303nre 12060 - nmhc...arbors at sweetgrass sale chelsea park village sale fairway view &...
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A SpeciAl AdvertiSing Section to nAtionAl reAl eStAte inveStor
2013
The Nation’s 50 Largest Apartment Owners and 50 Largest Apartment Managers
MORE THAN $25 BILLION IN MULTI-HOUSING TRANSACTIONS IN 2012*
CBRE MULTI-HOUSING GROUP
www.cbre.com/mhg
*Map is not representative of all
deals. In 2012, CBRE Capital
Markets completed $14.14 billion
in multi-housing investment
sales and $11.42 billion in multi-
housing fi nancings.
Big deals.
AVALON SKYWAY
FINANCING
THIRD NORTH APARTMENTS
FINANCING
HOWARD CROSSING
SALE
GABLES METROPOLITAN
I & II
SALE
OAK GROVEVILLAGE
SALE
21 WEST 86TH STREET
SALE
THE GRAND TIER
FINANCING
ALTON GREEN
SALE
LA PRIVADA
FINANCING
ALTA AT K STATION
SALE,
FINANCING
ECHELON AT K STATION
SALE
VILLAGE SQUARE
FINANCING
LAUREL SQUARE
SALE
JEFFERSON AT CAPITOL
YARDS
SALE
LINCOLN MEADOWS
SALE,
FINANCING
ALTA PHOENIX LOFTS
SALE
FIELDPOINTE AT
SCHAUMBURG
SALE
UNIVERSITY GATEWAY
STUDENT
HOUSING SALE,
FINANCING
LAKES OF CARMEL
SALE
BELL STANDIFER
SALE
CAMINO DEL SOL
SALE
CARILLON HEIGHTS
SALE
MURAL
SALE
THE POINT AT SILVER SPRING
SALE
THE GEORGIAN
SALE
MASS COURT
SALE
RIATA
SALE
THE BLOCK
STUDENT
HOUSING
PORTFOLIO
SALE
ROCKING HORSE RANCH
SALE
FLORIDA 3 PORTFOLIO
PORTFOLIO
SALE
SOCAL 4 PORTFLIO
PORTFOLIO SALE
THE COTTAGES
SALE,
FINANCING
FOREST RIM
FINANCING
SAN TROPEZ APARTMENTS
FINANCING
AXCESS 15
SALE
UDR PORTFOLIO
PORTFOLIO
SALE
STATION 250
SALE,
FINANCING
ANDANTE
SALE,
FINANCING
PHILLIPS RESEARCH PARK APARTMENTS
FINANCING
SPINNAKER BAY
FINANCING
LODGE AT FRISCO BRIDGE
SALE
ARBORS AT SWEETGRASS
SALE
CHELSEA PARK VILLAGE
SALE
FAIRWAY VIEW & PALMETTO PLACE
SALE
SECOND PLAZA
SALE
THE OVERLOOK
SALE
THE LANDINGS
SALE
RIVA ON THE PARK
FINANCINGVIKTORIA
APARTMENTS
FINANCINGEXETER MILL
SALE
ALEXAN STAR RANCH
SALE
WELLINGTON PLACE
SALE
JEFFERSON FRESNO
SALE
BLUE ISLE
SALE
ABBEY AT ELDRIDGE
SALE,
FINANCING
THE CROSSING AT BARRY
ROAD
SALE
LEGENDS LAKE NONA
SALE
ABBEY AT GRANDE OAKS
SALE,
FINANCING
BANK OF AMERICA PORTFOLIO
PORTFOLIO
SALE
ONE WEBSTER
SALE
STERLING MCMILLAN
SALE
THE BENTLEY
SALE
COVINGTON ON CHERRY
CREEK
SALE
MAGAZINE PORTFOLIO
PORTFOLIO
SALE
SAGE CANYON
SALE
FIVE FREEWAYS DEVELOPMENT
SITE
LAND SALE
PARK & MARKET
SALE, FINANCING
L STREET LOFTS
SALE
FAIRWAY GLEN
SALE
Introduction ..................................................................................... 2
2013 Apartment Ownership ............................................................. 4
2013 Apartment Management .......................................................... 6
Strong Apartment Demand Drives Top Firms’ Performance ............... 8
Imported Investment ...................................................................... 15
One Size Hardly Fits All .................................................................. 18
Drop the Hammer .......................................................................... 23
NMHC Officers ..............................................................................30
NMHC Executive Committee ..........................................................30
NMHC Board of Directors ..............................................................34
NMHC Advisory Committee ............................................................44
NATIONAL REAL ESTATE INVESTOR is pleased to present the 24th annual
NMHC 50, the National Multi Housing Council’s authoritative ranking of the nation’s
50 largest apartment owners and 50 largest apartment managers. For more than two
decades, the NMHC 50 has been a key resource for industry observers. The top owner
and manager lists, and the analysis that accompanies them, have provided the only
historical benchmark against which to measure industry trends and concentration.
Based in Washington, D.C., the National Multi Housing Council provides leadership
for the apartment industry. NMHC’s members are the principal officers of the larger
and more prominent apartment firms and include owners, developers, managers,
financiers and service providers.
The Council focuses on four key areas: federal advocacy, strategic business informa-
tion, industry research and public affairs. Through its federal advocacy program, the
Council targets such issues as capital markets, housing policy, energy and environ-
mental affairs, tax policy, fair housing, building codes, technology, human resources,
rent control and more.
For those interested in joining the apartment industry’s premier organization, NMHC
welcomes inquiries to its Washington office at (202) 974-2300, or you can visit
NMHC’s web site at www.nmhc.org.
2 NMHC 50 APRIL 2013
Contents
ON THE COVER:
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managers list
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UNITS UNITS 2013 2012 OWNED OWNED CORPORATERANK RANK COMPANY 2013 2012 OFFICER HQ CITY STATE
NATIONAL MULTI HOUSING COUNCIL 50(50 Largest U.S. Apartment Owners as of Jan. 1, 2013)
1 1 Boston Capital 155,521 157,423 Jack Manning Boston MA
2 7 Hunt Companies, Inc. 143,097 114,712 Woody Hunt El Paso TX
3 2 Centerline Capital Group 142,000 150,000 Rob Levy New York NY
4 4 SunAmerica Affordable Housing 136,634 134,882 Douglas S. Tymins Los Angeles CA
5 3 Boston Financial Investment 130,895 140,077 Kenneth Cutillo Boston MA
6 5 PNC Real Estate 124,886 126,245 Todd Crow Portland OR
7 6 Equity Residential 117,322 119,743 David J. Neithercut Chicago IL
8 9 The Richman Group Affordable 104,572 98,770 Richard Paul Richman Greenwich CT
9 10 Enterprise Community Investment, Inc. 99,013 97,822 Charles R. Werhane Columbia MD
10 11 Aimco 71,056 93,630 Terry Considine Denver CO
11 14 Camden Property Trust 65,337 66,997 Richard J. Campo Houston TX
12 16 AvalonBay Communities, Inc. 60,101 57,426 Tim Naughton Arlington VA
13 12 Archstone 57,948 60,136 R. Scot Sellers Englewood CO
14 13 Alliant Capital, Ltd. 57,676 56,085 Brian Goldberg Woodland Hills CA
15 17 Edward Rose & Sons 57,084 56,385 Warren Rose Bloomfield Hills MI
16 15 UDR, Inc. 54,985 60,465 Thomas W. Toomey Highlands Ranch CO
17 18 Pinnacle Family of Companies 51,730 52,655 Rick Graf Dallas TX
18 21 MAA 49,777 49,407 H. Eric Bolton, Jr. Memphis TN
19 19 WNC & Associates, Inc. 49,519 51,224 Wilfred N Cooper, Jr. Irvine CA
20 25 JRK Property Holdings, Inc. 49,340 47,398 Jim Lippman Los Angeles CA
21 28 TIAA-CREF 49,337 46,489 Thomas Garbutt New York NY
22 22 The Related Companies 48,901 48,967 Jeff Blau New York NY
23 23 Forest City Residential Group, Inc. 48,180 48,482 Ronald A. Ratner Cleveland OH
24 30 Bell Partners Inc. 48,127 44,931 Steven D. Bell Greensboro NC
25 20 Invesco Real Estate 47,361 51,125 Michael Kirby Dallas TX
4 NMHC 50 APRIL 2013
2013 Apartment Ownership
Partners, Inc. (an AIG Global Real Estate Co.)
Housing Corporation
and Jonathan D. Bell
Management, LP
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UNITS UNITS 2013 2012 OWNED OWNED CORPORATERANK RANK COMPANY 2013 2012 OFFICER HQ CITY STATE
26 31 Irvine Company Apartment Communities 47,299 44,545 Kevin Baldridge Irvine CA
27 26 Lincoln Property Company 46,968 47,245 Tim Byrne Dallas TX
28 27 Raymond James Tax Credit Funds, Inc. 46,699 46,572 Ronald Diner St. Petersburg FL
29 29 The Michaels Organization 45,960 45,425 John J. O’Donnell Marlton NJ
30 32 DRA Advisors LLC 43,077 42,515 David Luski New York NY
31 33 Home Properties, Inc. 42,635 41,951 Edward J. Pettinella Rochester NY
32 24 J.P. Morgan Asset Management 39,963 47,587 Jean Anderson New York NY
33 40 UBS Realty Investors LLC 39,058 32,983 Matthew Lynch Hartford CT
34 n/a Balfour Beatty Communities 38,332 34,763 Christopher Williams Newtown Square PA
35 39 BH Equities LLC 37,001 33,205 Harry Bookey Des Moines IA
36 44 Weidner Apartment Homes 35,603 31,551 Jack O’Connor Kirkland WA
37 45 Heitman LLC 35,390 32,697 Maury Tognarelli Chicago IL
38 43 Westdale Real Estate Investment 35,278 32,296 Joseph G. Beard Dallas TX
39 36 Colonial Properties Trust 34,265 33,975 Thomas H. Lowder Birmingham AL
40 34 Holiday Retirement Corp. 34,113 33,217 Jack Callison Lake Oswego OR
41 41 Essex Property Trust, Inc. 33,770 32,753 Michael Schall Palo Alto CA
42 38 Sentinel Real Estate Corporation 32,588 33,500 John H. Streicker New York NY
43 37 Berkshire Property Advisors 31,659 33,847 Alan King Boston MA
44 42 Concord Management Limited 30,716 32,467 Edward O. Wood, Jr. Maitland FL
45 n/a Harbor Group International 27,909 21,186 Jordan Slone Norfolk VA
46 49 AEW Capital Management, L.P. 26,211 24,891 Jeffrey Furber Boston MA
47 46 Highridge Costa Investors, LLC 26,056 26,416 Michael A. Costa Gardena CA
48 n/a Morgan Properties 25,842 23,091 Mitchell L. Morgan King of Prussia PA
49 n/a Milestone Management, L.P. 24,094 21,264 Steve Lamberti Dallas TX
50 48 BRE Properties, Inc. 23,688 25,192 Constance B. Moore San Francisco CA
APRIL 2013 NMHC 50 5
& Management
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
UNITS UNITS 2013 2012 MANAGED MANAGED CORPORATERANK RANK COMPANY 2013 2012 OFFICER HQ CITY STATE
NATIONAL MULTI HOUSING COUNCIL 50(50 Largest U.S. Apartment Managers as of Jan. 1, 2013)
6 NMHC 50 APRIL 2013
2013 Apartment Management
1 1 Greystar Real Estate Partners, LLC 198,533 192,711 Robert A. Faith Charleston SC
2 2 Riverstone Residential Group 174,838 170,341 Walt Smith Dallas TX
3 3 Lincoln Property Company 144,542 144,033 Tim Byrne Dallas TX
4 4 Pinnacle Family of Companies 136,275 138,638 Rick Graf Dallas TX
5 5 Equity Residential 117,322 119,743 David J. Neithercut Chicago IL
6 6 WinnCompanies 92,988 91,920 Samuel Ross Boston MA
7 10 Bell Partners Inc. 69,112 65,205 Steven D. Bell Greensboro NC
8 7 Aimco 66,732 88,530 Terry Considine Denver CO
9 9 Camden Property Trust 65,337 67,217 Richard J. Campo Houston TX
10 15 Alliance Residential Company 65,116 56,952 Bruce Ward Phoenix AZ
11 12 Apartment Management Consultants, LLC 64,246 59,856 Greg Wiseman Midvale UT
12 11 FPI Management, Inc. 63,262 63,002 Dennis Treadaway Folsom CA
13 8 Archstone 62,470 64,178 R. Scot Sellers Englewood CO
14 14 AvalonBay Communities, Inc. 60,101 57,426 Tim Naughton Arlington VA
15 16 Edward Rose & Sons 57,084 56,385 Warren Rose Bloomfield Hills MI
16 17 Hunt Companies/LEDIC 56,524 51,281 Woody Hunt El Paso TX
17 13 UDR, Inc. 54,985 60,465 Thomas W. Toomey Highlands Ranch CO
18 19 Fairfield Residential Company LLC 52,454 49,053 Chris Hashioka San Diego CA
19 18 MAA 49,777 49,407 H. Eric Bolton, Jr. Memphis TN
20 22 JRK Property Holdings, Inc. 49,340 45,422 Jim Lippman Los Angeles CA
21 21 BH Management Services, Inc. 46,491 45,907 Harry Bookey Des Moines IA
22 24 Westdale Real Estate Investment 46,064 43,883 Joseph G. Beard Dallas TX
23 20 The ConAm Group of Companies 44,100 46,700 Brad Forrester San Diego CA
24 23 The Related Companies 43,739 44,289 Jeff Blau New York NY
25 26 The Michaels Organization 43,141 41,597 John J. O’Donnell Marlton NJ
and Jonathan D. Bell
Management Group Affiliates
& Management
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
UNITS UNITS 2013 2012 MANAGED MANAGED CORPORATERANK RANK COMPANY 2013 2012 OFFICER HQ CITY STATE
APRIL 2013 NMHC 50 7
26 25 Home Properties, Inc. 42,635 41,951 Edward J. Pettinella Rochester NY
27 30 Irvine Company Apartment Communities 41,668 38,914 Kevin Baldridge Irvine CA
28 28 Village Green 41,138 39,500 Jonathan Holtzman Detroit/Chicago MI
29 n/a Balfour Beatty Communities 39,534 35,925 Christopher Williams Newtown Square PA
30 36 Milestone Management, L.P. 37,345 34,439 Steve Lamberti Dallas TX
31 33 Lindsey Management Co., Inc. 36,902 35,980 James E. Lindsey Fayetteville AR
32 32 Forest City Residential Group, Inc. 35,672 36,053 Ronald A. Ratner Cleveland OH
33 43 Weidner Apartment Homes 35,603 31,551 Jack O’Connor Kirkland WA
34 42 Asset Plus Companies 35,488 32,302 Michael S. McGrath Houston TX
35 31 Gables Residential 35,180 36,896 Sue Ansel Atlanta GA
36 38 Essex Property Trust, Inc. 34,667 33,924 Michael Schall Palo Alto CA
37 35 Colonial Properties Trust 34,265 34,681 Thomas H. Lowder Birmingham AL
38 37 McKinley, Inc. 34,177 34,056 Albert M. Berriz Ann Arbor MI
39 34 The Lynd Company 33,935 35,095 A. David Lynd San Antonio TX
40 46 The Bozzuto Group 33,418 30,529 Thomas S. Bozzuto Greenbelt MD
41 39 Sentinel Real Estate Corporation 32,588 33,500 John H. Streicker New York NY
42 48 Harbor Group International 32,334 28,686 Jordan Slone Norfolk VA
43 44 Capstone Real Estate Services, Inc. 32,253 31,044 James W. Berkey Austin TX
44 40 Berkshire Property Advisors 31,009 32,536 Alan King Boston MA
45 41 Concord Management Limited 30,716 32,467 Edward O. Wood, Jr. Maitland FL
46 45 The John Stewart Company 30,438 30,637 Jack D. Gardner San Francisco CA
47 n/a U.S. Residential Group LLC 30,319 26,142 Al Fenstermacher Dallas TX
48 49 Morgan Properties 30,051 28,118 Mitchell L. Morgan King of Prussia PA
49 27 The Laramar Group, LLC 28,456 41,175 Thomas Klaess Denver CO
50 47 CAPREIT, Inc. 28,400 30,040 Dick Kadish Rockville MD
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
8 NMHC 50 APRIL 2013
By Mark Obrinsky, Vice President of Research and Chief Economist, National Multi Housing Council
Strong Apartment Demand Drives Top Firms’ Performance
OVERVIEW
Apartment MarketFollowing the Great Recession—the worst downturn since
the Great Depression—the apartment industry experienced
what looks, with hindsight, like a Great Recovery in 2010
and 2011. But at the time, unsettled financial markets, com-
bined with a still-weak job market and considerable uncer-
tainty about near-term political and economic conditions,
led many to think apartment investment was still too risky.
By year-end 2012, the consensus had shifted: The real risk
was getting in too late, not too early.
As a result, transaction volume for apartment properties
rose almost 50 percent in 2012 to $85 billion, the highest
level outside the boom years of 2005-2007. Sales of mid- and
high-rise properties combined reached $32.1 billion, barely
below the condomania-driven record of 2007 ($33.7 billion).
Apartment prices nearly recovered to their previous peak
levels—and by some measures, apartment prices actually sur-
passed their previous peaks in many markets. The cap rate last
year for all transactions averaged 6.1 percent, the same as in
2006. All in all, apartment properties remained very much in
demand, although bargains were harder to find.
Overall, the same dynamic that characterized the previous
two years again drove the apartment industry in 2012: The
increase in demand for apartment residences outpaced the
increase in supply of new apartments. Following the virtual
shutdown in apartment development in 2009, deliveries of
newly completed apartments fell to some of the lowest levels
on record in 2010 and 2011. Even with a 22 percent pickup
last year, completions came in at 158,100, about half the level
needed to meet both pent-up and ongoing demand. If the
year-end pickup in starts is sustained throughout 2013, the
supply-demand mismatch may finally recede in 2014 and
2015. However, this will depend in large part on overcoming
some continuing lending constraints, outdated regulations and
social and political attitudes that favor single-family develop-
ment over multifamily construction.
Overall, renting continued to attract a higher share of all
households, with the rentership rate reaching 34.7 percent in
4Q 2012, the highest level in 17 years. The number of renter
households increased by more than one million for the third
consecutive year, marking the first time that has happened
since annual data have been available (1965). Apartment
absorptions fell by half; however, this was due mainly to the
dearth of new supply. Occupancy rates rose further, averaging
just over 95 percent for the year (about 70 basis points higher
than 2011), despite the average rent nationally for investment-
grade apartments rising 3.7 percent. That was 170 basis points
more than the overall inflation rate, the strongest “real” rent
increase since 2000. Even so, adjusted for inflation rents
remain about 4 percent below the pre-recession peak.
Top 50 Results Reflect Industry StabilityEven with the pickup in apartment activity, the NMHC 50
owner and manager lists showed the kind of stability that
characterizes mature industries. The number of apartments
owned by companies on the NMHC owners list exceeds the
number managed by the top 50 managers—as it has for 14
of the past 15 years—by 121,809 (4.4 percent), very close
to the average over the 24-year history of the NMHC 50
survey. For the fourth straight year, both the median and
mean owner portfolios are greater than their management
counterparts, yet the management portfolios of the No. 1
and No. 50 firms top those on the ownership side. On both
lists, more than half of all firms hold portfolios in the nar-
row range of 30,000–50,000 apartments.
Top Owners’ Average Holdings Shrink SlightlyBoston Capital remained atop the NMHC 50 owners list for
the fourth consecutive year, tying the record set by Aimco.
(Aimco, however, still holds the record for total years in the
NMHC 50 PROFILE 2013
Portfolio Size:
No. of Apartments Owned 2,904,573
No. of Apartments Managed 2,782,764
Minimum Entry Threshold:
No. of Apartments Owned 23,688
No. of Apartments Managed 28,400
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10 NMHC 50 APRIL 2013
No. 1 slot with seven.) Shaking up the rankings a
bit this year, Hunt Companies, Inc., surged to the
second slot, up from No. 7 last year and from No.
14 in 2011. Centerline Capital Group moved down
a notch to No. 3; SunAmerica Affordable Housing
Partners, Inc., an AIG Global Real Estate Co., held
on to fourth place; and Boston Financial Investment
Management, LP slipped from No. 3 to No. 5. Both
PNC Real Estate and Equity Residential edged down
one slot to No. 6 and No. 7, respectively, while The
Richman Group Affordable Housing Corporation
and Enterprise Community Investment, Inc.,
both moved up a notch to the eighth and ninth
slots, respectively. After a one-year hiatus, Aimco
returned to round out the top 10 at the No. 10 spot.
Hunt Companies had by far the largest portfolio
gain, posting a net increase of 28,385 units. Harbor
Group International, UBS Realty Investors LLC, The
Richman Group Affordable Housing Corporation
and Weidner Apartment Homes also substantially
increased the number of apartments owned. Overall,
29 firms added to their ownership portfolios, while 21
firms reduced their holdings. The average reduction
(3,626 units) was just a little larger than the average
increase (3,218 units). Once again, Aimco notched
the biggest decrease; with net sales of 22,574 units,
its ownership portfolio now sits at 71,056, its smallest
total since 1997.
In terms of rank increases, Weidner and Heitman
LLC were the biggest movers within the rankings,
gaining eight slots to nab the No. 36 and No. 37 slots,
respectively. With so many firms bunched together in
the middle of the rankings, TIAA-CREF was able to
shoot up seven slots with a relatively modest portfolio
gain of 2,848 units. UBS Realty Investors LLC also gained
seven places by adding 6,075 units. Rounding out the big
movers was Bell Partners Inc., which rose six slots to the No.
24 position.
While the mean (average) holding among the top 50 owner
firms declined 3.3 percent to 58,091 units—still the fourth
APARTMENT OWNERS ON THE MOVE
Largest Portfolio Growth ApartmentsHunt Companies, Inc. + 28,385Harbor Group International + 6,723UBS Realty Investors LLC + 6,075The Richman Group Affordable Housing Corporation + 5,802Weidner Apartment Homes + 4,052
Largest Rank Increase SlotsWeidner Apartment Homes + 8Heitman LLC + 8TIAA-CREF + 7UBS Realty Investors LLC + 7Bell Partners Inc. + 6
TOP 10 APARTMENT OWNER FIRMSRank Company No. of Apartments
1 Boston Capital 155,521
2 Hunt Companies, Inc. 143,097
3 Centerline Capital Group 142,000
4 SunAmerica Affordable Housing 136,634 Partners, Inc. (an AIG Global Real Estate Co.)
5 Boston Financial Investment Management, LP 130,895
6 PNC Real Estate 124,886
7 Equity Residential 117,322
8 The Richman Group Affordable 104,572 Housing Corporation
9 Enterprise Community Investment, Inc. 99,013
10 Aimco 71,056
* Changes in ownership definition and company response make historical comparisons difficult.
NMHC 50 OWNERS* OVERVIEW
Number of Apartments Owned Top 10 1,224,996
Second 10 553,497
Top 25 2,020,399
Second 25 884,378
Top 50 2,904,573
Portfolio Size MeasuresMean 58,091
Median 47,330
No. 1 firm 155,521
No. 50 firm 23,688
Share of National Apartment Stock Top 10 6.6%
Top 25 10.9%
Top 50 15.7%
highest on record—the median holding inched up to an all-
time high of 47,330 units. Firms on the NMHC 50 ownership
list own a combined 15.7 percent of the nation’s apartment
stock.
Half of the NMHC 50 owner firms have apartments in all
seven regions (New England, Mid-Atlantic, South Atlantic,
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
12 NMHC 50 APRIL 2013
The number of REITs on this year’s NMHC 50 owners list is unchanged for the third straight year. REITs’ total apartment hold-
ings in the NMHC 50 decreased for the 10th consecutive year. This could change next year when about 45,000 of the apartments currently owned by Archstone move to the balance sheets of Equity Residential and AvalonBay Communities, Inc. (Of course, those firms could also sell other apartment properties, so the net increase in their portfolios may not be that large.) Five of the 10 REITs on the NMHC 50 list grew their portfo-lios, while the other five downsized. The biggest decline came at Aimco, whose holdings dropped by 22,574 units, while AvalonBay registered the biggest pickup at 2,675 units.
In principle, apartment owners could be ranked not only by the number of apartments owned but also by the value of those apartments. While capturing such data is impractical, there is an alternative measure available for public companies, namely total capitalization. While not perfect—ownership of non-apartment assets can substantially affect overall firm value—it provides a useful perspective on relative size among apart-ment firms.
REITs in the Rankings APARTMENT REIT SIZE AND RANK
Rank Total Cap Rank Units Among Capitalization Among
Company Owned REITs ($ millions) REITs
Equity Residential 117,322 1 28,520 1
Aimco 71,056 2 9,140 4
Camden Property Trust 65,337 3 8,283 5
AvalonBay Communities, Inc. 60,101 4 19,318 2
UDR, Inc. 54,985 5 9,473 3
MAA 49,777 6 4,558 9
Home Properties, Inc. 42,635 7 6,678 7
Colonial Properties Trust 34,265 8 3,864 10
Essex Property Trust, Inc. 33,770 9 8,280 6
BRE Properties, Inc. 23,688 10 5,639 8
Note: Company total capitalization sums: (1) market value of shares outstanding,
including operating partnership units; (2) the value of perpetual preferred stock; and (3)
the book value of total debt outstanding. Capitalization estimates for Dec. 31, 2012,
are provided by Stifel Nicolaus & Company, Inc.
South Central, Midwest, Mountain and Pacific), while only
three firms specialize in just one region. Fifteen firms own
senior housing (five own at least 20,000 senior apartments);
eight companies have student housing units and another eight
own military housing.
Top Managers Operate Record Number of UnitsApartment management has matured to a point that changes
among the top firms have become noticeably less common
than 20, or even 10, years ago. The top five firms from last
year all retained their places in the 2013 ranking. For the
third consecutive year, Greystar Real Estate Partners, LLC
had the largest management portfolio followed by Riverstone
Residential Group. Lincoln Property Company held onto the
No. 3 spot, while Pinnacle Family of Companies maintained
the No. 4 spot for the second straight year. Equity Residential
rounded out the top five, as it has since 2011.
Among the next five largest managers were four familiar
names: WinnCompanies; Bell Partners Inc.; Aimco; and
Camden Property Trust. With a sizable portfolio increase,
TOP 10 APARTMENT MANAGEMENT FIRMSRank Company No. of Apartments
1 Greystar Real Estate Partners, LLC 198,533
2 Riverstone Residential Group 174,838
3 Lincoln Property Company 144,542
4 Pinnacle Family of Companies 136,275
5 Equity Residential 117,322
6 WinnCompanies 92,988
7 Bell Partners Inc. 69,112
8 Aimco 66,732
9 Camden Property Trust 65,337
10 Alliance Residential Company 65,116
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APARTMENT MANAGERS ON THE MOVE
Largest Portfolio Growth Apartments
Alliance Residential Company + 8,164
Greystar Real Estate Partners, LLC + 5,822
Hunt Companies/LEDIC Management Group Affiliates + 5,243
Riverstone Residential Group + 4,497
Apartment Management Consultants, LLC + 4,390
Largest Rank Increase Slots
Weidner Apartment Homes + 10
Asset Plus Companies + 8
Milestone Management, L.P. + 6
The Bozzuto Group + 6
Harbor Group International + 6
Alliance Residential Company moved into the top 10 for the
first time.
There were just two new firms on the management list
this year—only the second time the number of new firms has
been so low (the first time was in 2011). First-time survey
respondent Balfour Beatty Communities debuted at No. 29
with 39,534 apartments under management. U.S. Residential
Group LLC, also a first-time respondent, entered the NMHC
50 management list at No. 47.
Another indicator of the stability among apartment man-
agement companies is the size of portfolio gains. Alliance
Residential posted the biggest increase at 8,164 units, less than
half as large as the biggest pickup last year and the smallest
such increase in the 24-year history of the NMHC 50. Six firms
gained between 4,000 and 6,000 apartments. On the other
side of the ledger, Aimco reduced its management portfolio
by 21,798 units, while The Laramar Group, LLC shed 12,719
units. Overall, 32 firms increased the number of apartments
under management, while 18 reduced the number. The aver-
age decrease among those latter firms was 3,401, a little larger
than the average increase (2,616) among firms whose portfo-
lios grew.
Weidner Apartment Homes—a new-
comer to last year’s management list—
registered the greatest increase in rank,
moving up 10 places to No. 33. Asset Plus
Companies jumped eight spots to No. 34,
the same spot it held in 2011. Milestone
Management, L.P.; The Bozzuto Group;
and Harbor Group International all rose
six places.
The total number of apartments man-
aged by the top 50 companies grew by
only 0.2 percent, although that total is a
new all-time high. Three other measures
showed increasing size: the mean (average)
and median management portfolios as well as the minimum
needed to make the list are all at record levels. At the same
time, the share of all apartments managed by NMHC 50 firms
dipped a bit to 15.0 percent.
As in recent years, increasing size has characterized much
of apartment management with some notable exception among
the very largest firms. For the fourth straight year, the number
of apartments managed by the 10 largest firms decreased.
While six of those firms grew their portfolios, these gains were
more than offset by the slimming down of the portfolios of the
other four. There is also considerably less difference in portfo-
lio size among most of the management NMHC 50 than there
used to be. Thirty firms manage between 30,000 and 50,000
units (two others have almost that many), while another 12
manage between 50,000 and 70,000 apartments.
Almost all NMHC 50 firms manage market-rate apart-
ments. However, 31 companies have subsidized low-income
properties in their portfolios. Student housing shows up in 21
portfolios, while senior housing appears in 20 portfolios. In
addition, 11 firms manage military housing, including three
firms that have more at least 20,000 units of military housing
in their portfolios.
APARTMENT MANAGEMENT BY TIER
3,000
2,800
2,600
2,400
2,200
2,000
1,800
1,600
1,400
1,200
1,000
800
6001990
Top 10 2,782.8
1,924.6
1,130.8
Top 25
Top 50
20001992 20021994 20041996 20061998 2008 2010 2012
Units
(thousa
nds)
APRIL 2013 NMHC 50 13
14 NMHC 50 APRIL 2013
NMHC 50 MANAGERS OVERVIEWManaged Portfolio (units) 2013 2012 2011 2010 2009 2008 2007
Top 10 1,130,795 1,156,335 1,171,167 1,195,881 1,224,042 1,194,108 1,106,880
Second 10 570,243 547,805 505,197 496,740 487,528 523,614 498,472
Top 25 1,924,573 1,925,592 1,885,014 1,890,933 1,915,170 1,930,162 1,810,315
Second 25 858,191 850,453 837,880 798,786 754,002 797,946 770,885
Top 50 2,782,764 2,776,045 2,772,894 2,689,719 2,669,172 2,728,108 2,581,200
Portfolio Size Measures (units)
Mean 55,655 55,521 54,458 53,794 53,383 54,562 51,624
Median 42,888 41,774 39,788 37,767 37,871 40,578 40,010
No. 1 firm 198,533 192,711 187,360 183,877 185,219 195,888 209,412
No. 50 firm 28,400 27,573 28,085 26,845 23,730 25,852 25,277
Share of National Apartment Stock
Top 10 6.1% 6.3% 6.5% 6.8% 7.0% 6.9% 6.4%
Top 25 10.4% 10.6% 10.5% 10.7% 11.0% 11.1% 10.4%
Top 50 15.0% 15.2% 15.2% 15.3% 15.3% 15.7% 14.8%
The National Multi Housing Council (NMHC) partnered with Kingsley Associates on the NMHC 50 survey process, although
NMHC remains solely responsible for any errors. To compile the NMHC 50 lists, both organizations gather names of owners and
managers from as wide a range of sources as possible and contact staff from each firm that completes the survey online. Over the
years, improved outreach and increased publicity associated with the rankings has resulted in more firms responding to the survey.
For the purposes of this survey, investment fund managers are treated as owners only if they retain substantial equity in the apart-
ment property or if they maintain effective responsibility and decision-making authority over the investment property. Similarly, tax
credit syndicators and franchisers are regarded as owners only if they retain a fiduciary responsibility. In cases where firms function
strictly as advisers rather than investors, they are not regarded as owners.
The rankings do not distinguish between partial and full ownership. Some firms own sizable apartment properties through joint
ventures in which their share could range anywhere from 1 percent to 99 percent. Others are primarily the sole owners of their
apartments. In principle, it would be desirable to account for partial ownership—treating 50 percent ownership of 100 apartments as
equivalent to full ownership of 50 units, for example. However, in practice, it is unfeasible to make such distinctions.
The survey excludes condominiums, cooperatives, hotel rooms, nursing homes, hospital rooms, mobile homes and houses with
rental units. Rental housing for seniors (age-restricted apartments) is included, although assisted living and congregate care facilities
are excluded. Finally, since we measure industry concentration by comparing the top 50 owners and managers against the nation’s
entire apartment stock, only U.S. apartments are included in the analysis.
At times, a firm may debut on the NMHC 50 at a high level. Generally, this means the firm is responding to the survey for the
first time, rather than an indication of an outsized portfolio gain—although that, too, happens on occasion. Nonetheless, despite
many improvements throughout the years, the process remains imperfect as it relies on both accurate reporting and surveying of the
complete universe, both of which can be fraught with problems.
There are two caveats in comparing the lists over time. First, the definition was refined in 2006 to eliminate those investment fund
managers with neither substantial equity nor effective control over the investment property. Second, occasionally firms that have
previously been among the top 50 owners or managers have not responded to the NMHC survey. When that occurs, companies
appear on the list that otherwise might not have been large enough. In addition, this affects the total number of apartments owned
or managed by the top 50 firms, as well as other measures of concentration such as the mean and median portfolio size. For these
reasons, year-to-year comparisons must be made with great care.
Note: In some cases, newly introduced policies prohibited firms from sharing the kind of information needed for these rankings.
METHODOLOGY
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
APRIL 2013
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
Although foreign capital has long found a home in the
U.S. real estate market, many foreign investors have
often looked at the American multifamily sector as a
second-class destination for their dollars, focusing instead on
office or hotels. Factor in the weak U.S. economy and trouble
in the housing market and what foreign interest the apartment
sector once enjoyed sharply contracted beginning in 2008.
But the apartment market’s recent takeoff out of the eco-
nomic recession and strong, long-term fundamentals has a
growing number of foreign investors upgrading apartments
into a most desirable asset class. In fact, international interest
in American apartments is surging, with foreign investment
dollars in the sector rising nearly threefold over the past three
years.
According to Dan Fasulo, managing director for New York-
based research firm Real Capital Analytics (RCA), foreign
investors have never fully embraced American apartments.
“Historically, it hasn’t been that desirable for a variety of rea-
sons,” he says.
For starters, apartment leases usually roll over on a yearly
basis, making the sector more management intensive than
its commercial peers, which can sometimes see one resident
occupy a space for a full decade. Investors located halfway
across the globe are reluctant to deal with that level of turnover
every year and rent control policies in some markets also give
cause for pause. And given that institutional grade apartments
are a less common investment class overseas, it’s easy to see
why international investors may seek other
places to park their money.
“Some people just aren’t used to it,” Fasulo
says. “In Europe, there’s no such thing as
multifamily as an asset class. Over the last
few years, there have been more apartments
coming to private markets, but the govern-
ment regulates them. For the most part,
there’s not an opportunity to buy a portfolio
of apartments.”
But, for foreign investors able to find an
experienced apartment operator to serve as
a guide, the upside in the U.S. multifam-
ily sector has been too appealing to ignore.
After bottoming out at $975.8 million in
2009, foreign investment in apartments hit
$4.3 billion in 2012, according to RCA, whose
figures may actually understate the amount
of foreign investment activity because they
only count direct foreign investment. That
was its highest amount of international investment since
$4.6 billion flooded the shores in 2007.
“It’s basically back to peak levels again,” Fasulo says. “We’re
right there again. It’s amazing.”
Apartments Top U.S. Real Estate Wish ListsThose rising investment numbers don’t surprise James A.
Fetgatter, CEO of Washington D.C.-based Association of
Foreign Investors in Real Estate (AFIRE). Each year, AFIRE
surveys its members to ask them, among other things, what
they see as the top real estate product in the U.S. For the past
three years, multifamily came in number one. In addition,
the U.S. claimed four out of the top five most attractive cit-
ies for foreign real estate investors (Houston, New York, San
Francisco and Washington, D.C.).
“It tells us that there’s clearly a great deal of interest in the
U.S.,” Fetgatter says. “In multifamily, you can get financing,
yields are strong, demand is good and demographics are good.
It’s a good opportunity for them [international investors].”
Foreign investors from all around the globe are buying
American apartments. In 2012, Toronto-based REIT Brookfield
Asset Management, spent $648.5 million on 36 properties,
making it the top international investor in American apart-
ments by number of properties.
Brookfield was followed by Israeli public company Electra
Ltd., which spent $657.7 million for 32 properties; Israeli insti-
More foreign capital finds its way to the multifamily market as overseas investors’ interest in apartments returns. By Les Shaver
Imported Investment
16 NMHC 50 APRIL 2013
tutional investor Harel Insurance Investments, which invested
$411.1 million in 23 properties; German intuitional investor
Allianz, which spent $405.8 million on 23 properties; and
residential REIT Canadian Morguard North AM, which spent
$642.1 million on 22 assets.
Other companies in the top 25 foreign investors in U.S.
multifamily represented the Netherlands, Switzerland, South
Korean, the United Kingdom, Bahrain, Australia and Japan.
Investors Partner Up with U.S. FirmsTo take advantage of apartment opportunities, foreign inves-
tors usually need an experienced partner to help them move
past concerns about management and unfamiliarity with the
American market. “The successful partnerships that I’ve seen
have a very strong local U.S. partner involved,” RCA’s Fasulo
says.
That strong U.S. partner can be a REIT, like UDR, Inc.,
which inked a 2009 deal with the Kuwait Finance House,
one of the leading Islamic banks in the world, to invest
$450 million in multifamily properties in key markets in the U.S.
Partners can also be diversified private firms like Pinnacle
Family of Companies, which ranked No. 17 and No. 4 on
the owner and manager lists, respectively. Pinnacle President
and CEO Rick Graf says he spent much of the 2013 NMHC
Apartment Strategies Outlook Conference in January meeting
with foreign investors.
“We’ve seen a huge uptick, in last 12 to 18 months, of foreign
capital drawn to the U.S. real estate markets,” Graf says. “As
a company, we’re working with foreign investors as they’re
trying to assemble portfolios. They need assistance to acquire
properties, manage them, operate them and ultimately dispose
of them.”
The foreign capital surge is so strong that some executives are
looking at a variety of avenues to doing deals with international
investors. As it ramps up its once-prodigious development
pipeline, Dallas-based Trammell Crow Residential (TCR), for
example, has struck a deal for both equity and debt through the
United States Citizenship & Immigration Service’s Immigrant
Investor Program, also known as the EB-5 Visa Program,
which selectively grants foreign investors visas. Under the pilot
program, regional immigration centers can pool funds from a
large number of immigrant investors to make targeted invest-
ments within a defined geographic region. The EB-5 investors
must place their money in a new commercial enterprise, which
then invests in a local project.
While this isn’t the typical structure for a foreign investment
deal, it is indicative of the geographically diverse flow of capi-
tal into existing and new apartments across the country. The
money flowing into the TCR project is essentially European
money flowing through a U.S.-based source. TCR CEO Ken
Valach says he’s open to working with other foreign investors
in future deals.
“There’s more foreign capital coming in simply because the
U.S. is attractive,” he says.
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
TOP APARTMENT MARKET DESTINATIONS FOR FOREIGN CAPITAL (2009-2012)Market Total Properties Total Volume (millions)
Manhattan 21 $853.30
Phoenix 57 $615.00
Houston 28 $592.10
Dallas 23 $501.00
DC/VA suburbs 6 $444.50
Atlanta 29 $437.20
San Jose 6 $434.20
Orlando 14 $386.50
Chicago 3 $376.50
Other 274 $6,484.10
Total 461 $11,124.40
TOP COUNTRIES FOR FOREIGN INVESTMENT IN APARTMENTS (2009-2012)Country Total Properties Total Volume (millions)
Canada 205 $4,089.50
Switzerland 19 $1,267.20
Israel 63 $1,163.60
Netherlands 27 $1,009.10
United Kingdom 28 $773.30
Kuwait 6 $603.80
Germany 30 $593.80
South Korea 15 $327.60
Japan 14 $279.90
Other 54 $1,016.40
Total 461 $11,124.40
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Source: Real Capital Analytics
Source: Real Capital Analytics
Source: Real Capital Analytics
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APRIL 2013
While both apartment owners and managers have
enjoyed the red-hot apartment market of the past
few years, they’ve largely capitalized on it in oppo-
site ways. Many of the biggest owners have gotten down to
their fighting weight and streamlined their holdings, while
many top management firms have worked to bulk up their
portfolios.
This trend largely played out in this year’s NMHC 50
results. Collectively, the top apartment owners shrunk the
total number of units owned by nearly 100,000 units in the
past year while the top managers have held onto their volume,
even gently increasing the total number of managed units by
almost 7,000 units. Similarly, the average portfolio size, as well
the unit thresholds for the top and bottom slots on the rank-
ings, decreased for the top apartment owners and increased
for the top managers.
Of course, several companies bucked the trend. Hunt
Companies Inc., for example, grew its ownership portfolio
by more than 28,000 units in 2012, making the company the
second largest owner. The Laramar Group LLC, on the other
hand, shed nearly 13,000 units from its management portfo-
lio, sliding down 22 slots to No. 49 on the top managers list.
But for now, top apartment firms appear to be largely hold-
ing course. Changing economic conditions, such as more job
growth, higher household formations, limited new apartment
supply and strong investor interest in the sector, are likely
to create fresh opportunities for apartment firms to pursue
both topline and bottom-line growth. Here’s how some
of the top owner and management companies are crafting
their strategies.
Owners Cherry Pick AssetsA number of large apartment firms, including many pub-
licly traded REITs, have narrowed their focus to major coastal
markets in an effort to optimize their portfolio holdings.
Some set out on this strategy pre-recession, while others have
made a strategic shift in this direction.
Real estate values and household incomes
typically trend higher in these markets
and land and regulatory constraints often
keep new development numbers in check
and limit the number of competitive play-
ers in the field. Moreover, many institu-
tional investors have a clear preference for
these top-tier markets.
“There has been a shift to the coastal
markets by many of the REITs,” says
Rick Graf, president and CEO of Pinnacle
Family of Companies, which ranked No.
17 on the NMHC 50 owners list. “Owners
have also worked to move their portfolios
toward newer product.”
As large owners look to top grade their
portfolios—either trading out older prop-
erties and buying newer communities or
swapping out assets in commodity mar-
kets for those in coastal or high-barrier-
to-entry locations—often unit inventories
decrease. For example, if an owner sells
a portfolio in Orlando and reinvests that
money in properties in New York, it is
unable to purchase as many units since
prices are higher in The Big Apple. The
same principle applies when an owner
sells a 20-year old property to buy a
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
Top multifamily owners and managers pursue divergent portfolio strategies to better position themselves for success in the market’s upswing—and beyond. By Les Shaver
One Size Hardly Fits All
recently stabilized deal.
“I think the public REITs have been on a path of shrinking
their portfolios,” says Tom Toomey, CEO of UDR, Inc., which
ranked 16th on the top owners list. “The private groups have
been picking up the slack and growing their portfolios.”
But Toomey, along with other REITs and institutional
investors, have decided that quality outweighs quantity. Since
2001, UDR has traded out of Arkansas, Georgia, Indiana,
Kansas, Michigan, Nevada, New Mexico, Ohio and South
Carolina to establish or grow presence in markets such as
Boston, Manhattan, Northern and Southern California and
Washington, D.C. In the process, its unit count has gone
down roughly 30 percent to 54,985 units at the end of 2012,
while its revenue per occupied home has grown 120 percent
during that timeframe.
“We’re very happy with where our portfolio is today,”
Toomey says.
Houston-based REIT Camden Property Trust, which
earned the 11th slot on the top owners list, is selling older
properties and recycling the capital from those dispositions
into newer apartments or new developments. Because of that,
its unit count dropped more than 1,500 units from 2011 to
2012. Although he may lose units in the trade, Camden CEO
Ric Campo says higher rents, coupled with the lower overhead
costs associated with fewer units, equal
better cash flow.
“We’re more interested in growing our
cash flow than size of assets,” Campo
says.
But to be able to recycle capital from
older to new apartments or from sec-
ondary to primary markets, apartment
owners need ready buyers. And that’s
where market conditions have cooper-
ated. The apartment industry’s strong
post-recession recovery and rent growth;
availability of debt and equity; and mas-
sive investor appetite for the sector have
allowed smaller private companies to
pick up a lot of the assets shed by the
public REITs and use them to build their
own growth platforms.
“The big trend we see continuing is the
emergence of the private investor–either
through direct purchases, investment in
syndications or private REITs,” says Jerry
Fink, managing partner of The Bascom
Group in Irvine, Calif., a 2012 top 50
player that plans to acquire $600 million
of value-add and distressed multifamily,
along with some Class A assets. “The
smaller private investor is starved for
income producing investments.”
But just how lean the large public REITs will take their port-
folios is unclear. As rents hit their ceilings, pipelines fill up
with new units and investors flip their fancy, these changing
market conditions could prompt REITs to change tacks once
again, putting more emphasis on volume.
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
APRIL 2013
Ric Campo, CEO of Camden Property Trust, says its quality over quantity when
it comes to portfolio management. Photo
: C
ourt
esy
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“REITs seem to be simply repositioning their portfolios,
trimming some of their less desirable product and exiting
non-core markets,” says Jon Bell, president of Greensboro,
N.C.-based Bell Partners Inc. The company added more than
3,000 units to its ownership portfolio in 2012, helping push
the company up six slots to the No. 24 position in the top
owners rankings. “Once they take these actions, however,
the next step appears to be the resumption of growth. So,
while the trend over the past five years may have been one of
contraction, I think that we will see that trend reverse itself in
the next 10 years.”
Managers Bulk UpFor many big third-party management firms, that
bigger-is-better strategy is already in play. Charleston, S.C.-
based Greystar Real Estate Partners, LLC and Dallas-based
Riverstone Residential Group, the first and second seed
management players, respectively, both experienced a jump
in units under management in the past year. As with the top
owners’ strategic initiatives, some of these moves were several
years in the making.
“The margins in property management have gotten thin-
ner, yet the demands associated with management have
increased,” says Bell, whose firm also ranked No. 7 on the top
managers list. “The larger managers with critical mass are able
to assemble groups of narrowly focused corporate support
teams, which contribute to their ability to capture economies
of scale.”
However, the Great Recession only exacerbated the difficul-
ties of making a dollar, leaving many apartment management
firms with thinning profit margins and few options for gain-
ing scale. Many of the leading management companies began
pursuing acquisition opportunities. Riverstone, for example,
bought Las Vegas-based Realty Management and Seattle-
based HSC Real Estate in 2008, collectively adding roughly
55,000 units to its portfolio.
“Some fee managers get bigger by purchasing small- or
medium-sized operations,” says Julie Smith, president of
Greenbelt, Md.-based Bozzuto Management Company, a big
regional company that added almost 3,000 units to its port-
folio in 2012, earning it the No. 40 rank on the top managers
list. “That gives them immediate scale, and it sometimes gives
them access to markets that they’re not
already in.”
Beyond creating acquisition opportuni-
ties, the downturn also helped forge some
strategic partnerships with lenders and
financial institutions, says Steve Lamberti,
president and chief operating officer of
Dallas-based Milestone Management L.P.
Milestone, which climbed six spots to No.
30 on the managers list, saw its manage-
ment portfolio grow by almost 3,000 units
in 2012. Recession-related distress in the
market forced some lenders to take over
assets from their borrowers; unequipped
or unwilling to get into the day-to-day
management and operation of apartments,
some lenders sought strong management
partners to help them deal with the assets
that had found their way onto their books.
This also helped some management firms
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
APRIL 2013
Many top apartment firms target high-end properties in top-tier markets,
like this Village Green property, Randolph Towers in Chicago. Village Green ranks
No. 28 on the top managers list.
Photo
: C
ourt
esy
Vill
age G
reen
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expand, particularly since, in many cases, they continued to
manage those properties after the lenders sold them to differ-
ent owners.
“If you’re a lender taking something back, it’s easy to call
one of the big guys that has a massive footprint,” Lamberti
says. “They run multiple rent rolls, their fee structures are
attractive, they can deliver timely information and they hit the
ground running [when they take over a property]. I think that
gives them a competitive advantage.”
Financial institutions, which often purchase large portfo-
lios of properties but don’t have management platforms, also
look for similar strategic relationships with strong managers.
“They hire management firms that can meet their reporting
requirements or their specific criteria for managing their
assets,” Bozzuto’s Smith says.
Lamberti agrees, saying top management companies’
familiarity and use of major reporting systems provides insti-
tutions with more confidence. “If I want customized report-
ing, RealPage, Yardi, or any of the other software providers,
most of them [the national managers] run multiple software
systems,” Lamberti says. “Institutions want to make sure that
you’re using a pricing model, meet insurance requirements,
can execute, have contract management and have liability
[insurance]. It’s ease of execution and surety of execution.
That’s one of the biggest things that contributes to their
growth.”
With the ability to handle large portfolios from large cli-
ents and the overhead to invest in technology and people, the
national and large regional property managers seem to be well
positioned to continue adding units.
“I suspect the ‘big getting bigger’ theme could continue for
the foreseeable future,” Bell says.
NMHC 50-ranked Camden Property Trust’s portfolio contains choice assets, such as this Orlando community, Camden La Vina.P
hoto
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ourt
esy
Cam
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When the economy began its precipitous plunge
into the Great Recession in 2008, new apartment
development activity also began to nosedive. The
swiftness of the economy’s falter and uncertainty over
the recession’s duration not only sidelined investors and
curtailed lending but also left many would-be developers
apprehensive about moving forward with new projects.
Consequently, many new projects were mothballed for a
later date or taken off the drawing board completely. In fact,
by 2009, multifamily starts hit a low with groundbreakings
on just 97,300 new units, compared to the 10-year aver-
age of just over 300,000 annual starts that prevailed from
1997-2006.
However, the economy’s slow-but-steady recovery has
provided enough stability for apartment developers and
builders to begin putting shovels back into dirt and refilling
the new multifamily pipeline. Since mid-2010, apartment
development and construction has steadily accelerated. In
2012, multifamily permits hit 276,600 units, marking a 50.3
percent jump from 2011 levels; apartment starts reached
233,400, a 39.5 percent increase from the previous year.
Despite this improvement, the industry has yet to produce
Driven by healthy returns, apartment firms ramp up their new development and construction activity. By Les Shaver
Drop the Hammer
“This is what you seein every cycle. You’re locking up subs and sites at low prices and leasing at high prices.” – Bob Faith, CEO, Greystar
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enough new units to meet apartment demand and replace
units lost from the stock.
As the economy continues to recover, spurring stronger
job creation and household formations and unleashing
pent-up housing demand, more apartment firms plan to
invest in new development activity. However, with permit-
ting and construction activity returning to more normal-
ized levels, multifamily developers will be zeroing in on
potential supply issues and construction costs. Although
their strategies for coping with these issues vary, developers
are quick to maintain the flexibility to change direction
while enjoying what promises to be a strong, sustained
surge in demand.
Join the PartyAs in most recoveries, it has paid to get in early. “Folks that
were developing early have seen extraordinary returns,”
says Bob Faith, CEO of Charleston, S.C.-based owner,
developer and manager Greystar Real Estate Partners, LLC,
which ranked as the largest apartment management com-
pany on the NMHC 50. “This is what
you see in every cycle. You’re locking up
subs and sites at low prices and leasing at
high prices.”
With returns on newly completed
properties looking attractive and rent-
al demand fundamentals projected to
remain strong over the next few years,
not only have some apartment com-
panies shifted strategies to put more
emphasis on development but new—and
in some cases returning—players have
entered the fray.
National home builder Lennar, for
example, recently announced plans
to invest $1 billion in apartment con-
struction, spending roughly $560 mil-
lion to start 3,000 apartments this year.
Similarly, luxury home builder Toll
Brothers, which has been successful
with its urban condo product in the
New York City market, also launched its
Apartment Living brand and reportedly
has 6,500 units in the pipeline.
Other companies, such as Trammell
Crow Residential (TCR), also are taking
a second look at new development as a
growth strategy. Back when the bottom
fell out of the multifamily market, TCR,
which last appeared on the NMHC 50
APRIL 2013
“The multifamily product type has been and will continue to be the darling of the real estate sector.”
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list in 2007 as the 44th largest owner, spun out the major-
ity of the company’s development team as Dallas-based
Mill Creek Residential. However, last year, the company’s
nascent development organization merged with Carlsbad,
Calif.,-based GLJ Partners and started five projects totaling
1,459 units in Dallas and Houston. This year, TCR is plan-
ning an additional 12 projects in Boulder, Colo.; Dallas;
Denver; Houston; and Southern California; it also intends
to add an office in the Southeast region.
Despite increased interest from many places, most multi-
family leaders insist that only the well-heeled private build-
ers are able to secure financing. “There are more opportu-
nities in development today, however, with fewer qualified
competitors,” says Ryan Dearborn, CEO of Atlanta-based
Wood Partners.
A Look AheadHowever, concerns in the industry are growing about near-
term supply issues as some metro markets such as San Jose,
Calif., and Washington, D.C., experience surges in new
apartment construction.
NMHC Chief Economist and Vice President of Research
Mark Obrinsky believes concerns about overbuilding may
be overblown given that new apartment supply has fallen
short of the demand increase for several years. “Some sub-
markets may have a lot of new supply come online at the
same time, but any temporary excess should be absorbed by
continuing strong demand,” Obrinsky says. “Demographic
trends and the increased popularity of renting suggest we
need between 300,000 and 400,000 new units annually to
keep up with demand. The industry hasn’t yet ramped up
to that pace.”
Greystar’s Faith had a similar takeaway during a panel
discussion at NMHC’s Annual Meeting in January. “Supply
26 NMHC 50 APRIL 2013
Many apartment firms are focused on new development opportunities. Hebron 121 Station, for example is a new
luxury apartment community in Lewisville, TX.
“We need between 300,000 and 400,000 new units annually to keep up with demand; the industry hasn’t ramped up to that pace.”
– Mark Obrinsky, Chief Economist, NMHC
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is just one component of the equation,” he said. “It feels a
little early in the cycle to be calling some of those gateway
markets done.”
Although the steep increases in the number of proposed
new units in the pipeline nationally may seem a little
crazy at first blush, Ron Witten of Witten Advisors said he
believes more cautious underwriting, limited debt capac-
ity, rising land prices and building costs and weaker rent
growth may keep many of those units from fruition.
“We don’t think all those units in the pipeline are real;
we think instead that starts perhaps aren’t even going to get
back to 250,000 in the near term,” he said during the discus-
sion. “Last year, we finished at 212,000 for 5+ unit rental
starts; we think it rises again this year, but we don’t think it
goes higher than 300,000 or 400,000.”
Bumps in the RoadFor as much as capital sources may pull back on debt and
equity to fund new apartment projects, rising land and con-
struction costs also may end up being a governor on supply
growth.
Since TCR began building again, Steve Bancroft, senior
managing director for the company, says his construction
team has seen lumber and framing costs increase 30 per-
cent, drywall and labor grow 15 percent, roofing jump 10
percent to 14 percent, concrete tick up eight percent, cabine-
try increase 11 percent, and land, in the right location, rise
by as much as 40 percent.
“We’re underwriting hard costs 20 percent higher than
our first deal in 2011,” Bancroft says.
According to the Associated General Contractors of
America, the producer price index for all construction
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
After several years of little new development, new apartment communities
are springing up in many markets.
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Future Meeting Dates
JOIN TODAY! Go to www.nmhc.org/goto/join
202/974-2300 • 202/775-0112 (fax) • www.nmhc.org
”
“It amazes me how
much I learn from
leaders in the
multifamily industry
by networking at
NMHC events.
Connie Moore President and CEO, BRE Properties, Inc.
2013 NMHC Apartment Strategies/Finance Conference April 23 & 24 • Dallas (Las Colinas), TX
2013 NMHC Spring Board of Directors MeetingApril 24 & 25 • Dallas (Las Colinas), TX
2013 NMHC Human Resources ForumMay 14 & 15 • Boston, MA
2013 NMHC Research ForumMay 14 & 15 • Boston, MA
2013 NMHC Fall Board of Directors and Advisory Committee MeetingSeptember 17-19 • Washington, DC
2013 NMHC Student Housing Conference & ExpositionSeptember 30-October 1 • New Orleans, LA
2013 NMHC OpTech Conference & Exposition November 11-13 • Dallas, TX
2014 NMHC Apartment Strategies Outlook ConferenceJanuary 21 • Boca Raton, FL
2014 NMHC Annual MeetingJanuary 21-23 • Boca Raton, FL
materials is up 1.3 percent from a year ago. However, certain
materials are experiencing significant spikes. The producer
price index for gypsum products, such as wallboard and
plaster, has climbed 20.4 percent since last year; lumber and
plywood prices have risen 15.1 percent.
Chris Payne, senior vice president of development for
AvalonBay Communities, Inc., which earned the 12th posi-
tion on the top owners list and 14th on the top managers list,
says his company has been feeling pressure in the mechani-
cal trades, particularly framers. “This is creating concerns
on the execution side of the business,” he said during a
discussion panel at NMHC’s Annual Meeting. “We’re look-
ing at strategies to tie up subs on multiple projects just to
keep them interested, maybe looking at some design build
opportunities.”
These kinds of pricing pressures are making some of
the industry’s hefty returns look like a thing of the past.
“Returns are compressing because competition and con-
struction costs are both going up,” says Ric Campo, CEO
of Houston-based REIT Camden Property Trust, which
ranked No. 11 on the NMHC 50 owners list and No. 9 on
the managers list. “We are probably more concerned about
loading development up in the pipeline today than we were
a year ago.”
But Campo still plans to build. He has 2,269 units under
construction right now, for a total investment of $550 mil-
lion, and plans to spend another $300 million to $400 mil-
lion in new construction next year. In fact, that’s the target
for 2015 and beyond. “If I start seeing something I don’t like,
I can pare it back as well,” he says.
Despite these blips on the radar screen, the apartment
industry is still in good position for growth, coming off
five years of significant underbuilding. Add in household
formation growth and changing housing preferences and
things look even better. That’s why, ultimately, multifamily
executives expect strong returns from apartment develop-
ment.
“The multifamily product type has been and will con-
tinue to be the darling of the real estate sector for some
time to come, even though there is talk of overbuilding
and concerns about rates rising,” says Pinnacle Family of
Companies President and CEO Rick Graf. Pinnacle earned
the No. 17 slot on the top owners list and No. 4 on the man-
agers list.
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NMHC Officers 2013
Executive Committee
Former Chairmen
Patti FieldingAimco
Denver, CO
Patti ShwayderAimco
Denver, CO
James M. KrohnAlliance Residential
CompanyPhoenix, AZ
Bruce C. WardAlliance Residential
CompanyPhoenix, AZ
Marc E. deBaptisteARA
Boca Raton, FL
Gary T. KachadurianARA
Hinsdale, IL
Chairman Thomas S. BozzutoThe Bozzuto Group
Greenbelt, MD
Vice ChairmanDaryl J. CarterAvanath Capital Management
Irvine, CA
Treasurer Robert E. DeWitt
GIDBoston, MA
SecretarySusan Ansel
Gables ResidentialDallas, TX
PresidentDouglas M. Bibby
National Multi Housing Council
Washington, DC
R. Scot SellersArchstone
Englewood, CO
Sean J. BreslinAvalonBay
Communities, Inc.Arlington, VA
Timothy J. NaughtonAvalonBay
Communities, Inc.Arlington, VA
Daryl J. CarterAvanath Capital Management
Irvine, CA
John R. WilliamsAvanath Capital Management
Irvine, CA
Richard P. GilesThe Bainbridge
CompaniesWest Palm Beach, FL
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
Leonard W. Wood
Richard SchechterThe Bainbridge
CompaniesWest Palm Beach, FL
Jonathan D. BellBell Partners
Greensboro, NC
Lili F. DunnBell PartnersAlexandria, VA
Alan KingBerkshire Property
AdvisorsRoswell, GA
David J. OlneyBerkshire Property
AdvisorsBoston, MA
Thomas S. BozzutoThe Bozzuto Group
Greenbelt, MD
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
30 NMHC 50 APRIL 2013
Executive Committee
Ron ZeffCarmel Partners, Inc.
San Francisco, CA
Peter F. DonovanCBRE
Boston, MA
Brian F. StoffersCBRE Capital Markets
Houston, TX
William T. HymanCenterline Capital
GroupNew York, NY
John LarsonCenterline Capital
GroupDallas, TX
C. Stephen CordesClarion PartnersNew York, NY
Robert D. Greer, Jr.Clarion PartnersWashington, DC
Nathan S. CollierThe Collier Companies
Gainesville, FL
J. Andrew HogsheadThe Collier Companies
Gainesville, FL
Paul F. EarleColonial Properties
TrustBirmingham, AL
Edward T. WrightColonial Properties
TrustBirmingham, AL
Paul G. KerrDavlyn Investments
San Diego, CA
Jon D. WilliamsDavlyn Investments
San Diego, CA
Alan W. GeorgeEquity Residential
Chicago, IL
David J. NeithercutEquity Residential
Chicago, IL
Susanne HiegelFannie Mae
Washington, DC
Manuel MenendezFannie Mae
Washington, DC
Deborah Ratner-SalzbergForest City
Enterprises, Inc.Washington, DC
Ronald A. RatnerForest City Residential
Group, Inc.Cleveland, OH
David BrickmanFreddie MacMcLean, VA
John M. CannonFreddie Mac
New York, NY
Susan AnselGables Residential
Dallas, TX
Dawn SevertGables Residential
TrustAtlanta, GA
Robert E. DeWittGID
Boston, MA
Julie A. SmithBozzuto Management
CompanyGreenbelt, MD
Stephen DominiakBRE Properties, Inc.
Irvine, CA
Constance B. MooreBRE Properties, Inc.San Francisco, CA
Laurie A. BakerCamden Property
TrustHouston, TX
Ric CampoCamden Property
TrustHouston, TX
Christopher BedaCarmel Partners, Inc.
San Francisco, CA
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
APRIL 2013 NMHC 50 31
Executive Committee
Clyde P. HollandHolland Partner Group
Vancouver, WA
Hessam NadjiInstitutional Property Advisors, a Marcus & Millichap CompanyWalnut Creek, CA
Guy K. JohnsonJohnson CapitalLas Vegas, NV
Jeffrey T. MorrisJones Lang LaSalle
Americas, Inc.Orlando, FL
Jubeen F. VaghefiJones Lang LaSalle
Americas, Inc.Miami, FL
James H. CallardKlingbeil Capital
Management/American Apartment Communities
Annapolis, MD
Guy K. HaysLegacy PartnersFoster City, CA
W. Dean HenryLegacy Partners Residential, Inc.Foster City, CA
Brian C. ByrneLincoln Property
CompanyOak Brook, IL
Jeff B. FranzenLincoln Property
CompanyHerndon, VA
H. Eric Bolton, Jr.MAA
Memphis, TN
Albert M. CampbellMAA
Memphis, TN
John J. KerinMarcus & Millichap
Calabasas, CA
Charles R. Brindell, Jr.Mill Creek Residential
Trust LLCDallas, TX
Mary Ann KingMoran & Company
Irvine, CA
Thomas F. MoranMoran & Company
Chicago, IL
Kerry R. FrenchNorthMarq Capital, Inc.
Houston, TX
Edward PadillaNorthMarq Capital, Inc.
Minneapolis, MN
Rick GrafPinnacle
Addison, TX
Stan J. HarrelsonPinnacle
Seattle, WA
David P. StockertPost Properties, Inc.
Atlanta, GA
Jamie TeaboPost Properties, Inc.
Atlanta, GA
David DurningPrudential Mortgage
Capital CompanyChicago, IL
James P. HensleyPrudential Mortgage
Capital CompanyAtlanta, GA
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
Stacy G. HuntGreystar Real Estate
Partners, LLCHouston, TX
William C. MadduxGreystar Real Estate
Partners, LLCCharleston, SC
Laura A. BeuerleinHeritage Title Company
of Austin, Inc.Austin, TX
Gary S. FarmerHeritage Title Company
of Austin, Inc.Austin, TX
Mona Keeter CarltonHFF
Dallas, TX
Matthew LawtonHFF
Chicago, IL
32 NMHC 50 APRIL 2013
Executive Committee
Executive Committee(not pictured)
Kristen Klingbeil-WeisKlingbeil Capital Management/American Apartment CommunitiesSanta Barbara, CA
Timothy EllsworthRREEFChicago, IL
Thomas W. ToomeyUDR, Inc.
Highlands Ranch, CO
Warren L. TroupeUDR, Inc.
Highlands Ranch, CO
David R. SchwartzWaterton Associates,
L.L.C.Chicago, IL
Gregory J. LozinakWaterton Residential
Chicago, IL
Vincent R. ToyeWells Fargo Multifamily
CapitalNew York, NY
Alan WienerWells Fargo Multifamily
CapitalNew York, NY
Frank MiddletonWood Partners, LLC
Mill Valley, CA
Jerome EhlingerRREEF
Chicago, IL
Michael BissellSARES*REGIS Group
Irvine, CA
Geoffrey L. StackSARES*REGIS Group
Irvine, CA
Timothy J. HoganTrammell Crow
ResidentialDallas, TX
Kenneth J. ValachTrammell Crow
ResidentialHouston, TX
Michael E. TompkinsTriBridge Residential
LLC.Atlanta, GA
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Board of Directors
Jeffery DanielsAIG Global Real Estate
Investment Corp.New York, NY
Donald HuffnerAIG Global Real Estate
Investment Corp.New York, NY
Jay BlasbergAlliant Capital LLC
Tucson, AZ
Tim L. MyersAllied Realty Services,
Ltd.Houston, TX
Michael H. GodwinAmbling Management
Company LLCValdosta, GA
R. Ryan HolmesAmbling Management
Company LLCValdosta, GA
William C. Bayless, Jr.American Campus
CommunitiesAustin, TX
Rodrigo LopezAmeriSphere Multifamily
Finance, LLCOmaha, NE
Scott G. SuttleAmeriSphere Multifamily
Finance, LLCBethesda, MD
Steve F. HallseyAMLI Management
CompanyChicago, IL
Gregory T. MutzAMLI Residential Properties, L.P.
Chicago, IL
Kimberly J. SperryAmstar Group, LLC
Denver, CO
Lauren A. BrockmanAnbrock, LLCDenver, CO
Arlene MayfieldApartment Guide
Norcross, GA
Judy BellackApartment GuideBoca Raton, FL
Dick BurkeApartments.com
Chicago, IL
Blake OklandARA
Boca Raton, FL
Thomas P. MacManusARA Finance, LLCBoca Raton, FL
Morgan AndersonArthur J. Gallagher
& Co.Irvine, CA
Jason A. FriedmanAssociated Estates Realty Corporation
Richmond Heights, OH
Lin AtkinsonAT&T Connected
CommunitiesAtlanta, GA
Thuy WoodallAT&T Connected
CommunitiesMilton, GA
Michael G. MillerAUM
Lombard, IL
Phillip E. BoguckiAZUMA Leasing
Austin, TX
Bj RosowAZUMA Leasing
Austin, TX
Holly CostelloBalfour Beatty Communities
Jacksonville, FL
Allan R. WinnBallard Spahr
Washington, DC
Grace HuebscherBeech Street Capital
Bethesda, MD
Michael SternBeecher Carlson
Atlanta, GA
Robert S. AisnerBehringer Harvard
Addison, TX
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
34 NMHC 50 APRIL 2013
Board of Directors
Mark AlfieriBehringer Harvard
Addison, TX
Frank LutzBerkadia
Horsham, PA
Karl H. ReinleinBerkadia
Horsham, PA
Jeffrey C. DayBerkeley Point Capital
LLCBethesda, MD
Dwight D. Dunton, IIIBonaventure Realty
Group, LLCArlington, VA
Mark W. DunneBoston Capital
CorporationBoston, MA
John P. ManningBoston Capital
CorporationBoston, MA
Barden BrownBrown Realty Advisors
Atlanta, GA
Walter W. MillerBrown Realty Advisors
Atlanta, GA
Josh MandellBSR Trust
Montgomery, AL
Bradley B. ChambersBuckingham Companies
Indianapolis, IN
B. Diane ButlerButler Burgher Group
Dallas, TX
David J. AdelmanCampus Apartments
Philadelphia, PA
Miles H. OrthCampus Apartments
Philadelphia, PA
Michael MayCantor CCREBethesda, MD
Anthony OrsoCantor Commercial Real Estate (CCRE)
New York, NY
Richard LyonCapital One Bank
New York, NY
Ernest L. HeymannCAPREIT, Inc.Rockville, MD
Richard L. KadishCAPREIT, Inc.Rockville, MD
Tyler AndersonCBRE
Phoenix, AZ
Stephen J. ZaleskiCBRE Global Investors,
LLCBoston, MA
Hal G. KuykendallCiti Community Capital
Denver, CO
Wesley HudsonCohnReznick LLP
Atlanta, GA
David B. WoodwardCompassRock Real
Estate LLCDenver, CO
Daniel J. EpsteinThe ConAm Group of
CompaniesSan Diego, CA
J. Bradley ForresterThe ConAm Group of
CompaniesSan Diego, CA
Jerry DavisConservice Utility
Management & BillingProsper, TX
Jason RosaContinental Realty
Advisors, Ltd.Littleton, CO
David W. SnyderContinental Realty
Advisors, Ltd.Littleton, CO
James W. HarrisCoreLogic SafeRent
Rockville, MD
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
APRIL 2013 NMHC 50 35
Board of Directors
Terri HerubinCornerstone Real Estate
Advisers LLCHartford, CT
Mark HigginsCornerstone Real Estate
Advisers LLCHartford, CT
Marc D. GoldsteinCovington Development,
LLCSt. Louis, MO
Benjamin CollinsCrescent Resources, LLC
Charlotte, NC
Brian NatwickCrescent Resources, LLC
Charlotte, NC
William B. BlashCrossbeam Capital LLC
Bethesda, MD
Richard K. DevaneyCrossbeam Capital
LLCBethesda, MD
Dodge CarterCrow Holdings Capital
Partners, LLCDallas, TX
Steven WeilbachCushman & Wakefield
San Francisco, CA
Byron L. MogerCushman & Wakefield
Tampa, FL
Brian L. DinersteinThe Dinerstein
CompaniesHouston, TX
Anthony SchafferDIRECTV
El Segundo, CA
Andrew K. DolbenThe Dolben Company,
Inc.Woburn, MA
Deane H. DolbenThe Dolben Company,
Inc.Woburn, MA
Adam C. BreenDRA Advisors, LLC
New York, NY
David LuskiDRA Advisors, LLC
New York, NY
Wendy DruckerDrucker & Falk, LLCNewport News, VA
Kellie Falk-TillettDrucker & Falk, LLC
Raleigh, NC
Miles SpencerEastdil Secured, LLC
Washington, DC
Randy ChurcheyEducation Realty Trust,
Inc.Memphis, TN
John M. O’Hara, Jr.Edward Rose & SonsFarmington Hills, MI
Warren RoseEdward Rose & SonsBloomfield Hills, MI
Gregory L. EnglerEngler Financial Group,
LLCAlpharetta, GA
Patrick JonesEngler Financial Group,
LLCAlpharetta, GA
Christopher E. HashiokaFairfield Residential
Company LLCSan Diego, CA
Gregory R. PinkallaFairfield Residential
Company LLCSan Diego, CA
Tom KopflerFerguson Enterprises
Irvine, CA
Richard N. ShinbergFirst Capital Realty,
Inc.Bethesda, MD
Les ZimmermanFirst Capital Realty,
Inc.Bethesda, MD
Robert L. JohnstonFirst Communities
Atlanta, GA
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
36 NMHC 50 APRIL 2013
Board of Directors
Mark A. FogelmanFogelman Management
GroupMemphis, TN
Richard L. FogelmanFogelman Properties
Memphis, TN
Wayne E. McDonaldForestar Group, Inc.
Austin, TX
Phillip WeberForestar Group, Inc.
Austin, TX
Daniel J. RoehlG5
Bend, OR
Robert DeanGE Real EstateWashington, DC
Linda ZellerGerson Bakar &
AssociatesSan Francisco, CA
Philip S. PayneGinkgo Residential
Charlotte, NC
D. Scott WilkersonGinkgo Residential
Charlotte, NC
John J. Gray, IIIGrayco Partners LLC
Houston, TX
Billy PoseyGreystone Servicing
Corporation, Inc.Memphis, TN
Robert RussellGuggenheim
Commercial Real Estate Finance, LLC
New York, NY
Philander P. ClaxtonHappy Habitat, LLC
Laurel, MD
Judy ViitanenHappy Habitat, LLC
Laurel, MD
Curt HenselHD Supply
San Diego, CA
James M. BachnerHeitman LLCChicago, IL
Mark ForresterHendricks Berkadia
Phoenix, AZ
Don HendricksHendricks Berkadia
Phoenix, AZ
Alan PattonHines
Houston, TX
Edward J. PettinellaHome Properties, Inc.
Rochester, NY
Greg FaulknerHumphreys & Partners
Architects, L.P.Dallas, TX
Mark HumphreysHumphreys & Partners
Architects, L.P.Dallas, TX
David KapiloffInsgroup, Inc.Houston, TX
Will BalthropeInstitutional Property Advisors, a Marcus & Millichap Company
Dallas, TX
Peter KatzInstitutional Property Advisors, a Marcus &
MillichapPhoenix, AZ
Kevin A. BaldridgeThe Irvine Company
Apartment Communities ‘IAC’
Irvine, CA
Martine PhilibertIvanhoé Cambridge
ResidentialMontreal, QC
Jean M. AndersonJ.P. Morgan Asset
ManagementNew York, NY
Tiffany ButcherThe JBG CompaniesChevy Chase, MD
Kai ReynoldsThe JBG CompaniesChevy Chase, MD
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
APRIL 2013 NMHC 50 37
Board of Directors
James A. ButzJefferson Apartment
GroupMcLean, VA
Gregory G. LambJefferson Apartment
GroupMcLean, VA
Richard J. HighJohn M. Corcoran &
CompanyBraintree, MA
John W. BrayJones Lang LaSalle
Americas, Inc.Atlanta, GA
Faron G. ThompsonJones Lang LaSalle
Americas, Inc.Atlanta, GA
Cindy ClareKettler
McLean, VA
Angela MagoKeyBank Real Estate
CapitalCleveland, OH
David G. ShillingtonKeyBank Real Estate
CapitalAtlanta, GA
John FalcoKingsley Associates
Atlanta, GA
Peggy RobinsonKingsley Associates
Atlanta, GA
Rohit AnandKTGY Group Inc.
Vienna, VA
Jay OlanderLandmark Apartment Trust of America, Inc.
Richmond, VA
Keith A. HarrisThe Laramar Group,
LLCChicago, IL
Tom KlaessThe Laramar Group,
LLCGreenwood Village, CO
Peter P. DiLullo, Jr.LCOR Incorporated
Berwyn, PA
Thomas J. O’BrienLCOR Incorporated
Berwyn, PA
Michael E. MuellerLeaseHawk
Scottsdale, AZ
Thomas F. McCoy, Jr.Lockton Companies,
LLCDenver, CO
Charles M. McDanielLockton Companies,
LLCDenver, CO
Sam J. KasparekThe Lynd Company
Denver, CO
Adam David LyndThe Lynd Company
San Antonio, TX
Dean HolmesMadison Apartment
GroupPhiladelphia, PA
Joseph F. MullenMadison Apartment
GroupPhiladelphia, PA
Nicholas Michael Ryan
The Marquette Companies
Naperville, IL
Darren R. SlonigerThe Marquette
CompaniesNaperville, IL
Gerald J. HaakMAXX Properties
Harrison, NY
Andrew R. WienerMAXX Properties
Harrison, NY
Michael C. McDougalMcDougal Properties,
L.C.Lubbock, TX
Tristan ThomaMcDougal Properties,
L.C.Lubbock, TX
Kenneth LeeMcDowell PropertiesSan Francisco, CA
A SPECIAL SuPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
A SPECIAL SuPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
38 NMHC 50 APRIL 2013
Board of Directors
W. Patrick McDowellMcDowell PropertiesSan Francisco, CA
Albert BerrizMcKinley
Ann Arbor, MI
Ken PolsinelliMcKinley
Ann Arbor, MI
Israel SchubertMeridian Capital
Group, LLCIselin, NJ
Alasdair CrippsMesirow Financial
Chicago, IL
Charles KendrickMesirow Financial
Chicago, IL
Jeffrey GoldbergMilestone Group
New York, NY
Steve T. LambertiMilestone Management
Dallas, TX
Paul HarrisMoran & Company
Dallas, TX
Jeffrey WilliamsMoran & Company
Seattle, WA
Carter BechtolThe Morgan Group,
Inc.Houston, TX
Michael S. MorganThe Morgan Group,
Inc.Houston, TX
Mitchell L. MorganMorgan PropertiesKing of Prussia, PA
Melanie MorrisonMorrison, Ekre & Bart Management Services,
Inc.Phoenix, AZ
Jodi SheahanMorrison, Ekre & Bart Management Services,
Inc.Phoenix, AZ
Sharon FayMRI Software
Solon, OH
Joshua GoldfarbMulti Housing Advisors
Atlanta, GA
Marc G. RobinsonMulti Housing Advisors
Charlotte, NC
Gina M. DingmanNAI Everest
Minneapolis, MN
Henry NevinsNALS Apartment
HomesSanta Barbara, CA
Michael R. SchellNALS Apartment
HomesScottsdale, AZ
Richard BurnsThe NHP Foundation
New York, NY
Robert A. EspositoNWP Services Corporation
Pembroke Pines, FL
Michael D. RadiceNWP Services Corporation
Costa Mesa, CA
Neil CullenOak Grove Capital
Bethesda, MD
Kevin FilterOak Grove Capital
Saint Paul, MN
Gene R. BlevinsOrion Real Estate
ServicesHouston, TX
Pam McGlashenOrion Real Estate
ServicesHouston, TX
Alfred V. PacePacific Urban Residential
Palo Alto, CA
Stanley W. SloterParadigm Development
CompanyArlington, VA
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
APRIL 2013 NMHC 50 39
Board of Directors
P. David OnanianPAS Purchasing
SolutionsHouston, TX
Randall M. PaulsonPAS Purchasing
SolutionsPlano, TX
Gary GoodmanPassco Companies,
LLCIrvine, CA
Larry SullivanPassco Companies,
LLCIrvine, CA
David R. PicernePicerne Real Estate
GroupPhoenix, AZ
Ronald G. Brock, Sr.Pierce-Eislen, Inc.
Scottsdale, AZ
Kieran P. QuinnPillar Multifamily, LLC
Vienna, VA
D. Scott BassinPNC Real EstatePittsburgh, PA
William Thomas Booher
PNC Real EstateSan Francisco, CA
Marc S. PollackPollack Shores Real
Estate GroupAtlanta, GA
Steven ShoresPollack Shores Real
Estate GroupAtlanta, GA
Donna PreissThe Preiss Company
Raleigh, NC
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
John PreissThe Preiss Company
Raleigh, NC
John D. MillhamPrometheus
Walnut Creek, CA
Clayton A. ParkerPrometheus
San Mateo, CA
David BatemanProperty Solutions International, Inc.
Provo, UT
Benjamin ZimmerProperty Solutions International, Inc.
Provo, UT
Joe ColonProtection 1 Security
Jacksonville, FL
Melisa ColonProtection 1 Security
Tampa, FL
Bruce LaMotteProvidence
ManagementCompany, L.L.C.
Glenview, IL
Alan PollackProvidence
Management Company, L.L.C.
Glenview, IL
Thomas G. SmithPrudential Real Estate
InvestorsAtlanta, GA
Bruce BarfieldRainmaker LROAlpharetta, GA
Tammy FarleyRainmaker LROAlpharetta, GA
Ashley Chaffin Glover
RealPage, Inc.Carrollton, TX
Stephen T. WinnRealPage, Inc.Carrollton, TX
Mark C. BeislerRed Mortgage Capital,
LLCReston, VA
David L. GoodmanRed Mortgage Capital,
LLCReston, VA
Howard S. PrimerRenaissancePG, LLC
Knoxville, TN
Terry S. DannerRiverstone Residential
GroupDallas, TX
40 NMHC 50 APRIL 2013
Board of Directors
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
Walt SmithRiverstone Residential
GroupDallas, TX
Daniel McNultyRockwood Real Estate
AdvisorsNew York, NY
J. Brian PetersRose Associates, Inc.
White Plains, NY
Adam R. RoseRose Associates, Inc.
New York, NY
W. Michael DoramusSarofim Realty
AdvisorsDallas, TX
David EvemySarofim Realty
AdvisorsDallas, TX
James D. Scully Jr.Scully CompanyJenkintown, PA
Michael A. ScullyScully CompanyJenkintown, PA
W. Steve GilmoreShea PropertiesAliso Viejo, CA
Colm MackenShea PropertiesAliso Viejo, CA
Rick CraigSimmons Vedder
Partners, Inc.Houston, TX
Wolf VedderSimmons Vedder
Partners, Inc.Austin, TX
J. Robert LoveSimpson Housing LLLP
Atlanta, GA
Michael KatzSterling American
Property Inc.Great Neck, NY
Tarak PatoliaSterling American
Property Inc.Great Neck, NY
Scott AndersonTIAA-CREF Global Real
EstateNewport Beach, CA
Joanne LugerTime Warner Cable
Herndon, VA
Dave SchwehmTime Warner Cable
Herndon, VA
Steve RoeTransUnion Rental
Screening SolutionsGreenwood Village, CO
Wayne A. Vandenburg
TVO Groupe LLCChicago, IL
Russell A. Vandenburg
TVO North AmericaEl Paso, TX
David J. IngramUBS Realty Investors
LLCHartford, CT
Jeffrey G. MaguireUBS Realty Investors
LLCHartford, CT
Geoffrey C. BrownUSA Properties Fund,
Inc.Roseville, CA
Karen McCurdyUSA Properties Fund,
Inc.Roseville, CA
Michael Keyes FerrisValet Waste, LLC
Tampa, FL
Syd McDonaldValet Waste, LLC
Tampa, FL
Jonathan HoltzmanVillage Green Companies
Farmington Hills, MI
Brendan ColemanWalker & DunlopBethesda, MD
Howard W. Smith, IIIWalker & DunlopBethesda, MD
APRIL 2013 NMHC 50 41
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
Board of Directors (not pictured)
Simon ZiffAckman Ziff Real Estate Group, LLCNew York, NY
Toshi MatsushitaAlliant Capital LLCTucson, AZ
Joel L. AltmanAltman Development CorporationBoca Raton, FL
Jason WillsAmerican Campus CommunitiesAustin, TX
Brad LongApartments.comChicago, IL
Bonnie HabyanArbor Commercial Mortgage, LLCUniondale, NY
Erica MileoArbor Commercial Mortgage, LLCUniondale, NY
Brian EarleArea Property PartnersNew York, NY
Steven WolfArea Property PartnersNew York, NY
Alexandra GlickmanArthur J. Gallagher & Co.Glendale, CA
Jeffrey I. FriedmanAssociated Estates Realty CorporationRichmond Heights, OH
David CarpenterAUMElmhurst, IL
Morton P. Fisher, Jr.Ballard SpahrBaltimore, MD
Jeff LeeBeech Street CapitalBethesda, MD
Bob LaneBeecher CarlsonAtlanta, GA
Jim McDevittBerkeley Point Capital LLCBethesda, MD
Rainer AndrewsBSR TrustMontgomery, AL
James B. KnightBury+Partners, Inc.Dallas, TX
Nick MoulinetBury+Partners, Inc.Dallas, TX
Kyle LewallenButler Burgher GroupAustin, TX
L. Marc CarterCarter Haston Holdings, LLCNashville, TN
Harris HastonCarter Haston Holdings, LLCNashville, TN
DeAnna ThomasCBRE Global Investors, LLCBoston, MA
Edward LuskCohnReznick LLPAtlanta, GA
Mark KlionskyCoStarWashington, DC
Roy E. Demmon, IIIDemmon PartnersRedwood City, CA
Thomas WalshDemmon PartnersRedwood City, CA
John CaltagironeThe Dinerstein CompaniesHouston, TX
Robert GroszDish NetworkEnglewood, CO
Brian SpencerDish NetworkEnglewood, CO
John H. PringleE & S Ring Management CorporationLos Angeles, CA
Thomas TrubianaEducation Realty Trust, Inc.Memphis, TN
Trey EmbreyEmbrey Partners, Ltd.San Antonio, TX
George FisherFerguson EnterprisesAugusta, GA
Gregory A. FowlerFPA MultifamilySan Francisco, CA
Holland SmithFPA MultifamilyDallas, TX
Dan HobinG5Bend, OR
Edward CocoGE Real EstateAlpharetta, GA
Stephen LoPrestiGerson Bakar & AssociatesSan Francisco, CA
Katie BloomGoldman SachsIrving, TX
Alicia CottonGuggenheim Real Estate Finance, LLCVienna, VA
Paula PresenkowskiHD SupplySan Diego, CA
Howard EdelmanHeitman LLCChicago, IL
Jennifer DoranHighland Commercial Mortgage, LLCBirmingham, AL
John O. Moore, Jr.Highland Commercial Mortgage, LLCBirmingham, AL
Sylvain FortierIvanhoé Cambridge ResidentialMontreal, QC
Laurel HowellKettlerMcLean, VA
Mike KingsleyKTGY Group Inc.Vienna, VA
Gus RemppiesLandmark Apartment Trust of America, Inc.Richmond, VA
Christine AkinsLaSalle Investment Management, Inc.Chicago, IL
Board of Directors
Jack O’ConnorWeidner Property Management LLC
Kirkland, WA
W. Dean WeidnerWeidner Property Management LLC
Kirkland, WA
Michael K. HaydeWestern National
Property ManagementIrvine, CA
Timothy J. ConnellyWhiteco Residential LLC
Merrillville, IN
Charles W. Brammer, Jr.
The Wilkinson Group, Inc.
Atlanta, GA
Phillip R. DeguireThe Wilkinson Group,
Inc.Atlanta, GA
APRIL 2013 NMHC 50 43
Samuel RossWinnCompanies
Boston, MA
Lawrence H. CurtisWinnDevelopment
Boston, MA
Curtis W. WalkerWood Partners, LLC
Atlanta, GA
Ronald V. GranvilleWoodmont Real Estate
ServicesBelmont, CA
Brigitta EgglestonYardi Systems, Inc.Santa Barbara, CA
Amy GerritsenYardi Systems, Inc.Santa Barbara, CA
Samuel C. Stephens, IIIZOM Companies
Orlando, FL
Greg WestZOM Companies
Fort Lauderdale, FL
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
Board of Directors (not pictured)
Lori XellerLeaseHawkScottsdale, AZ
Jacob KatzMeridian Capital Group, LLCNew York, NY
Robert D. LazaroffThe Michelson OrganizationSt. Louis, MO
Bruce V. Michelson, Jr.The Michelson OrganizationSt. Louis, MO
Jonathan MorganMorgan PropertiesKing of Prussia, PA
Eric GrambergMoveWestlake Village, CA
Elissa M. CourtrightMRI SoftwareSolon, OH
Arthur J. ColePacific Urban ResidentialPalo Alto, CA
W. Clark EwartParadigm Development CompanyArlington, VA
Ronald G. Brock, Jr.Pierce-Eislen, Inc.Scottsdale, AZ
Sherwin NelvisPillar Multifamily, LLCVienna, VA
Seth MartinPritzker Realty Group, LLCChicago, IL
Michael A. SullivanPritzker Realty Group, LLCChicago, IL
Diane BatayehVillage Green CompaniesFarmington Hills, MI
Raymond D. BarrowsWaypoint ResidentialAtlanta, GA
Scott J. LawlorWaypoint ResidentialGreenwich, CT
Curtis W. WalkerWood Partners, LLCAtlanta, GA
Greg M. GalliWoodmont CompaniesBelmont, CA
365 Connect, LLCKerry W. KirbyNew Orleans, LA
Acacia Capital Corp.Robert G. LeupoldSan Mateo, CA
AdvenirTaylor RismillerAventura, FL
AEW Capital Management L.P.Julie KittlerBoston, MA
AIG Global Real EstateMark Ellsworth HertzNew York, NY
Alliance Tax Advisors, LLCTony J. ComparinIrving, TX
Allianz Real EstatePaul WoltersWestport, CT
Allium PartnersJay CostleyChicago, IL
Allstate Investments, LLCRobert J. KalinowskiBoston, MA
ALM - Real Estate MediaMichael G. DesiatoNew York, NY
American Seniors Housing AssociationDavid S. SchlessWashington, DC
AMSI, an Infor companyGeorge LandgrebeTampa, FL
Aon Risk Services, Inc.Kevin J. MaddenNew York, NY
Apartment Association of Greater Los AngelesJim ClarkeLos Angeles, CA
Apartment Association, California Southern CitiesNancy J. AhlswedeLong Beach, CA
Apartment FinderMarcia BollingerNorcross, GA
The Apartment Group, Inc.Jeffrey L. PriceDallas, TX
Apartment ListJohn KobsSan Francisco, CA
Apex Construction Services, LLCGene A. RitzMorrison, TN
ApexOne Investment PartnersJim A. HearnHouston, TX
ARALisa A. RobinsonAtlanta, GA
Artemis Real Estate PartnersRichard BanjoChevy Chase, MD
Ashley Management CorporationStephen B. AshleyRochester, NY
Assurant Specialty PropertySteven HeinAtlanta, GA
Atkinson & Cullen, LLCChris AtkinsonMonroe, GA
Atlantic Pacific Real Estate GroupGregory WardAtlanta, GA
Auction.com CommercialSteve O’ShaughnessyPompano Beach, FL
Axiometrics Inc.Ronald G. JohnseyDallas, TX
Bader CompanyJoshua NicholsonIndianapolis, IN
Baker TillyDonald BernardsChicago, IL
Balfour Beatty ConstructionMichael FlaniganAtlanta, GA
Barker ApartmentsDavid BarkerIowa City, IA
The Bascom GroupScott R. McClaveIrvine, CA
BBL Builders LPChad CourtyDallas, TX
BBVA CompassFrederick L. RuessDenver, CO
Beachwold Residential LLCRobert P. RothenbergNew York, NY
Beacon Communities Investments, LLCHoward E. CohenBoston, MA
Beekman Advisors, Inc.Shekar NarasimhanMcLean, VA
Bellwether Enterprise Real Estate Capital, LLCC. Lamar SeatsColumbia, MD
Bergstrom Investment Management, LLCKelley A. BergstromKey Colony Beach, FL
Berkeley Point Capital LLCSteven B. WendelBoston, MA
Berkshire Property Advisors, LLCEric DraegerBoston, MA
Berkshire Residential DevelopmentSteve WoodBoston, MA
Beztak CompaniesHarold BeznosFarmington Hills, MI
BH Equities, LLCHarry BookeyDes Moines, IA
BlackRock RealtyDale GruenSan Francisco, CA
Blackstone Consulting LLCScott D. LivingstonPortland, ME
Blu Sky Restoration ContractorsTimothy BabcockCentennial, CO
Blue Ridge Companies, LLCSusan PassmoreHigh Point, NC
Blue Vista Capital PartnersRobert G. ByronChicago, IL
BlueGate Partners LLCMark DeLilloNew York, NY
BMO Capital MarketsCorey J. ChisnellChicago, IL
BofI Federal BankMorgan FerrisSan Diego, CA
Bridge Investment GroupChristian V. YoungMurray, UT
BuildingLink.com LLCZachary KestenbaumNew York, NY
Buyers AccessPeter RodenDenver, CO
C.F. Evans ConstructionJohn BarrOrangeburg, SC
Cagan Management Group, Inc.Jeffrey CaganSkokie, IL
CallMaXDavid ClarkeAcworth, GA
CalPERSLiya CorneliusSacramento, CA
Cambridge Constructors, Inc.John ElliottMc Minnville, TN
Camp Construction ServicesJeff BlevinsHouston, TX
Campus TelevideoBrian BenzGreenwich, CT
Cantrell McCulloch, Inc.Robert McCullochDallas, TX
CapitalSourceChris KellyNew York, NY
Capri Capital PartnersDori NolanChicago, IL
Capture the MarketKimberly ScottDallas, TX
CARES By Apartment LifeKiley HaughtEuless, TX
The Carlyle GroupBrian NelsenWashington, DC
Cassidy TurleyChristopher J. DoerrWashington, DC
Cassin & Cassin LLPAmy BernsteinNew York, NY
CBREMalcolm McComb, IIIAtlanta, GA
CBRE New EnglandSimon J. ButlerBoston, MA
CEL & Associates, Inc.Christopher LeeLos Angeles, CA
Chambliss, Bahner & Stophel, P.C.Michael J. StewartChattanooga, TN
Advisory Committee
44 NMHC 50 APRIL 2013
Chatham FinancialJoe NowickiLittleton, CO
Chicago TitleSue JacobsonHouston, TX
Chicago TitleKonrad J. Kaltenbach, IIDallas, TX
CIGNA Realty InvestorsJohn ClarkHartford, CT
Citrin CoopermanMark MindickNew York, NY
CLP SystemsRich ClarkPelham, AL
Coastal Apartment AdvisorsJames SewellHilton Head Island, SC
Cohen FinancialPeter C. NorriePortland, OR
CohnReznickMark J. EinsteinBethesda, MD
Columbia National Real Estate Finance, LLCRoger EdwardsWashington, DC
Comcast Cable CommunicationsDaniel O’ConnellPhiladelphia, PA
Commercial Wireless Systems International, LLCElizabeth ConhaFort Lauderdale, FL
Communityvibe, inc.Kariithi KilemiPittsburgh, PA
The Compass Group, LLCCharles S. Wilkins, Jr.Washington, DC
CONNORPatrick T. ConnorBaltimore, MD
The Connor GroupLawrence S. ConnorCenterville, OH
Continental Properties CompanyJames H. SchloemerMenomonee Falls, WI
Continental Realty CorporationJoseph M. Schapiro, IIIBaltimore, MD
CORTMark KoepsellFairfax, VA
Cortland Partners, LLCSteven DeFrancisAtlanta, GA
Cox CommunicationsShannon BoyleAtlanta, GA
Cox, Castle & Nicholson LLPAmy H. WellsLos Angeles, CA
Criterion BrockKerri SilverMilwaukie, OR
Crown AdvisorsJohn C. DiMareNorth Barrington, IL
Crown Advisors, Inc.John CignaPittsburgh, PA
Curry Conduit Services, Inc.R. Leigh CurryEwing, NJ
Cushman & WakefieldAndrew J. MerinEast Rutherford, NJ
Cushman & WakefieldMarc D. RenardLos Angeles, CA
CWS Apartment HomesSteven J. SherwoodAustin, TX
Cypress Real Estate AdvisorsJohn BurnhamAustin, TX
The Dermot Company, Inc.Stephen BenjaminNew York, NY
DirecSupply Inc.James LashbrookHouston, TX
Dominion Due Diligence GroupJennifer H. BergerGlen Allen, VA
Doster Construction Company, Inc.John RooneyMountain Brook, AL
Dougherty Mortgage LLCTresa EngelMinneapolis, MN
Dover/ParagonTerry B. SchwartzBingham Farms, MI
Drake Realty Group, LLCKyle N. DrakeHouston, TX
Duke Capital ManagementPatrick DukeAustin, TX
Dwell Design Studio, LLCJason Ryan ShepardAlpharetta, GA
Eastham CapitalEric SilvermanNeedham, MA
Eaton Vance ManagementAndrew FrenetteBoston, MA
ECI Capital Corp.Seth GreenbergMarietta, GA
Enhanced Value Strategies, Inc.Lewis A. LeveySt. Louis, MO
Entrepreneurial Properties CorporationMatthew V. WherryNewport Beach, CA
Equity ExchangeKevin C. McGradeCovina, CA
Essex Property Trust, Inc.Jeff RowerdinkIrvine, CA
Experian RentBureauBrannan JohnstonCosta Mesa, CA
Fair Collections & Outsourcing, Inc.Carol M. BloomBeltsville, MD
Falcone Group, LLCArthur FalconeBoca Raton, FL
Faulkner Design Group, Inc.Adrienne FaulknerDallas, TX
FDC Management, Inc.Patrick M. KellyAnaheim, CA
Federal Home Loan Bank of DallasGregory J. HettrickIrving, TX
FinfrockAlan BurcopeApopka, FL
First American Title Insurance CompanyPhillip SalomonNew York, NY
Flournoy Development Co., LLCThomas H. FlournoyColumbus, GA
Foley & Lardner LLPMichael W. HatchMilwaukee, WI
For Rent Media SolutionsAmanda McCrowellAtlanta, GA
Fore Property CompanyRichard L. ForeWashington, DC
Fortune-Johnson, Inc.Brett FortuneNorcross, GA
FPL Advisory GroupMichael A. HerzbergChicago, IL
Franklin Capital GroupJoseph E. ResendeAlexandria, VA
Freeman Webb Inc.William H. FreemanNashville, TN
Friedman Integrated Real Estate SolutionsBarry SwatsenbargFarmington, MI
FSI ConstructionTony WhitakerHouston, TX
GAIA Real EstateMark CopelandAddison, TX
Gallagher Evelius & Jones, LLPStephen A. GoldbergBaltimore, MD
Gates, Hudson & Associates, Inc.Patricia J.M. BlackburnFairfax, VA
GDC Properties, LLCWilliam IngrahamHawthorne, NY
Advisory Committee
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
APRIL 2013
Full Service Management, Worldwide Scope
Harbor Group Management Company is a full service property management
company. We manage more than 32,000 residential apartment units and 10.2
million square feet of commercial properties throughout the United States. Our
experienced property management teams deliver superior customer service
and seek to establish mutually rewarding relationships with our residents,
investors, owners and the local community.
Simply put, Harbor Group Management Company delivers returns.
w w w . m y h g m c . c o m
Contact Robert Friedman, President
[email protected] | (757) 640-0800
Connecticut | Florida | Georgia | Illinois | Indiana | Kentucky | Massachusetts | Maryland | Minnesota
Nevada | New Mexico | New York | North Carolina | Ohio | Tennessee | Texas | Virginia | Washington
•Full Service
Real Estate
Management Firm
•Diversified Real
Estate Investment
Company
•Successful Capital
Transactions
•Asset Management
Services
w w w . h a r b o r g r o u p i n t . c o m
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
Advisory CommitteeGE Asset ManagementPamela BeamStamford, CT
GE Real EstateDan EarleNorwalk, CT
GE Real Estate, North America LendingJill McEntegartAlpharetta, GA
Gebroe-Hammer AssociatesNancy ReillyLivingston, NJ
Gene B. Glick Company, Inc.David O. BarrettIndianapolis, IN
Gill Group, Inc.Cash GillDexter, MO
Goldstar GroupMichael S. BrodskyBethesda, MD
Goodwin Procter LLPCraig TodaroBoston, MA
Goulston & StorrsSteven SchwartzBoston, MA
Grace Hill, Inc.Joseph BaileyAugusta, GA
Grand Peaks PropertiesLuke SimpsonDenver, CO
Grandbridge Real Estate Capital LLCThomas S. DennardCharlotte, NC
Green Bear CapitalJonathan S. GreenspahnChicago, IL
Green Street Advisors, Inc.Andrew J. McCullochNewport Beach, CA
The Greysteel CompanyJohn MullenBethesda, MD
Greystone Funding CorporationClaudia SchiepersNew York, NY
Gross BuildersGary L. GrossCleveland, OH
Guardian Management LLCThomas B. BrennekePortland, OR
The Habitat CompanyDaniel E. LevinChicago, IL
Haley Real Estate GroupDaniel P. ClatanoffOmaha, NE
HandyTrac SystemsJohn Lie-NielsenAlpharetta, GA
Harbor Group InternationalJordan E. SloneNorfolk, VA
Harbour Realty Partners, LLCPatrick L. BeachSanta Barbara, CA
Hartford Investment ManagementJohn M. MaherHartford, CT
Hathaway Properties, Inc.W. Michael MuggridgeAtlanta, GA
HB NorthwestEdward HewsonSeattle, WA
Hediger Enterprises Inc.Gary R. HedigerAtlanta, GA
Hendersen-Webb, Inc.Pamela F. NewlandCockeysville, MD
Henderson Global InvestorsJames G. MarthaHartford, CT
Hendricks BerkadiaJohn RhoadesPhoenix, AZ
HFFWilliam MillerDallas, TX
HFFG. Craig LaFolletteHouston, TX
HHHuntJames R. KingBlacksburg, VA
Hills Property ManagementRussell LykesCincinnati, OH
Hillwood Multifamily, L.P.Mark McHenryFort Worth, TX
HIP/KETThomas B. Wilkinson, IVHouston, TX
Holland & Knight, LLPChristopher B. HanbackWashington, DC
Holland DevelopmentTom ParsonsSeattle, WA
Honigman Miller Schwartz and Cohn LLPJonathan R. BorensteinBloomfield Hills, MI
HSBC Bank USA N.A.Glenn GrimaldiNew York, NY
Hubacher & Ames, PLLCArthur S. HubacherFairfax, VA
Hudson Realty Capital, LLCSpencer GarfieldNew York, NY
Hunt CompaniesRyan W. LuxonEl Paso, TX
Hunter Warfield, Inc.Todd WahlTampa, FL
I.Q. Data International, Inc.Rose K. McMillenEverett, WA
ibr SearchWesley EaslyPittsburgh, PA
Impact Community CapitalDaniel F. SheehySan Francisco, CA
Information TycoonJames DavisAtlanta, GA
Ingersoll Rand Residential SolutionsEric ElsmoreCarmel, IN
Inland American Apartments ManagementThomas P. McGuinnessOak Brook, IL
Instar Services GroupJohnnie SmithTroy, MI
Institutional Property Advisors, a Marcus & Millichap CompanySteve WittenNew Haven, CT
INVESCO Real EstatePaul S. MichaelsDallas, TX
Investment PropertyAssociates, LLCJennifer KosterGrand Haven, MI
ISI GroupSeth LaughlinNew York, NY
istaAmanda HoldenSan Diego, CA
The ITEX Group, LLCK.T. AkbariPort Arthur, TX
J. Turner ResearchJoseph BatdorfHouston, TX
Jackson Walker, L.L.P.Vytas A. PetrulisHouston, TX
Jevan CapitalJason BuxbaumPhoenix, AZ
JMG Realty, Inc.T. Karlton JacksonAtlanta, GA
John Hancock Financial ServicesRobert MauldenBoston, MA
Johnson Development Associates, Inc.David Benjamin GravesSpartanburg, SC
Jones Lang LaSalle Americas, Inc.Peter NicolettiParsippany, NJ
JP MorganPatrick J. NashChicago, IL
JRK InvestorsRobert LeeLos Angeles, CA
Jupiter Communities LLC - RAITKellie DevilbissChicago, IL
Kaba Access ControlDale MathiasWinston-Salem, NC
KBKGGian PazziaPasadena, CA
KC Venture Group, LLCSusan PohlHouston, TX
Keefe, Bruyette & WoodsTaylor SchimkatNew York, NY
KeyBank Real Estate CapitalDeborah NewmanDallas, TX
Keystone Commercial CapitalCharles WilliamsScottsdale, AZ
The Kirkland CompanyWilliam KirklandBrentwood, TN
The Kislak Company, Inc.Nancy JacquesWoodbridge, NJ
Korn/Ferry InternationalAnthony J. LoPintoNew York, NY
Kroll Factual DataDamon LittlejohnLoveland, CO
Krooth & Altman LLPSameer UpadhyaWashington, DC
L&B Realty Advisors, LLPWilliam L. FultonDallas, TX
L’arte Dalla CucinaKimber McCaffertyMiami, FL
LeaseStar, a Division of RealPage, Inc.Alex ChangCarrollton, TX
LeaseTerm SolutionsRichard SchreiberChevy Chase, MD
LeasingDesk, a Division of RealPage, Inc.David CarnerCarrollton, TX
LeCesse Development CorporationSalvador F. LecceseAltamonte Springs, FL
Legend Management Group, LLCRuth G. EisenhauerMcLean, VA
LEM Capital, L.P.Jay J. EisnerPhiladelphia, PA
Lennar Multifamily InvestorsTodd M. FarrellCharlotte, NC
Lerner CorporationAlan H. GottliebRockville, MD
Lessard Design Inc.Christian LessardVienna, VA
LexisNexis Resident ScreeningAnna GosiewskiAlpharetta, GA
LG ElectronicsKevin KimEnglewood Cliffs, NJ
Lindquist & Vennum LLPLaura KrenzMinneapolis, MN
The Lionstone GroupAlan ArnoldHouston, TX
LIV CompaniesRobert Bozeman Crumpton, IIIBirmingham, AL
Locke Lord LLPMichael P. PetersiliaDallas, TX
Love Funding CorporationEsther CohenSt. Louis, MO
Lowe EnterprisesAlon KraftLos Angeles, CA
M&T Realty Capital CorporationMark D. GouldBaltimore, MD
M&T Realty Capital CorporationThomas D. KnappBaltimore, MD
M-FishencyWard KatzKansas City, MO
Mac-Gray Services, Inc.Kevin FaheyWaltham, MA
Madera EquityCharles YoungLubbock, TX
Maintenance Supply HeadquartersCary R. WrightStafford, TX
Manly & StewartJohn C. ManlyIrvine, CA
Marcus & Millichap Capital CorporationWilliam HughesIrvine, CA
Mark-Taylor Residential, Inc.Dale PhillipsScottsdale, AZ
46 NMHC 50 APRIL 2013
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
Advisory CommitteeMarsh, Inc.Jeff AlpaughBoston, MA
Marvin F. Poer and CompanyWilliam L. DuBoisDallas, TX
Masco CabinetryDiana AdamsTampa, FL
Masco Contractor Services, Inc.Jerald CastanedaDaytona Beach, FL
The Matteson CompaniesDuncan L. Matteson, Sr.San Mateo, CA
Maxus Properties, Inc.Michael P. McRobertNorth Kansas City, MO
Mayer Brown LLPKeith J. WillnerWashington, DC
McCaffery InterestsYvonne JonesChicago, IL
The Medve Group, Inc.Jakob MedveIrving, TX
Mercy HousingJane GrafDenver, CO
Merion Realty PartnersRichard T. AljianWynnewood, PA
Merion Realty PartnersJeffrey R. ShumakerWynnewood, PA
Mesa Capital Partners, LLCZach SchaumburgAtlanta, GA
MetLifeCharles C. Davis, Jr.Tampa, FL
Metropolitan Properties of America, Inc.Jeffrey J. CohenBoston, MA
Mid-Peninsula Housing CoalitionDeborah K. WestbyFoster City, CA
Mike Seashols ConsultingMike SeasholsBelmont, CA
Miles & Stockbridge PCJustin C. EllerBaltimore, MD
Minnesota Multi Housing AssociationMary RippeBloomington, MN
MinolTammy CraggAddison, TX
MM PropertiesKenneth S. MoczulskiFort Worth, TX
MMA Financial, LLCEarl W. ColeBaltimore, MD
Moen IncorporatedDeena CaveNorth Olmsted, OH
Moody’s CorporationChristopher WimmerNew York, NY
Morgan StanleyHaendel Emmanuel St. JusteNew York, NY
Morgan Stanley Investment ManagementJames A. CowanNew York, NY
Morningside Equities Group, Inc.Brian PawlikChicago, IL
Moss Adams Capital, LLCStephen J. DuffyIrvine, CA
MPF YieldStar, a Division of RealPageJanine Steiner JovanovicCarrollton, TX
Multi-Housing NewsDiana MosherNew York, NY
Multifamily ExecutiveRob BrittSan Francisco, CA
Multifamily Executive/Hanley-Wood, LLCShabnam MogharabiWashington, DC
Multifamily Realty Advisors, LLCRichard R. CottonRaleigh, NC
Multifamily Solutions, Inc.Dennis W. SmilliePocono Lake, PA
Muskin Commercial, LLCEllen MuskinAustin, TX
NAI Harding DahmWilliam T. DrinkallFort Wayne, IN
National Real Estate AdvisorsJames D. FrekoWashington, DC
Nationwide Energy Partners LLCJeff MorrisonChicago, IL
NCC Business Services of America, Inc.Irv PollanJacksonville, FL
Neal, Gerber & Eisenberg LLPDouglas J. LubelchekChicago, IL
Neighborhood Pay Services, LLCRichard D. CalmasNewton, MA
Newmark Grubb Knight FrankErnest L. BrownSan Antonio, TX
Newport Venture CapitalRichard HarrisNewport Beach, CA
NNC Apartment VenturesJohn H. NunnLong Beach, CA
NorSouth ConstructsColin EdelsteinSavannah, GA
Northland Investment CorporationLawrence R. GottesdienerNewton, MA
NorthMarq Capital - San FranciscoJeffery WeidellSan Francisco, CA
NorthMarq Capital, Inc.Greg A. DuvallOverland Park, KS
NorthMarq Capital, Inc.Robert W. RanieriWhite Plains, NY
NotivusSuzanne LovelaceAlpharetta, GA
Novogradac & Company LLPMichael J. NovogradacSan Francisco, CA
NTS Development CompanyGregory G. McDearmonLouisville, KY
NWP Services CorporationAmanda ChristensenLincoln, NE
Ocius LLCJames RabinowitzChicago, IL
On-Site.comJake HarringtonCampbell, CA
One Eleven Partners, LLCChris YeagleMount Pleasant, SC
OpsTechnology, a Division of RealPageWilliam ChaneyCarrollton, TX
The P.B. Bell CompaniesR. Chapin BellScottsdale, AZ
Pacific Life Insurance CompanyAnthony PremerNewport Beach, CA
Palladian Capital AdvisorsR. Gregory GeletkaFort Pierce, FL
Palladium (USA) International, Inc.Thomas E. HuthDallas, TX
Pavlov Media Inc.Doug WoodsChampaign, IL
PayLeaseNate TaylorSan Diego, CA
PayNearMeChristopher J. VolgenauSunnyvale, CA
Pearlmark Real Estate PartnersEdward J. RyderChicago, IL
Penton Media Inc.Rich SantosNew York, NY
Pepper Hamilton LLPHenry LiuWashington, DC
Phoenix Capital Partners, Ltd.Andrew ScottAddison, TX
Phoenix Realty GroupAlan HirmesNew York, NY
PPG Architectural CoatingsClifford CarlsonLouisville, KY
PPM Finance, Inc.David L. HendersonChicago, IL
The Praedium GroupMark LippmannNew York, NY
The Preston Partnership, LLCRobert N. PrestonAtlanta, GA
Price Realty CorporationMichael J. OchsteinAddison, TX
Prudential Affordable Mortgage CompanyPaige WarrenMc Lean, VA
Prudential Mortgage Capital CompanyMichael McRobertsArlington, VA
Prudential Real Estate InvestorsBarry L. HowellAtlanta, GA
Prudential Real Estate InvestorsJustin GleasonMadison, NJ
Prudential Real Estate InvestorsRobert JeansMadison, NJ
Q10 Kinghorn, Driver, Hough & Co.Ray Driver, IIIHouston, TX
QBE FirstJohn DrennenAtlanta, GA
Radclift Capital MortgageMark DubrinskyNew York, NY
Raia Properties CorporationSamuel A. RaiaRamsey, NJ
The Rainmaker GroupAndrew RainsAlpharetta, GA
RAM Partners, LLCWilliam F. LesemanAtlanta, GA
RCLCOAdam DuckerBethesda, MD
Real Capital AnalyticsRobert M. White, Jr.New York, NY
Real Capital MarketsStephen J. AlterCarlsbad, CA
Real Estate Board of New York, Inc.Steven SpinolaNew York, NY
Real Estate Equities, Inc.Terrence E. TroySt. Paul, MN
Real Estate Media Lab, LLCMichael J. LapsleyWest Bridgewater, MA
Realty Center Management, Inc.Curt KnabeLos Angeles, CA
RealtyCom Partners, LLCAnnie ManfrediSan Rafael, CA
Reis, Inc.Victor CalanogNew York, NY
RelaborateAndy BoyerSeattle, WA
Rent Stabilization AssociationJoseph StrasburgNew York, NY
Rent.comRobert JohnsonSanta Monica, CA
Renters Legal Liability LLCPaul KaliadesSalt Lake City, UT
RentMineOnlineEd SpiegelEmeryville, CA
RentPaymentBill R. EvickWalnut Creek, CA
Resident Gifts LLCGregory H. SmithSinger Island, FL
ResidentCheckJorge BaldorDallas, TX
APRIL 2013 NMHC 50 47
Resite OnlineAnn PadgettNorfolk, VA
Resource Investments Limited, LLCSteven ZalkindPennsauken, NJ
Resource Real Estate, Inc.Yvana MeliniPhiladelphia, PA
Restoration Systems, Inc.Blaise HiltonCollierville, TN
Risk Innovations, Inc.Rose A. KuglerDowners Grove, IL
RM Watson Co.Robert M. WatsonSeattle, WA
Robert W. BairdPaula J. PoskonReston, VA
Rock Apartment Advisors, Inc.Stephen J. AnkenbrandtBirmingham, AL
Rockhall Funding Corp.Eli FreidenJericho, NY
Rockport Mortgage CorporationJoseph J. MuellerGloucester, MA
Rockwood Capital LLCJoel A. MoodyLos Angeles, CA
Rosen Consulting GroupNancy ToledoBerkeley, CA
Sage Law Practice GroupPatrick R. PettittHampton, VA
Sapp PartnersJames FalesSalt Lake City, UT
SatisFacts Research, a Division of Internet Brands, Inc.Douglas J. Miller, Sr.Lutherville, MD
SC&H Group, LLCMichelle K. RuddBaltimore, MD
The Screening Pros, LLCGary GlucroftChatsworth, CA
Screening Reports, Inc.Timothy FortnerWood Dale, IL
Security Capital Research & ManagementDavid A. KleinermanChicago, IL
Seminole Financial Services, LLCRobert J. BanksLargo, FL
Seyfarth Shaw LLPRonald S. GartWashington, DC
Shelter CorporationLynn Carlson SchellMinnetonka, MN
Sheppard, Mullin, Richter & Hampton LLPJennifer G. RedmondSan Francisco, CA
Sherman ResidentialScott GouldDeerfield, IL
The Sherwin-Williams Co.William G. RafieCleveland, OH
The Shockey Precast GroupChris GroganWinchester, VA
Shreve Land ConstructorsCindy StanleyDallas, TX
Shutts & Bowen LLPDaniel T. O’KeefeOrlando, FL
Silver CapitalMark AmbachBoca Raton, FL
Silvestri Craig RealtorsKen SilvestriLexington, KY
The Solomon OrganizationMarc S. SolomonSummit, NJ
South City Partners, LLCMark W. RandallAtlanta, GA
SouthWood CorporationErnest H. DwightCharlotte, NC
Specialty Consultants Inc.Thomas G. WilliamsPittsburgh, PA
Spot On NetworksRichard SherwinNew Haven, CT
SRR AdvisorsDavid KulkarniHouston, TX
Starwood Capital GroupJames Edward KaneAtlanta, GA
Stellar Advisors, LLCDavid SchwartzbergRockville, MD
The Sterling Group, Inc.Lance A. SwankMishawaka, IN
Sterling TrustRobert J. ThiebautAtlanta, GA
Stewart Title GuarantyRegina L. FiegelCharlotte, NC
Stewart Title Guaranty CompanyTom KonkelDenver, CO
The Strategic SolutionKendall PretzerFlower Mound, TX
Stratford Capital Group, LLCJohn M. Nelson, IVPeabody, MA
Suffolk Construction Company, Inc.Rick KolbMiami, FL
Sullivan Curtis MonroeMichael IsaacsIrvine, CA
Summit Contracting GroupMarc PadgettJacksonville, FL
SunAmerica Affordable Housing Partners, Inc.Thomas A. MusanteLos Angeles, CA
TDIBenjamin H. MontgomeryIrving, TX
TDIRobert D. PageIrving, TX
Terra Capital PartnersDan CoopermanNew York, NY
Terra Search PartnersMatthew SlepinSan Francisco, CA
TGM Associates L.P.Michael FrazzettaNew York, NY
Tidal Real EstateHollis ConsidineDenver, CO
Timberland PartnersRobert L. FransenMinneapolis, MN
Towers Watson Data Services, Inc.Marc M. McBreartyWhite Plains, NY
Towne PropertiesNeil K. BortzCincinnati, OH
Trade Street ResidentialRyan HanksAventura, FL
TranswesternJon KleinbergAtlanta, GA
Transwestern Mid-Atlantic Multifamily GroupDean SigmonBethesda, MD
TranswesternSteven E. PumperDallas, TX
Trinsic Residential GroupBrian J. TusaDallas, TX
TRIO Properties LLCEileen Swenson, CPMGlastonbury, CT
Troutman Sanders LLPMark S. ShiembobRichmond, VA
The Tuckerman GroupGlen S. WeisbergChicago, IL
The United Group of Companies, Inc.Walter F. UccelliniTroy, NY
University FurnishingsPaul DouganDallas, TX
Urdang & Associates Real Estate Advisors, Inc.Mark B. GrecoPlymouth Meeting, PA
USAA Real Estate CompanyHailey GhalibSan Antonio, TX
Van Metre CompaniesCarissa BarryFairfax, VA
Velocity, a Division of RealPage, Inc.John LisCarrollton, TX
Verdek LLCRudy GarciaPhoenix, AZ
Veritas Investments Inc.Yat-Pang AuSan Francisco, CA
VerizonPatricia FrenchSt. Petersburg, FL
Visa, Inc.David WeinshelWilmington, DE
Wafra Investment Advisory Group, Inc.Edward J. RyanNew York, NY
Walchle Lear Multifamily AdvisorsBart WalchleJacksonville Beach, FL
Walker & DunlopFrank M. BaldasareAtlanta, GA
Walker & DunlopTrevor FaseWestlake Village, CA
Walker & DunlopBryan L. FrazierNeedham, MA
Walker Holder Residential, Inc.Patrick M. HolderAddison, TX
WDG ArchitectureFrederick HammannWashington, DC
West River Capital Management LLCAlexander K. ZabikNew York, NY
Westdale Asset ManagementEvan J. GriffithsDallas, TX
Western National Realty AdvisorsRex F. DeLongIrvine, CA
WestropeDavid BrinkerhoffKansas City, MO
WhiteFenceFrancisco J. ArbideHouston, TX
Whitney BankDale St. JohnNew Orleans, LA
Williams Asset Management, LLCJohn A. IsaksonAtlanta, GA
WillisRonald D. TuckerColumbia, MD
WilmarChris ThompsonJacksonville, FL
Witten Advisors LLCG. Ronald WittenDallas, TX
The Wolff CompanyTim WolffScottsdale, AZ
Womble Carlyle Sandridge & Rice, PLLCPamela V. RothenbergWashington, DC
Woodfield DevelopmentGregory BonifieldAshburn, VA
The Woodlark CompaniesHarold RosenblumWhite Plains, NY
The Worthing CompaniesJohn A. EcholsAtlanta, GA
WPC (Winter Park Construction)Jeffrey D. ForrestMaitland, FL
WRH Realty Services, Inc.J. Mark RutledgeSt. Petersburg, FL
ZillowRuss PengellySeattle, WA
ZMG Construction, Inc.Kevin L. SomersLongwood, FL
ZRS Management, LLCSteven K. BuckOrlando, FL
A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR
Advisory Committee
48 NMHC 50 APRIL 2013
THE FOCUSED RESOURCE FOR APARTMENT INVESTORS
TGM is An SEC-Registered Investment Advisor
For More Information Contact:
JOHN GOCHBERG P: 212.830.9312 | [email protected]
WWW.TGMASSOCIATES.COM
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TIGHTER CONTROL, BETTER RETURNS,
AND MITIGATE RISK.• Market Research
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• Asset Management
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• Dispositions
TGM is an investment advisory firm with a single focus: multifamily
properties. On behalf of its investor clients, TGM acquires, manages
and sells apartment properties throughout the United States
AN INSTITUTIONAL MULTIFAMILY SPECIALIST
CELEBRATING OVER $1,200,000,000
IN TRANSACTIONS IN 2011 & 2012
ORIGINATIONS
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INVESTMENT
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Every one of our professionals has access to one
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