Managed Residential shed the largest number of apart1 Greystar Real Estate Partners, LLC 192,711 ments, downsizing their holdings to the tune of 2 Riverstone Residential Group 170,341 9,861 units. Thirty-two of the 2012 NMHC 50 3 Lincoln Property Company 144,033 owner firms were net acquirers last year, adding 4 Pinnacle Family of Companies 138,638 a total of 143,200 apartments to their portfolios. 5 Equity Residential 119,743 By contrast, 17 were net sellers, dropping 78,098 units.* On balance, these firms grew by a com6 WinnCompanies 91,920 bined total of 65,102 units. 7 Aimco 88,530 This years 50 largest firms own 2.4 percent more 8 Archstone 77,997 apartments than last years Top 50, a growth rate 9 Camden Property Trust 67,217 right in line with the average for the past five years. 10 Bell Partners Inc. 65,205 For the second year in a row, Hunt Companies, Inc. posted the biggest increase, which moved them Top 10 for the first time since 1997. into the Top 10 for the first time. The Related Companies Roughly eight out of 10 Top 50 owners have market-rate made the biggest jump up the rankings list, shooting up 11 apartments in their portfolios while exactly half own taxplaces to the No. 22 slot. For the fourth straight year, Aimco credit properties or other subsidized properties. Eighteen remains the biggest net seller, trimming its portfolio by firms have senior housing apartments; of those, five have 17,313 unitsa strategy that moved the company out of the more than 20,000 senior apartments. The NMHC 50 owners are geographically diversified: 90 percent have properties *Totals do not add up to 50; TIAA-CREF did not provide 2011 unit data.
REITs in the Rankings
he number of REITs on the 2012 NMHC 50 owners list is unchanged from the previous two years. Total apartment holdings by REITs in the NMHC 50 decreased for the ninth consecutive year. At 1.6 percent, however, it was the smallest decline since 2006. As in past years, the drop had more to do with company-specific strategies than with the character of the REIT model. In fact, seven REITs grew their portfolios, but this was outweighed by downsizing at Aimco, Equity Residential and, to a much lesser extent, UDR, Inc. In principle, apartment owners could be ranked not only by the number of apartments owned but also by the value of those apartments. While capturing such data is impractical, there is an alternative measure available for public companies, namely total capitalization. While not perfectownership of non-apartment assets can substantially affect overall firm valueit provides a useful perspective on relative size among apartment firms.
ApARTMENT REIT SIzE ANd RANk

Units Owned Rank Total Cap Rank Among Capitalization Among REITs ($ millions) REITs
Equity Residential Aimco Camden Property Trust UDR, Inc. AvalonBay Communities, Inc. MAA Home Properties, Inc. Colonial Properties Trust Essex Property Trust, Inc. BRE Properties, Inc.
119,743 93,630 66,997 57,743 57,426 49,407 41,951 33,975 32,753 25,192
1 2 3 4 5 6 7 8 9 10
26,424 8,221 7,028 9,680 16,218 4,075 5,893 3,656 7,368 5,521
1 4 6 3 2 9 7 10 5 8
Note: Company total capitalization sums (1) market value of shares outstanding, including operating partnership units; (2) the value of perpetual preferred stock; and (3) the book value of total debt outstanding. Capitalization estimates for December 31, 2011, were provided by Stifel Nicolaus & Company, Inc.
12
NMHC 50
APRIL 2012
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ApArtMeNt MANAGeMeNt by tier

3,000 2,500
Units (thousands)
Top 10 Top 25 Top 50
2,000 2,000 1,500 1,000 500
1990
1992
1994
1996
1998
2000
2002
2004
2006 2008
in the South Atlantic region and 64 percent have properties in New England while each of the other seven regions has properties owned by 78 percent to 86 percent of the firms on the NMHC 50 ownership list.
Apartment Managers
Stability was the theme at the top of the NMHC management list. For the fourth consecutive year, the same firms made up the Top 10. Greystar Real Estate Partners LLC remains in the top spot for the second straight year, while Riverstone Residential Group kept its second place ranking. Lincoln Property Company (No. 3) and Pinnacle Family of Companies (No. 4) switched placesthe only ranking change among the Top 10. There were five new firms on the management list this year, two of which debuted in the Top 20. Apartment Management Consultants LLC (No. 12) was a first-time survey respondent, while Hunt Companies, Inc. (No. 17) consolidated its reporting, including former Top 50 manager LEDIC under its umbrella this year. The other newcomersWeidner Apartment Homes (No. 43), Harbor Group International (No. 48) and Orion Real Estate Services Inc. (No. 50)rode portfolio increases to a Top 50 ranking.
Hunt Companies, Inc. registered the largest portfolio gain, adding 16,489 units. Five other firms also had portfolio gains of more than 8,000 units. The Related Companies 1,925.6 made the biggest jump in the rankings, up 13 slots to No. 23. Berkshire Property Advisors also made a double-digit move, climbing 1,156.3 10 places to the No. 40 position. Overall, firms on this years management list added a combined 61,628 apartments to their portfolios, as 34 companies grew compared to the 2010 2012 16 firms that shed assets. The total number of apartments managed by the Top 50 companies is the highest on record. The share of the entire apartment stock under management by the NMHC 50 rose to 15.8 percent, also a new high. Both the mean and the median rose and set new all-time highs. The minimum size needed to make it into the Top 50 edged down a bit from last years record, but at 27,573 units is still the second-highest threshold since the rankings began. Concentration trends were mixed last year. The portfolios of the 10 largest firms make up 41.7 percent of the Top 50, down from 43 percent last yearthe groups lowest share in 18 years. Apartments managed by the next 10 firms (No. 11 through No. 20 in the rankings) rose to 19.7 percent from 18.6 percent a year ago. The percentage marks a sizable share but is below 2005s high-water mark of 20.8 percent. All of the Top 50 firms manage market-rate apartments. In addition, 32 companies have Low-Income Housing Tax Credit (LIHTC) properties in their portfoliosand of those, 19 also manage non-LIHTC affordable properties. Eighteen firms have senior housing apartments under management, although only Pinnacle Family of Companies has more than 20,000 such units. The South Atlantic region is home to properties from 44 of the Top 50 managers, the most of any region. At the other end of the spectrum, 23 of the Top 50 manage properties in the New England region.
2,776.0
ApArtMeNt MANAGers
Largest portfolio Growth
Hunt Companies, Inc. Weidner Apartment Homes Lincoln Property Company The Related Companies Alliance Residential Company Riverstone Residential Group 14 NMHC 50
Apartments
+ 16,489 + 11,043 + 10,608 + 9,850 + 8,432 + 8,159
Moving Up in rank
The Related Companies Berkshire Property Advisors Essex Property Trust, Inc. The Lynd Company Forest City Residential Group, Inc.
slots
+ 13 + 10 +8 +6 +5
APRIL 2012
A SpeciAl SuppleMeNT To NATioNAl reAl eSTATe iNveSTor
NMHC 50 MaNagers
Number of apartments Managed 2012 Top 10 1,156,335 Second 10 547,805 Top 25 1,925,592 Second 25 850,453 Top 50 2,776,045 Portfolio size Measures Mean 55,521 Median 41,774 No. 1 firm 192,711 No. 50 firm 27,573 2011 1,171,167 505,197 1,885,014 837,880 2,722,894 2010 1,195,881 496,740 1,890,933 798,786 2,689,719 2009 1,224,042 487,528 1,915,170 754,002 2,669,172 2008 1,194,108 523,614 1,930,162 797,946 2,728,108 2007 1,106,880 498,472 1,810,315 770,885 2,581,200 2006 1,051,603 469,786 1,703,865 680,091 2,383,956
54,458 39,788 187,360 28,085
53,794 37,767 183,877 26,845 6.9% 10.9% 15.5%
53,383 37,871 185,219 23,730 7.0% 11.0% 15.3%
54,562 40,578 195,888 25,852 6.9% 11.1% 15.7%
51,624 40,010 209,412 25,277 6.4% 10.4% 14.8%
47,679 33,150 197,774 22,500 6.0% 9.7% 13.6%
share of National apartment stock Top 10 6.6% 6.7% Top 25 11.0% 10.8% Top 50 15.8% 15.6%
MetHodology
The National Multi Housing Council (NMHC) partnered with Kingsley Associates to handle the NMHC 50 survey process (though NMHC remains solely responsible for any errors). To compile the NMHC 50 lists, both organizations gather names of owners and managers from as wide a range of sources as possible, and staff from each firm complete the survey online. Over the years, improved outreach and increased publicity associated with the rankings have resulted in more firms responding to the survey. For the purposes of this survey, investment fund managers are treated as owners only if they retain substantial equity in the apartment property or if they maintain effective responsibility and decision-making over the investment property. Similarly, tax credit syndicators and franchisers are regarded as owners only if they retain a fiduciary responsibility. (When firms function strictly as advisers rather than investors, they are not regarded as owners.) The rankings do not distinguish between partial and full ownership. Some firms own sizable apartment properties through joint ventures in which their share could range anywhere from 1 to 99 percent. Others are primarily the sole owners of their apartments. In principle, it would be desirable to account for partial ownershiptreating 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 nations entire apartment stock, only U.S. apartments are included. At times, a firm may debut on the NMHC 50 at a high level. Generally, this means the firm is responding to the survey for the first time, rather than an indication of an outsized portfolio gainalthough that, too, happens on occasion. Nonetheless, despite many improvements and everyones best efforts, the process remains imperfect: It relies on both accurate reporting and surveying of the complete universe, both of which can be fraught with problems. There are two caveats in comparing the lists over time. First, the definition was refined in 2006 to eliminate those investment fund managers with neither substantial equity nor effective control over the investment property. Second, occasionally firms that have previously been among the Top 50 owners or managers have not responded to the NMHC survey. When that occurs, companies appear on the list that otherwise might not have been large enough. In addition, this affects the total number of apartments owned by the Top 50 firms, as well as other measures of concentration such as the mean and median portfolio size. (Note that this did not affect the management list.) For these reasons, year-to-year comparisons must be made with great care.
Note: In some cases, newly introduced policies prohibited firms from sharing the kind of information needed for these rankings.
April 2012
NMHC 50
15
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The Anatomy of a Brand Strategy

Changing demographics lead some apartment rms to pursue new brand segmentation strategies. By Bill Gloede
GenerATion Y enerGY: AvalonBays AVA communities target the highly social, super-connected echo boomer demographic.
hen Arlington, Va.-based AvalonBay Communities, Inc. announced in December that it was splitting its communities into three distinct brands, many in the industry took the news as a sign that the apartment rental industry had fully shaken off the dust from the downturn. With rents and renewals rising, business was back on a growth track, and the future looked promising. Not only were consumers beginning to question the value of homeownership, but Generation Ys throngs of echo boomers were coming of age, creating a huge, emerging demographic market for apartment rentals. Not since the upscale rental segment took off back in the late 1990s had there been such a clearly defined marketing opportunity. Under AvalonBays new structure, the companys core brand, Avalon, will continue as the companys flagship. Located in bigger urban and suburban markets, Avalon communities will include high-end amenities and services and continue as the publicly traded REITs primary growth engine through new development, according to the companys Senior Vice President for Brand Strategy Kurt Conway. Apartments will be larger and include premium finishes, lighting, appliances and amenities. The second brand in AvalonBays portfolio, called Eaves by Avalon, will include communities located in mostly suburban locations and target more cost-conscious, value-oriented renters. The final brand is dubbed AVA, partly because, as Conway puts it, The word AVA underscores the brands social elements. After all, its a persons name. The brand is squarely targeted to the highly social, super-connected Generation Y demographic. These communities will be in transit-friendly and urban settings in energized neighborhoods, as Conway calls them. Properties will feature smaller apartments
16
nMHC 50
APRIL 2012
A speciAl supplement to nAtionAl reAl estAte investor A speciAl supplement to nAtionAl reAl estAte investor
as well as units more conducive to roommate living. Conway points to a new AVA community under construction in the H-Street district of Washington, D.C., as representative of the new brand. Situated in an emerging youthful, walkable neighborhood, the property offers Generation Y residents ready access to transit, nightlife, galleries and restaurants. Apartments range from 450 square feet for a studio to 550- to 650-sq.-ft. one-bedrooms and roommate-friendly units in the 750- to 1,050-sq.-ft. range. While the brands are new for the company, which ranked No. 16 on the NMHC 50 Owners list and No. 14 on the NMHC 50 Managers list, the underlying strategy is really reflective of something the companys been doing for the Kurt conway, AvalonBay communities, inc. past 25 yearsinvesting in locations where people want to live. [Were] focusing on the best performing markets and submarkets in the U.S, and within these markets, we are putting the right product that best matches customer needs, Conway says. Properties. And even before them, the LeFrak Organization. But while some in the industry see new branding strateHoltzmans take on the industry reflects his background; he gies similar to AvalonBays as an extension of existing target is the third generation of his family to run the company, which marketing efforts, others disagree, arguing that the industry, was founded by his grandfather in 1919. When the first wave in general, has placed more emphasis on the transaction and of branding and segmentation took place in the 1960s, he says, the property than the end user, or resident. the apartment companies that bought in were asking the same Jonathan Holtzman, chairman and CEO of Farmington question: How can you call an urban high-rise building with Hills, Mich.-based Village Green, which ranked No. 28 on the NMHC 50 Managers list, would agree that the apartment industry, in general, has been behind the curve in terms of consumer segmentation. However, he points out that some companies strategies aimed at capturing Generation Ys attention arent so much new as newly launched. As he explains it, somewhat diplomatically, The apartment business has historically been behind the retail, hospitality and food industries. The Occupancy. Rent Values. Retention. fact that some companies are now acting like this is a fresh idea is not respectful of Regardless of your 2012 focus, apartment firms that have had branding ours continues to be delivering since the 1960s. ROI through community. For example, Holtzman says Village Green, which now owns or manages approximately 40,000 apartments in 16 states, adopted a brand strategy after witnessing the growth of this company called Holiday Inn. It was the first branded chain of motels, and it grew, quickly, to a dominant position New Look, Same Focus. in the industry. Along with Village Green in the move to branding back then, says Holzman, were Oakwood, now Oakwood Worldwide, and Post
[Were] focusing on the best performing markets and submarkets in the u.s, and within these markets, we are putting the right product that best matches customer needs.
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live, work, play: Generation Ys housing preferences are driving apartment firms toward urban, transit-oriented development like this community by Somerset Development, located three subway stops from Midtown Manhattan in Wood-Ridge, N.J.
older, suburban garden apartment complexes; Village Park became a new brand characterized by apartments with cathedral ceilings, in-unit washers and dryers, fireplaces, pools and clubhouses aimed at increasingly affluent baby boomers closer in to urban cores. And that trend continued through the decades to follow. In the late 1990s, company executives rolled out the City brand as Village Green began building environmentally friendly urban apartments with ready access to transit, featuring island kitchens, upscale appliances, upgraded flooring and bathrooms and rooftop pools. In the early 2000s, the company unveiled its Regents Park brand, which targets an older, upscale demographic looking for a more suburban setting. The company also added fifth brand aimed at the corporate relocation and temporary housing market that offers wellhigh rents the same name as a 20-year-old garden apartment appointed, furnished shorter-term rentals. community in the suburbs? No other industry would However, some apartment executives remain skeptical of do that. the long-term value and effectiveness of a multi-brand stratSo, in 1989, company executives decided to do something egy. Greensboro, N.C.-based Bell Partners, No. 30 on the different. Rather than market their properties based on NMHC 50 Owners list and No. 10 on the NMHC 50 Managers their location, amenities and rent levels, which is what most list, markets properties using its core brand proposition, firms were doing, executives moved to launch two distinct apartment living at its best. The tagline is trademarked brands. Village Green became a single brand, made up of and used across its entire portfolio in conjunction with micro-brands created for individual communities. This strategy reflects a view that apartments are largely commodity products, and each community offers apartments designed to address unique tastes and needs. The consumers own the brand, and DEVELOPMENT | FINANCE | CONSTRUCTION | MANAGEMENT they define what that brand stands for, says Kevin Thompson, senior vice president of marketing for Bell. For Bell, apartment living at its best, is a blanket marketing strategy that can just as easily define a 595-sq.ft. studio at Bell Park Central in Dallas or a two-bedroom, two-bath suite at the Bell Midtown in Nashville or even a 1,500-sq.-ft. three-bedroom, twobath family apartment at Bell Preston Reserve in Cary, N.C. Bells strategy is more akin to a mass marketer than those of Village American Campus Communities is a $4.5 billion real Green and AvalonBay. Think Ford. estate investment trust (REIT) traded on the NYSE Every Ford is called a Ford. Every (symbol: ACC). Since 1993 we have structured and Bell apartment is called a Bell apartment. Thats by design, according to closed more than $6 billion of student housing transactions. With business expertise Thompson. We should always be cauin project design and development, asset acquisition, and management services, tious before we do brand extensions, we are the nations premier owner and operator of quality student housing. he says. You can easily cannibalize AMERICANCAMPUS.COM your core brand.
18 NMHC 50 APRIL 2012
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Show Me the Money Managers

institutional managers continue to make their place in the apartment business next to traditional owners. By Bill Goede
he apartment rental business has long been a good place to park money. Depending on economic conditions, of course, it usually offers steady returns on capital and relatively stable asset value, which is a tough combination to match in, say, the stock markets. This continued stable performance is causing the rental business mix to change as more investment management companies, attracted by the potential yields, join the ranks of more traditional owners. According to an analysis of data collected for the NMHC Top 50, investment management firms are an increasing presence among the largest apartment owners in the U.S. The number of such companies among the Top 50 has nearly doubled from four in 2008 to seven this year, with TIAA-CREF, the financial services and retirement giant that takes its abbreviated moniker from Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), making its first appearance on the list. TIAA-CREF debuted on the Top 50 owners list at No. 28. To the investment management companies that have been active in the industry for a while, this comes as no surprise, especially given the nature of the recent recession and concomitant crash of the homeownership market. The sector is attractive because theres a good income return, it doesnt have a long lead time to develop and its attractive to a large number of investors, says Jean Anderson, New York-based managing director for J.P. Morgan Asset Management, which ranked No. 24 on the top owners list. And it certainly has been a property type thats rebounded quickly from the recession. What has fueled the strength in the apartment rental industry over the past three years is the housing crisis, says Paul Michaels, managing director of No. 20-ranked Invesco Real Estate in Dallas. Theres been this huge flight to rental properties. The buzz in the industry is apartments. Andrew McCulloch, an analyst who follows the apartment sector for Green Street Advisors in Newport Beach, Calif., cites the still-ailing market for single-family homes, demographic factors that signal strength in the rental market for years to come, a relative dearth of new supply owing to construction slowdowns during the recession and the relatively low cost of debt as primary drivers of this interest. Its easy to see why investment managers like apartments, he says.
Dan Fasulo, managing director at Real Capital Analytics in New York who tracks the commercial real estate sector, agrees. Multifamily is in full-fledged recovery right now, he reports, and, given that, says the increasing interest in the sector among investment managers doesnt surprise me. Real estate looks good versus some of the other alternatives; multifamily looks good versus other commercial property sectors. It looks awfully rosy versus the other prospects. New apartment construction is near historic lows.
theres been this huge flight to rental properties. the buzz in the industry is apartments.
paul michaels, invesco real estate
According to the Commerce Department, housing permits nationally for buildings with five or more units plunged from 359,000 in 2007 to 295,400 units in 2008 to 121,100 in 2009 before rising to 135,300 in 2010 and 176,400 last year. The 2009 and 2010 numbers were the lowest since the government began tracking this type of data back in 1959. The developers and lenders hit the brakes very early in the cycle, Fasulo explains. Looking back, this is going to be some of the slowest growth weve seen for multifamily construction in the post-war period. But then theres that return. According to the National Council of Real Estate Investment Fiduciaries, which has since 1984 been tracking what it calls a composite total rate of return on investment for apartments owned at least in part by tax-exempt, institutional investors, there have been only eight quarters of negative returns through the end of 2011, six of them during the recession of 2008-2009. In 2011, average annualized returns rose to 15.5 percent. The other primary driver of interest in multifamily is demographics. The so-called Echo Boom generation, also known as Generation Y or the Millennial Generation, is entering the prime rental market demographic of 18 to 30 years
April 2012
NMHC 50
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A sPecIAL suPPLeMenT To nATIonAL ReAL esTATe InvesToR
old, many of them carrying record levels of education debt, which could keep them renting longer than previous generations. Add to that the millions of former homeowners who have returned or will return to the rental market as the national homeownership rate fell from a high of 69.4 percent in 2004 to 66.0 percent in 2011, the biggest drop in that metric since the Great Depression according to the Census Bureau. Coupled with the relative lack of new supply, these factors continue to keep rents and renewals steady. Still, investment management owners are keeping a wary eye on supply. As long as supply remains in check, multifamily is going to be a great place to be, says Invescos Michaels. J. P. Morgans Anderson echoes that sentiment. Overall, the trends are very positive, she says, but then asks, How may units will be delivered two or three years from now? Invesco, for one, is turning cautious on some markets, among them Seattle, Austin and Washington, D.C., which, not coincidentally, are areas that held up relatively well during the housing bust. He also believes there could be a supply surge in Boston. People have to start to look at [markets] more closely, says Michaels. Two or three years from now, you might start to see supply exceeding demand. However, he isnt expecting to see that happen in New York
[The apartment sector] certainly has been a property type thats rebounded quickly from the recession.
Jean Anderson, J.P. Morgan Asset Management
or Southern California, where demand continues to outstrip supply, in New York because of lack of developable land and in Southern California due to the length and difficulty of the permitting process. Anderson is likewise optimistic on JP Morgan markets, which are mostly gateway cities, including New York, San Francisco and the so-called Gold Coast on the Hudson River in New Jersey. Still, that caution will hardly dampen interest in multifamily among investment managers, Michaels believes. I think [the rental market] is so good that people are still looking at the glass half full, he says.
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20 NMHC 50 APRIL 2012
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On a Path of Growth
Top apartment rms outline strategies for making the most of a promising market in 2012. By Hortense Leon
s the economy sidestepped a double dip and began to firm up through 2010, its measured recovery set the stage to make 2011 a turning point for the apartment industry. Suddenly demand for rental units outpaced limited new supply and capital was flowing more freely to the sector. Market dynamics had shifted in such a way that apartment firms saw rents climb rather substantially, a key signal that the apartment market had indeed turned around. We expect to see 5 percent to 7 percent increases in net rents in many markets [in 2012], says Nicholas Roby, president of BH Management Services (No. 21 on the NMHC 50 Managers list) and vice chair of the equities division of BH Equities (No. 39 on the NMHC 50 Owners list). This is a big improvement over the zero market rent growth and concessions of a half a months free rent or more, that were common a couple of years ago. With opportunity like that dangling like a carrot in front of a hungry apartment industry, apartment firms are trying to come up with the best strategies to capture as much of the demand growth Seattle as they can, while it lasts. The industrys runway for growth could shorten in 2013 and 2014, making 2012 a critical year for NMHC 50 executives to continue to execute new initiatives and complete transacSan Francisco tions, better positioning their companies for longer-term success. But finding the right strategy can be challenging in an Irvine improving market, as apartment firms San Diego wrestle with which opportunities to pursueand which to let fall by the wayside.
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According to a January NMHC Quarterly Survey of apartment market conditions, 53 percent of respondents reported a substantial pick-up in land acquisition and the lining up of financing and securing of building permits, although actual construction starts appeared to lag. An additional 20 percent of respondents reported that developers had been breaking ground on new projects at a rapid clip. We have doubled our development pipeline this year, says Ric Campo, chairman and CEO of the Houston-based Camden Property Trust (No. 14 on the owners list and No. 9 on the managers list). The company currently has about 2,300 apartments under construction at a cost of about $400 million and another 520 units under construction, at a cost of $113 million, with joint-venture partners. Campo says in the near term the
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Some Will Build

The economic and housing recession has kept the apartment industry in a chronic state of under-production. Through 2011, there were 167,300 multifamily apartments started (5+ unit properties), a little more than half of the new units the industry should produce a year. However, greater access to capital is starting to accelerate new development.
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APRIL 2012
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company plans to start construction on an additional 3,000 units in Tampa, Fla.; Orlando; Washington, D.C.; Denver and Southern California, among other locations. We felt that the fact that there hasnt been any apartment development in the last several years [would result in] pentup demand, he says. At Denver-based UDR, Inc. for example, president and CEO Tom Toomey reports that his company (No. 15 on the owners list and No. 13 on the managers list) is currently investing $1.1 billion in building about 3,000 apartment units and redeveloping another 3,000. Warren Rose, CEO of Farmington Hills, Michigan-based Edward Rose & Sons, is another apartment owner looking to take advantage of burgeoning rental demand, an improving economy and more access to capital. His company (No. 17 on the owners list and No. 16 on the managers list) is on track to develop 800 to 1,000 new units this year. This is the first significant development the company has done since the beginning of the recession in 2008, says Rose. And running counter to other expansion strategies at work in the market, which focus on only gateway markets on the East and West coasts, Rose says the new units will be in markets in Illinois, Indiana, Iowa, Michigan, Nebraska, Ohio, South Carolina and Wisconsin.
We have doubled our development pipeline this year. We felt that the fact that there hasnt been any apartment development in the last several years [would result in] pent-up demand.
Ric campo, camden Property trust
For as much as a limited supply of new apartment product is driving new development, the acceleration in apartment construction also reflects anticipated demand as the almost 80 million-strong Generation Y comes of age. Camdens Campo says, Of the 3.8 million new jobs that have been created since the bottom of the recession, twothirds have gone to people under 34 who are mobile and more likely to be apartment dwellers [than other generations]. Ronald Ratner, president of the Cleveland-based Forest City Residential Group, Inc. (No. 23 on the owners list and No. 32 on the managers list), says the industry is building with that demographic in mind. Everyone today is looking at building smaller product, designed to appeal to the tastes and budgets of a younger group of urban professionals, he says.
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Others Will Buy

But building a property from the ground up takes timeanywhere from 18 months to 30 months in many marketsand some apartment companies are wont to wait. Consequently, many apartment companies seek to grow not only organically through development but also through acquisitions of both individual properties and larger portfolios. In fact, 2011 was a hot year for
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apartment trades, according to Real Capital Analytics. More than 3,500 properties changed hands last year, representing a 49 percent increase in volume from 2010. Moreover, appetite for portfolio deals also grew; roughly $9.6 billion in assets traded in portfolio transactions in 2011, more than double the value of portfolio deals in 2010. Jack OConnor, chief operating officer at Kirkland, Wash.based Weidner Apartment Homes (No. 42 on the managers list and No. 44 on the owners list) says his company takes a balanced approach to growth. We grow our business about half through acquisition and half through new construction, he says. We expect to have 10 percent to 15 percent more units (between 3,000 and 5,000) completed and/or acquired by the end of 2012. This is our yearly target, but there can be bumps in the road. Ronald Ratner, Forest city Residential REITs UDR, Inc. and Equity Residential (No. 6 on the Group, Inc. owners list and No. 5 on the managers list) have been two of the most aggressive acquirers in recent years. UDRs Toomey units in its portfolio by nearly 10,000 units last year. says that, during the financial crisis, his company made few Company president and CEO David Neithercut says, We acquisitions but started buying more assets again in late continue to pursue a strategy of reducing capital commit2010, when UDR, Inc. purchased about $400 million worth ments to non-core commodity markets, and investing in of properties. In 2011, the company bought $1.8 billion in more protected, high-barrier, high-density markets. apartment properties. The strategy is driving the company to sell more of But bigger isnt necessarily better when it comes to navigating the next phase of the apartment cycle. For as much as companies are pursuing choice properties to add to their portfolio, many are also strategically shedding other assets in an effort to optimize their portfolios. Full Service Real Estate BH Equities, for one, is focusing on Management Firm acquiring relatively new product in the Diversified Real Sunbelt and Chicago. At the same time, Estate Investment it is also trying to upgrade its portfolio by Company selling its older properties, those built in Successful Capital the 1970s to early 1980s, says Roby. Transactions We prefer properties built within the Asset Management last 20 years, says Roby. Older properServices ties needed a lot of rehab, he says. While older properties may have higher cap Harbor Group Management Company is a full service property management rates, newer apartment buildings are less company. We manage more than 28,000 residential apartment units throughout risky, he says. the United States. Our experienced property management teams deliver superior At Chicago-based Equity Residential, customer service and seek to establish mutually rewarding relationships with while the company continues to develop our residents, investors, owners and the local community. new productit expects to have $750 Simply put, Harbor Group Management Company delivers returns. million worth of apartment starts this year, in addition to the $500 million in apartments under construction at the end of 2011it is putting equal emphaw w w. m y h g m c . c o m w w w. h a r b o r g r o u p i n t . c o m sis on acquisitions. The company was Connecticut | Florida | Georgia | Illinois | Indiana | Kentucky | Maryland | Minnesota | Nevada a leading asset seller in 2011, both in New Mexico | New York | North Carolina | Ohio | South Carolina | Tennessee | Texas | Virginia terms of property and dollar volumes; Contact Robert Friedman, President the company reduced the number of
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APRIL 2012
Top 25 Apartment Buyers and Sellers in 2011 (by investment volume)

NMHC 50 firms are some of the most active in asset trading.
BUYERS UDR, Inc. Equity Residential AREA Property Partners TIAA-CREF AvalonBay Communities Camden Property Trust Greystar RE Partners LLC Essex Property Trust, LLC Cornerstone RE Advisors Home Properties, Inc. Praedium Group Pantzer Properties Dune Capital Mgmt Kennedy Wilson Angelo Gordon J.P. Morgan Asset Management Invesco Real Estate Waterton Associates Harbor Group International Phoenix Realty Group GID Allianz Kayne Anderson Hartz Mountain Industries Mid-America APT $0 Billions $1 $2 SELLERS Equity Residential Bank of America Lehman Bros. Holdings Tishman Speyer RREEF GE Capital UDR, Inc. CalPERS AvalonBay Communities Zucker Organization JPI Multifamily Inc. Northwestern Mutual Crescent Heights J.P. Morgan Asset Management Carmel Partners Aimco Forest City Residential Group Inc. Faireld Residential Legacy Partners Moinian Group Verde Realty Group BLDG Mgmt Co. Brookeld Asset Management Dinerstein Companies Invesco Real Estate $0 Billions $1 $2
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its garden-style apartments in favor of buying more upscale urban apartments. The assets we are selling are significantly smaller than the ones we are buying, says Neithercut. In the case of the former, prices range from about $35 to $40 million, which is the middle of the fairway for Fannie Mae and Freddie Mac, he says. We are buying assets in the $100 to $150 million range. In 2011, Equity Residential sold $1.48 billion worth of properties and bought $1.34 billion. This year, Neithercut expects the company to buy and sell a similar amount, roughly $1.25 billion. This works out well, he says: We are generating capital with the disposition process. But while there are many means by which apartment firms are navigating the year ahead, a single end seems assured for most: a successful 2012.
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NMHC Officers 2012
Chairman Thomas S. Bozzuto The Bozzuto Group Greenbelt, MD
Vice Chairman Daryl J. Carter Avanath Capital Management, LLC Irvine, CA
Treasurer Robert E. DeWitt GID Boston, MA
Secretary Susan M. Ansel Gables Residential Dallas, TX
President Douglas M. Bibby National Multi Housing Council Washington, DC
Former Chairmen
Kelley A. Bergstrom C. Preston Butcher Ric Campo Douglas Crocker, II Allen Cymrot Peter F. Donovan William H. Elliott Richard L. Fore Randolph G. Hawthorne Gary T. Kachadurian Mary Ann King Duncan L. Matteson, Sr. Richard L. Michaux Robert Sheridan Geoffrey L. Stack
Executive Committee
Patti Fielding Aimco Denver, CO
Patti Shwayder Aimco Denver, CO
James M. Krohn Alliance Residential Company Phoenix, AZ
Bruce C. Ward Alliance Residential Company Phoenix, AZ
Marc E. deBaptiste ARA Boca Raton, FL
Gary T. Kachadurian ARA Oak Brook, IL
Charles E. Mueller, Jr. Archstone Englewood, CO
R. Scot Sellers Archstone Englewood, CO
Sean J. Breslin AvalonBay Communities, Inc. Arlington, VA
Timothy J. Naughton AvalonBay Communities, Inc. Arlington, VA
Richard P. Giles The Bainbridge Companies West Palm Beach, FL
Richard Schechter The Bainbridge Companies West Palm Beach, FL
Jonathan D. Bell Bell Partners Greensboro, NC
Lili F. Dunn Bell Partners Alexandria, VA
David J. Olney Berkshire Property Advisors Boston, MA
Julie A. Smith Bozzuto Management Company Greenbelt, MD
Stephen Dominiak BRE Properties, Inc. Irvine, CA
Constance B. Moore BRE Properties, Inc. San Francisco, CA
28
NMHC 50
APRIL 2012
Executive Committee
Laurie A. Baker Camden Property Trust Houston, TX
Ric Campo Camden Property Trust Houston, TX
Ron Zeff Carmel Partners, Inc. San Francisco, CA
Peter F. Donovan CBRE Boston, MA
Brian F. Stoffers CBRE Capital Markets Houston, TX
William T. Hyman Centerline Capital Group New York, NY
John Larson Centerline Capital Group New York, NY
C. Stephen Cordes Clarion Partners New York, NY
Robert D. Greer, Jr. Clarion Partners Washington, DC
Nathan S. Collier The Collier Companies Gainesville, FL
J. Andrew Hogshead The Collier Companies Gainesville, FL
Paul F. Earle Colonial Properties Trust Birmingham, AL
Edward T. Wright Colonial Properties Trust Birmingham, AL
Michael D. Berman CWCapital Needham, MA
Donald P. King, III CWCapital Needham, MA
Paul G. Kerr Davlyn Investments San Diego, CA
Jon D. Williams Davlyn Investments San Diego, CA
Alan W. George Equity Residential Chicago, IL
David J. Neithercut Equity Residential Chicago, IL
Susanne Hiegel Fannie Mae Washington, DC
Deborah RatnerSalzberg Forest City Enterprises, Inc. Washington, DC
Ronald A. Ratner Forest City Residential Group, Inc. Cleveland, OH
David Brickman Freddie Mac Mc Lean, VA
David Fitch Gables Residential Atlanta, GA
Stacy G. Hunt Greystar Real Estate Partners, LLC Houston, TX
William C. Maddux Greystar Real Estate Partners, LLC Charleston, SC
Laura A. Beuerlein Heritage Title Company of Austin, Inc. Austin, TX
Gary S. Farmer Heritage Title Company of Austin, Inc. Austin, TX
Mona Keeter Carlton HFF Dallas, TX
Matthew Lawton HFF Chicago, IL
APRIL 2012
NMHC 50
29
Executive Committee
Eli Hanacek Holland Partner Group Vancouver, WA
Clyde P. Holland Holland Partner Group Vancouver, WA
Guy K. Johnson Johnson Capital Las Vegas, NV
James H. Callard Klingbeil Capital Management/American Apartment Communities Annapolis, MD
C. Preston Butcher Legacy Partners Foster City, CA
W. Dean Henry Legacy Partners Residential, Inc. Foster City, CA
Brian C. Byrne Lincoln Property Company Oak Brook, IL
Jeff B. Franzen Lincoln Property Company Herndon, VA
H. Eric Bolton, Jr. MAA Memphis, TN
Albert M. Campbell MAA Memphis, TN
John J. Kerin Marcus & Millichap Calabasas, CA
Hessam Nadji Marcus & Millichap/ Institutional Property Advisors Walnut Creek, CA
Charles R. Brindell, Jr. Mill Creek Residential Trust LLC Dallas, TX
Mary Ann King Moran & Company Irvine, CA
Thomas F. Moran Moran & Company Chicago, IL
Rick Graf Pinnacle Addison, TX
Stan J. Harrelson Pinnacle Seattle, WA
David P. Stockert Post Properties, Inc. Atlanta, GA
Jamie Teabo Post Properties, Inc. Atlanta, GA
David Durning Prudential Mortgage Capital Company Chicago, IL
Dale H. Taysom Prudential Real Estate Investors Atlanta, GA
Jerome Ehlinger RREEF Chicago, IL
Brian E. McAuliffe RREEF Chicago, IL
Michael P. Bissell SARES*REGIS Group Irvine, CA
Geoffrey L. Stack SARES*REGIS Group Irvine, CA
Kenneth J. Valach Trammell Crow Residential Houston, TX
Michael E. Tompkins TriBridge Residential LLC Atlanta, GA
Thomas W. Toomey UDR, Inc. Highlands Ranch, CO
Warren L. Troupe UDR, Inc. Highlands Ranch, CO
David R. Schwartz Waterton Associates, L.L.C. Chicago, IL
30
NMHC 50
APRIL 2012
Executive Committee
Gregory J. Lozinak Waterton Residential Chicago, IL Vincent R. Toye Wells Fargo Multifamily Capital New York, NY Alan Wiener Wells Fargo Multifamily Capital New York, NY Warren J. Durkin, Jr. Wood Partners, LLC Boca Raton, FL Jay Jacobson Wood Partners, LLC Boca Raton, FL
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Board of Directors
Jeffery Daniels AIG Global Real Estate Investment Corp. New York, NY
Donald Huffner AIG Global Real Estate Investment Corp. New York, NY
Lauren A. Brockman Allied Realty Services, Ltd. Denver, CO
Tim L. Myers Allied Realty Services, Ltd. Houston, TX
Michael H. Godwin Ambling Management Company LLC Valdosta, GA
William C. Bayless, Jr. American Campus Communities Austin, TX
Rodrigo Lopez AmeriSphere Multifamily Finance, LLC Omaha, NE
Steve F. Hallsey AMLI Management Company Chicago, IL
Gregory T. Mutz AMLI Residential Properties, LP Chicago, IL
Kimberly J. Sperry Amstar Group, LLC Denver, CO
Margette Getto Apartment Guide Carrollton, TX
Kevin Doyle Apartments.com Chicago, IL
Blake Okland ARA Charlotte, NC
Thomas P. MacManus ARA Finance, LLC Boca Raton, FL
Roger H. Beless Archon Residential Irving, TX
William S. Robinson Archon Residential Irving, TX
Kevin Davis Area Property Partners New York, NY
Lin Atkinson AT&T Connected Communities Atlanta, GA
Thuy Woodall AT&T Connected Communities Atlanta, GA
Michael G. Miller AUM Lombard, IL
Phillip E. Bogucki AZUMA Leasing Austin, TX
Robert S. Aisner Behringer Harvard Addison, TX
Mark Alfieri Behringer Harvard Addison, TX
Mark W. Dunne Boston Capital Corporation Boston, MA
John P. Manning Boston Capital Corporation Boston, MA
Barden Brown Brown Realty Advisors Atlanta, GA
Walter W. Miller Brown Realty Advisors Atlanta, GA
Alexandra S. Jackiw Buckingham Companies Indianapolis, IN
Jerry Feldman CallSource Westlake Village, CA
Mark Sadosky CallSource Westlake Village, CA
32
NMHC 50
APRIL 2012
Board of Directors
David J. Adelman Campus Apartments Philadelphia, PA
Miles H. Orth Campus Apartments Philadelphia, PA
Richard Lyon Capital One Bank New York, NY
Richard L. Kadish CAPREIT, Inc. Rockville, MD
Stephen J. Zaleski CBRE Global Investors, LLC Boston, MA
Steven Fayne Citi Community Capital San Francisco, CA
Hal G. Kuykendall Citi Community Capital Denver, CO
Warren Dahlstrom Colliers International Washington, DC
LaNitra Webb Colliers International USA Headquarters Boston, MA
David B. Woodward Compass Point Greenwood Village, CO
Daniel J. Epstein The ConAm Group of Companies San Diego, CA
J. Bradley Forrester The ConAm Group of Companies San Diego, CA
Jerry Davis Conservice Utility Management & Billing Logan, UT
Jason Rosa Continental Realty Advisors, Ltd. Littleton, CO
David W. Snyder Continental Realty Advisors, Ltd. Littleton, CO
James W. Harris CoreLogic SafeRent Rockville, MD
Brian Murdy Cornerstone Real Estate Advisers LLC Hartford, CT
Richard K. Devaney Crossbeam Capital LLC Bethesda, MD
Dodge Carter Crow Holdings Capital Partners, LLC Dallas, TX
Byron L. Moger Cushman & Wakefield Tampa, FL
Steven Weilbach Cushman & Wakefield San Francisco, CA
Brian L. Dinerstein The Dinerstein Companies Houston, TX
Anthony Schaffer DIRECTV El Segundo, CA
Andrew K. Dolben The Dolben Company, Inc. Woburn, MA
Deane H. Dolben The Dolben Company, Inc. Woburn, MA
Adam C. Breen DRA Advisors, LLC New York, NY
Wendy Drucker Drucker & Falk, LLC Newport News, VA
Kellie Falk-Tillett Drucker & Falk, LLC Raleigh, NC
Miles Spencer Eastdil Secured, LLC Washington, DC
Randy Churchey Education Realty Trust, Inc. Memphis, TN
APRIL 2012
NMHC 50
33
Board of Directors
John M. OHara, Jr. Edward Rose & Sons Farmington Hills, MI
Warren Rose Edward Rose & Sons Farmington Hills, MI
Gregory L. Engler Engler Financial Group, LLC Alpharetta, GA
Gina M. Dingman Everest Real Estate Advisors Minneapolis, MN
Brannan Johnston Experian RentBureau Costa Mesa, CA
Christopher E. Hashioka Fairfield Residential Company LLC San Diego, CA
Gregory R. Pinkalla Fairfield Residential Company LLC San Diego, CA
Jonathan Cox The Federated Companies Miami, FL
Richard N. Shinberg First Capital Realty, Inc. Bethesda, MD
Les Zimmerman First Capital Realty, Inc. Bethesda, MD
Robert L. Johnston First Communities Atlanta, GA
Mark A. Fogelman Fogelman Management Group Memphis, TN
Richard L. Fogelman Fogelman Properties Memphis, TN
Wayne E. McDonald Forestar Group, Inc. Austin, TX
Phillip Weber Forestar Group, Inc. Austin, TX
Linda Zeller Gerson Bakar & Associates San Francisco, CA
Philip S. Payne Ginkgo Residential Charlotte, NC
D. Scott Wilkerson Ginkgo Residential Charlotte, NC
John J. Gray, III Grayco Partners LLC Houston, TX
Judy Viitanen Happy Habitat, LLC Laurel, MD
James M. Bachner Heitman LLC Chicago, IL
Mark Forrester Hendricks & Partners Phoenix, AZ
Don Hendricks Hendricks & Partners Phoenix, AZ
Alan Patton Hines Houston, TX
Scott A. Doyle Home Properties, Inc. Rochester, NY
Edward J. Pettinella Home Properties, Inc. Rochester, NY
David Kapiloff Insgroup, Inc. Houston, TX
Kevin A. Baldridge The Irvine Company Apartment Communities IAC Irvine, CA
Jean M. Anderson J.P. Morgan Asset Management New York, NY
James A. Butz Jefferson Apartment Group McLean, VA
34
NMHC 50
APRIL 2012
Board of Directors
Gregory G. Lamb Jefferson Apartment Group McLean, VA
Richard J. High John M. Corcoran & Company Braintree, MA
Jeffrey T. Morris Jones Lang LaSalle Americas, Inc. Orlando, FL
Jubeen F. Vaghefi Jones Lang LaSalle Americas, Inc. Miami, FL
John W. Bray Jones Lang LaSalle Americas, Inc. Atlanta, GA
Faron G. Thompson Jones Lang LaSalle Americas, Inc. Atlanta, GA
Cindy Clare Kettler McLean, VA
John Falco Kingsley Associates Atlanta, GA
Peggy Robinson Kingsley Associates Atlanta, GA
Rohit Anand KTGY Group Inc. Vienna, VA
Keith A. Harris The Laramar Group, LLC Chicago, IL
Tom Klaess The Laramar Group, LLC Greenwood Village, CO
Peter P. DiLullo LCOR Incorporated Berwyn, PA
Thomas J. OBrien LCOR Incorporated Berwyn, PA
Alan Arnold The Lionstone Group Houston, TX
Thomas Bacon The Lionstone Group Houston, TX
Thomas F. McCoy, Jr. Lockton Companies, LLC Denver, CO
Charles M. McDaniel Lockton Companies, LLC Denver, CO
Dean Holmes Madison Apartment Group Philadelphia, PA
Joseph F. Mullen Madison Apartment Group Philadelphia, PA
Peter Katz Marcus & Millichap/ Institutional Property Advisors Phoenix, AZ
Nicholas Michael Ryan The Marquette Companies Naperville, IL
Cathy Bokman Marriott ExecuStay Bethesda, MD
Gerald J. Haak MAXX Properties Harrison, NY
Andrew R. Wiener MAXX Properties Harrison, NY
Michael C. McDougal McDougal Properties, L.C. Lubbock, TX
Tristan Thoma McDougal Properties, L.C. Lubbock, TX
Kenneth Lee McDowell Properties San Francisco, CA
W. Patrick McDowell McDowell Properties San Francisco, CA
Albert Berriz McKinley Ann Arbor, MI
APRIL 2012
NMHC 50
35
Board of Directors
Joe Colon Protection 1 Security Jacksonville, FL
Alan Pollack Providence Management Company, LLC Chicago, IL
Bruce Barfield Rainmaker Alpharetta, GA
Tammy Farley Rainmaker Alpharetta, GA
Dirk D. Wakeham RealPage, Inc. Carrollton, TX
Stephen T. Winn RealPage, Inc. Carrollton, TX
Mark C. Beisler Red Mortgage Capital, LLC Reston, VA
Howard S. Primer RenaissancePG, LLC Knoxville, TN
Terry S. Danner Riverstone Residential Group Dallas, TX
Walt Smith Riverstone Residential Group Dallas, TX
Kathryn Thompson Rockhall Funding Corp. Dallas, TX
Daniel McNulty Rockwood Real Estate Advisors New York, NY
David Evemy Sarofim Realty Advisors Dallas, TX
James D. Scully Jr. Scully Company Jenkintown, PA
Michael A. Scully Scully Company Jenkintown, PA
W. Steve Gilmore Shea Properties Aliso Viejo, CA
Colm Macken Shea Properties Aliso Viejo, CA
J. Robert Love Simpson Housing LLLP Atlanta, GA
Nancy Barton Stellar Advisors, LLC Rockville, MD
David Schwartzberg Stellar Advisors, LLC Rockville, MD
Michael Katz Sterling American Property Inc. Great Neck, NY
Tarak Patolia Sterling American Property Inc. Great Neck, NY
Scott Anderson TIAA-CREF Global Real Estate Newport Beach, CA
Dave Schwehm Time Warner Cable Herndon, VA
Steve Roe TransUnion/ CreditRetriever Greenwood Village, CO
Wayne A. Vandenburg TVO Groupe LLC Chicago, IL
Russell A. Vandenburg TVO North America El Paso, TX
Jeffrey G. Maguire UBS Realty Investors LLC Hartford, CT
Geoffrey C. Brown USA Properties Fund, Inc. Roseville, CA
Karen McCurdy USA Properties Fund, Inc. Roseville, CA
APRIL 2012
NMHC 50
37
Board of Directors
Eric D. Cevis Verizon Enhanced Communities Basking Ridge, NJ
Jonathan Holtzman Village Green Companies Farmington Hills, MI
George S. Quay, IV Village Green Companies Farmington Hills, MI
Brendan Coleman Walker & Dunlop Bethesda, MD
Howard W. Smith, III Walker & Dunlop Bethesda, MD
Jack OConnor Weidner Property Management LLC Kirkland, WA
Michael K. Hayde Western National Property Management Irvine, CA
Charles W. Brammer, Jr. The Wilkinson Group, Inc. Atlanta, GA
Phillip R. Deguire The Wilkinson Group, Inc. Atlanta, GA
Samuel Ross WinnCompanies Boston, MA
Lawrence H. Curtis WinnDevelopment Boston, MA
Ronald V. Granville Woodmont Real Estate Services Belmont, CA
Brigitta Eggleston Yardi Systems, Inc. Santa Barbara, CA
Amy Gerritsen Yardi Systems, Inc. Santa Barbara, CA
Greg West ZOM Companies Fort Lauderdale, FL
Board of Directors
ExECuTIVE COMMIT TEE Alan King Berkshire Property Advisors Boston, MA Kristen Klingbeil-Weis Klingbeil Capital Management/ American Apartment Communities Santa Barbara, CA Timothy J. Hogan Trammell Crow Residential Dallas, TX BOARD OF DIRECTORS Simon Ziff Ackman Ziff Real Estate Group, LLC New York, NY Jay Blasberg Alliant Capital LLC Tucson, AZ Toshi Matsushita Alliant Capital LLC Tucson, AZ R. Ryan Holmes Ambling Management Company LLC Valdosta, GA Jason Wills American Campus Communities Austin, TX Scott G. Suttle AmeriSphere Multifamily Finance, LLC Bethesda, MD Arlene Mayfield Apartment Guide Norcross, GA Jay Olander Apartment Trust of America* Richmond, VA Gus Remppies Apartment Trust of America* Richmond, VA Brad Long Apartments.com Chicago, IL Brian Earle Area Property Partners New York, NY BJ Rosow AZUMA Leasing Austin, TX David Doerner Bader Company Indianapolis, IN John Swift Bader Company Indianapolis, IN Grace Huebscher Beech Street Capital Bethesda, MD Jeff Lee Beech Street Capital Bethesda, MD Karl H. Reinlein Berkadia Horsham, PA Bradley B. Chambers Buckingham Companies Indianapolis, IN Ernest L. Heymann CAPREIT, Inc. Rockville, MD Tyler Anderson CB Richard Ellis, Inc. Phoenix, AZ Nevel DeHart CoreLogic SafeRent Rockville, MD Mark Higgins Cornerstone Real Estate Advisers LLC Hartford, CT William B. Blash Crossbeam Capital LLC Bethesda, MD Roy E. Demmon, III Demmon Partners Redwood City, CA Thomas Walsh Demmon Partners Redwood City, CA John Caltagirone The Dinerstein Companies Houston, TX Robert Grosz DISH Network Englewood, CO Brian Spencer DISH Network Englewood, CO David Luski DRA Advisors, LLC New York, NY John H. Pringle E & S Ring Management Corporation Los Angeles, CA
(not pictured)
Mike Kingsley KTGY Group Inc. Vienna, VA Christine Akins LaSalle Investment Management, Inc. Chicago, IL Will Balthrope Marcus & Millichap/Institutional Property Advisors Dallas, TX Darren R. Sloniger The Marquette Companies Naperville, IL Adam Sherer Marriott ExecuStay Bethesda, MD Jacob Katz Meridian Capital Group, LLC New York, NY Israel Schubert Meridian Capital Group, LLC Iselin, NJ Robert D. Lazaroff The Michelson Organization St. Louis, MO Bruce V. Michelson, Jr. The Michelson Organization St. Louis, MO Carter Bechtol The Morgan Group, Inc. Houston, TX Michael S. Morgan The Morgan Group, Inc. Houston, TX Jonathan Morgan Morgan Properties King of Prussia, PA Mitchell L. Morgan Morgan Properties King of Prussia, PA Eric Gramberg Move Westlake Village, CA Kevin Filter Oak Grove Capital St. Paul, MN Pam McGlashen Orion Real Estate Services Houston, TX W. Clark Ewart Paradigm Development Company Arlington, VA
Thomas Trubiana Education Realty Trust, Inc. Memphis, TN Patrick Jones Engler Financial Group, LLC Alpharetta, GA Nicola Scheman Experian RentBureau Costa Mesa, CA Nick Wexler The Federated Companies Miami, FL Gregory A. Fowler FPA Multifamily San Francisco, CA Holland Smith FPA Multifamily Dallas, TX Edward Coco GE Real Estate Alpharetta, GA Stephen LoPresti Gerson Bakar & Associates San Francisco, CA Sherwin Nelvis Guggenheim Real Estate Finance, LLC Vienna, VA Alicia Cotton Guggenheim Real Estate Finance, LLC Vienna, VA Philander P. Claxton Happy Habitat, LLC Laurel, MD Howard Edelman Heitman LLC Chicago, IL Jennifer Doran Highland Commercial Mortgage, LLC Birmingham, AL John O. Moore, Jr. Highland Commercial Mortgage, LLC Birmingham, AL Laurel Howell Kettler McLean, VA David G. Shillington KeyBank Real Estate Capital Dallas, TX
40
NMHC 50
APRIL 2012
Board of Directors
P. David Onanian PAS Purchasing Solutions Houston, TX Larry Sullivan Passco Companies, LLC Irvine, CA Douglas Crocker, II Pearlmark Real Estate Partners Chicago, IL Edward J. Ryder Pearlmark Real Estate Partners Chicago, IL Ronald G. Brock, Jr. Pierce-Eislen, Inc. Scottsdale, AZ Seth Martin Pritzker Realty Group, LLC Chicago, IL Michael A. Sullivan Pritzker Realty Group, LLC Chicago, IL Melisa Colon Protection 1 Security Tampa, FL Bruce LaMotte Providence Management Company, LLC Chicago, IL Thomas G. Smith Prudential Real Estate Investors Atlanta, GA David L. Goodman Red Mortgage Capital, LLC Reston, VA Wesley Hudson Reznick Group Atlanta, GA Edward Lusk Reznick Group Atlanta, GA Ralph Daruns Rockhall Funding Corp. Dallas, TX W. Michael Doramus Sarofim Realty Advisors Dallas, TX Joanne Luger Time Warner Cable Herndon, VA Mike Mauseth TransUnion/CreditRetriever Greenwood Village, CO David J. Ingram UBS Realty Investors LLC Hartford, CT Michael Keyes Ferris Valet Waste, LLC Tampa, FL Syd McDonald Valet Waste, LLC Tampa, FL Patricia French Verizon Enhanced Communities St. Petersburg, FL Eric Garrett Watermark Residential Indianapolis, IN Paul Thrift Watermark Residential Indianapolis, IN
(not pictured)
W. Dean Weidner Weidner Property Management LLC Kirkland, WA Stephan T. Beck Whiteco Residential LLC Merrillville, IN Timothy J. Connelly Whiteco Residential LLC Merrillville, IN Greg M. Galli Woodmont Companies Belmont, CA Samuel C. Stephens, III ZOM Companies Orlando, FL
Mixed income. Shared success.
From single-project transactions to portfolio-wide solutions, Citi Community Capital combines unparalleled community development expertise with industry-leading capital markets capabilities to offer nancial solutions to preserve and build stronger communities. Citi. Your Community Development Partner. citicommunitycapital.com
2012 Citibank, N.A. All rights reserved. Citi and Arc Design is a registered service mark of Citigroup Inc.
APRIL 2012
Advisory Committee
Advenir Taylor Rismiller Aventura, FL AEW Capital Management L.P. Julie Kittler Boston, MA AFI Services, LLC James Fales The Woodlands, TX All Nation Renovation, Inc. Ofer Manashe Houston, TX Alliance Tax Advisors, LLC Tony J. Comparin Irving, TX ALM - Real Estate Media Michael G. Desiato New York, NY Altman Development Corporation Joel L. Altman Boca Raton, FL American Seniors Housing Association David S. Schless Washington, DC AMI Capital Michael Sullivan Easton, MD AMSI, an Infor company George Landgrebe Tampa, FL Aon Risk Services, Inc. Kevin J. Madden New York, NY Apartment Association of Greater Los Angeles Jim Clarke Los Angeles, CA Apartment Association, California Southern Cities Nancy J. Ahlswede Long Beach, CA Apartment Finder Marcia Bollinger Lawrenceville, GA The Apartment Group, Inc. Jeffrey L. Price Dallas, TX ApexOne Investment Partners Jim A. Hearn Houston, TX ARA Lisa A. Robinson Atlanta, GA Arbor Commercial Mortgage, LLC Bonnie Habyan Uniondale, NY Artemis Real Estate Partners Richard Banjo Chevy Chase, MD The Ashley Group Stephen B. Ashley Rochester, NY Associated Estates Realty Corporation Jeffrey I. Friedman Richmond Heights, OH Assurant Specialty Property Brian Tribble Miami, FL Axiometrics Inc. Ronald G. Johnsey Dallas, TX Baker Tilly Donald Bernards Chicago, IL Ballard Spahr Andrews & Ingersoll, LLP Allan R. Winn Washington, DC Barker Apartments David Barker Iowa City, IA The Bascom Group Scott R. McClave Irvine, CA BBVA Compass Jeffrey Journey Dallas, TX Beacon Communities Investments, LLC Howard E. Cohen Boston, MA Beecher Carlson Michael Stern Atlanta, GA Beekman Advisors, Inc. Shekar Narasimhan McLean, VA Bergstrom Investment Management, LLC Kelley A. Bergstrom Kenilworth, IL Berkshire Property Advisors, LLC Eric Draeger Boston, MA Berkshire Residential Development Steve Wood Boston, MA Beztak Companies Harold Beznos Farmington Hills, MI BH Equities, LLC Harry Bookey Des Moines, IA BlackRock Realty Dale Gruen San Francisco, CA Blu SKY Restoration Contractors Timothy Babcock Centennial, CO Blue Vista Capital Partners Robert G. Byron Chicago, IL BofI Federal Bank Morgan Ferris San Diego, CA Bonaventure Realty Group, LLC Dwight D. Dunton, III Arlington, VA Bridge Investment Group Christian V. Young Murray, UT BuildingLink.com LLC Zachary Kestenbaum New York, NY Bury & Partners, Inc. James B. Knight Dallas, TX Butler Burgher Group B. Diane Butler Dallas, TX Buyers Access Peter Roden Denver, CO The BYL Companies Kristie Wetherbee West Chester, PA Cagan Management Group, Inc. Jeffrey Cagan Skokie, IL CallMaX David Clarke Acworth, GA CalPERS Cleon Pantell Sacramento, CA Camp Construction Services Jeff Blevins Houston, TX Campus Televideo Brian Benz Greenwich, CT CapitalSource Chris Kelly New York, NY Captec Realty Capital Patrick L. Beach Santa Barbara, CA Capture the Market Kimberly Scott Dallas, TX CARES By Apartment Life Kiley Haught Euless, TX Carter Haston Holdings, LLC L. Marc Carter Nashville, TN Cassidy Turley Christopher J. Doerr Washington, DC Cassin & Cassin LLP Amy Bernstein New York, NY CB Richard Ellis, Inc. Malcolm McComb, III Atlanta, GA CEL & Associates, Inc. Christopher Lee Los Angeles, CA CertainTeed Corporation Eric S. Nilsson Valley Forge, PA Chicago Title Konrad J. Kaltenbach, II Dallas, TX CLP Systems Rich Clark Pelham, AL Coastal Apartment Advisors James Sewell Hilton Head Island, SC Columbia National Real Estate Finance, LLC Roger Edwards Washington, DC Comcast Cable Communications William F. Revell Philadelphia, PA Compliance Depot, a RealPage Company Lonnie Derden Plano, TX Connexion Technologies Bobby DeSpain Cary, NC Connexion Technologies Elizabeth Ray Cary, NC CONNOR Patrick T. Connor Baltimore, MD
42
NMHC 50
APRIL 2012
Advisory Committee
The Connor Group Lawrence S. Connor Centerville, OH Continental Properties Company James H. Schloemer Menomonee Falls, WI Continental Realty Corporation Joseph M. Schapiro, III Baltimore, MD CORT Mark Koepsell Fairfax, VA Cortland Partners, LLC Steven DeFrancis Atlanta, GA Cox Communications Shannon Boyle Atlanta, GA Cox, Castle & Nicholson LLP Amy H. Wells Los Angeles, CA Crescent Resources, LLC Brian Natwick Charlotte, NC CRIO, Inc. Dan Freudenthal West Palm Beach, FL Criterion Brock Kerri Silver Milwaukie, OR Crown Advisors John C. DiMare North Barrington, IL Crown Advisors, Inc. John Cigna Pittsburgh, PA Cushman & Wakefield Marc D. Renard Los Angeles, CA CWS Apartment Homes Steven J. Sherwood Austin, TX Cypress Real Estate Advisors John Burnham Austin, TX The Dermot Company Stephen Benjamin New York, NY Deutsche Bank Berkshire Mortgage Jeffrey C. Day Irvine, CA Dover/Paragon Terry B. Schwartz Bingham Farms, MI The DZAP Group & LeaseLabs Dana Zeff San Diego, CA ECI Capital Corp. Seth Greenberg Marietta, GA Edgewood Management Corporation A. Scott Jones Edgewater, MD Embrey Partners, Ltd. Walter M. Embrey, Jr. San Antonio, TX Enterprise Community Investment, Inc. C. Lamar Seats Columbia, MD Entrepreneurial Properties Corporation Matthew V. Wherry Newport Beach, CA Equinox Search LLC Peter V. Hall San Francisco, CA Essex Property Trust, Inc. Jeff Rowerdink Irvine, CA Fair Collections & Outsourcing, Inc. Carol M. Bloom Beltsville, MD Falcone Group, LLC Arthur Falcone Boca Raton, FL Faulkner Design Group, Inc. Adrienne Faulkner Dallas, TX FDC Management, Inc. Patrick M. Kelly Anaheim, CA Foley & Lardner LLP Michael W. Hatch Milwaukee, WI Fore Property Company Richard L. Fore Washington, DC Fortune-Johnson, Inc. Brett Fortune Norcross, GA FPL Advisory Group Michael A. Herzberg Chicago, IL Franklin Capital Group Joseph E. Resende Alexandria, VA Franklin Street Darron Kattan Tampa, FL Freeman Webb Inc. William H. Freeman Nashville, TN Friedman Integrated Real Estate Solutions Barry Swatsenbarg Farmington Hills, MI G5 Ilene Vogt Bend, OR Gallagher Evelius & Jones, LLP Stephen A. Goldberg Baltimore, MD Gates, Hudson & Associates, Inc. Patricia J.M. Blackburn Fairfax, VA GDC Properties, LLC William Ingraham Hawthorne, NY GE Real Estate Dan Earle Norwalk, CT Gene B. Glick Company, Inc. David O. Barrett Indianapolis, IN Goulston & Storrs Steven Schwartz Boston, MA Grace Hill, Inc. Joseph Bailey Augusta, GA Grand Peaks Properties Luke Simpson Denver, CO Grandbridge Real Estate Capital LLC Thomas S. Dennard Charlotte, NC Gross Builders Gary L. Gross Cleveland, OH Grubb & Ellis Company Ernest L. Brown San Antonio, TX Guardian Management LLC Thomas B. Brenneke Portland, OR The Habitat Company Daniel E. Levin Chicago, IL
APRIL 2012
Advisory Committee
Haley Real Estate Group Daniel P. Clatanoff Omaha, NE HandyTrac Systems John Lie-Nielsen Alpharetta, GA Hanley Wood Rob Britt San Francisco, CA Harbor Group International Jordan E. Slone Norfolk, VA Hartford Investment Management John M. Maher Hartford, CT Hathaway Properties, Inc. W. Michael Muggridge Atlanta, GA HD Supply Aaron Baker San Diego, CA Hediger Enterprises Inc. Gary R. Hediger Greenville, SC Helix Funds LLC David Helfand Chicago, IL Hendersen-Webb, Inc. Pamela F. Newland Cockeysville, MD Henderson Global Investors James G. Martha Hartford, CT HFF William Miller Dallas, TX HFF G. Craig LaFollette Houston, TX HHHunt James R. King Blacksburg, VA Hills Property Management Russell Lykes Cincinnati, OH Hillwood Multifamily, LP Mark McHenry Fort Worth, TX HIP/KET Thomas B. Wilkinson, IV Houston, TX Holland & Knight, LLP Christopher B. Hanback Washington, DC Holland Development Tom Parsons Seattle, WA Houlihan Lokey Jonathan G. Geanakos New York, NY Humphrey Development, Inc. Bethany H. Hooper Columbia, MD Humphreys & Partners Architects, LP Mark Humphreys Dallas, TX Hunt Companies Ryan W. Luxon El Paso, TX Hunter Warfield, Inc. Todd Wahl Tampa, FL Hyperion Realty Dan Hopkins Dallas, TX I.Q. Data International, Inc. Kenneth Stumbo Everett, WA ibr Search Wesley Easly Pittsburgh, PA Ideal Realty Group Allen Manesh Potomac, MD Ingersoll Rand Residential Solutions Eric Elsmore Carmel, IN Inland American Apartment Management Thomas P. McGuinness Oak Brook, IL Instar Services Group Johnnie Smith Troy, MI Institutional Property Advisors (A Marcus & Millichap Company) Steve Witten New Haven, CT Investment Property Associates, LLC Jennifer Koster Grand Haven, MI ista Amanda Holden San Diego, CA The ITEX Group, LLC K.T. Akbari Port Arthur, TX J. Turner Research Joseph Batdorf Houston, TX J.I. Kislak, Inc. Thomas Bartelmo Miami Lakes, FL JMG Realty, Inc. T. Karlton Jackson Atlanta, GA Johnson Development Associates, Inc. David Benjamin Graves Spartanburg, SC Jones Lang LaSalle Americas, Inc. Peter Nicoletti Parsippany, NJ JPI Benjamin H. Montgomery Irving, TX JPI Robert D. Page Irving, TX JRK Investors Robert Lee Los Angeles, CA Jupiter Communities LLC - RAIT Kellie Devilbiss Chicago, IL Kaba Access Control Dale Mathias Laguna Niguel, CA Keystone Commercial Capital Charles Williams Phoenix, AZ The Kirkland Company William Kirkland Brentwood, TN The Kislak Company, Inc. Nancy Jacques Woodbridge, NJ Korcett Holdings, Inc. Lisa K. Cortes Austin, TX Kroll Factual Data Damon Littlejohn Loveland, CO L&B Realty Advisors, LLP William L. Fulton Dallas, TX Lane Asset Management, LLC Eric Hade Atlanta, GA
APRIL 2012
Advisory Committee
Langan Engineering and Environmental Services Mark Devaney Elmwood Park, NJ LBK Management Services James D. Alexander Irving, TX LeaseStar, a Division of RealPage, Inc. Sina Shekou Carrollton, TX LeaseTerm Insurance Group LLC Roger Hilterbrandt Atlanta, GA LeasingDesk, a Division of RealPage, Inc. David Carner Carrollton, TX LeCesse Development Corporation Salvador F. Leccese Altamonte Springs, FL LEDIC Management Group Pierce Ledbetter Memphis, TN Legend Management Group, LLC Ruth G. Eisenhauer McLean, VA LEM Capital Jay J. Eisner Philadelphia, PA Lennar Todd M. Farrell Charlotte, NC Lerner Corporation Alan H. Gottlieb Rockville, MD Lessard Design Inc. Christian Lessard Vienna, VA Level One, a RealPage Company Ben Holbrook Greer, SC LexisNexis Resident Screening Pam Storm Alpharetta, GA Love Funding Corporation Esther Cohen St. Louis, MO LTVentures D. Scott Lee Los Angeles, CA m-fishency Ward Katz Kansas City, MO MAC Realty Advisors LLC Bruce Levin Washington, DC Mac-Gray Services, Inc. Kevin Fahey Waltham, MA Maintenance Supply Headquarters Cary R. Wright Stafford, TX Manly & Stewart John C. Manly Newport Beach, CA Marcus & Millichap Capital Corporation William Hughes Irvine, CA Mark-Taylor Residential, Inc. Dale Phillips Scottsdale, AZ Marvin F. Poer and Company William L. DuBois Dallas, TX Masco Contractor Services, Inc. Jerald Castaneda Daytona Beach, FL The Matteson Companies Duncan L. Matteson, Sr. San Mateo, CA Maxus Properties, Inc. Michael P. McRobert Kansas City, MO Mayer Brown LLP Keith J. Willner Washington, DC McCaffery Interests Yvonne Jones Chicago, IL Mercy Housing Brian Shuman Denver, CO
2012 NMHC Fall Board of Directors and Advisory Committee Meeting

September 11-13 Washington, DC
Future Meeting Dates

If I had to pick one trade association to represent my interests, theres no contest NMHC has the best staff, provides the best information and puts on the best meetings in multifamily housing.
Daryl Carter Chief Executive Officer, Avanath Capital Management, LLC
2012 NMHC Student Housing Conference & Exposition

October 1 & 2 Phoenix, AZ
2012 NMHC Research Forum

March 28 & 29 Chicago, IL
2012 NMHC Human Resources Forum

March 28 & 29 Chicago, IL
2012 NMHC Apartment Operations and Technology (OpTech) Conference & Exposition
November 12-14 Dallas, TX
2012 NMHC Apartment Strategies/ Finance Conference

May 15 & 16 Scottsdale, AZ
2013 NMHC Apartment Strategies Conference

January 22 Palm Springs, CA
2012 NMHC Spring Board of Directors Meeting

May 16 & 17 Scottsdale, AZ
2013 NMHC Annual Meeting

January 22-24 Palm Springs, CA
JOIN TODAY!
visit www.nmhc.org/goto/join 202/974-2300 202/775-0112 (fax) info@nmhc.org
Advisory Committee
Merion Realty Partners Richard T. Aljian Wynnewood, PA Mesirow Financial Alasdair Cripps Chicago, IL Metropolitan Properties of America, Inc. Jeffrey J. Cohen Boston, MA Mike Seashols Consulting Mike Seashols Belmont, CA Miles & Stockbridge P.C. Justin C. Eller Baltimore, MD Minnesota Multi Housing Association Mary Rippe Bloomington, MN MM Properties Kenneth S. Moczulski Fort Worth, TX Moen Incorporated Aubri Mandelbaum North Olmsted, OH Morningside Equities Group, Inc. Brian Pawlik Chicago, IL Multi-Housing News Diana Mosher New York, NY Multifamily Executive/HanleyWood, LLC John McManus Washington, DC Multifamily Realty Advisors, LLC Richard R. Cotton Raleigh, NC NAI Global Multifamily Group Jen Grimm Princeton, NJ National Foundation for Affordable Housing Solutions, Inc. Martin C. Schwartzberg Rockville, MD Nationwide Energy Partners LLC Jeff Morrison Chicago, IL NCC Business Services of America, Inc. Irv Pollan Jacksonville, FL Newport Venture Capital Richard Harris Newport Beach, CA NNC Apartment Ventures John H. Nunn Long Beach, CA Northland Investment Corporation Lawrence R. Gottesdiener Newton, MA NorthMarq Capital - San Francisco Jeffrey Weidell San Francisco, CA NTS Development Company Gregory G. McDearmon Louisville, KY NWP Services Corporation Amanda Christensen Lincoln, NE Ocius LLC James Rabinowitz Chicago, IL On-Site.com Jake Harrington Campbell, CA OpsTechnology, a Division of RealPage Mike Britti Carrollton, TX The P.B. Bell Companies R. Chapin Bell Scottsdale, AZ Pacific Life Insurance Company John C. Mulvihill Newport Beach, CA Pacific Property Company Alfred V. Pace Palo Alto, CA Palladium (USA) International, Inc. Thomas E. Huth Dallas, TX PayNearMe Christopher J. Volgenau Mountain View, CA Penton Media Inc. Rich Santos New York, NY Phoenix Realty Group Alan Hirmes New York, NY PPG Architectural Coatings Clifford Carlson Louisville, KY Price Realty Corporation Michael J. Ochstein Addison, TX Property Solutions International, Inc. Benjamin Zimmer Provo, UT PropertyBridge, a MoneyGram Company Leslie Olsen Oakland, CA Prudential Multifamily Mortgage, Inc. Frank Guzikowski McLean, VA QBE First John Drennen Atlanta, GA
APRIL 2012
Advisory Committee
Radclift Capital Mortgage Mark Dubrinsky New York, NY Raia Properties Corporation Samuel A. Raia Ramsey, NJ RCLCO Adam Ducker Bethesda, MD Real Capital Markets Stephen J. Alter Carlsbad, CA Real Estate Board of New York, Inc. Steven Spinola New York, NY Real Estate Equities, Inc. Terrence E. Troy St. Paul, MN Real Estate Media Lab, LLC Michael J. Lapsley West Bridgewater, MA Realfacts/Meyers Apartment Data Advisors Sarah L. Bridge Novato, CA RealPage, Inc. Stacey Blackwell Carrollton, TX Realty Center Management, Inc. Curt Knabe Los Angeles, CA RealtyCom Partners, LLC Annie Manfredi Larkspur, CA Recap Real Estate Advisors Travis DAmato Boston, MA Recap Real Estate Advisors Todd Trehubenko Boston, MA Rent Stabilization Association Joseph Strasburg New York, NY Rent.com Robert Johnson Santa Monica, CA Renters Legal Liability LLC Paul Kaliades Salt Lake City, UT RentMineOnline Ed Spiegel San Francisco, CA RentPayment Bill R. Evick Walnut Creek, CA Resident Gifts LLC Gregory H. Smith Singer Island, FL ResidentCheck Jorge Baldor Dallas, TX Resite Online Ann Padgett Norfolk, VA Resource Investments Limited, LLC Steven Zalkind Pennsauken, NJ Resource Real Estate, Inc. Yvana Melini Philadelphia, PA RM Watson Co. Robert M. Watson Seattle, WA Rockwood Capital LLC Joel A. Moody Los Angeles, CA Sales, Inc. Rick Burkhalter Duluth, GA SatisFacts Research, LLC Douglas J. Miller, Sr. Lutherville, MD Sawyer Realty Holdings LLC Gregg Clickstein Needham, MA The Screening Pros, LLC Gary Glucroft Chatsworth, CA Screening Reports, Inc. Timothy Fortner Wood Dale, IL Seven Hills Commercial Gary Guion Dallas, TX Sharp Laboratories of America Mick Grover Camas, WA
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Advisory Committee
Shelter Corporation Lynn Carlson Schell Minnetonka, MN The Shelter Group Marilynn K. Duker Baltimore, MD Sherman Residential Scott Gould Deerfield, IL The Sherwin-Williams Co. William G. Rafie Cleveland, OH Shutts & Bowen LLP Daniel T. OKeefe Orlando, FL Silver Capital Mark Ambach Boca Raton, FL Simmons Vedder Partners, Inc. Wolf Vedder Austin, TX Southeast Apartment Partners, LLC Marc G. Robinson Atlanta, GA Specialty Consultants Inc. Thomas G. Williams Pittsburgh, PA Sperry Van Ness Nevada LLC David Baird Las Vegas, NV Spot On Networks Richard Sherwin New Haven, CT The Sterling Group, Inc. Lance A. Swank Mishawaka, IN Sterling Trust Robert J. Thiebaut Atlanta, GA Stewart Title Guaranty Regina L. Fiegel Charlotte, NC Stewart Title Guaranty Company Tom Konkel Houston, TX Stratford Capital Group, LLC John M. Nelson, IV Peabody, MA Summit Contracting Group Marc Padgett Jacksonville, FL Summit Housing Partners Rainer Andrews Montgomery, AL SunAmerica Affordable Housing Partners, Inc. Thomas A. Musante Los Angeles, CA SureDeposit Richard F. Schreiber Chevy Chase, MD Terra Capital Partners Dan Cooperman New York, NY Terra Search Partners Matthew B. Slepin San Francisco, CA TGM Associates L.P. Thomas J. Gochberg New York, NY Timberland Partners Robert L. Fransen Minneapolis, MN Towne Properties Neil K. Bortz Cincinnati, OH Transwestern Jon Kleinberg Atlanta, GA Transwestern Steven E. Pumper Dallas, TX Trinsic Residential Group Brian J. Tusa Dallas, TX TRIO Properties LLC Eileen Swenson, CPM Glastonbury, CT The Tuckerman Group Glen S. Weisberg Chicago, IL The United Group of Companies, Inc. Walter F. Uccellini Troy, NY University Furnishings Paul Dougan Dallas, TX Urdang & Associates Real Estate Advisors, Inc. Mark B. Greco Plymouth Meeting, PA USAA Real Estate Company Hailey Ghalib San Antonio, TX Velocity, a Division of RealPage, Inc. William Chaney Carrollton, TX Veritas Investments Inc. Yat-Pang Au San Francisco, CA Visa, Inc. David Weinshel Wilmington, DE Waypoint Residential Scott J. Lawlor New York, NY Weingarten Realty Kyle Kretsinger Houston, TX Westdale Asset Management Evan J. Griffiths Dallas, TX Western National Realty Advisors Rex F. DeLong Irvine, CA Westrope David Brinkerhoff Kansas City, MO Williams Asset Management, LLC John A. Isakson Atlanta, GA Willis Ronald D. Tucker Columbia, MD Wilmar James Lashbrook Houston, TX Witten Advisors LLC G. Ronald Witten Dallas, TX The Wolff Company Tim Wolff Scottsdale, AZ Womble Carlyle Sandridge & Rice, PLLC Pamela V. Rothenberg Washington, DC Worthing Southeast Corporation John A. Echols Atlanta, GA WRH Realty Services, Inc. J. Mark Rutledge St. Petersburg, FL YieldStar Janine Steiner Jovanovic Carrollton, TX ZMG Construction, Inc. Kevin L. Somers Longwood, FL ZRS Management, LLC Steven K. Buck Orlando, FL
48
NMHC 50
APRIL 2012
Connecting ideas, capital and clients.
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$144,432,200 tX, CO, az MHC Credit Facility 11 Communities Acquisition Agency and CMBS $27,400,000 West palm Beach, Fl Multifamily 250 Units Renance Agency $5,200,000 Charlotte, nC Ofce 64,637 Sq.Ft. Acquisition Insurance Company $16,000,000 dublin, OH Multifamily 238 Units Renance Agency $17,500,000 Virginia Beach, Va Hospitality 160 Rooms Renance CMBS $10,500,000 Houston, tX Ofce/Retail 49,461 Sq.Ft. Renance CMBS
Atlanta | Birmingham | Charleston | Charlotte | Columbus | Dallas | Ft. Lauderdale | Greenville | Houston Indianapolis | Jacksonville | Kansas City | Louisville | Madison | Milwaukee/Chicago | Minneapolis | Mobile Naples | Norfolk | Pittsburgh | Raleigh | Tampa | Washington, D.C. gbrecap.com/connect
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2012 Apartment Ownership

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UNITS OWNED 2012

UNITS OWNED 2011

*TIAA-CREF did not provide 2011 unit data.

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2012 apartment Management

192,711 170,341 144,033 138,638 119,743 91,920 88,530 77,997 67,217

187,360 162,182 133,425 151,367 129,604 84,817 116,491 81,613 63,536

Charleston Dallas Dallas Dallas Chicago Boston Denver Englewood Houston

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UNITS MaNaged 2012

UNITS MaNaged 2011

41,951 41,597 41,235 39,500 39,100

38,861 39,575 40,521 40,000 35,800

Rochester Marlton Denver Detroit/Chicago Suffern

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Top Apartment Firms Strategically Pursue Surging Rental Market

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DEVELOPMENT | FINANCE | CONSTRUCTION | MANAGEMENT

For more information, contact:

A SPECIAL SuPPLEMENT To NATIoNAL REAL ESTATE INvESToR

TOp 10 ApArTMeNT OwNer FirMs

NMHC 50 OwNers* Overview

Top 50 Owners and Managers

portfolio size Measures

share of National Apartment stock

The Alexander Alexandria City, VA $75,925,000 Investment Sale

More than $17 Billion of Multi-Housing Value Creation in 2011

CBRE Multi-Housing Group Market Insight. Capital Access. Execution. www.cbre.com/mhg

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REITs in the Rankings

ApARTMENT REIT SIzE ANd RANk

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ApArtMeNt MANAGeMeNt by tier

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2,000 2,000 1,500 1,000 500

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54,458 39,788 187,360 28,085