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The Nation’s 50 Largest Apartment Owners and 50 Largest Apartment Managers
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
2011
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Moving forward. G e t t i n g i t d o n e .
$388,080,000Douglas Emmett PortfolioSanta Monica & Brentwood, CAFannie Mae DUS
Refinance
$89,967,300Archstone Olde TowneGaithersburg, MDFHA 221(d)(4)
New Construction
$29,100,000Villas at CenterviewRaleigh, NCFreddie Mac CME
Refinance
$19,088,000Residence at Little RiverHaverhill, MAFannie Mae DUS
Acquisition
$18,790,000Creekview Crossing ApartmentsSherwood, ORFHA 223(f)
Refinance
$11,700,000Rivers Edge/Camelot ApartmentsMadison, WIFreddie Mac CME
Acquisition
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Introduction .................................................................................... 2
2011 Apartment Ownership ............................................................ 4
2011 Apartment Management ........................................................ 6
NMHC 50: “The Great Recovery” Following “The Great Recession” .... 8
A Familiar Face Returns to Multifamily ......................................... 16
New Faces .................................................................................... 19
Revisiting the Number Ones ......................................................... 22
National Multi Housing Council:
Join the Who’s Who in the Apartment Industry ............................ 25
NMHC Officers ............................................................................. 26
NMHC Board of Directors Executive Committee ........................... 26
NMHC Board of Directors ............................................................. 32
Cover Photo: Fillmore Center in San Francisco, CA
National Real Estate Investor is pleased to present the 22nd annual NMHC 50, the
National Multi Housing Council’s authoritative ranking of the nation’s 50 largest apart-
ment owners and 50 largest apartment managers. For more than two decades, the
NMHC 50 has been a key resource for industry observers. The top owner and manager lists,
and the analysis that accompanies them, have provided the only historical benchmark against
which to measure industry trends and concentration.
Based in Washington, D.C., the National Multi Housing Council provides leadership for the apart-
ment industry. NMHC’s members are the principal officers of the larger and more prominent
apartment firms and include owners, developers, managers, financiers and service providers.
The Council focuses on the four key areas of: federal advocacy; strategic business information;
industry research; and public affairs. Through its federal advocacy program, the Council targets
such issues as capital markets, housing policy, energy and environmental affairs, tax policy, fair
housing, building codes, technology, human resources, rent control and more.
For those interested in joining the apartment industry’s leadership, NMHC welcomes inquiries
to its Washington office at 202/974-2300, or you can visit NMHC’s web site at www.nmhc.org.
2 NMHC 50 APRIL 2011
Contents
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A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
APARTMENTS WITH
2011 2010 CORPORATE OWNERSHIP INTEREST
RANK RANK COMPANY HEADQUARTERS OFFICER 2011 2010
NATIONAL MULTI HOUSING COUNCIL 50(50 Largest U.S. Apartment Owners as of January 1, 2011)
1 1 Boston Capital Boston, MA Jack Manning 158,947 162,677
2 Centerline Capital Group New York, NY Rob Levy 152,600 147,500
3 Boston Financial Investment Management, LP Boston, MA Ken Cutillo 145,454 144,907
4 2 SunAmerica Affordable Housing Partners, Inc. Los Angeles, CA Michael L. Fowler 141,113 147,087
5 3 Equity Residential Chicago, IL David J. Neithercut 129,604 136,843
6 5 PNC Tax Credit Capital Portland, OR Todd Crow 123,462 128,727
7 4 AIMCO Denver, CO Terry Considine 110,946 133,200
8 6 National Equity Fund, Inc. Chicago, IL Joseph Hagan 107,138 100,500
9 7 Enterprise Community Investment, Inc. Columbia, MD Charles R. Werhane 96,195 96,395
10 8 The Richman Group Affordable Housing Corporation Greenwich, CT Richard Paul Richman 94,925 90,346
11 9 Archstone Englewood, CO R. Scot Sellers 81,613 83,085
12 12 Alliant Capital, Ltd. Woodland Hills, CA Shawn Horwitz 65,245 60,258
13 11 Camden Property Trust Houston, TX Richard J. Campo 63,278 63,286
14 Hunt Companies, Inc. El Paso, TX Woody Hunt 62,109 37,036
15 15 UDR, Inc. Highlands Ranch, CO Thomas W. Toomey 58,796 51,320
16 13 Edward Rose & Sons Farmington Hills, MI Warren Rose 56,025 55,958
17 10 Pinnacle Family of Companies Dallas, TX Stan Harrelson 55,932 68,017
18 18 AvalonBay Communities, Inc. Arlington, VA Bryce Blair 52,490 48,924
19 J.P. Morgan Asset Management New York, NY Jean Anderson 52,304 52,754
20 17 WNC & Associates, Inc. Irvine, CA Wilfred N. Cooper, Jr. 52,134 50,332
21 20 Invesco Real Estate Dallas, TX Michael Kirby 50,567 47,340
22 19 Forest City Residential Group, Inc. Cleveland, OH Ronald A. Ratner 47,384 47,633
23 21 Lincoln Property Company Dallas, TX Tim Byrne 46,507 46,347
24 24 MAA Memphis, TN H. Eric Bolton, Jr. 46,306 43,604
25 31 JRK Property Holdings, Inc. Los Angeles, CA Jim Lippman 43,900 41,400
4 NMHC 50 APRIL 2011
2011 Apartment Ownership
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
APARTMENTS WITH
2011 2010 CORPORATE OWNERSHIP INTEREST
RANK RANK COMPANY HEADQUARTERS OFFICER 2011 2010
26 26 Irvine Company Apartment Communities Irvine, CA Kevin Baldridge 43,791 42,764
27 22 Michaels Development Company Marlton, NJ Robert J. Greer 43,433 44,916
28 25 Bell Partners Inc.
Greensboro, NC
Steven D. Bell 43,265 43,160
and Jonathan D. Bell
29 23 Raymond James Tax Credit Funds, Inc. St. Petersburg, FL Ronald Diner 43,035 44,128
30 29 Picerne Real Estate Group Phoenix, AZ David R. Picerne 42,476 41,058
31 28 DRA Advisors LLC New York, NY David Luski 41,111 41,908
32 32 Home Properties, Inc. Rochester, NY Edward J. Pettinella 38,861 35,797
33 34 The Related Companies New York, NY Jeff Blau 35,637 35,578
34 33 Sentinel Real Estate Corporation New York, NY John H. Streicker 35,000 35,709
35 30 Empire American Holdings, LLC Montvale, NJ Eli Feller 34,939 40,776
36 39 Lindsey Management Co., Inc. Fayetteville, AR James E. Lindsey 34,088 33,293
37 37 Colonial Properties Trust Birmingham, AL Thomas H. Lowder 33,205 33,524
38 38 Westdale Real Estate Investment & Management Dallas, TX Joseph G. Beard 32,592 31,632
39 36 Concord Management Limited Maitland, FL Edward O. Wood, Jr. 32,313 32,022
40 44 BH Equities LLC Des Moines, IA Harry Bookey 30,172 28,165
41 43 UBS Realty Investors LLC Hartford, CT Matthew Lynch 29,310 28,433
42 47 Essex Property Trust, Inc. Palo Alto, CA Michael Schall 29,146 27,248
43 40 The Bascom Group, LLC Irvine, CA Jerome Fink 28,851 35,674
44 35 CNC Investments, Ltd. Houston, TX Charlie Yalamanchili 28,528 32,721
45 46 Berkshire Property Advisors Boston, MA Frank Apeseche 27,906 27,537
46 42 AEW Capital Management, L.P. Boston, MA Jeffrey Furber 27,556 28,650
47 CB Richard Ellis Investors, LLC Los Angeles, CA Stephen J. Zaleski 26,748 22,564
48 MCA Housing Partners, LLC Gardena, CA Michael A. Costa 26,335 25,824
49 48 BRE Properties, Inc. San Francisco, CA Constance B. Moore 25,398 25,325
50 GID Investment Advisers, LLC Boston, MA Robert E. DeWitt 25,002 12,247
APRIL 2011 NMHC 50 5
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
1 3 Greystar Real Estate Partners, LLC Charleston, SC Robert A. Faith 187,360 153,819
2 2 Riverstone Residential Group Dallas, TX Walt Smith 162,182 178,431
3 1 Pinnacle Family of Companies Dallas, TX Stan Harrelson 151,367 183,877
4 5 Lincoln Property Company Dallas, TX Tim Byrne 133,425 132,881
5 4 Equity Residential Chicago, IL David J. Neithercut 129,604 136,843
6 6 AIMCO Denver, CO Terry Considine 117,119 129,715
7 8 WinnCompanies Boston, MA Samuel Ross 84,817 73,302
8 7 Archstone Englewood, CO R. Scot Sellers 81,613 83,085
9 9 Camden Property Trust Houston, TX Richard J. Campo 63,498 63,506
10 10 Bell Partners Inc. Greensboro, NCSteven D. Bell
60,182 60,422and Jonathan D. Bell
11 11 FPI Management, Inc. Folsom, CA Dennis Treadaway 58,604 56,952
12 14 UDR, Inc. Highlands Ranch, CO Thomas W. Toomey 58,340 50,493
13 13 Edward Rose & Sons Farmington Hills, MI Warren Rose 56,025 55,958
14 16 AvalonBay Communities, Inc. Arlington, VA Bryce Blair 52,490 48,924
15 15 Alliance Residential Company Phoenix, AZ Bruce Ward 48,520 49,488
16 18 The ConAm Group of Companies San Diego, CA Brad Forrester 47,400 46,100
17 12 Fairfield Residential LLC San Diego, CA Chris Hashioka 46,851 53,641
18 20 MAA Memphis, TN H. Eric Bolton, Jr. 46,306 43,604
19 23 Milestone Management, L.P. Dallas, TX Steve Lamberti 45,896 36,408
20 17 Westdale Real Estate Investment & Management Dallas, TX Joseph G. Beard 44,765 46,682
21 19 Picerne Real Estate Group Phoenix, AZ David R. Picerne 44,588 44,927
22 30 JRK Property Holdings, Inc. Los Angeles, CA Jim Lippman 41,900 39,400
23 21 BH Management Services, Inc. Des Moines, IA Nicholas H. Roby 41,641 41,366
24 43 The Laramar Group, LLC Denver, CO David B. Woodward 40,521 29,508
25 26 Village Green Detroit, MI Jonathan Holtzman 40,000 35,000
2011 2010 CORPORATE APARTMENTS MANAGED
RANK RANK COMPANY HEADQUARTERS OFFICER 2011 2010
NATIONAL MULTI HOUSING COUNCIL 50(50 Largest U.S. Apartment Managers as of January 1, 2011)
6 NMHC 50 APRIL 2011
2011 Apartment Management
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
2011 2010 CORPORATE APARTMENTS MANAGED
RANK RANK COMPANY HEADQUARTERS OFFICER 2011 2010
26 24 Michaels Development Company Marlton, NJ Robert J. Greer 39,575 38,236
27 29 Home Properties, Inc. Rochester, NY Edward J. Pettinella 38,861 36,947
28 28 Irvine Company Apartment Communities Irvine, CA Kevin Baldridge 38,220 37,193
29 25 Gables Residential Atlanta, GA David D. Fitch 38,105 37,842
30 27 Capstone Real Estate Services, Inc. Austin, TX James W. Berkey 36,884 37,675
31 Multifamily Management Services Suffern, NY Jeffrey Goldstein 35,800 35,000
32 31 Sentinel Real Estate Corporation New York, NY John H. Streicker 35,000 35,709
33 22 Empire American Holdings, LLC Montvale, NJ Eli Feller 34,939 40,776
34 38 Asset Plus Companies Houston, TX Michael S. McGrath 34,887 31,081
35 37 Lindsey Management Co., Inc. Fayetteville, AR James E. Lindsey 34,440 33,645
36 35 The Related Companies New York, NY Jeff Blau 34,439 33,155
37 32 Forest City Residential Group, Inc. Cleveland, OH Ronald A. Ratner 34,096 34,658
38 45 McKinley, Inc. Ann Arbor, MI Albert M. Berriz 33,922 28,358
39 33 Colonial Properties Trust Birmingham, AL Thomas H. Lowder 33,911 34,230
40 34 The Lynd Company San Antonio, TX A. David Lynd 32,875 33,471
41 36 Concord Management Limited Maitland, FL Edward O. Wood, Jr. 32,313 32,022
42 CAPREIT, Inc. Rockville, MD Dick Kadish 31,000 14,820
43 44 American Campus Communities, Inc. Austin, TX Bill Bayless 30,877 29,342
44 39 Morgan Properties King of Prussia, PA Mitchell L. Morgan 30,625 30,627
45 41 The John Stewart Company San Francisco, CA Jack D. Gardner 30,534 29,989
46 49 Essex Property Trust, Inc. Palo Alto, CA Michael Schall 30,317 27,218
47 40 The Bozzuto Group Greenbelt, MD Thomas S. Bozzuto 30,004 30,157
48 46 LEDIC Management Group, LLC
Memphis, TN
Scott P. “Pierce” 29,142 28,348
Ledbetter, Jr.
49 48 Ginkgo Residential, LLC Charlotte, NC Philip S. Payne 29,029 27,798
50 47 Berkshire Property Advisors Boston, MA Frank Apeseche 28,085 27,806
APRIL 2011 NMHC 50 7
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
NMHC 50:
By Mark Obrinsky, Vice President of Research and Chief Economist, National Multi Housing Council
8 NMHC 50 APRIL 2011
“The Great Recovery” Following “The Great Recession”OVERVIEW
Exactly one year ago, this article was titled “Apartment Industry Challenged by Great Recession.” What a difference a year makes. The apartment industry made a surprising recovery in 2010 from the aforementioned recession. Like all commercial real estate sectors, apartments have traditionally been
a lagging industry, and the rather modest improvement in the economy had suggested a more muted pickup in apartment demand. Instead, the popularity of renting increased to its highest level since 1998—with the share of households who rent rising to 33.4 percent by year-end—and occupancy rates rose across the country. Net absorptions were also strong and rents increased as well (though not yet enough to fully offset the previous decline). The modest improvement in employment led to some “un-coupling” of households, but demand was mainly fueled by new households being formed coupled with reduced resident turnover (especially move-outs to homeownership).
Meanwhile, starts of new multifamily buildings remained at historically low levels, while completions—which lag new starts—fell by 43 percent. They will likely set an all-time low in 2011. In large part this stems from the continued difficulty in obtaining construction financing. The combination of a demand surge and reduced new supply foreshadows further gains in occupancy and rents in the next two years. With other commercial real estate sectors not as far along in their recovery, equity capital has shown increasing inter-est in apartment investment; the Equity Financing Index in the January 2011 NMHC Quarterly Survey of Apartment Market Conditions rose to a record high of 74, with the highest percentage ever (52 percent) of respondents saying they had greater access to equity capital than late last year.
Transaction BoomNot surprisingly, transaction volume rebounded as well, more than doubling to $31 billion. While still
a far cry from the condo conversion-fueled boom of 2005-2007, it’s a strong gain in the context of tighter financing conditions. On the plus side, the debt finance markets also took a few steps toward a more normal-ized environment, as life insurance companies got back into the market and even the CMBS market showed signs of life. Still, the industry continues to rely heavily on the GSEs and FHA for support.
After being dragged down by 30 percent or more during the recession and financial crisis, apartment property prices recovered substantial ground in 2010. Correspondingly, cap rates on apartments have come down 50 basis points from the peak in mid-2009.
The total number of apartments owned by firms in the NMHC 50 owners list is 7.7 percent greater than the number managed by the top 50 managers. The mean and median portfolios among the owners are also larger than the mean and median management portfolios. Nonetheless, the top management firm has a larger portfolio than the top owner firm, and the entry threshold for NMHC 50 managers is higher than that for the NMHC 50 owners. Thirty-three firms on the management list have at least 30,000, but fewer than 50,000, apartments. By contrast, only 19 firms on the owners list are in that range.
NMHC 50 PROFILE 2011
Portfolio Size:
No. of Apartments Owned 2,933,672
No. of Apartments Managed 2,722,894
Minimum Entry Threshold:
No. of Apartments Owner 25,002
No. of Apartments Managed 28,085
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
APRIL 2011 NMHC 50 9
APARTMENT OWNERSHIPFor the second straight year, Boston Capital headed up the NMHC 50 owners list. (It was also the 20th consecutive year the firm has been among the top ten owners.) Moving into the second and third slots are new incarnations of former top-ranked firms: Centerline Capital Group arose from the 2005 lead-er CharterMac, while Boston Financial Investment Management, LP replaces the 2009 top-ranked MMA Financial. As a result, SunAmerica Affordable Housing Partners, Inc. and Equity Residential both moved down two places to the No. 4 and No. 5 slots, respectively. Rounding out the top ten this year are last year’s No. 4 through No. 8 firms.
Six of the top ten firms decreased the size of their ownership portfolios, led by AIMCO’s net selloff of 22,254 units. By contrast, National Equity Fund, Inc., Centerline, and The Richman Group Affordable Housing Corporation all saw sizable net increases. Overall, 30 of the NMHC 50 owner firms (including newcomers) were net acquirers of apartments last year, while 20 were net sellers. The net sellers reduced their portfolios by 81,274, while net buyers added a total of 98,817 apart-ments.
The inclusion this year of some large firms that weren’t on the list last year led to a 7.2 percent increase in the over-all number of apartments owned by the top 50 firms in 2011. The biggest portfolio increase was recorded by Hunt Companies, Inc., which added 25,073 units, increasing its portfolio by more than two-thirds and putting it into the #14 position. Among top 50 firms for both 2010 and 2011, UDR had the biggest increase with a portfolio gain of 7,476.
This year’s survey asked some general questions about business type and geographic location of their apartments. Forty-two firms indicated they own market-rate apartments, 33 firms own tax credit or affordable units and 18 firms have senior housing apartments. The most popular region among top 50 owners is the South Atlantic, where all but four firms own apartments. Of course, the South Atlantic also has the most apartments.
TOP 10 APARTMENT OWNER FIRMS
Rank Company No. of
Apartments with
Ownership Interest
1 Boston Capital 158,947
2 Centerline Capital Group 152,600
3 Boston Financial Investment Management, LP 145,454
4 SunAmerica Affordable Housing Partners, Inc. 141,113
5 Equity Residential 129,604
6 PNC Tax Credit Capital 123,462
7 AIMCO 110,946
8 National Equity Fund, Inc. 107,138
9 Enterprise Community Investment, Inc. 96,195
10 The Richman Group Affordable Housing Corporation 94,925
NMHC 50 OWNERS*
Number of Apartments Owned 2011
Top 10 1,260,384
Second 10 599,926
Top 25 2,094,974
Second 25 838,698
Top 50 2,933,672
Portfolio Size Measures
Mean 58,673
Median 43,846
No. 1 firm 158,947
No. 50 firm 25,002
Share of National Apartment Stock
Top 10 7.2%
Top 25 12.0%
Top 50 16.9%
* After NMHC updated the ownership definition in 2006, CharterMac decided it no longer qualified
and did not complete the survey. MMA Financial chose not to participate last year. Changes in
participation affect comparisons with last year’s survey results. See “Methodology” section at end
for more information.
Changes in ownership definition and company response make historical comparisons difficult.
APARTMENT OWNERS
Largest Portfolio Growth Apartments
Hunt Companies, Inc. + 25,073
GID Investment Advisers, LLC + 12,755
UDR, Inc. + 7,476
National Equity Fund, Inc. + 6,638
Centerline Capital Group + 5,100
Moving Up in Rank Slots
JRK Property Holdings, Inc. + 6
Essex Property Trust, Inc. + 5
BH Equities LLC + 4
Lindsey Management Co., Inc. + 3
UBS Realty Investors LLC + 2
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The 2011 NMHC 50 owners list includes 10 REITs, the same number as last year. The total apartment holdings by REITs in the NMHC 50 decreased, how-ever, and the REIT share of the overall market fell to 3.4 percent, the lowest
level since 1997, when it was 2.3 percent. This decline appears to be more company-specific than a consequence of the REIT model. In particular, AIMCO’s sizable paring of its portfolio outweighed substantial portfo-lio gains by UDR, AvalonBay, Home Properties, Mid-America Apartment Communities and Essex Property Trust.
In principle, apartment own-ers could be ranked not only by the number of apartments owned but also by the value of those apartments. While cap-turing such data is impractical, there is an alternative measure available for public companies, namely total capitalization. While not perfect—ownership of non-apartment assets can
substantially affect overall firm value—it provides a useful perspective on relative size among apartment firms.
APARTMENT REIT SIZE AND RANK BY TWO MEASURES
(as of January 1, 2011) Apartments Company
with Rank Total Cap rank
Ownership among Capitalization among
Interest REITs ($ millions) REITs
Equity Residential 129,604 1 25,882 1
AIMCO 110,946 2 9,566 3
Camden Property Trust 63,278 3 6,388 5
UDR, Inc. 58,796 4 7,984 4
AvalonBay Communities, Inc. 52,490 5 13,548 2
Mid-America Apartment Communities, Inc. 46,306 6 3,861 9
Home Properties, Inc. 38,861 7 5,326 7
Colonial Properties Trust 33,205 8 3,240 10
Essex Property Trust, Inc. 29,146 9 5,918 6
BRE Properties, Inc. 25,398 10 4,889 8
Note: Company total capitalization sums: (1) market value of shares outstanding, including operating partnership units;
(2) the value of perpetual preferred stock; and (3) the book value of total debt outstanding. Capitalization estimates for
December 31, 2010, are provided by Stifel Nicolaus & Company, Inc.
10 NMHC 50 APRIL 2011
REITs in the Rankings
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12 NMHC 50 APRIL 2011
APARTMENT MANAGERSThere were fewer changes among the NMHC top 50 managers. Only two new firms made the list, and the same firms from last year’s top ten made up the 2011 top ten as well, albeit with some changed rankings. The biggest change was the new leader: on the strength of a sizable net increase in its management portfolio (a gain of 33,541 apartments), Greystar Real Estate Partners, LLC became the largest apartment manager in the country. Riverstone Residential Group remained in the No. 2 slot, with last year’s biggest manage-ment firm, Pinnacle Family of Companies, now ranked No. 3. Lincoln Property Company (No. 4) and Equity Residential (No. 5) switched places from last year, as did WinnCompanies (No. 7) and Archstone (No. 8).
Besides Greystar, the biggest portfolio gainers were newcomer CAPREIT, WinnCompanies and The Laramar Group, LLC. Laramar was also the biggest mover in the management rankings, mov-ing up 19 places to the No. 24 slot. JRK Property Holdings, Inc. and McKinley, Inc. also moved up the rankings ladder substantially.
One key characteristic of today’s apartment management landscape is the large number of similar-sized firms just outside the top ten. The No. 11 firm (FPI Management, Inc.) manages 58,604 apartments, while the No. 50 firm manages 28,085 apart-ments, a difference of 30,519. By comparison, the management portfolio of the top firm is 91,185 units larger than that of the No. 10 firm. Another measure of just how tightly bunched the middle of the rankings list is: Gables Residential increased the number of apartments under management (by 263 units), yet still fell in the rankings by 4 slots.
All but one firm among the 50 largest managers have market-rate apartments in their portfolios. Thirty-seven firms manage
NMHC 50 MANAGERS
Number of Apartments Managed 2011 2010 2009 2008 2007 2006
Top 10 1,171,167 1,195,881 1,224,042 1,194,108 1,106,880 1,051,603
Second 10 505,197 496,740 487,528 523,614 498,472 469,786
Top 25 1,885,014 1,890,933 1,915,170 1,930,162 1,810,315 1,703,865
Second 25 837,880 798,786 754,002 797,946 770,885 680,091
Top 50 2,722,894 2,689,719 2,669,172 2,728,108 2,581,200 2,383,956
Portfolio Size Measures
Mean 54,458 53,794 53,383 54,562 51,624 47,679
Median 39,788 37,767 37,871 40,578 40,010 33,150
No. 1 firm 187,360 183,877 185,219 195,888 209,412 197,774
No. 50 firm 28,085 26,845 23,730 25,852 25,277 22,500
Share of National Apartment Stock
Top 10 6.7% 6.9% 7.0% 6.9% 6.4% 6.0%
Top 25 10.8% 10.9% 11.0% 11.1% 10.4% 9.7%
Top 50 15.6% 15.5% 15.3% 15.7% 14.8% 13.6%
APARTMENT MANAGERS
Largest Portfolio Growth Apartments
Greystar Real Estate Partners, LLC + 33,541
CAPREIT, Inc. + 16,180
WinnCompanies + 11,515
The Laramar Group, LLC + 11,013
Milestone Management, L.P. + 9,488
UDR, Inc. + 7,847
Moving Up in Rank Slots
The Laramar Group, LLC + 19
JRK Property Holdings, Inc. + 8
McKinley, Inc. + 7
Milestone Management, L.P. + 4
Asset Plus Companies + 4
TOP 10 APARTMENT MANAGEMENT FIRMS
Rank Company No. of
Apartments Managed
1 Greystar Real Estate Partners, LLC 187,360
2 Riverstone Residential Group 162,182
3 Pinnacle Family of Companies 151,367
4 Lincoln Property Company 133,425
5 Equity Residential 129,604
6 AIMCO 117,119
7 WinnCompanies 84,817
8 Archstone 81,613
9 Camden Property Trust 63,498
10 Bell Partners Inc. 60,182
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APARTMENT MANAGEMENT (by tier in thousands)
3,000
2,500
2,000
1,500
1,000
500
’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11
Top 10 Top 25 Top 50
APRIL 2011
tax credit/affordable properties and 12 firms manage senior housing. As with the top 50 owners, the South Atlantic has more top 50 managers than any other region.
The number of apartments included in the NMHC 50 manager list increased by 1.2 percent in 2011 to 2,722,894, the second-highest level in the sur-vey’s history (the highest was 2,728,108 in 2008). Seven of the top ten firms reduced their management portfo-lios, compared with only three that increased their portfolios. As a result, the apartments managed by the ten largest firms declined by 2.1 percent, the second straight decline. By contrast, apartments under management by the “second ten” firms rose by 1.7 percent. More significantly, the portfolios of the “second 25” firms rose by 4.9 percent to a record high of 837,880.
Both the mean (average) and the median rose and are close to their all-time highs. The minimum size needed to make it into the top 50 (28,085 apart-ments) set a new record, 1,240 more than the previous record set last year.
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For the second straight year, the National Multi Housing Council partnered with Kingsley Associates to handle the NMHC 50 survey pro-cess (though NMHC remains solely responsible for any errors). To compile the NMHC 50 lists, both organizations gather names of owners and managers from as wide a range of sources as possible and contacts staff from each firm who complete the survey online. Over the years, improved outreach and increased publicity associated with the rankings has resulted in more firms responding to the survey.
For the purposes of this survey, investment fund managers are treated as owners only if they retain substantial equity in the apartment property or if they maintain effective responsibility and decision-making over the investment property. Similarly, tax credit syndicators and franchisers are regarded as owners only if they retain a fiduciary responsibility. (When firms function strictly as advisers rather than investors, they are not regarded as owners.)
The rankings do not distinguish between partial and full ownership. Some firms own sizable apartment properties through joint ventures in which their share could range anywhere from 1 to 99 percent. Others are primarily the sole owners of their apartments. In principle, it would be desirable to account for partial ownership—treating 50 percent ownership of 100 apartments as equivalent to full ownership of 50 units, for example. In practice, it is not feasible to make such distinctions.
The survey excludes condominiums, cooperatives, hotel rooms, nursing homes, hospital rooms, mobile homes and houses with rental units. Rental housing for seniors (age-restricted apartments) is included, although assisted living and congregate care facilities are not. Finally, since we measure industry concentration by comparing the top 50 owners and managers against the nation’s entire apartment stock, only U.S. apart-ments are included.
At times, a firm may debut on the NMHC 50 at a high level. Generally, this means the firm is responding to the survey for the first time, rather than an indication of an outsized portfolio gain—although that, too, happens on occasion. Nonetheless, despite many improvements and everyone’s best efforts, the process remains imperfect: it relies on both accurate reporting and surveying of the complete universe, both of which can be fraught with problems.
There are two caveats in comparing the lists over time. First, the definition was refined in 2006 to eliminate those invest-ment fund managers with neither substantial equity nor effective control over the investment property. Second, occasionally firms that have previously been among the top 50 owners or managers have not responded to the NMHC survey. This year, both Crow Holdings and GE Real Estate—firms that are likely large enough to make the ownership NMHC 50—declined to participate. As a result, two other companies appear on the list that otherwise might not have been large enough. In addition, this affects the total number of apartments owned by the top 50 firms, as well as other measures of concentration such as the mean and median portfo-lio size. (Note that this did not affect the management list.) For these reasons, year-to-year comparisons must be made with great care. ______________________________________________________________________________
METHODOLOGY
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16 NMHC 50 APRIL 2011
He’s back. March 8, 2010 was a landmark date for prominent real estate
investor Andrew L. Farkas — and arguably for the apartment sector as well. The day marked Farkas’ return to apartment investment a decade after selling his previous mega-portfolio.
Farkas’ return to the field was as splashy as his exit back in the late 1990s.
Affiliates of the Island Capital investment organization that Farkas heads on that day closed acquisitions of various assets of the struggling Centerline Holding Co. These include the commercial mortgage special servicing and mortgage-backed securities fund management divisions now operating under Island’s C-III Capital Partners unit. They also include a stake in fee-based multifamily finance originations and servicing, tax-credit equity fund manage-ment and related asset-management divisions still operating under the Centerline Capital Group name, which ranks No. 2 on the NMHC 50 Owners list.
In conjunction with the transaction, the Island Capital affiliate known as Anubis Advisors, made up of key Island brain-trusters, now acts as external management advisor to both Centerline and C-III.
As was the case with his Insignia Financial Group back in the late 1980s and early 1990s, Farkas now aims to build a large port-folio of apartments and other assets by exploiting opportunities related to financial distress in the income-property arena.
Farkas describes his re-entry into the multifamily field as repli-cating Insignia’s strategy adapted for the prevailing environment. But this time around he wants to gain control of assets by initially targeting the debt side rather than picking up ownership interests as he did back then.
TARGETING COLLATERAL ASSETSMore specifically, through C-III’s special servicing and CMBS fund management activities, he aims to take control of collateral assets underlying loans securitized mostly during the 2005-07 bubble years.
“The equity lives inside the securitization today,” says Farkas, who amassed some 350,000 apartments under the Insignia umbrel-la while still in his 30s. “Back then we acquired portfolios by acquiring controlling classes of the [corresponding] equity secu-rity:” general partner interests in limited partnerships, managing member positions in limited liability companies and the like.
But a decade into the new century — and now that he’s hit the half-century mark — Farkas and his longtime teammates want to “control the controlling classes of the debt security,” he explains. “The true ownership of equity is somewhere inside the CMBS stack.”
Can Farkas and company succeed in the prevailing environment
A Familiar Face Returns to Multifamily
Andrew L. Farkas Chairman and CEO of Island Capital
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as they did in the ’90s? Even after a decade away from the domestic apartment sector — he’s been off acquiring yachting lifestyle des-tinations and marinas around the globe — Farkas commands no shortage of peer respect.
David Woodward, CEO of fast-growing apartment owner-oper-ator Laramar Group, points to other notable investors who have since emulated Farkas’ move by investing in large special servicers. For instance, Cerberus Capital Management, Oaktree Capital Management and Vornado Realty Trust helped recapitalize LNR Partners’ parent company, and Fortress Investment Group bought CWCapital.
“It seems everyone has their eye on Island as they’re determining how to proceed” when it comes to controlling real estate through special servicing rights and B-piece positions, Woodward adds. “Farkas is known as a savvy player, so if the opportunity is there, the thinking is he’ll find a way to make it work.”
The Centerline deal appears to give Farkas a promising combi-nation of assets and platforms.
C-III took on special servicing responsibilities covering some $110 billion in commercial mortgages held in 80-plus CMBS securitizations. The transaction also brought Centerline’s former position in subordinate “first loss” tranches, known as B-pieces, of those CMBS bond issues, with combined face values of about $3.1 billion.
GROWTH STRATEGYWhere it makes economic sense and is in the best interests of CMBS bond-holder trusts, the C-III team will look to convert control of those B-piece tranches into con-trol of financially distressed apart-ment properties and other real estate, Farkas is quick to acknowledge.
Indeed, a primary component of the near-term growth strategy entails securing and exercising special-ser-vicer options to acquire distressed assets at independently calculated “fair values” – but, again, just in select cases where that’s the best reso-lution for bond-holders.
“This gives us the opportunity to make investments in defaulted assets,” Farkas relates.
And it appears to be an attractive environment to pursue that strat-egy – again, given how far CMBS conduit lenders stretched in funding loans during the bubble years. A huge amount of conduit loans originated in 2005 through 2007 in particu-lar will likely be further underwater upon maturity than was typically the case with the over-leveraging seen back in the syndication- and S&L-driven ’80s, Farkas stresses.
APRIL 2011
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Initially launched with $5.5 million in investor capital Farkas arranged, the operation that became Insignia Financial leaped into prominence nationally when it acquired nearly all the assets of big apartment syn-dicator U.S. Shelter Corp. on the last day of 1990. Insignia went public the following year and ultimately evolved into one of the world’s biggest owner-operators with 350,000 apartment units.
When the economy was booming a couple of years before the dot-com bubble burst, Insignia sold most of that portfolio to public REIT Apartment Investment & Management Co. (AIMCO) for approximately $11 billion, including the combined capitalization of all the assets that traded hands. The rapid growth didn’t come without at least a bit of controversy, however: Insignia ultimately came to a settlement over alle-gations of improper fee-splitting arrangements covering HUD-financed apartments, agreeing to repay more than $7 million in management fees HUD had paid Insignia.
Looking forward, the Farkas team expects to devote considerable resources in executing C-III’s and Centerline’s various multifamily strate-gies in coming years.
TARGETING DISTRESSED PROPERTIESC-III began actively acquiring distressed properties through its special servicing activities in late 2010, with a handful closed by mid-February. “And we’ve got a bunch more teed up,” Farkas notes.
As C-III is now special servicer for CMBS deals with security interests in all sorts of commercial real estate collateral, the team expects to take control of office, retail and hospitality assets in addition to apartments. “We will look to aggregate significant portfolios of each and [when the timing is right] seek exit strategies.”
Apartments will be a primary thrust: “Obviously multifamily is an asset class in which we have some degree of comfort,” Farkas understates.
If some market participants have expressed concerns that C-III, as special servicer, will look to take control of assets rather than pursue mutually favorable workouts with borrowers, Farkas points to the rules of the game.
“We will always do what’s in the best interests of (CMBS) certificate holders; that’s our responsibility,” he stresses. “If it’s determined that the best-case outcome is through some liquidity strategy that involves sale of an asset, we’d look at that prospect.”
As for the recapitalized Centerline operations, the tax-credit syndica-tion operation – the nation’s second-largest apartment owner with inter-ests in some 152,600 units at year-end – in mid-February closed its latest nearly $120 million multi-investor fund. After a considerable dip in tax-credit equity raising during the 2008-09 period, that space is “returning from its lull” and becoming more competitive, Farkas observes.
He’s optimistic about Centerline’s affordable-housing financing origi-nations businesses as well, given that the Obama Administration isn’t about to pursue dramatic program cuts even while looking to rein in the federal deficit. “The form that affordable-housing financing might take may be up in air,” Farkas observes, “but it’s a certainty that it will be a public (function).”
There is, he says, inherent value in solid platforms for originating and servicing on behalf of Fannie and Freddie — or the entities that succeed them.
18 NMHC 50 APRIL 2011
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APRIL 2011
The 2011 NMHC 50 Managers roster features two firms that experi-enced exceptional portfolio growth last year. CAPREIT, Inc. made its splashy debut at No. 42 after more than doubling its portfolio to
31,000-some units. And Laramar Group moved up an impressive 19 slots to No. 24 as its portfolio grew by some 11,000 units to more than 40,500.
However, Laramar’s and CAPREIT’s growth came via contrasting strate-gies. Both reflect opportunities exploited by some of the savviest apartment operators in the prevailing market. While Laramar grew piecemeal mostly by taking over distressed properties for new clients, CAPREIT’s portfolio expansion came via a particularly transformative transaction.
Laramar’s big jump is in great part a result of its strategic initiative to handle more short-term apartment property management and related engagements at distressed assets on behalf of lenders and special servicers, explains David Woodward, the company’s Denver-based Managing Partner and CEO.
And the strategy senior executives adopted a couple of years back paid particularly large dividends in 2010. Laramar augmented its client roster with some household-name lenders, such as Wells Fargo and Citigroup, along with top-tier special servicers including LNR Partners, CWCapital, C-III Capital and Midland Loan Services.
Laramar can also offer these customers services such as receiverships, due diligence and the construction management frequently needed at REOs and otherwise distressed prop-erties. Indeed, Laramar is already act-ing as receiver for properties totaling upwards of 9,000 units in 12 states.
“And that part of the portfo-lio just continues to grow,” relates Woodward.
Of course, as Woodward and other Laramar executives were well aware, taking on management of distressed assets would involve challenges. As maintenance and related activities tend to get neglected at financially struggling properties, Laramar’s pro-fessionals have to direct quite a bit of basic fixing and cleaning as they strive to stabilize occupancies, expenses and income streams.
The initial wave of distressed prop-erties included plenty of “thinly under-written” D+ and C- assets, Woodward recalls. But the latest distressed addi-tions to Laramar’s portfolio are more often in the B quality range, many of them in reasonable operational shape but with owners unable to fully refi-nance maturing mortgages in the pre-vailing credit environment, he adds.
Fortunately, the firm was well pre-
New Faces
David WoodwardMananging Partner and CEO of the Laramar Group, LLC
Communities in: A L A B A M A | F L O R I D A | G E O R G I A | M A R Y L A N D | M I S S O U R I
N E VA D A | N O R T H C A R O L I N A | S O U T H C A R O L I N A | T E X A S | V I R G I N I A
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20 NMHC 50 APRIL 2011
pared to take on these tough assignments, as Laramar has traditionally oper-ated properties across much of the quality and price-point spectrums.
Another challenge: given that these assignments typically culminate in preparing properties for dispositions or, in some cases, financial work-outs, they’re mostly short-term in nature. The trick is to make sure the new relationships last a lot longer than the distressed-asset engagements, Woodward stresses. And that’s clearly the case with CWCapital, for whom Laramar has become the servicer’s largest multifamily fee manager.
“We got in early with some of the big servicers, and now we’re one of their go-to managers,” Woodward relates. “We’re very happy with where we’re positioned with lenders and servicers; this gives us unique access to properties.”
Laramar has traditionally overseen apartment communities for long-term holders, including institutional investors such as Prudential Real Estate and Henderson Global. And the firm’s internal, fully invested fund, dubbed Laramar Multi-Family Value Fund, accounts for some 8,000 units under management (a follow-up fund is scheduled to close later this year).
A dozen or so new distressed-asset relationships would make Laramar’s management portfolio about as large as Woodward cares to see it. Concerned about potential “diseconomies” of a large-scale, multi-market operation, Woodward isn’t aiming to boost Laramar’s management portfo-lio beyond approximately 75,000 units in 30 markets.
“I’d say 50,000 to 75,000 units is the perfect size for us. You start getting larger than that and it can be hard to turn the ship” when market dynamics necessitate limber strategic responses, Woodward explains.
Laramar’s management portfolio is quickly approaching the 50,000-unit mark. That includes 8,000 units in the Bay Area alone, with 5,000 in San Francisco proper. While the firm usually sticks with communities of 100 or more units, success in a market like San Francisco can require a cluster of smaller projects.
Indeed, Laramar’s portfolio in the bayside city averages fewer than 40 apartments per property. Several are REOs previously controlled by Lembi Group interests.
Now, Woodward and company aim to replicate that portfolio growth strategy in New York City, where the company last year launched an opera-tion to serve clients, as well as in Boston and Philadelphia. Woodward and associates recruited veteran David Sorise from The Dermot Co. to head the new regional office.
ONE FELL SWOOPAs founder and owner Richard “Dick” Kadish explains, Rockville, Md.-based CAPREIT’s growth last year likewise reflects a strategy pursued for a couple of recession-rocked years. But in CAPREIT’s case, nearly the entire portfolio expansion came via a single transaction that ultimately took much of two years to complete.
A CAPREIT affiliate teamed with Morrison Grove Capital Advisors to take over management of Credit Suisse Group’s approximately 240-prop-erty, 15,000-plus-unit portfolio of tax-credit apartments. CAPREIT, which also part-owns and asset-manages other tax-credit, conventional and tax-exempt bond-financed properties, logically handles the hands-on
Dick Kadish President of CAPREIT, Inc.
Laramar Managed Fillmore Center in San Francisco, CA
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
APRIL 2011
property-level work, while Morrison Grove oversees the tax-credit investor relationships.
Kadish and his Morrison teammates were all too aware that their team was competing against 15 or so other qualified suitors for the portfolio. One key factor in securing the deal came when Credit Suisse engaged CAPREIT to asset manage a couple of the struggling properties.
“Fortunately, we were able to turn around distressed situations into money-making operations by employing standard real estate management techniques and concentrated efforts,” Kadish recalls.
One small property actually lacked a general partner, property manager and loan guarantor when CAPREIT took over. It also lacked tax-credit com-pliance approval for three years running. The new manager was able to resolve all those issues and boost occupancy from roughly 65 percent to completely full in just 63 days.
Still, it took well over a year to win the competition and several more months to close the deal – on the last day of 2010.
Doubling CAPREIT’s management portfolio in one fell swoop certainly presented challenges. But, fortunately, the CAPREIT/Morrison venture retained much of Credit Suisse’s professional team working on the portfolio. “So nothing was lost in transition,” as Kadish puts it.
Kadish cites CAPREIT’s extensive affordable-housing program compliance policies and procedures as instrumental to winning and closing the Credit Suisse deal. “Much to our benefit we had very good relationships with the housing finance agencies in the states where the portfolio properties are located.”
Kadish is now looking to further grow CAPREIT’s portfolio with addi-tional transactions along the lines of the Credit Suisse deal.
“Our biggest advocate, if you will, is the professionals on the Credit Suisse side who’ve seen us in action,” Kadish relates. “That’s the biggest recommen-dation we can make to (would-be sellers): go and ask these people how we’ve performed.”
CAPREIT’s portfolio is generally concentrated in the Southeast, Mid-Atlantic and Midwest regions along with some California properties.
The impeccable profile of CAPREIT’s capital partners on single-asset apartment property acquisition ventures also attests to the Kadish team’s capabilities. They include the likes of BlackRock Realty, Praedium Group and Apollo Real Estate, says Kadish. “These have been very reward-ing and successful relationships.”
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22 NMHC 50 APRIL 2011
Not long ago, public REITs sought identity as consolidators, but two giants once topping the NMHC 50 Owners list have shrunk in recent years, although they remain in the top 10. Still, executives at both AIMCO and
Equity Residential are more optimistic about the profitability prospects ahead than they were when their portfolios exceeded 225,000 units.
AIMCO’s portfolio, now at about 111,000 (No. 7), is half the size it was a half-decade back. And Equity Residential, at just under 130,000 (No. 5), has shed roughly 100,000 units since its portfolio peak. Meanwhile, the recapitalized tax-credit syndicator now known as Centerline Capital Group has seen its portfolio shrink even further, from a peak of some 325,000 units down to 152,600 at year-end (but No. 2, nonetheless).
Some noteworthy trends, at least in part stemming from the recession, are apparently prompting some of the biggest publicly traded apartment owner-operators to right-size.
REITs, in particular, in recent years have generally concluded that efficiencies of scale have limits. Yes, bulk buying power can generate discounts on supplies and services, but it doesn’t improve profitability as much as a portfolio focused on product offerings and markets where management boasts competitive expertise.
“Over the past few years, we’ve significantly streamlined and refocused” the company and its portfolio, longtime AIMCO Chairman/CEO Terry Considine stressed during the company’s latest quarterly conference call. Like many other large apartment REITs, AIMCO has sold many of its communities with an eye toward focusing on its core markets and strongest properties, added Executive Vice President John Bezzant.
Likewise, Equity Residential’s portfolio continued shrinking last year in terms of units owned, but the quality improved via strategic dispositions and invest-ments, said CEO David Neithercut. Equity Residential acquired nearly 4,500 units for combined consideration of about $1.5 billion during the year, while also selling another 7,171 apartments — primarily non-strategic assets in non-core markets — for a total of $718.4 million.
As Neithercut also noted, many REITs facing large-scale secured and unsecured debt maturities sold properties to raise cash and shore up balance sheets during 2008 and 2009, particularly when credit markets were so dysfunctional.
While that became less of an issue for many REITs a year ago as credit condi-tions improved, the impact is that prior strategic moves improved balance sheets as portfolios shrank, as AIMCO’s Considine is quick to point out. “Recourse debt was largely eliminated, costs were lowered, near-term maturities were reduced, and liquidity and capacity were increased.”
The quest to deleverage was clearly more pronounced among public compa-nies and appears to have pulled many private tax-credit syndicators to the top of the nation’s roster of largest apartment owners, observes Jeff Goldstein, Executive Vice President and Chief Operating Officer of Boston Capital, the reigning top owner with just under 159,000 units.
Private syndicators just don’t face the kinds of shareholder pressures public REITs do to de-lever and meet quarterly financial targets through active disposi-tions, he adds: “We can be far more patient.”
Indeed, affordable-housing specialists, primarily tax-credit syndicators, now hold the top four slots, and six of the top eight.
SYNDICATORS DOMINATE TOP TIERSo even as the average size of the industry’s largest portfolios has generally become smaller in recent years, it’s no great surprise to Goldstein and other pros
Revisiting the Number Ones
David Neithercut President and CEO of Equity Residential
Jeff Goldstein Executive Vice President of Boston Capital
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
APRIL 2011
that syndicators have come to dominate the upper tier. Even though tax-credit equity raising fell off during the recession, it became about the most reliable source of capital amid the credit crunch.
Rounding out the leading quintet in addition to Equity Residential, Centerline and stalwart Boston Capital (this is the 20th straight year that Boston Capital has been in the top 10 of the NMHC 50 Owners) are No. 3 Boston Financial Investment Management, LP at about 144,500 and SunAmerica Affordable Housing, Inc. at a bit over 141,000.
Several other affordable specialists also ranked among the companies experiencing the strongest growth over the course of 2010. These include No. 8 National Equity Fund, Inc., whose portfolio grew by more than 6,600 units; No. 10 Richman Group Affordable Housing Corporation (growth of more than 4,500 units); and No. 12 Alliant Capital, Ltd. (growth of nearly 5,000 units).
Another reason so many syndicators top the NMHC 50 Owners list is that tax-credit compliance life-cycles tend to minimize rapid market-driven property and portfolio dispositions, notes Ken Cutillo, Boston Financial’s CEO. Investors seeking full compli-ance benefits need to stick with these investments for 15 years, he explains.
But compliance life-cycles during certain periods can likewise end up generating growth in syndicator portfolios – as is the case today, adds Goldstein. A lot of investors coming out of expiring compliance periods stemming from the deal-heavy mid-1990s are now looking to redeploy capital into new tax-credit ventures, he explains.
Despite the recessionary decline in tax-credit equity raising, capital has still flowed into affordable-housing ventures, Goldstein continues. Banks might be leery of real estate lending, but they’re still motivated by Community Reinvestment Act obliga-tions, he elaborates.
Boston Capital, Centerline Capital Group and Boston Financial Investment Management, LP have all been working on sizable new tax-credit equity funds, pro-ceeds of which will help them augment their respective portfolios. Boston Capital closed a $305 million fund last October, and Cutillo says Boston Financial is on track to raise another $250 million to $300 million this year. (Two years ago JEN Partners and Real Estate Capital Partners acquired Boston Financial, then known as MMA Financial, from troubled Municipal Mortgage & Equity.)
START-UP SYNDICATORS COMPETEMeanwhile, the recapitalized, publicly traded Centerline in mid-February closed its latest nearly $120 million multi-investor fund. The syndication arena is returning from its lull – and has attracted a few start-up syndicators adding to the competition for investors and qualifying investments, observes investor Andrew Farkas, who heads the group that acquired a 40 percent stake in Centerline last year.
Another hard-to-ignore trend emerging among the nation’s largest apartment owners: notwithstanding the portfolio shrinkage among the very largest players, holdings among the balance of the NMHC 50 have clearly
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been growing.Indeed, a half-decade back, only half the companies ranked No. 11 through
No. 20 could boast 50,000 or more units. Today they all can.Likewise, No. 21 through No. 30 owned roughly 33,000 to 43,000 apartments.
Today the comparables are 41,000 to 50,000. Nine of the 10 from No. 31 through No. 40 held 30,000 or fewer units five years ago; today nine of the 10 own 30,000 or more.
And none of the companies ranked No. 41 through No. 50 owned more than 23,000 apartments five years ago. Today they hold between 24,000 and 29,000, roughly.
As for those public REITs formerly holding the top slot, their respective leaders see more productive days ahead – but not necessarily larger portfolios.
Considine reiterated that AIMCO’s brain trust continues striving to squeeze better operating margins out of the right-sized portfolio.
“Our conventional same-store operating margin actually improved during the Great Recession to better than 61 percent,” he said.
Added Bezzant: “We are recycling capital through the portfolio, and we have aggressively focused (on) selling off the bottom of the portfolio.”
At Equity Residential, Neithercut stressed that as the company looks to grow again through offensive-minded development ventures and strategic acquisi-tions, the management team won’t hesitate to sell additional seasoned holdings if offers are compelling.
Dispositions, in fact, will likely exceed acquisitions this year: with guidance calling for some $1.25 billion of the former compared to $1 billion of the latter.
As for AIMCO’s plans: “We see more attractive investment opportunities within our existing portfolio,” concludes Considine.
AIMCO’s Greenspoint at Paridise Valley in Phoenix, AZ
APRIL 2011
Ken Cutillo Chief Executive Officer of Boston Financial
Terry Considine Chairman and CEO of AIMCO
Serving over 450 multi-familycommunities, nationwide
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Our employees are thesource of our success.We thank all 2,670 ofour team members andtheir families.Recognized as a Top 100 Employer, Boston Globe, 2010.Advancing careers in property management for 40 years.
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For more information please contact:
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* includes $300 million of buyer-rep acquisitions in the U.S.** Source: Real Capital Analytics
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NMHC Officers 2011
Board of Directors
Executive Committee
President
Douglas M. Bibby
National Multi
Housing Council
Washington, DC
Membership lists current as of February 21, 2011.p y ,
Treasurer
Daryl J. Carter
Avanath Capital Partners
Irvine, CA
Vice Chairman
Thomas S. Bozzuto
The Bozzuto Group
Greenbelt, MD
Chairman
Peter F. Donovan
CB Richard Ellis
Boston, MA
R. Scot Sellers
Archstone
Englewood, CO
Sean J. Breslin
AvalonBay
Communities, Inc.
Arlington, VA
Timothy J. Naughton
AvalonBay
Communities, Inc.
Arlington, VA
David J. Olney
Berkshire Property
Advisors
Boston, MA
Thomas Shuler
Berkshire Property
Advisors
Roswell, GA
Julie A. Smith
Bozzuto Management
Company
Greenbelt, MD
Stephen Dominiak
BRE Properties, Inc.
Irvine, CA
Constance B. Moore
BRE Properties, Inc.
San Francisco, CA
Laurie A. Baker
Camden Property Trust
Houston, TX
Ric Campo
Camden Property Trust
Houston, TX
John R. Williams
Carmel Partners, Inc.
San Francisco, CA
Ron Zeff
Carmel Partners, Inc.
San Francisco, CA
Brian F. Stoffers
CBRE Capital Markets
Houston, TX
William T. Hyman
Centerline Capital Group
New York, NY
John Larson
Centerline Capital Group
New York, NY
Patti Fielding
AIMCO
Denver, CO
Patti Shwayder
AIMCO
Denver, CO
Marc E. deBaptiste
Apartment Realty
Advisors
Boca Raton, FL
Gary T. Kachadurian
Apartment Realty
Advisors
Oak Brook, IL
Charles E. Mueller, Jr.
Archstone
Englewood, CO
Former ChairmenKelley A. Bergstrom
C. Preston Butcher
Ric Campo
Douglas Crocker, II
Allen Cymrot
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
Secretary
Robert E. DeWitt
GID Investment
Advisers LLC
Boston, MA
26 NMHC 50 APRIL 2011
Board of Directors
Executive Committee
Michael F. McRoberts
Freddie Mac
McLean, VA
Susan Ansel
Gables Residential
Dallas, TX
David Fitch
Gables Residential
Atlanta, GA
Stacy G. Hunt
Greystar Real Estate
Partners, LLC
Houston, TX
William C. Maddux
Greystar Real Estate
Partners, LLC
Charleston, SC
Donald P. King, III
CWCapital
Needham, MA
Paul G. Kerr
Davlyn Investments
San Diego, CA
Jon D. Williams
Davlyn Investments
San Diego, CA
Alan W. George
Equity Residential
Chicago, IL
David J. Neithercut
Equity Residential
Chicago, IL
Nathan S. Collier
The Collier Companies
Gainesville, FL
J. Andrew Hogshead
The Collier Companies
Gainesville, FL
Paul F. Earle
Colonial Properties Trust
Birmingham, AL
Edward T. Wright
Colonial Properties Trust
Birmingham, AL
Michael D. Berman
CWCapital
Needham, MA
Laura A. Beuerlein
Heritage Title Company
of Austin, Inc.
Austin, TX
Gary S. Farmer
Heritage Title Company
of Austin, Inc.
Austin, TX
Mona Keeter Carlton
HFF
Dallas, TX
Matthew Lawton
HFF
Chicago, IL
Clyde P. Holland
Holland Partner Group
Vancouver, WA
Robert D. Greer, Jr.
ING Clarion
Washington, DC
C. Stephen Cordes
ING Clarion Partners
New York, NY
Guy K. Johnson
Johnson Capital
Irvine, CA
James H. CallardKlingbeil Capital
Management/American g pp
Apartment Communitiesgg
Annapolis, MD
C. Preston Butcher
Legacy Partners
Foster City, CA
Susanne Hiegel
Fannie Mae
Washington, DC
Heidi McKibben
Fannie Mae
Pasadena, CA
Deborah Ratner-Salzberg
Forest City
Enterprises, Inc.
Washington, DC
Ronald A. Ratner
Forest City Residential
Group, Inc.
Cleveland, OH
Michael May
Freddie Mac
McLean, VA
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTORA SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
APRIL 2011 NMHC 50 27
Board of Directors
Executive Committee
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Brian E. McAuliffe
RREEF
Chicago, IL
Michael P. Bissell
SARES*REGIS Group
Irvine, CA
Geoffrey L. Stack
SARES*REGIS Group
Irvine, CA
Kenneth J. Valach
Trammell Crow
Residential
Houston, TX
David R. Schwartz
Waterton Associates,
L.L.C.
Chicago, IL
Charles R. Brindell, Jr.
Mill Creek Residential
Trust LLC
Dallas, TX
Mary Ann King
Moran & Company
Irvine, CA
Thomas F. Moran
Moran & Company
Chicago, IL
Rick Graf
Pinnacle
Dallas, TX
Stan J. Harrelson
Pinnacle
Seattle, WA
W. Dean Henry
Legacy Partners
Residential, Inc.
Foster City, CA
J. Timothy Byrne
Lincoln Property
Company
Dallas, TX
Jeff B. Franzen
Lincoln Property
Company
Herndon, VA
John J. Kerin
Marcus & Millichap
Encino, CA
Martin T. Lanigan
Mezz Cap
Short Hills, NJ
Gregory J. Lozinak
Waterton Residential
Chicago, IL
Vincent R. Toye
Wells Fargo Multifamily
Capital
New York, NY
Alan Wiener
Wells Fargo Multifamily
Capital
New York, NY
Warren J. Durkin, Jr.
Wood Partners, LLC
Boca Raton, FL
Jay Jacobson
Wood Partners, LLC
Boca Raton, FL
David P. Stockert
Post Properties, Inc.
Atlanta, GA
Jamie Teabo
Post Properties, Inc.
Atlanta, GA
David Durning
Prudential Mortgage
Capital Company
Chicago, IL
Dale H. Taysom
Prudential Real Estate
Investors
Atlanta, GA
Jerome Ehlinger
RREEF
Chicago, IL
28 NMHC 50 APRIL 2011
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A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors Membership lists current as of February 21, 2011. p y ,
30 NMHC 50 APRIL 2011
Roger H. Beless
Archon Residential
Irving, TX
William S. Robinson
Archon Residential
Irving, TX
Lin Atkinson
AT&T Connected
Communities
Atlanta, GA
Thuy Woodall
AT&T Connected
Communities
Atlanta, GA
Michael G. Miller
AUM
Oak Brook, IL
R. Ryan Holmes
Ambling Companies, Inc.
Valdosta, GA
William C. Bayless, Jr.
American Campus
Communities
Austin, TX
Rodrigo Lopez
AmeriSphere Multifamily
Finance, LLC
Omaha, NE
Scott G. Suttle
AmeriSphere Multifamily
Finance, LLC
Bethesda, MD
Steve F. Hallsey
AMLI Management
Company
Chicago, IL
James M. Krohn
Alliance Residential
Company
Phoenix, AZ
Bruce C. Ward
Alliance Residential
Company
Phoenix, AZ
Lauren A. Brockman
Allied Realty
Services, Ltd.
Denver, CO
Tim L. Myers
Allied Realty
Services, Ltd.
Houston, TX
Michael H. Godwin
Ambling Companies, Inc.
Valdosta, GA
Daniel J. Roehl
AUM
Oak Brook, IL
Bj Rosow
AZUMA Leasing
Austin, TX
Richard Schechter
The Bainbridge
Companies
West Palm Beach, FL
Robert S. Aisner
Behringer Harvard
Addison, TX
Mark Alfieri
Behringer Harvard
Addison, TX
Jonathan D. Bell
Bell Partners
Greensboro, NC
Steven D. Bell
Bell Partners
Greensboro, NC
John M. Cannon
Berkadia Commercial
Mortgage
Horsham, PA
Mark W. Dunne
Boston Capital
Corporation
Boston, MA
John P. Manning
Boston Capital
Corporation
Boston, MA
Gregory T. Mutz
AMLI Residential
Properties, L.P.
Chicago, IL
Kimberly J. Sperry
Amstar Group, LLC
Denver, CO
Margette Getto
Apartment Guide
Carrollton, TX
Kevin Doyle
Apartments.com
Chicago, IL
Thomas P. MacManus
ARA Finance, LLC
Boca Raton, FL
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
APRIL 2011 NMHC 50 31
Barden Brown
Brown Realty Advisors
Atlanta, GA
Walter W. Miller
Brown Realty Advisors
Atlanta, GA
Alexandra S. Jackiw
Buckingham Companies
Indianapolis, IN
Jerry Feldman
CallSource
Westlake Village, CA
Mark Sadosky
CallSource
Westlake Village, CA
Daniel J. Epstein
The ConAm
Group of Companies
San Diego, CA
J. Bradley Forrester
The ConAm
Group of Companies
San Diego, CA
Jerry Davis
Conservice Utility
Management & Billing
Logan, UT
Jason Rosa
Continental Realty
Advisors, Ltd.
Littleton, CO
David W. Snyder
Continental Realty
Advisors, Ltd.
Littleton, CO
David J. Adelman
Campus Apartments
Philadelphia, PA
Miles H. Orth
Campus Apartments
Philadelphia, PA
Ernest L. Heymann
CAPREIT, Inc.
Rockville, MD
Richard L. Kadish
CAPREIT, Inc.
Rockville, MD
Tyler Anderson
CB Richard Ellis, Inc.
Phoenix, AZ
James W. Harris
CoreLogic SafeRent
Rockville, MD
Mark Higgins
Cornerstone Real Estate
Advisers LLC
Santa Monica, CA
Brian Murdy
Cornerstone Real Estate
Advisers LLC
Hartford, CT
William Bradford Blash
Crossbeam Capital LLC
Bethesda, MD
Richard K. Devaney
Crossbeam Capital LLC
Bethesda, MD
Dodge Carter
Crow Holdings
Dallas, TX
Byron L. Moger
Cushman & Wakefield
Tampa, FL
Brian L. Dinerstein
The Dinerstein
Companies
Houston, TX
Anthony Schaffer
DIRECTV
El Segundo, CA
Andrew K. Dolben
The Dolben
Company, Inc.
Woburn, MA
Stephen J. Zaleski
CB Richard Ellis
Investors, LLC
Boston, MA
Steven Fayne
Citi Community Capital
San Francisco, CA
Hal G. Kuykendall
Citi Community Capital
Denver, CO
Francis J. Coen
Clark Realty
Capital, L.L.C.
Monterey, CA
LaNitra Webb
Colliers International
USA Headquarters
Boston, MA
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
32 NMHC 50 APRIL 2011
Richard N. Shinberg
First Capital Realty, Inc.
Bethesda, MD
Les Zimmerman
First Capital Realty, Inc.
Bethesda, MD
Robert L. Johnston
First Communities
Atlanta, GA
Mark A. Fogelman
Fogelman
Management Group
Memphis, TN
Richard L. Fogelman
Fogelman Properties
Memphis, TN
Daniel Haefner
Drucker & Falk, LLC
Raleigh, NC
Miles Spencer
Eastdil Secured, LLC
Washington, DC
Randy Churchey
Education Realty
Trust, Inc.
Memphis, TN
John M. O’Hara, Jr.
Edward Rose & Sons
Farmington Hills, MI
Warren Rose
Edward Rose & Sons
Farmington Hills, MI
Deane H. Dolben
The Dolben
Company, Inc.
Woburn, MA
Jack W. Safar
Dominium Group, Inc.
Plymouth, MN
Jon Segner
Dominium Group, Inc.
Plymouth, MN
Adam C. Breen
DRA Advisors, LLC
New York, NY
Kellie Falk-Tillett
Drucker & Falk, LLC
Raleigh, NC
Wayne E. McDonald
Forestar Group, Inc.
Austin, TX
Phillip Weber
Forestar Group, Inc.
Austin, TX
Gina M. Dingman
GDCRE, Inc.
Minneapolis, MN
Frank Marro
GE Real Estate
Alpharetta, GA
Linda Zeller
Gerson Bakar &
Associates
San Francisco, CA
Philip S. Payne
Ginkgo Residential
Charlotte, NC
D. Scott Wilkerson
Ginkgo Residential
Charlotte, NC
John J. Gray, III
Grayco Partners LLC
Houston, TX
James M. Bachner
Heitman LLC
Chicago, IL
Mark Forrester
Hendricks & Partners
Phoenix, AZ
Gregory L. Engler
Engler Financial
Group, LLC
Alpharetta, GA
Christopher E.
Hashioka
Fairfield Residential LLC
San Diego, CA
Gregory R. Pinkalla
Fairfield Residential LLC
San Diego, CA
Jonathan Cox
The Federated
Companies
Miami Beach, FL
Dung T. Lam
The Federated
Companies
Miami Beach, FL
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Pinnacle is your real estate solution, providing unmatched expertise and an
unwavering commitment to your success. Our wide array of customizable
services includes everything you need to maximize your investment.
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A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
NMHC 50
David KapiloffInsgroup, Inc.
p
Houston, TXg p,g p,
Peter KatzInstitutional PropertyAdvisors (A Marcus &
p yp y
Millichap Company)((
Phoenix, AZp pp p
Hessam NadjiInstitutional PropertyAdvisors (A Marcus &
p yp y
Millichap Company)((
Walnut Creek, CAp p yp p y
Kevin A. BaldridgeThe Irvine Company
Apartment Communities ‘IAC’
p
Irvine, CA
William N. Elam, III
The JBG Companies
Chevy Chase, MD
Don Hendricks
Hendricks & Partners
Phoenix, AZ
Alan Patton
Hines
Houston, TX
Jeffrey A. Hirschfeld
Hirschfeld
Properties LLC
New York, NY
Scott A. Doyle
Home Properties, Inc.
Rochester, NY
Edward J. Pettinella
Home Properties, Inc.
Rochester, NY
James A. Butz
Jefferson
Apartment Group
,McLean, VA
Gregory G. Lamb
Jefferson
Apartment Group
,McLean, VA
Richard J. High
John M. Corcoran
& Company
,Braintree, MA
Jeffrey T. Morris
Jones Lang LaSalle
Americas, Inc.
,Orlando, FL
Jubeen F. Vaghefi
Jones Lang LaSalle
Americas, Inc.
,Miami, FL
John K. Powell 312.453.7701 jkpowell@redcapitalgroup.com
Anthony D. Cinquini949.610.0269adcinquini@redcapitalgroup.com
David L. Goodman 703.318.4202 dlgoodman@redcapitalgroup.com
For information, contact:
Mark C. Beisler703.318.4201mcbeisler@redcapitalgroup.com
©2011 RED CAPITAL GROUP (3/1/11) MEJ
Offices_Columbus, OH_Boston, MA_Charlotte, NC_Chicago, IL
Dallas, TX_Nashville, TN_Newport Beach, CA_Reston, VA_San Diego, CA
800.837.5100_www.redcapitalgroup.com
RED CAPITAL GROUP®OVER $1.95 BILLION OF CAPITAL PROVIDED IN 2010
$23,990,000NoHo Senior Arts Colony (CA)
FHA 221(d)(4) Financing
$16,694,500Courtyard Off Main (WA)
Fannie Mae MBS/DUS® Financing
$18,500,000The Mansions at the Cascades (TX)
Fannie Mae MBS/DUS® Financing
$24,263,655Vista Verde at Coconut Creek (FL)
FHA 223(a)(7) Financing
Capital Solutions for Multifamily Housing
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
Peter P. DiLullo
LCOR Incorporated
Berwyn, PA
Thomas J. O’Brien
LCOR Incorporated
Berwyn, PA
Thomas Bacon
The Lionstone Group
Houston, TX
Alison Dimick
Malkhassian
The Lionstone Group
Houston, TX
Thomas F. McCoy, Jr.
Lockton Companies, LLC
Denver, CO
Cindy Clare
Kettler
McLean, VA
John Falco
Kingsley Associates
Atlanta, GA
Peggy Robinson
Kingsley Associates
Atlanta, GA
Keith A. Harris
The Laramar Group, LLC
Chicago, IL
David B. Woodward
The Laramar Group, LLC
Greenwood Village, CO
Charles M. McDaniel
Lockton Companies, LLC
Denver, CO
Joseph F. Mullen
Madison
Apartment Group
Philadelphia, PA
Nicholas Michael Ryan
The Marquette
Companies
Naperville, IL
Gerald J. Haak
MAXX Properties
Harrison, NY
Andrew R. Wiener
MAXX Properties
Harrison, NY
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GOLDENOPPORTUNITTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
NMHC 50
Michael C. McDougal
McDougal
Properties, L.C.
Lubbock, TX
Kenneth Lee
McDowell Properties
San Francisco, CA
W. Patrick McDowell
McDowell Properties
San Francisco, CA
Robert D. Lazaroff
The Michelson
Organization
St. Louis, MO
Bruce V. Michelson, Jr.
The Michelson
Organization
St. Louis, MO
H. Eric Bolton, Jr.
MAA
Memphis, TN
Richard Furr
Milestone Group
Dallas, TX
Steve T. Lamberti
Milestone Management
Dallas, TX
Paul Harris
Moran & Company
Dallas, TX
Jeffrey Williams
Moran & Company
Seattle, WA
Michael S. Morgan
The Morgan Group, Inc.
Houston, TX
Sharon Fay
MRI Software
Highland Hills, OH
John H. Helm
MyNewPlace
San Francisco, CA
Henry Nevins
Nevins*Adams*Lewbel*Schell
Santa Barbara, CA
Richard Burns
The NHP Foundation
New York, NY
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
Kirk H. Tate, CPM
Orion Real Estate
Services, Inc.
Houston, TX
P. David Onanian
PAS Purchasing
Solutions
Houston, TX
Randall M. Paulson
PAS Purchasing
Solutions
Plano, TX
David R. Picerne
Picerne Real
Estate Group
Phoenix, AZ
Ronald G. Brock, Jr.
Pierce-Eislen, Inc.
Scottsdale, AZ
Kerry R. French
NorthMarq Capital, Inc.
Houston, TX
Edward Padilla
NorthMarq Capital, Inc.
Minneapolis, MN
Robert A. Esposito
NWP Services
Corporation
Pembroke Pines, FL
Mike Radice
NWP Services
Corporation
Irvine, CA
Gene R. Blevins
Orion Real Estate
Services
Houston, TX
Herman Bulls
Pillar Multifamily, LLC
Vienna, VA
D. Scott Bassin
PNC Real Estate
Pittsburgh, PA
William Thomas
Booher
PNC Real Estate
San Francisco, CA
Donna Preiss
The Preiss Company
Raleigh, NC
John W. Bray
Primary Capital
Advisors, LC
Atlanta, GA
National HUD Lender
Multifamily & Healthcare
PROVIDING FINANCING SOLUTIONS NATIONWIDE
17 Rogers Street
Gloucester, MA
www.rockportmortgage.com
P 978 675 2001
F 978 283 1227
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
38 NMHC 50 APRIL 2011
Alan Pollack
Providence Management
Company, L.L.C.
Chicago, IL
Bruce Barfield
The Rainmaker Group
Alpharetta, GA
Tammy Farley
The Rainmaker Group
Alpharetta, GA
Dirk D. Wakeham
RealPage, Inc.
Carrollton, TX
Stephen T. Winn
RealPage, Inc.
Carrollton, TX
Faron G. Thompson
Primary Capital
Advisors, LC
Atlanta, GA
John D. Millham
Prometheus
Walnut Creek, CA
Clayton A. Parker
Prometheus
San Mateo, CA
Joe Colon
Protection 1 Security
Jacksonville, FL
Bruce LaMotte
Providence Management
Company, L.L.C.
Chicago, IL
Mark C. Beisler
Red Mortgage
Capital, LLC
Reston, VA
Howard S. Primer
RenaissancePG, LLC
Knoxville, TN
Brannan Johnston
RentBureau,
A part of Experian
Costa Mesa, CA
Tamela M. Coval
Rentwiki.com
Atlanta, GA
Suzanne Lovelace
Rentwiki.com
Atlanta, GA
HELPING BUILD COMMUNITIES FOR MORE THAN 25 YEARS
© 2011 Fannie Mae. Fannie Mae®, DUS® and the Fannie Mae Logo are registered trademarks of Fannie Mae.
To learn how Fannie Mae’s Multifamily Mortgage Business
can help you, visit eFannieMae.com/mf
Through all market cycles, Fannie Mae has provided liquidity and financing to the multifamily market.
Our consistent leadership and experience delivers reliable, effective solutions that help lenders and
borrowers succeed. We bring significant, competitive advantages such as speed and certainty
of execution, flexible processes, competitive pricing, and strong credit risk management. Our DUS®
lender network, unique in the industry, offers responsive, reliable service in every market, every
day. In short, Fannie Mae always has been and always will be committed to the multifamily market.
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
40 NMHC 50 APRIL 2011
Terry S. Danner
Riverstone
Residential Group
Dallas, TX
Ralph Daruns
Rockhall Funding Corp.
Dallas, TX
Kathryn Thompson
Rockhall Funding Corp.
Dallas, TX
Daniel McNulty
Rockwood Real
Estate Advisors
New York, NY
David Evemy
Sarofim Realty Advisors
Dallas, TX
James D. Scully Jr.
Scully Company
Jenkintown, PA
Michael A. Scully
Scully Company
Jenkintown, PA
W. Steve Gilmore
Shea Properties
Aliso Viejo, CA
Colm Macken
Shea Properties
Aliso Viejo, CA
Jeffrey K. Hettleman
Shelter Development,
LLC
Baltimore, MD
Marilynn K. Duker
The Shelter Group
Baltimore, MD
K. Brad Broyhill
Simpson Housing LLLP
Denver, CO
J. Robert Love
Simpson Housing LLLP
Atlanta, GA
Nancy Barton
Stellar Advisors, LLC
Rockville, MD
David Schwartzberg
Stellar Advisors, LLC
Rockville, MD
Michael E. Tompkins
TriBridge
Residential LLC.
Atlanta, GA
Wayne A. Vandenburg
TVO Groupe LLC
Chicago, IL
Russell A. Vandenburg
TVO North America
El Paso, TX
David J. Ingram
UBS Realty
Investors LLC
Hartford, CT
Jeffrey G. Maguire
UBS Realty
Investors LLC
Hartford, CT
Michael Katz
Sterling American
Property Inc.
Great Neck, NY
Tarak Patolia
Sterling American
Property Inc.
Great Neck, NY
Dave Schwehm
Time Warner Cable
Herndon, VA
Edward J. RyderTranswestern
Investment Company, LLC
C cago,Chicago, ILp y,p y,
Douglas Crocker, IITranswesterng
Multifamily Partners, L.L.C.
yy
o t ye s,Fort Myers, FL,,
Thomas W. Toomey
UDR, Inc.
Highlands Ranch, CO
Warren L. Troupe
UDR, Inc.
Highlands Ranch, CO
Geoffrey C. Brown
USA Properties
Fund, Inc.
Roseville, CA
Karen McCurdy
USA Properties
Fund, Inc.
Roseville, CA
Eric D. Cevis
Verizon Enhanced
Communities
g gBasking Ridge, NJ
g , y ,
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
NMHC 50
Jonathan Holtzman
Village Green Companies
Detroit, MI
George S. Quay, IV
Village Green Companies
Detroit, MI
Brendan Coleman
Walker & Dunlop
Bethesda, MD
Howard W. Smith, III
Walker & Dunlop
Bethesda, MD
Jack O’Connor
Weidner Property
Management LLC
Kirkland, WA
Tom P. Colich
Wesco Companies
Torrance, CA
Donald J. Pierce, II
Wesco Companies
Torrance, CA
Michael K. Hayde
Western National
Property Management
Irvine, CA
Stephan T. Beck
Whiteco Residential LLC
Merrillville, IN
Samuel Ross
WinnCompanies
Boston, MA
Lawrence H. Curtis
WinnDevelopment
Boston, MA
Jeff Bosshard
Woodmont Real
Estate Services
Belmont, CA
Ronald V. Granville
Woodmont Real
Estate Services
Belmont, CA
Amy Gerritsen
Yardi Systems, Inc.
Santa Barbara, CA
Greg West
ZOM Companies
Fort Lauderdale, FL
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AMERICAN PROPERTY TY AXTT CCX OUNSEL
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
APRIL 2011 NMHC 50
EXECUTIVE COMMITTEE
Eli Hanacek
Holland Partner Group
Vancouver, WA
Kristen Klingbeil-Weis
Klingbeil Capital Management/
American Apartment
Communities
Santa Barbara, CA
Timothy J. Hogan
Trammell Crow Residential
Dallas, TX
BOARD OF DIRECTORS
Simon Ziff
Ackman Ziff Real Estate
Group, LLC
New York, NY
Jeffery Daniels
AIG Global Real Estate
Investment Corp.
New York, NY
Donald Huffner
AIG Global Real Estate
Investment Corp.
New York, NY
Jason Wills
American Campus Communities
Austin, TX
Arlene Mayfield
Apartment Guide
Norcross, GA
Brad Long
Apartments.com
Chicago, IL
Phillip E. Bogucki
AZUMA Leasing
Austin, TX
David Doerner
Bader Company
Indianapolis, IN
John Swift
Bader Company
Indianapolis, IN
Tom Keady
The Bainbridge Companies
West Palm Beach, FL
Grace Huebscher
Beech Street Capital
Bethesda, MD
Jeff Lee
Beech Street Capital
Bethesda, MD
Michael D. Bryant
Berkadia Commercial Mortgage
Dallas, TX
Bradley B. Chambers
Buckingham Companies
Indianapolis, IN
DeAnna Thomas
CB Richard Ellis Investors, LLC
Boston, MA
Douglas R. Sandor
Clark Realty Capital, L.L.C.
Arlington, VA
Nevel DeHart
CoreLogic SafeRent
Rockville, MD
Simon J. Butler
Cushman & Wakefield
Boston, MA
John Caltagirone
The Dinerstein Companies
Houston, TX
David Luski
DRA Advisors, LLC
New York, NY
Thomas Trubiana
Education Realty
Trust, Inc.
Memphis, TN
Patrick Jones
Engler Financial
Group, LLC
Alpharetta, GA
Edward Coco
GE Real Estate
Alpharetta, GA
Stephen LoPresti
Gerson Bakar & Associates
San Francisco, CA
Howard Edelman
Heitman LLC
Chicago, IL
Laurel Howell
Kettler
McLean, VA
David G. Shillington
KeyBank Real
Estate Capital
Dallas, TX
Christine Akins
LaSalle Investment
Management, Inc.
Chicago, IL
Helen Angelo
Madison
Apartment Group
Philadelphia, PA
(not pictured)
Ancillary Income|Repositioning Programs Asset Appreciation Systems|Technology Innovator
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2009 & 2010 National
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A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
44 NMHC 50 APRIL 2011
John Eifler
The Marquette Companies
Romeoville, IL
Tristan Thoma
McDougal
Properties, L.C.
Lubbock, TX
Albert M. Campbell
Mid-America Apartment
Communities, Inc.
Memphis, TN
Carter Bechtol
The Morgan Group, Inc.
Houston, TX
David Koffler
Morgan Properties
King of Prussia, PA
Eric Gramberg
Move
Westlake Village, CA
Bess Matuszewski
MRI Software
Highland Hills, OH
Michael R. Schell
Nevins*Adams*Lewbel*Schell
Scottsdale, AZ
Melisa Hutson
Protection 1 Security
Tampa, FL
Thomas G. Smith
Prudential Real
Estate Investors
Atlanta, GA
David L. Goodman
Red Mortgage
Capital, LLC
Reston, VA
Nicola Scheman
RentBureau,
A part of Experian
Costa Mesa, CA
W. Michael Doramus
Sarofim Realty Advisors
Dallas, TX
Robert Rosania
Stellar Management
New York, NY
Joanne Luger
Time Warner Cable
Herndon, VA
Mike Mauseth
TransUnion/CreditRetriever
Greenwood Village, CO
Steve Roe
TransUnion/CreditRetriever
Greenwood Village, CO
Thomas Nugent
Verizon Enhanced Communities
Basking Ridge, NJ
W. Dean Weidner
Weidner Property
Management LLC
Kirkland, WA
Charles W. Brammer, Jr.
The Wilkinson Group, Inc.
Atlanta, GA
Phillip R. Deguire
The Wilkinson Group, Inc.
Atlanta, GA
Brigitta Eggleston
Yardi Systems, Inc.
Santa Barbara, CA
Samuel C. Stephens, III
ZOM Companies
Orlando, FL
AEW Capital Management L.P.
Iphigenia Demetriades
Boston, MA
All Nation Renovation, Inc.
Ofer Manashe
Houston, TX
Alliance Tax Advisors, LLC
Tony J. Comparin
Irving, TX
ALM
Michael G. Desiato
New York, NY
Altman Development
Corporation
Joel L. Altman
Boca Raton, FL
American Seniors
Housing Association
David S. Schless
Washington, DC
AMSI, an Infor company
George Landgrebe
Tampa, FL
Aon Risk Services, Inc.
Kevin J. Madden
New York, NY
Apartment Association of
Greater Los Angeles
Charles A. Isham
Los Angeles, CA
Apartment Association,
California Southern Cities
Nancy J. Ahlswede
Long Beach, CA
Apartment Finder
Marcia Bollinger
Lawrenceville, GA
The Apartment Group, Inc.
Jeffrey L. Price
Dallas, TX
Apartment Realty Advisors
Richard P. Donnellan, Jr.
Boca Raton, FL
Apartment Realty Advisors
David K. Oelfke
Houston, TX
Apartment Trust of America
(Formerly Grubb & Ellis
Apartment REIT)
Jay Olander
Richmond, VA
Arbor Commercial
Mortgage, LLC
Bonnie Habyan
Uniondale, NY
Artemis Real Estate Partners
Richard Banjo
Chevy Chase, MD
Arthur J. Gallagher
David Hayth
Clearwater, FL
The Ashley Group
Stephen B. Ashley
Rochester, NY
Associated Estates Realty
Corporation
Jeffrey I. Friedman
Richmond Heights, OH
Assurant Specialty Property
Brian Tribble
Miami, FL
Axiometrics Inc.
Ronald G. Johnsey
Dallas, TX
Ballard Spahr Andrews
& Ingersoll, LLP
Allan R. Winn
Washington, DC
Barker Apartments
David Barker
Iowa City, IA
The Bascom Group
Scott R. McClave
Irvine, CA
BBVA Compass
Jeffrey Journey
Dallas, TX
Beacon Communities
Howard E. Cohen
Boston, MA
Beecher Carlson
Michael Stern
Atlanta, GA
Beekman Advisors, Inc.
Shekar Narasimhan
McLean, VA
Bergstrom Investment
Management, LLC
Kelley A. Bergstrom
Kenilworth, IL
Berkshire Property
Advisors, LLC
Kevin Mignogna
San Diego, CA
Berkshire Residential
Development
Steve Wood
Boston, MA
Beztak Companies
Harold Beznos
Farmington Hills, MI
BH Equities, LLC
Harry Bookey
Des Moines, IA
BlackRock Realty
Dale Gruen
San Francisco, CA
Bridge Investment Group
Christian V. Young
Murray, UT
Advisory Committee
Board of Directors (not pictured)
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
APRIL 2011 NMHC 50 45
BuildingLink.com LLC
Zachary Kestenbaum
New York, NY
Bury & Partners, Inc.
James B. Knight
Austin, TX
Butler Burgher Group
B. Diane Butler
Dallas, TX
Buyers Access
James Sweeney
Denver, CO
Cagan Management
Group, Inc.
Jeffrey Cagan
Skokie, IL
CallMaX
David Clarke
Acworth, GA
CalPERS
Cleon Pantell
Sacramento, CA
Camp Construction Services
Jeff Blevins
Houston, TX
Campus Televideo
Brian Benz
Greenwich, CT
CapitalSource
Chris Kelly
New York, NY
Capstone Building Corp.
Charles Anthony Vick
Birmingham, AL
Captec Realty Capital
Patrick L. Beach
Santa Barbara, CA
CARES By Apartment Life
Kiley Haught
Euless, TX
Carter Haston Holdings, LLC
L. Marc Carter
Nashville, TN
Cassin & Cassin LLP
Joseph M. Cassin
New York, NY
CB Richard Ellis N.E.
Partners LP
Paul E. Donahue
Boston, MA
CB Richard Ellis, Inc.
Malcolm McComb, III
Atlanta, GA
CEL & Associates, Inc.
Christopher Lee
Los Angeles, CA
CertainTeed Corporation
Peter Dachowski
Valley Forge, PA
Chicago Title
Konrad J. Kaltenbach, II
Dallas, TX
CIBC World Markets Corp.
Andrew S. Fawer
New York, NY
CMS Companies
Richard T. Aljian
Wynnewood, PA
Coastal Apartment Advisors
James Sewell
Hilton Head Island, SC
Columbia National Real Estate
Finance, LLC
Roger Edwards
Washington, DC
Comcast Cable
Communications
William F. Revell
Philadelphia, PA
Compliance Depot
Lonnie Derden
Plano, TX
Connexion Technologies
Susan Knowles
Cary, NC
CONNOR
Patrick T. Connor
Baltimore, MD
The Connor Group
Lawrence S. Connor
Centerville, OH
Continental Properties
Company
James H. Schloemer
Menomonee Falls, WI
Continental Realty
Corporation
Joseph M. Schapiro, III
Baltimore, MD
Corcoran Jennison Companies
Marty Jones
Boston, MA
CORT
Mark Koepsell
Fairfax, VA
Cox Communications
Shannon Boyle
Atlanta, GA
Cox, Castle & Nicholson LLP
Amy H. Wells
Los Angeles, CA
Crescent Resources, LLC
Todd M. Farrell
Charlotte, NC
CRIO, Inc.
Dan Freudenthal
West Palm Beach, FL
Criterion Brock
Kerri Silver
Milwaukie, OR
Crown Advisors, Inc.
John Cigna
Pittsburgh, PA
Cushman & Wakefield
Marc D. Renard
Los Angeles, CA
CWS Apartment Homes
Steven J. Sherwood
Austin, TX
Demmon Partners
Roy E. Demmon, III
Palo Alto, CA
Deutsche Bank
Berkshire Mortgage
Jeffrey C. Day
Irvine, CA
The Distinguished
Programs Group
Christopher J. Volgenau
Greenwood Village, CO
Dover Realty Advisors
Terry B. Schwartz
Bingham Farms, MI
The DZAP Group & LeaseLabs
Dana Zeff
San Diego, CA
E & S Ring
Management Corporation
John H. Pringle
Culver City, CA
ECI Group, Inc.
Phil H. Carlock
Marietta, GA
Edgewood Management
Corporation
A. Scott Jones
Germantown, MD
Embrey Partners, Ltd.
Walter M. Embrey, Jr.
San Antonio, TX
Entrepreneurial Properties
Corporation
Matthew V. Wherry
Newport Beach, CA
Equinox Search LLC
Peter V. Hall
San Francisco, CA
eREI, A RealPage Company
Jon Tull
Camarillo, CA
Essex Property Trust, Inc.
Jeff Rowerdink
Irvine, CA
Facebook Marketplace
Stephen Feltner
San Mateo, CA
Fair Collections &
Outsourcing, Inc.
Carol M. Bloom
Beltsville, MD
Faulkner Design Group, Inc.
Adrienne Faulkner
Dallas, TX
FDC Management, Inc.
Patrick M. Kelly
Anaheim, CA
First Centrum, LLC
Mark L. Weshinskey
Sterling, VA
Flournoy Development
Co., LLC
Thomas H. Flournoy
Columbus, GA
Foley & Lardner LLP
Michael W. Hatch
Milwaukee, WI
For Rent Media Solutions
Judith Gogol
Atlanta, GA
Fore Property Company
Richard L. Fore
Washington, DC
FPL Advisory Group
Michael A. Herzberg
Chicago, IL
Franklin Capital Group
Joseph E. Resende
Alexandria, VA
Franklin Street
Darron Kattan
Tampa, FL
Freeman Webb Inc.
William H. Freeman
Nashville, TN
G5
Bill Bliss
Bend, OR
Advisory Committee
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
46 NMHC 50 APRIL 2011
Gallagher Evelius
& Jones, LLP
Stephen A. Goldberg
Baltimore, MD
Gates, Hudson
& Associates, Inc.
Patricia J.M. Blackburn
Fairfax, VA
GDC Properties, LLC
Gregg Shapiro
Hawthorne, NY
GE Real Estate
Dan Earle
Norwalk, CT
Gene B. Glick Company, Inc.
David O. Barrett
Indianapolis, IN
Goulston & Storrs
Steven Schwartz
Boston, MA
Grace Hill, Inc.
Joseph Bailey
Augusta, GA
Grand Peaks Properties
Luke Simpson
Denver, CO
Grandbridge Real Estate
Capital LLC
Thomas S. Dennard
Charlotte, NC
Greystone Servicing
Corporation
Betsy Vartanian
New York, NY
Gross Builders
Gary L. Gross
Cleveland, OH
Grubb & Ellis Company
Ernest L. Brown
San Antonio, TX
Guardian Management LLC
Thomas B. Brenneke
Portland, OR
Haley Real Estate Group
Daniel P. Clatanoff
Omaha, NE
HandyTrac Systems
John Lie-Nielsen
Alpharetta, GA
Hanley Wood
Susan Piel
San Francisco, CA
Harbor Group International
Jordan E. Slone
Norfolk, VA
Hathaway Properties, Inc.
W. Michael Muggridge
Atlanta, GA
HD Supply
Michael J. Hendel
San Diego, CA
Heartland Payment Systems
Christopher Weiss
Plano, TX
Hediger Enterprises Inc.
Gary R. Hediger
Greenville, SC
Helix Funds LLC
David Helfand
Chicago, IL
Hendersen-Webb, Inc.
Pamela F. Newland
Cockeysville, MD
Henderson Global Investors
James G. Martha
Hartford, CT
HFF
William Miller
Dallas, TX
HFF
G. Craig LaFollette
Houston, TX
HHHunt
James R. King
Blacksburg, VA
Hills Property Management
Russell Lykes
Cincinnati, OH
Holland & Knight, LLP
Christopher B. Hanback
Washington, DC
Humphrey Development, Inc.
Bethany H. Hooper
Columbia, MD
Humphreys & Partners
Architects, L.P.
Mark Humphreys
Dallas, TX
Hunt Companies
Ryan W. Luxon
El Paso, TX
Hunter Warfield, Inc.
Todd Wahl
Tampa, FL
Hyperion Realty
Dan Hopkins
Dallas, TX
I.Q. Data International, Inc.
Kenneth Stumbo
Everett, WA
Ideal Realty Group
Allen Manesh
Potomac, MD
Ingersoll Rand
Residential Solutions
Eric Elsmore
Carmel, IN
Inland American
Apartments Management
Thomas P. McGuinness
Oak Brook, IL
Instar Services Group
Johnnie Smith
Troy, MI
Institutional Property
Advisors (A Marcus &
Millichap Company)
Will Balthrope
Dallas, TX
Investment Property
Associates, LLC
Jennifer Koster
Grand Haven, MI
ista
Amanda Holden
San Diego, CA
J. Turner Research
Joseph Batdorf
Houston, TX
J.P. Morgan Asset
Management
Jean M. Anderson
New York, NY
JMG Realty, Inc.
T. Karlton Jackson
Atlanta, GA
Johnson Development
Associates, Inc.
David Benjamin Graves
Spartanburg, SC
Jones Lang LaSalle
Americas, Inc.
Peter Nicoletti
Parsippany, NJ
JPI
Benjamin H. Montgomery
Irving, TX
JPI
Robert D. Page
Irving, TX
JRK Birchmont Advisors
Robert Lee
Los Angeles, CA
Jupiter Communities
LLC - RAIT
Kellie Devilbiss
Chicago, IL
KABA Multihousing
& Institutional
Dale Mathias
Laguna Niguel, CA
KET Enterprises
Thomas B. Wilkinson, IV
Houston, TX
The Kislak Company, Inc.
Nancy Jacques
Woodbridge, NJ
Korcett Holdings, Inc.
Lisa K. Cortes
Austin, TX
Kroll Factual Data
Damon Littlejohn
Loveland, CO
L&B Realty Advisors, LLP
William L. Fulton
Dallas, TX
Langan Engineering and
Environmental Services
Mark Devaney
Elmwood Park, NJ
LBK Management Services
James D. Alexander
Irving, TX
LeaseTerm Insurance
Group LLC
Walter D. Shealy, III
West Point, GA
LeasingDesk, a Division
of RealPage, Inc.
David Carner
Carrollton, TX
LeCesse Development
Corporation
Salvador F. Leccese
Altamonte Springs, FL
LEDIC Management Group
Pierce Ledbetter
Memphis, TN
Legend Management
Group, LLC
Ruth G. Eisenhauer
McLean, VA
LEM Mezzanine, Inc.
Jay J. Eisner
Philadelphia, PA
Lerner Corporation
Alan H. Gottlieb
Rockville, MD
Lessard Group, Inc.
John M. Jenkins
Vienna, VA
Advisory Committee
Advisory Committee
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
APRIL 2011 NMHC 50 47
Level One, a
RealPage Company
Ben Holbrook
Greer, SC
LexisNexis Resident
Screening
Pam Storm
Alpharetta, GA
The Liberty Group
Kenneth J. Bohan
Houston, TX
LTVentures
D. Scott Lee
Los Angeles, CA
M/PF YieldStar
Janine Steiner Jovanovic
Carrollton, TX
MAC Realty Advisors LLC
Bruce Levin
Washington, DC
Mac-Gray Services, Inc.
Kevin Fahey
Waltham, MA
Maintenance Supply
Headquarters
Cary R. Wright
Stafford, TX
Manly & Stewart
John C. Manly
Newport Beach, CA
Marchex
Leigh McMillan
Seattle, WA
Mark-Taylor Residential, Inc.
Dale Phillips
Scottsdale, AZ
Marvin F. Poer and Company
William L. DuBois
Dallas, TX
The Matteson Companies
Duncan L. Matteson, Sr.
Palo Alto, CA
Maxus Properties, Inc.
Michael P. McRobert
Kansas City, MO
Mayer Brown LLP
Keith J. Willner
Washington, DC
Mercy Housing
Brian Shuman
Denver, CO
Meridian Capital Group, LLC
Israel Schubert
Iselin, NJ
Mesirow Financial
Alasdair Cripps
Chicago, IL
Metropolitan Properties
of America, Inc.
Jeffrey J. Cohen
Boston, MA
Miles & Stockbridge PC
Justin C. Eller
Baltimore, MD
Milstein Properties
Howard P. Milstein
New York, NY
Minnesota Multi
Housing Association
Mary Rippe
Bloomington, MN
Moen Incorporated
Aubri Mandelbaum
North Olmsted, OH
Morrison, Ekre & Bart
Management Services, Inc.
Jodi Bart
Phoenix, AZ
Multi-Housing News
Diana Mosher
New York, NY
Multifamily Executive/
Hanley-Wood, LLC
Shabnam Mogharabi
Washington, DC
Multifamily Realty
Advisors, LLC
Richard R. Cotton
Raleigh, NC
NAI Global Multifamily Group
Art Carll
Las Vegas, NV
National Foundation
for Affordable Housing
Solutions, Inc.
Martin C. Schwartzberg
Rockville, MD
NCC Business Services
of America, Inc.
Irv Pollan
Jacksonville, FL
Northland Investment
Corporation
Lawrence R. Gottesdiener
Newton, MA
NorthMarq Capital -
San Francisco
Jeffery Weidell
San Francisco, CA
NTS Development Company
Gregory G. McDearmon
Louisville, KY
Oak Grove Capital
Neil Cullen
Bethesda, MD
Ocius LLC
James Rabinowitz
Chicago, IL
On-Site.com
Jake Harrington
Mountain View, CA
OpsTechnology, a Division
of RealPage
Sukhi Singh
San Francisco, CA
The P.B. Bell Companies
R. Chapin Bell
Scottsdale, AZ
Pacific Life
Insurance Company
John C. Mulvihill
Newport Beach, CA
Pacific Property Company
Alfred V. Pace
Palo Alto, CA
Passco Companies, LLC
Gary Goodman
Irvine, CA
Penco, Inc.
Todd Pirtle
Austin, TX
Penton Media Inc.
Rich Santos
New York, NY
Phoenix Realty Group
Alan Hirmes
New York, NY
PPG Architectural Coatings
Amy Mercante
Pittsburgh, PA
Price Realty Corporation
Michael J. Ochstein
Addison, TX
Property Solutions
International, Inc.
Benjamin Zimmer
Provo, UT
PropertyBridge, a
MoneyGram Company
Leslie Olsen
Oakland, CA
Real Capital Markets
Stephen J. Alter
Carlsbad, CA
Real Estate Board
of New York, Inc.
Steven Spinola
New York, NY
Real Estate Equities, Inc.
Robert S. Bisanz
St. Paul, MN,
Realty Center
Management, Inc.
Curt Knabe
Los Angeles, CA
RealtyCom Partners, LLC
Annie Manfredi
Larkspur, CA
Recap Real Estate Advisors
Todd Trehubenko
Boston, MA
Rent Stabilization Association
Joseph Strasburg
New York, NY
Rent.com
Robert JohnsonR b t J h
Santa Monica, CA
RentGrow, Inc.
Michael J. Lapsley
Waltham, MA
RentPayment
Monte Jones
Santa Monica, CA
Resident Gifts LLC
Gregory H. Smith
Naperville, IL
ResidentCheck
Jorge Baldor
Dallas, TX,
Resite Online
Ann Padgett
Norfolk, VA
Resource Investments
Limited, LLC
Steven Zalkind
Pennsauken, NJ
Resource Real Estate, Inc.
Yvana Melini
Philadelphia, PA
Roberts Properties
Management, LLC
Charles S. Roberts
Atlanta, GA
Rockwood Capital LLC
Joel A. Moody
Los Angeles, CA
Sales, Inc.
Rick Burkhalter
Duluth, GA
SatisFacts Research, LLC
Douglas J. Miller, Sr.
Lutherville, MD
Sawyer Realty Holdings LLC
Gregg Clickstein
Needham, MA
The Screening Pros, LLC
Gary Glucroft
Chatsworth, CA
Screening Reports, Inc.
Timothy Fortner
Bensenville, IL
Shelter Corporation
Lynn Carlson Schell
Minnetonka, MN
Sherman Residential
Scott Gould
Deerfield, IL
The Sherwin-Williams Co.
William G. Rafie
Cleveland, OH
Southeast Apartment
Partners, LLC
Marc G. Robinson
Atlanta, GA
Sperry Van Ness Nevada LLC
David Baird
Las Vegas, NV
Sterling Trust
Robert J. Thiebaut
Atlanta, GA
Stewart Title Guaranty
Regina L. Fiegel
Charlotte, NC
Stratford Capital Group, LLC
John M. Nelson, IV
Peabody, MA
Summit Housing Partners
David P. Garcia
Montgomery, AL
SureDeposit
Stuart Litwin
Livingston, NJ
Terra Search Partners
Matthew B. Slepin
San Francisco, CA
TGM Associates L.P.
Thomas J. Gochberg
New York, NY
Timberland Partners
Robert L. Fransen
Minneapolis, MN
Towne Properties
Neil K. Bortz
Cincinnati, OH
Transwestern
Jon Kleinberg
Atlanta, GA
Transwestern
Steven E. Pumper
Dallas, TX
The Tuckerman Group/SSgA
Charles J. Lauckhardt
Rye Brook, NY
University Furnishings
Paul Dougan
Dallas, TX
Urdang & Associates Real
Estate Advisors, Inc.
Mark B. Greco
Plymouth Meeting, PA
USAA Real Estate Company
Hailey Ghalib
San Antonio, TX
Valet Waste, Inc.
David Magrisso
Tampa, FL
VARO, a BYL Company
Kristie Wetherbee
West Chester, PA
VaultWare
Michael E. Mueller
Scottsdale, AZ
Velocity, a Division of
RealPage, Inc.
Ashley Chaffin Glover
Carrollton, TX
Verizon Enhanced
Communities
Douglas A. Barton
Irving, TX
Visa, Inc.
David Weinshel
Wilmington, DE
Waller Lansden Dortch
& Davis, LLP
J. Steven Kirkham
Nashville, TN
Waypoint Residential
Scott J. Lawlor
New York, NY
Westdale Asset Management
Evan J. Griffiths
Dallas, TX
Western National
Realty Advisors
Rex F. DeLong
Irvine, CA
Westrope
David Brinkerhoff
Kansas City, MO
Williams Asset
Management, LLC
John A. Isakson
Atlanta, GA
Willis
Brian Ruane
New York, NY
Witten Advisors LLC
G. Ronald Witten
Dallas, TX
The Wolff Company
Tim Wolff
Scottsdale, AZ
Womble Carlyle Sandridge
& Rice, PLLC
Pamela V. Rothenberg
Washington, DC
Wonderlic, Inc.
Tom Bowman
Libertyville, IL
Worthing Southeast
Corporation
John A. Echols
Atlanta, GA
WRH Realty Services, Inc.
J. Mark Rutledge
Saint Petersburg, FL
Ygnition Networks
Brian Moorhead
Houston, TX
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Advisory Committee
48 NMHC 50 APRIL 2011
YARDI Portal™
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