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REAL ADVANTAGE,
RECOGNIZED.
Based in Washington, D.C., the National Multifamily Housing Council (NMHC) is the apartment industry’s premier trade association. NMHC provides leadership on legislative and regulatory matters, advances research and the exchange of strategic business information and promotes the desirability of apartment living. For more information, visit www.nmhc.org.
Introduction ............................................................................................................... 4
Top 50 Owners........................................................................................................... 6
A Changing of the Guard .......................................................................................... 8
Top 50 Managers ..................................................................................................... 12
Path of Growth......................................................................................................... 14
Top 25 Developers .................................................................................................. 18
Top 25 General Contractors .................................................................................. 19
Building to the Market ............................................................................................ 20
Methodology ............................................................................................................ 23
Top 10 Syndicators .................................................................................................. 24
Uncertain Times ...................................................................................................... 26
NMHC Officers ....................................................................................................... 30
NMHC Executive Committee ................................................................................ 30
NMHC Board of Directors ..................................................................................... 36
TABLE OF CONTENTS
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The last eight years have been one of the strongest periods in history for the apartment industry. The post-recession economic expansion, together with a tectonic shift in demographics and changes to the economics of and attitudes toward renting versus owning, unleashed a torrent of demand for apartments. In fact, the number of renter households has grown by 9.1 million over the past 10 years. Last year alone, renters added 601,000 more to their ranks; this compares to just 279,000 new homeowners.
This trend has had tremendous implications for the apartment industry, and the annual NMHC 50 rankings are a testament to that fact. This is the 28th year for the NMHC 50. In that time, NMHC has grown its rankings package to include not only the top 50 apartment owners and managers but also the top 25 developers, top 25 general contractors and—new this year—top 10 syndicators.
The continued expansion of the research reflects the industry’s steady growth and growing sophistication in the fields of investment, finance, operations, development and construction. Moreover, the annual changes in the listings themselves provide critical insight into how industry leaders are adapting their organizations and strategies to the ever-evolving market conditions.
This year’s rankings are no exception. To help put that information in context, here’s a look at the major market trends that have influenced business strategy over the past year.
Supply Catches Up with DemandThe industry has responded to the growing demand by ramping
up production to new levels. For years now, cranes have dotted city skylines across the country and new buildings have sprung up seemingly overnight in some cases.
Last year, completions of new multifamily units (in buildings with at least five units in them) totaled 311,700, according to U.S. Census Bureau data. This was the highest level since 1989. And preliminary data indicate that the split between for-rent and for-sale (i.e., condo) units has again changed, with for-rent apartments making up an even greater share of multifamily construction.
As supply has caught up with demand, both multifamily permits and starts began to ease in 2016. However, even in their moderation, they remained higher than at any previous year since 1987. Moreover, based on apartment units already started, completions this year likely will be closer to 350,000.
Rent growth is also slowing to some degree in response to the new supply, with same-store rent growth slipping a bit last year, according to data from MPF Research; however, the 4.3 percent pickup was still
the second-best showing since 2000. If that’s not a strong indication of solid apartment demand, absorptions and occupancy rates were.
Last year, MPF’s average occupancy rate was 96.2 percent, a level not seen since 2000. Absorptions also climbed 5.9 percent to 289,025, marking the third-best year in the current expansion. While restricted supply in some metro areas likely held back absorptions, the rate was still 87 percent higher than historical average.
Investment Activity Holds StrongEven with the slight deceleration in a few key market metrics, the
sector’s strong demand base continued to make apartments a favored asset class for investors. In 2016, multifamily transactions set a new all-time high—for the third year in a row. At $159.4 billion, according to Real Capital Analytics, volume was 3.9 percent higher than in 2015, making multifamily the only real estate asset class to register a gain.
Cap rates continued to feel a gravitational pull, edging down to an average of 5.7 percent overall. Rates for garden apartments were higher at 5.9 percent, while those for mid- and high-rise were lower at 4.9 percent. All were record lows. Different industry measures showed a wide range of appreciation rates in 2016 (2.6 percent according to NCREIF versus 12.0 percent in the Moody’s/Real Capital CPPI, for example), but there was clear consensus that per-unit prices on apartments sold were at historic levels.
As always, private buyers led both acquisitions and dispositions by volume. But for the second year in a row, cross-border investors were the leaders in net acquisitions with $3.4 billion, compared with $3.2 billion for private domestic buyers. REITs and listed funds were once again the only investor group in net disposition mode, selling $19.1 billion in apartments while acquiring only $9.5 billion.
In terms of deal type, single-asset deals rose six percent in 2016, while portfolio transactions were down three percent. Also of note, student housing posted transaction growth of 62 percent, much higher than the overall apartment market. In that sector, large portfolio transactions were responsible for the big growth; the five top student housing deals were responsible for 58 percent of the total volume.
Read on to find out how our industry’s leaders navigated these changing market dynamics—and how it affected their standings. ◾
Inside the 2017 NMHC 50 Shifting market dynamics influence this year’s rankings, which include a new list of top syndicators.
> By Mark Obrinsky
Mark Obrinsky is the senior vice president of research and chief economist at the National Multifamily Housing Council. He can be reached at [email protected].
4 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC
2017 TOP APARTMENT OWNERS50 Largest U.S. Apartment Owners as of January 1, 2017
Note: Due to changes in methodology for this list, companies’ 2016 rankings are unavailable
Owner Rank 2017 Company Name
Units Owned 2017
Units Owned 2016 Corporate Officer HQ City
HQ State
1 MAA 99,393 79,496 H. Eric Bolton, Jr. Memphis TN
2 Starwood Capital Group 85,554 42,702 Barry S. Sternlicht Greenwich CT
3 Equity Residential 78,023 109,540 David J. Neithercut Chicago IL
4 AvalonBay Communities, Inc. 74,538 75,584 Timothy J. Naughton Arlington VA
5 Hunt Companies, Inc. 61,970 52,225 Chris Hunt El Paso TX
6 Edward Rose Building Enterprise 61,508 60,503 Warren Rose Bloomfield Hills MI
7 Lincoln Property Company 59,980 49,024 Tim Byrne Dallas TX
8 Essex Property Trust, Inc. 59,260 58,768 Michael J. Schall San Mateo CA
9 The Irvine Company 58,732 57,825 Chaz Mueller Newport Beach CA
10 Camden Property Trust 52,793 59,792 Richard J. Campo Houston TX
11 J.P. Morgan Asset Management 52,046 51,861 Allina Boohoff New York NY
12 UDR, Inc. 51,129 50,646 Thomas W. Toomey Highlands Ranch CO
13 BH Equities LLC 51,113 55,819 Harry Bookey Des Moines IA
14 The Michaels Organization 49,950 48,429 John J. O’Donnell Marlton NJ
15 Balfour Beatty Communities 49,163 48,698 Christopher Williams Malvern PA
16 Aimco 46,311 49,148 Terry Considine Denver CO
17 Weidner Apartment Homes 46,218 43,878 Jack O’Connor Kirkland WA
18 Prudential Real Estate Investors 46,185 44,587 Susan Mello Madison NJ
19 Greystar Real Estate Partners, LLC 44,037 38,070 Robert A. Faith Charleston SC
20 Fairfield Residential Company LLC 41,864 50,733 Gregory R. Pinkalla San Diego CA
21 Cortland Partners, LLC 39,674 32,241 Steven DeFrancis Atlanta GA
22 UBS Realty Investors LLC 39,361 42,518 Matthew Lynch Hartford CT
23 Steadfast Companies 36,500 34,565 Christopher Hilbert Irvine CA
24 Monarch Investment & Management Group 35,955 28,547 Bob Nicolls Franktown CO
25 Morgan Properties 35,929 32,384 Mitchell L. Morgan King of Prussia PA
6 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC
Owner Rank 2017 Company Name
Units Owned 2017
Units Owned 2016 Corporate Officer HQ City
HQ State
26 Forest City Realty Trust 32,873 47,035 Ronald A. Ratner Cleveland OH
27 Invesco Real Estate 31,968 31,744 Michael Kirby Dallas TX
28 American Campus Communities 31,074 32,455 Bill Bayless Austin TX
29 Sentinel Real Estate Corp 30,000 29,000 John H. Streicker New York NY
30 Milestone Management, LLC 29,920 25,073 Steve Lamberti Dallas TX
31 Heitman LLC 28,614 37,636 Maury Tognarelli Chicago IL
32 Westdale Real Estate Investment & Management 28,204 30,448 Joseph G. Beard Dallas TX
33 JRK Property Holdings, Inc. 27,514 27,254 Jim Lippman Los Angeles CA
34 Harbor Group International 27,393 23,972 Robert Friedman Norfolk VA
35 AEW Capital Management, L.P. 25,523 26,262 Jeffrey Furber Boston MA
36 AIG Global Real Estate 25,441 18,531 Douglas S. Tymins New York NY
37 Southern Management Corporation 25,114 25,114 David Hillman Vienna VA
38 AMLI Residential 25,041 23,733 Greg Mutz Chicago IL
39 FPA Multifamily 24,250 26,606 Gregory A. Fowler San Francisco CA
40 Northland Investment Corporation 24,212 22,966 Lawrence Gottesdiener Newton MA
41 Alliance Residential Company 24,163 26,115 Bruce Ward and V. Jay Hiemenz Phoenix AZ
42 Dominium 24,030 22,344 Paul Sween and Armand Brachman Plymouth MN
43 TruAmerica Multifamily 22,400 14,704 Robert Hart Los Angeles CA
44 ELRH Investments 22,000 12,000 Joseph Lubeck Tampa FL
45 GID 21,462 19,804 Thad Palmer Boston MA
46 Berkshire Group 21,454 23,845 Alan King Boston MA
47 Highridge Costa Companies 21,115 22,390 Michael A. Costa Gardena CA
48 Bridge Investment Group Partners 21,061 28,261 Danuel R. Stanger Salt Lake City UT
49 Simpson Housing LLLP 20,690 19,444 J. Robert Love Denver CO
50 Wood Partners, LLC 19,998 21,506 Joe Keough Atlanta GA
APRIL 2017 | NMHC 50 7
This year’s ranking of the nation’s largest apartment owners looks significantly different than in prior years. In the past, low-income housing tax credit (LIHTC) syndicators held many of the top slots on the NMHC 50 owners list. However, given the noteworthy differences in the business models of syndicators versus traditional apartment owners, NMHC is unveiling a new list of top apartment syndicators for 2017—and no longer including them in the NMHC 50 ownership list.
Pure-Play OwnersThis change has rippled through the rankings in a number of ways,
often affecting key measurements of the overall list. For example, firms on this year’s NMHC 50 ownership list have combined portfolios of 1,992,700 apartment homes, the lowest figure in 20 years. This is entirely due to the elimination of syndicators from the owners list for the first time. Similarly, the median portfolio size for firms now on the list is 34,401 units and the mean is 39,854 units. The combined portfolios of the NMHC 50 owners account for 9.6 percent of the total apartment stock in the U.S.
The split also lowered the minimum threshold for inclusion on the list to 19,998 units, thereby opening the top 50 ranks to firms whose ownership portfolios previously had been too small to make the list in the past. This year’s owners list features 10 companies that were not on last year’s list.
The Irvine Company (No. 9) was a former top 50 firm but hasn’t participated in the survey in recent years, but the other nine firms made the list for the first time: AMLI Residential (No. 38), Northland Investment Corporation (No. 40), Dominium (No. 42), TruAmerica Multifamily (No. 43), ELRH Investments (No. 44), GID (No. 45),
A Changing of the Guard M&A activity, strategic right sizing and a key change to the survey reshuffle the ranks of the nation’s top apartment owners.
> By Mark Obrinsky
NMHC 50 Profile 2017PORTFOLIO SIZE MINIMUM ENTRY THRESHOLD
◾ No. of Apartments Owned (1,992,700)◾ No. of Apartments Managed (3,177,852)
◾ No. of Apartments Owned (19,998)◾ No. of Apartments Managed (30,121)
8 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC
NUMBER OF APARTMENTS OWNED
PORTFOLIO SIZE MEASURES
SHARE OF NATIONAL APARTMENT STOCK (%)
Note: Changes in ownership definition and company response make historical comparisons difficult.
NMHC 50 Owners Summary
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Highridge Costa Companies (No. 47), Simpson Housing LLLP (No. 49) and Wood Partners, LLC (No. 50).
Biggest of the BigM&A activity also left a big mark on this year’s rankings. The 2017
top apartment owner is MAA with 99,393 apartments. MAA, last year’s ninth-largest owner, shot to the top of the rankings through its acquisition of Post Properties (and its 24,000 apartments). Starwood Capital Group also rode a big acquisition—the purchase of 23,262 apartments from Equity Residential—up the ranks, sliding into the No. 2 slot this year. However, even with that massive disposition, Equity Residential ranks as the No. 3 owner with 78,023 units in its ownership portfolio, followed closely by AvalonBay Communities, Inc., with 74,538 apartments.
The next five companies in the rankings—Hunt Companies, Edward Rose Building Enterprise, Lincoln Property Company, Essex Property Trust, Inc., and The Irvine Company were bunched closely together, separated by only 3,238 units. Camden Property Trust rounded out the top 10 owners with 52,793 apartments.
One noticeable feature is that, with syndicators now moved to their own list, five of the top 10 firms (MAA, Equity, AvalonBay, Essex and Camden) are REITs. Two other REITs are not far behind: UDR comes in at No. 12 and Aimco at No. 16. (For more on the REITs, see “REITs in the Rankings” on pg. 10.)
More MetricsIn addition, there is now much less concentration within the top
50 firms than in previous years. The top 10 firms accounted for 34.7 percent of all apartments owned by the NMHC 50 owners, the lowest share since the survey began in 1990. Similarly, the top half of the rankings had the lowest share of the total apartments owned on record.
A total of 31 firms increased their ownership portfolios in 2016, just one less than the year before. One firm saw no change, while the remaining 18 firms reduced the number of apartments owned. The average increase was 5,169 units; the average reduction was
Given the noteworthyiven the noteworthy differences in the business models of syndicators versus traditional apartment owners, NMHC is unveiling a new list of top apartment syndicators for 2017—and no longer including them in the NMHC 50 ownership list.
even larger at 5,742. The firm with the biggest portfolio increase was Starwood, which added a net 42,852 units. In contrast, the biggest reduction in units owned was by Equity Residential with a net decline of 31,517 units.
Forty-four firms own properties in the South Atlantic, a bit more than in the South Central (42 firms), Mountain (41 firms) and Pacific (39 firms) regions. By contrast, only 29 firms own apartments in New England, 36 have properties in the Midwest and 37 firms are owners in the Mid-Atlantic region. ◾
APRIL 2017 | NMHC 50 9
REITS IN THE RANKINGS Alternative measures of size change the rankings among the REIT peer group.
Note: Company total capitalization (or enterprise value) 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, 2016, are provided by FBR & Co.
Rank and Refile REIT rankings change when companies are measured by market capitalization versus portfolio size.
CompanyApartments with
Ownership InterestUnit Rank
Among REITsCompany Total
Capitalization ($ billions)Cap Rank
Among REITsCapitalization per
Apartment
MAA 99,393 1 15.0 4 $423,154
Equity Residential 78,023 2 33.0 1 $417,835
AvalonBay Communities, Inc. 74,538 3 31.1 2 $362,350
Essex Property Trust, Inc. 59,260 4 21.5 3 $150,666
Camden Property Trust 52,793 5 10.1 7 $278,811
UDR, Inc. 51,129 6 14.3 5 $257,229
Aimco 46,311 7 11.9 6 $190,669
Forest City Realty Trust 32,873 8 9.9 8 $302,343
American Campus Communities 31,074 9 9.1 9 $293,762
There were nine REITs among the top 50 owners this year, one more than last year. MAA had the most apartment units, followed by Equity Residential, last year’s highest-ranked REIT. AvalonBay Communities retained its No. 3 slot among REITs, while Essex moved up to No. 4 and Camden dropped to No. 5. UDR, Aimco, Forest City Realty Trust and American Campus Communities finished out the list.
Four REITs (MAA, Essex, UDR and American Campus Communities) were net acquirers, while the other five were net disposers. On balance, these nine firms sold off 35,528 more units than they acquired and developed. These REITs collectively owned 525,394 units.
While the NMHC 50 ranks firms by number of units owned, it is also useful to gauge their size by the value of those units. Total capitalization offers an alternative measure. This analysis is imperfect to a degree, as ownership of non-apartment assets can substantially affect overall firm value. Nonetheless, it gives a useful perspective on relative size among apartment firms.
Total capitalization for all nine REITs in the rankings is $155.9 billion. Rankings by capitalization vary significantly from unit ownership rankings. Moreover, a look at capitalizations per unit can also provide additional insight into what kind of markets, both geographic and class, each REIT operates.
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0LARGEST PORTFOLIO GROWTH
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◾ Starwood Capital Group (+42,852)◾ MAA (+19,897)◾ Lincoln Property Company (+10,956)
◾ ELRH Investments (+10,000)◾ Hunt Companies (+9,745)
◾ Equity Residential (-31,517)◾ Forest City Realty Trust (-14,162)
◾ Heitman LLC (-9,022)◾ Fairfield Residential Company LLC (-8,869)
10 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC
2017 TOP APARTMENT MANAGERS50 Largest U.S. Apartment Managers as of January 1, 2017
Note: When a company has no previous year’s ranking, it can mean either this is the company’s first time responding to the survey or the company was too small to make the list last year.
Manager Rank 2017
Manager Rank 2016 Company Name
Units Managed
2017
Units Managed
2016 Corporate Officer HQ CityHQ State
1 1 Greystar Real Estate Partners, LLC 415,634 413,679 Robert A. Faith Charleston SC
2 2 Lincoln Property Company 184,167 165,251 Tim Byrne Dallas TX
3 3 Pinnacle Property Management Services LLC 172,000 134,725 Rick L. Graf Dallas TX
4 6 FPI Management, Inc. 103,839 98,401 Dennis Treadaway Folsom CA
5 5 WinnCompanies 100,669 98,817 Gilbert Winn Boston MA
6 9 MAA 99,393 79,496 H. Eric Bolton, Jr. Memphis TN
7 7 Alliance Residential Company 99,364 88,028 Bruce Ward and V. Jay Hiemenz Phoenix AZ
8 8 Apartment Management Consultants, LLC 86,364 80,195 Brenda Barrett Cottonwood Heights UT
9 4 Equity Residential 78,023 109,540 David J. Neithercut Chicago IL
10 10 AvalonBay Communities, Inc. 74,049 73,944 Timothy J. Naughton Arlington VA
11 18 Hunt/LEDIC Realty Company Associates 68,466 53,829 Chris Hunt and Pierce Ledbetter El Paso TX
12 11 BH Management, LLC 67,877 69,285 Harry Bookey Des Moines IA
13 12 Edward Rose Building Enterprise 61,508 60,503 Warren Rose Bloomfield Hills MI
14 20 Bozzuto 58,727 53,799 Toby Bozzuto Greenbelt MD
15 13 Bell Partners Inc. 58,478 60,295 Steven D. Bell and Jonathan D. Bell Greensboro NC
16 16 Essex Property Trust, Inc. 58,162 57,670 Michael J. Schall San Mateo CA
17 The Irvine Company 58,100 57,193 Chaz Mueller Newport Beach CA
18 17 Asset Plus Companies 57,674 56,357 Michael S. McGrath Houston TX
19 21 The Michaels Organization 52,830 52,556 John J. O’Donnell Marlton NJ
20 15 Camden Property Trust 52,793 59,792 Richard J. Campo Houston TX
21 40 Milestone Management, LLC 52,340 32,245 Steve Lamberti Dallas TX
22 22 The ConAm Group of Companies 51,573 52,000 Rob Singh San Diego CA
23 23 UDR, Inc. 51,129 50,646 Thomas W. Toomey Highlands Ranch CO
24 24 Balfour Beatty Communities 50,445 49,504 Christopher Williams Malvern PA
25 14 Fairfield Residential Company LLC 47,922 60,157 Gregory R. Pinkalla San Diego CA
12 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC
Manager Rank 2017
Manager Rank 2016 Company Name
Units Managed
2017
Units Managed
2016 Corporate Officer HQ CityHQ State
26 19 Aimco 47,100 53,660 Terry Considine Denver CO
27 26 Weidner Apartment Homes 46,218 43,878 Jack O’Connor Kirkland WA
28 28 Village Green 45,000 42,805 Diane Batayeh Detroit MI
29 29 American Campus Communities 44,320 43,387 Bill Bayless Austin TX
30 31 US Residential 42,928 40,011 Stephanie Brock Dallas TX
31 27 Westdale Real Estate Investment & Management 41,902 43,390 Joseph G. Beard Dallas TX
32 41 Cortland Partners, LLC 39,322 32,241 Steven DeFrancis Atlanta GA
33 30 GoldOller Real Estate Companies 39,273 40,820 Richard Oller Philadelphia PA
34 35 RAM Partners, LLC 38,449 34,708 Bill Leseman Atlanta GA
35 34 Steadfast Companies 36,686 34,806 Christopher Hilbert Irvine CA
36 48 Monarch Investment & Management Group 35,955 28,547 Bob Nicolls Franktown CO
37 38 Morgan Properties 35,929 32,384 Mitchell L. Morgan King of Prussia PA
38 50 Pegasus Residential 35,854 27,634 Lindy D. Ware Alpharetta GA
39 36 Capstone Real Estate Services, Inc. 35,721 34,360 James W. Berkey Austin TX
40 United Apartment Group 34,037 28,866 Carrie Girgus and Tim Settles San Antonio TX
41 45 ZRS Management, LLC 33,573 30,410 Steve Buck Orlando FL
42 37 The Lynd Company 32,754 34,218 Michael J. Lynd, Jr. San Antonio TX
43 43 Gables Residential 32,520 31,487 Sue Ansel Atlanta GA
44 44 Kettler and Kettler Management 32,002 30,828 Bob Kettler McLean VA
45 McCormack Baron Management, Inc. (Formerly known as McCormack Baron Ragan) 31,971 29,406 Timothy Zaleski Saint Louis MO
46 Avenue5 Residential, LLC 31,858 18,621 Walt Smith Seattle WA
47 39 The John Stewart Company 31,401 32,372 Jack D. Gardner San Francisco CA
48 46 Edgewood Management Corporation 31,293 29,500 Cindy Sanquist Gaithersburg MD
49 42 Bridge Investment Group Partners 30,139 31,649 Danuel R. Stanger Salt Lake City UT
50 JMG Realty, Inc. 30,121 22,075 Karlton Jackson Atlanta GA
APRIL 2017 | NMHC 50 13
While there’s been stability at the top of the management list, general portfolio growth has affected the spread between rankings such that there’s more compression in the bottom of the list. For example, the difference in size between the 10th and 50th ranked firms is only 43,928 units—much less than the difference between the third and fourth largest firms (68,161).
Overall, the combined portfolios of firms on the NMHC 50 management list accounted for 15.3 percent of the apartment stock, a slight increase from a year earlier and the second-highest level on record—just 46 basis points less than the all-time high reached in 2008.
Portfolio TrendsPortfolio gainers outnumbered shrinkers as 38 firms increased
their management portfolios, compared with 12 firms that reduced them. The average gain was 5,943 apartments, while the average decline was 5,662 units.
Pinnacle posted the biggest increase with a gain of 37,275 apartments. Milestone Management, LLC (No. 21), grew by 20,095
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NMHC 50 Managers Summary
LARGEST PORTFOLIO GROWTH MOVING UP IN RANK
◾ Pinnacle Property Management Services LLC (+37,375)
◾ Milestone Management, LLC (+20,095)◾ MAA (+19,897)
◾ Lincoln Property Company (+18,916)◾ Hunt/Ledic Realty Company Associates
(+14,637)◾ Avenue5 Residential, LLC (+13,237)
◾ Milestone Management, LLC (+19)◾ Monarch Investment & Management
Group (+12)
◾ Pegasus Residential (+12)◾ Cortland Partners LLC (+9)
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units, followed closely by MAA (No. 6) with a pickup of 19,897 units. Four other firms—Lincoln Property Company (No. 2), Hunt/Ledic Realty Company Associates (No. 11), Avenue5 Residential, LLC (No. 46) and Alliance Residential Management (No. 7)—saw portfolio increases of more than 10,000 units.
Portfolio growth also led to some big jumps in the rankings. Milestone Management made the biggest move in the rankings, jumping 19 spots to No. 21. Two firms climbed 13 places: Monarch Investment & Management Group moved into the No. 36 position, while Pegasus Residential took over the No. 38 slot. Cortland Partners, LLC rose 10 slots to No. 32.
At the other end of the spectrum, Equity Residential (No. 9) trimmed its portfolio by the greatest amount (31,517 apartments). Fairfield Residential Company LLC (No. 25) oversaw a decrease of 12,235 units, which contributed to an 11-slot drop in the rankings, while Camden Property Trust cut its management portfolio by 6,999 units. Other portfolio decreases were much smaller.
APRIL 2017 | NMHC 50 15
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New NamesThere are just four new firms on this year’s NMHC 50
management list: United Apartment Group debuts at No. 40 with 34,037 apartments. McCormack Baron Management, Inc. enters at No. 45 with 31,971 units. Avenue5 Residential, LLC (31,858 units) is the No. 46 firm and JMG Realty, Inc. (30,121) is No. 50. The Irvine Company (No. 17) is a former top 50 management company, but
because the company failed to participate in the survey in recent years lacks a 2016 ranking.
Five firms dropped off last year’s list: Drucker & Falk; CFLane, LLC; Sentinel Real Estate; and Forest City Realty Trust all just missed the threshold for entry this year. Also, The Related Companies did not respond to the survey this year. ◾
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d e s i g n s t u d i o
2017 TOP DEVELOPERS25 Largest U.S. Apartment Developers as of January 1, 2017
Note: When a company has no previous year’s ranking, it can mean either this is the company’s first time responding to the survey or the company was too small to make the list last year.
Developer Rank 2017
Developer Rank 2016 Company Name
Units Started
2016
Units Started
2015 Corporate Officer HQ CityHQ State
1 5 Greystar Real Estate Partners, LLC 7,673 4,699 Robert A. Faith Charleston SC
2 1 Alliance Residential Company 7,104 7,765 Bruce Ward and V. Jay Hiemenz Phoenix AZ
3 6 LMC, a Lennar company 6,244 4,582 Todd Farrell Charlotte NC
4 2 Mill Creek Residential Trust LLC 5,081 6,567 Charles R. Brindell and William C. MacDonald Dallas TX
5 4 Trammell Crow Residential 4,517 4,841 Kenneth J. Valach Dallas TX
6 9 Lincoln Property Company 4,343 3,449 Tim Byrne Dallas TX
7 11 The NRP Group LLC 3,720 1,785 J. David Heller Cleveland OH
8 3 Wood Partners, LLC 3,468 5,622 Joe Keough Atlanta GA
9 13 The Michaels Organization 3,443 2,880 John J. O’Donnell Marlton NJ
10 Continental Properties Company, Inc. 3,175 2,896 James Schloemer Menomonee Falls WI
11 12 Hanover Company 3,102 3,017 John H. Nash Houston TX
12 Fairfield Residential Company LLC 3,007 1,536 Gregory R. Pinkalla San Diego CA
13 22 Woodfield Development 2,937 1,776 Greg Bonifield Mount Pleasant SC
14 7 AvalonBay Communities, Inc. 2,732 3,758 Timothy J. Naughton Arlington VA
15 American Campus Communities 2,699 1,264 Bill Bayless Austin TX
16 20 Crescent Communities 2,389 1,863 Brian Natwick Charlotte NC
17 Wermers Companies 2,150 1,600 Thomas Wermers and Jeff Bunker San Diego CA
18 Miller-Valentine Group 2,101 419 David Liette Cincinnati OH
19 8 Holland Residential 2,053 3,536 Clyde Holland Vancouver WA
20 The Bainbridge Companies 2,032 672 Richard Schechter Wellington FL
21 24 The Dinerstein Companies 1,966 1,748 Brian Dinerstein Houston TX
22 Fore Property Company 1,959 1,222 Jonathan Fore Las Vegas NV
23 10 Forest City Residential Group, Inc. 1,808 3,352 Ronald A. Ratner Cleveland OH
24 Billingsley Company 1,798 542 Lucy Billingsley Dallas TX
25 Related Development, LLC 1,788 1,643 Steve Patterson Miami FL
18 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC
2017 TOP GENERAL CONTRACTORS25 Largest U.S. Apartment General Contractors as of January 1, 2017
Contractor / Builder
Rank 2017
Contractor / Builder
Rank 2016 Company Name
Units Started
2016
Units Started
2015 Corporate Officer HQ CityHQ State
1 1 Alliance Residential Company 6,933 7,765 Bruce Ward and V. Jay Hiemenz Phoenix AZ
2 4 Summit Contracting Group, Inc. 5,154 4,853 Marc Padgett Jacksonville FL
3 21 Greystar Real Estate Partners, LLC 4,876 1,837 Robert A. Faith Charleston SC
4 3 Mill Creek Residential Trust LLC 4,266 6,026 Charles R. Brindell and William C. MacDonald Dallas TX
5 6 Suffolk Construction Company 3,849 3,111 John F. Fish Boston MA
6 22 The NRP Group LLC 3,720 1,785 J. David Heller Cleveland OH
7 8 CBG Building Company LLC 3,541 3,320 Keith Anderson Arlington VA
8 5 Trammell Crow Residential 3,261 3,789 Kenneth J. Valach Dallas TX
9 LMC, a Lennar company 3,123 1,508 Todd Farrell Charlotte NC
10 16 LandSouth Construction, LLC 3,064 2,252 James G. Pyle Jacksonville Beach FL
11 Fairfield Residential Company LLC 3,007 1,536 Gregory R. Pinkalla San Diego CA
12 11 Carocon Corporation 2,890 2,670 Ambrose W. Dittloff Charlotte NC
13 25 Wermers Companies 2,600 1,800 Thomas Wermers and Jeff Bunker San Diego CA
14 13 Weis Builders, Inc. 2,520 2,517 Jay Weis Minneapolis MN
15 AvalonBay Communities, Inc. 2,467 Timothy J. Naughton Arlington VA
16 12 McShane Construction Company 2,392 2,612 Jeff Raday Rosemont IL
17 9 Bozzuto 2,103 2,218 Toby Bozzuto Greenbelt MD
18 23 Harkins Builders, Inc. 2,082 1,806 Richard M. Lombardo Columbia MD
19 Fore Property Company 1,959 1,842 Jonathan Fore Las Vegas NV
20 Wood Partners, LLC 1,914 4,305 Joe Keough Atlanta GA
21 The Bainbridge Companies 1,832 672 Richard Schechter Wellington FL
22 KWA Construction 1,823 1,215 Brian Webster Addison TX
23 Miller-Valentine Group 1,821 419 David Liette Cincinnati OH
24 Billingsley Company 1,814 542 Lucy Billingsley Dallas TX
25 14 Oden Hughes LLC 1,800 2,282 Steve Oden Jr. Austin TX
APRIL 2017 | NMHC 50 19
For Greystar Real Estate Partners, 2016 was a very busy year. The Charleston, S.C.-based company started 7,673 new apartments during the year, a 63 percent jump in production from 2015—and enough of a boost to push the company from the No. 5 position in 2016 into the top slot this year. The units were in 29 projects in nine states.
“We were active in all of our markets, except New York City,” says Scott Wise, executive managing director of development and construction services for Greystar Real Estate Partners.
The developers on the NMHC 25 collectively started 83,289 apartments in 2016, representing a sizeable chunk (21 percent) of the 381,000 total multifamily units started. However, what started out as a banner year for construction ended with growing worries about overbuilding in some markets, rising construction costs and a sudden shortage of construction financing from banks.
Out in FrontDespite the concerns, Wise says, “We haven’t seen any market
condition change that made us decide not to go forward.”Greystar even started two projects in Houston in 2016, a market
that many developers have avoided since a crash in oil prices damaged
Houston’s economy. Those projects are well underway and are now leasing 22 to 25 units a month—a very fast rate, he says.
“Our leasing hasn’t stumbled,” says Wise, noting that much of what the company is now leasing was started in 2014 and 2015. The bulk of the apartments the company started in 2016 should be ready for residents to move in by the end of 2018.
No. 2 top developer Alliance Residential, however, tapped the brakes on its overall development last year. The firm started construction on 7,104 new apartments in 2016, which was 661 fewer than the prior year’s production level.
“Alliance peaked our pipeline development starts two years ago on conventional multifamily product,” says V. Jay Hiemenz, president and CEO for Alliance. “We are projecting 2017 starts to be lower than 2016, which were lower than 2015.”
Switch to the SuburbsAs developers tweak their production volumes, they are also
shifting their strategies in other ways.While about a third of the properties that Greystar started in 2016
will be high-rise towers in urban downtown areas, the remaining two-thirds of Greystar’s 2016 projects have been more traditional suburban
Building to the MarketDespite near-term concerns about rising costs and supply, developers and contractors are confident in the market’s longer-term outlook. > By Bendix Anderson
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20 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC
product. Most are mid-rise, wood-frame buildings built over structured parking, usually in strong, suburban apartment markets where relatively few new apartments have been built so far in this cycle.
Alliance is also pursuing more suburban opportunities. “Over the past year we have been pivoting to more suburban development,” says Hiemenz. But these new mid-rise suburban projects aren’t much like the suburban garden apartments that Alliance built in past cycles. All have structured parking and many are located near town centers or near services like grocers, restaurants and retail.
Moving out to the suburbs is one way that top developers are trying to protect themselves from overbuilding while they still continue to build new apartments themselves. In many submarkets, rent growth has slowed.
“For the most part, the suburban locations have not seen nearly as much product,” says Hiemenz. “We saw some of the urban markets getting a little too much product. We’re going to wait to see how many of these urban submarkets absorb the current pipeline before going back to increase our investment.”
Despite these near-term concerns, Hiemenz says he still sees strong demand for apartments. The U.S. economy continues to produce jobs, and millions of young people continue to reach the
age at which they are more likely to rent an apartment. Moreover, apartments face little competition from for-sale homes, even though millions of apartment renters are now at an age at which people in prior generations often bought single-family houses. But few houses are available, keeping them in their rental apartments.
“Demographics and low homeownership rates continue to bolster the rental market,” says Hiemenz.
City KidsThe suburbs may be seeing a resurgence in development activity,
but not all top developers have turned away from the big city. “Our 2016 product and locations were very similar to what we
have started throughout cycle: well-located mid-rise, high-rise and garden properties across the top 20 markets in the U.S.,” says John Gray, head of investments for LMC, a subsidiary of Lennar.
As the third largest multifamily developer, LMC started construction on 6,244 new apartments in 2016, enough to make it jump three spots on this year’s NMHC Top 25 developers list. In addition, LMC started 3,123 units in 2016 as a third-party general contractor, earning the title of 10th largest multifamily GC.
LMC anticipates another busy year in 2017. “Our pipeline is still strong; it is just more difficult to see deals through today with costs rising, rents tempering and interest rates moving up,” says Gray.
However, he also maintains confidence in the demand for apartments.“We continue to be really optimistic about the space as a whole,” says
Gray. He quotes estimates that the U.S. will add 5.6 million households by the end of 2021, half of which are projected to be renters. That works out to 2.8 million new renter households over five years.
“Rents and occupancy could dramatically outperform expectations over the next five years,” he says.
Active AdultsMultifamily developers and builders are also keeping a close eye
on the older renters. For example, 11 of the 29 projects that Greystar started in 2016 targeted active adults over the age of 55. “We have pivoted to this product line, in Texas in particular,” says Wise.
Mill Creek Residential, the nation’s fourth largest multifamily developer, is mixing more apartments targeted to older renters into its communities. The company started 5,081 new apartments in 2016 but aims to scale back to about 4,500 new apartments in 2017 and roughly 4,000 in 2018.
“The baby boomer rental market is now becoming a substantial piece of the business,” says Mill Creek President and CIO Bill McDonald.
However, while these older renters often like the same bustling neighborhoods preferred by younger adults, they often bring more furniture and possessions when they move into an apartment, requiring more space.
“We are mixing in some larger floorplans,” says McDonald. “Some larger two bedrooms and three bedrooms.”
“Our pipeline is still strong; it is just more difficult to see deals through today with costs rising, rents tempering and interest rates moving up.”
- John Gray, LMC
“The baby boomer rental market is now becoming a substantial piece of the business.”
– Bill McDonald, Mill Creek Residential
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APRIL 2017 | NMHC 50 21
In communities that will be home to both younger and older renters, it’s important to offer a range of choices. “We are including a few units with larger closets and kitchens, so that we have more unit differentiations,” says LMC’s Gray.
Market ChallengesGiven the market conditions, many developers note the growing
difficulty of development. For example, construction lenders are hard to find. “There are fewer construction lenders that we are working with this year compared to last year,” says Mill Creek’s McDonald. “Construction lenders are not looking to establish new relationships.”
Remaining lenders are charging meaningfully higher loan spreads and upfront fees. Loans offered by these lenders also cover less of the cost of development, often as little as 50 to 55 percent. This is down from 65 percent last year. “As a result, we need to raise more equity to finance new construction,” says McDonald.
But with so many projects underway, construction workers also have been hard to find—and wages rising, says Marc Padgett, CEO and owner of Jacksonville, Fla.-based Summit Contracting. “There are manpower issues in the market,” says Padgett.
At 5,154 apartments started last year, Summit Contracting ranks as the second largest apartment general contractor/builder, up two spots from the previous year. “Labor costs have seen an above average increase over the past few years,” he adds.
Padgett says Summit is able to find the workers it needs because the company spends time on its relationships with its contractors. “With the multifamily market so busy right now, it is important for the developer and the contractor to be very selective on the team of subcontractors,” says Padgett. “Many have taken on more work than they can handle.”
Challenges like these could keep some developers from starting new apartment projects this year. “We think starts in the U.S. will be down 30 percent to 40 percent in 2017 versus 2016,” says LMC’s Gray. ◾
0
100
200
300
400
500
600
20162015201420132012201120102009200820072006200520042003200220012000
U.S. Multifamily Permits, Completions and Starts (in 000s)
Source: U.S. Census Bureau
◾ Starts
◾ Completions
◾ Permits
“With the multifamily market so busy right now, it is important for the developer and the contractor to be very selective on the team of subcontractors. Many have taken on more work than they can handle.”
– Marc Padgett, Summit Contracting
22 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC
2017 TOP SYNDICATORS10 Largest U.S. Apartment Tax Credit Syndicators as of January 1, 2017
Syndicator Rank 2017 Company Name
Units Syndicated
2017
Units Syndicated
2016 Corporate Officer HQ CityHQ State
1 Alden Torch Financial 183,456 191,759 Alan Fair Denver CO
2 PNC Real Estate 136,152 134,364 Todd Crow Portland OR
3 Boston Capital 121,875 129,936 Jack Manning Boston MA
4 Boston Financial Investment Management, LP 108,717 127,117 Kenneth Cutillo Boston MA
5 The Richman Group Affordable Housing Corporation 106,143 104,008 Richard Paul Richman Greenwich CT
6 Enterprise Community Asset Management, Inc. 105,407 103,194 Charles R. Werhane Columbia MD
7 National Equity Fund, Inc. 101,583 96,303 Joseph Hagan Chicago IL
8 AIG Affordable Housing Partners 99,947 102,592 Douglas S. Tymins Los Angeles CA
9 Raymond James Tax Credit Funds, Inc. 96,182 67,751 Steve Kropf St. Petersburg FL
10 WNC & Associates, Inc. 50,924 50,800 Wilfred N. Cooper, Jr. Irvine CA
24 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC
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Last year started out great for Alden Torch Financial, the nation’s largest low-income housing tax credit (LIHTC) syndicator. By May, the company had closed on a $117 million, fully-specified multi-investor fund and was gearing up to close out another $100 million fund by year’s end.
Then the election happened. Investors, eyeing the likelihood of tax reform under a Trump administration, pulled back and LIHTC credit prices plummeted, stalling the closing of Alden Torch’s fund raise to March of 2017 and challenging its typical annual deployment of approximately $300 million.
“We’re very happy with what we were able to accomplish, especially with the sharp drop in pricing at the end of year,” says Alden Torch Financial Managing Director Jeffrey Weiss. “With that, 2017 has become an exercise in how we structure deals.”
With both the outlook for and side effects of tax reform efforts seeming uncertain, syndicators are focused on finding ways to hedge price volatility and balance the need for Community Reinvestment Act (CRA) allocations to make deals work.
A Rate Rollercoaster“A lot of syndicators and investors are underwriting to a lower tax
rate,” explains Weiss. “There are investors on the sidelines waiting for the dust to settle, and expectations vary from tax reform happening by the end of August to it may not even happen at all. Everyone is searching for good, true guidance.”
Raoul Moore, senior vice president of syndication for Columbia, Md.-based Enterprise Community Asset Management, Inc., the sixth-largest LIHTC syndicator, would agree. While investors haven’t abandoned the market, their approaches to dealing with pricing uncertainty have been diverse, he says.
“It’s been all over the board,” says Moore. “From underwriting at a 25 percent tax rate with built-in downward and upward adjusters to pegging a 20 percent credit with just an upward adjustor and taking the chance on a 15 percent rate, where they’ll take the hit versus a 25 percent rate where they’ll get the benefit.”
Uncertain TimesLIHTC syndicators adjust pricing but remain optimistic as tax changes loom. > By Chris Wood
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26 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC
Amenity Light One of the immediate effects of LIHTC price drops has been a
siphoning of excess basis dollars commonly available to 2016 projects where pricing was $0.10 to $0.14 higher. With that equity no longer available, developers have been forced to take a harder look at community amenities just when market-rate perks like clubhouses, pools and gaming rooms were becoming standard.
“Those properties are suddenly harder to do today, and developers are now focusing solely on core amenities because they have to, even as they look to add features to ensure the long-term marketability of the asset,” Weiss says.
However, Will Cooper, president and CEO of WNC & Associates, Inc., the tenth largest syndicator, says there is a significant need for social service programs and sustainability to be incorporated into affordable housing before projects add on amenities commonly found in market-rate properties to impress residents. In fact, identifying existing affordable housing stock where WNC can make value-added energy efficiency improvements is high on the syndicator’s to-do list for 2017.
“The greatest amenity we can provide in our program is lower rents, and we shouldn’t forget that,” Cooper says. “I generally don’t like to see the cost of the buildings going up just to find places to put the money, and we need to continue to be careful of that.”
Reform EffortsBut bringing more certainty back to the market means having more
clarity on the details of tax reform. The current push for tax reform reflects the widely-held belief that
America’s current tax code is an impediment to growth. The code is riddled with exemptions and the statutory rate is too high. However, reductions in the corporate rate could have serious implications for the LIHTC program.
So far, only the House Republicans have offered an initial outline of their approach, called the House Blueprint on Tax Reform. However, the Blueprint is only a starting point for the tax reform debate. Both the Senate and White House have yet to unveil their own approaches to tax reform, which will shift the debate.
As the proposals evolve, the industry looks to ensure that tax reform safeguards the viability of the LIHTC program. Downsizing the program would exacerbate the shortage of affordable rental units.
But for now, many executives are just taking things one day and one deal at a time.
“We’re keeping in close communication with lobbyists in Washington, and it’s still not even a 50/50 shot that reform will happen,” says Cooper. “But the marketplace has functioned well to absorb that risk, and that is where we are at. 2016 went above and beyond our expectations and we’re optimistic that investors are still confident we’ve appropriately hedged reform risk. We hope not to see any hesitancy at all.” ◾
“There are investors on the sidelines waiting for the dust to settle, and expectations vary from tax reform happening by the end of August to it may not even happen at all. Everyone is searching for good, true guidance.”
– Jeffrey Weiss, Alden Torch Financial
“The greatest amenity we can provide in our program is lower renters, and we shouldn’t forget that.”
– Will Cooper, WNC & Associates
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APRIL 2017 | NMHC 50 27
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“
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2017 NMHC OFFICERS
EXECUTIVE COMMITTEE*
FORMER CHAIRMEN
IMMEDIATE PAST CHAIRMAN
Daryl J. CarterAvanath Capital
ManagementIrvine, CA
SECRETARYKenneth J. Valach
Trammell Crow ResidentialHouston, TX
PRESIDENTDouglas M. BibbyNational Multifamily
Housing CouncilWashington, DC
CHAIRMANRobert E. DeWitt
GIDBoston, MA
VICE CHAIRMANSusan Ansel
Gables ResidentialDallas, TX
TREASURERDavid R. Schwartz
Waterton Chicago, IL
Kelley A. BergstromC. Preston ButcherThomas S. BozzutoRic CampoDouglas Crocker, II
Allen CymrotPeter F. DonovanWilliam H. ElliottRichard L. ForeRandolph G. Hawthorne
Gary T. KachadurianMary Ann KingDuncan L. Matteson, Sr.Richard L. MichauxRobert Sheridan
Geoffrey L. StackLeonard W. Wood
Patti FieldingAimco
Denver, CO
William W. TalbotAmerican Campus
CommunitiesAustin, TX
James M. KrohnAlliance Residential
CompanyPhoenix, AZ
Jeffery A. RobertsThe Altman Companies
Boca Raton, FL
William C. Bayless, Jr.
American Campus Communities
Austin, TX
Marc E. deBaptisteARA, A Newmark
CompanyBoca Raton, FL
Sean J. BreslinAvalonBay
Communities, Inc.Arlington, VA
Leo S. HoreyAvalonBay
Communities, Inc.Arlington, VA
Daryl J. CarterAvanath Capital
ManagementIrvine, CA
John WilliamsAvanath Capital
ManagementIrvine, CA
Tom KeadyThe Bainbridge
CompaniesCary, NC
Richard SchechterThe Bainbridge
CompaniesWellington, FL
Jonathan D. BellBell Partners
Greensboro, NC
Lili F. DunnBell Partners
Alexandria, VA
Frank LutzBerkadia
Horsham, PA
Ernest F. KataiBerkadia
Southfield, MI
Alan KingBerkshire Property
AdvisorsAlpharetta, GA
Patti ShwayderAimco
Denver, CO
Jay HiemenzAlliance Residential
CompanyPhoenix, AZ
Joel L. AltmanThe Altman Companies
Boca Raton, FL
Blake OklandARA, A Newmark
CompanyCharlotte, NC
*As of January 1, 2017
30 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC
EXECUTIVE COMMITTEE
Nathan S. CollierThe Collier Companies
Gainesville, FL
J. Andrew HogsheadThe Collier Companies
Gainesville, FL
Robert D. Greer, Jr.Clarion PartnersWashington, DC
Edward CareyClarion PartnersNew York, NY
Paul G. KerrDavlyn Investments
San Diego, CA
Manuel MenendezFannie Mae
Washington, DC
Deborah Ratner-SalzbergForest City Realty Trust
Washington, DC
Gregory A. FowlerFPA Multifamily
San Francisco, CA
Daniel KaplanFPA Multifamily
Irvine, CA
Jon D. WilliamsDavlyn Investments
San Diego, CA
Alan W. GeorgeEquity Residential
Chicago, IL
Mark J. ParrellEquity Residential
Chicago, IL
Adam BerryEssex Property
Trust, Inc.Palo Alto, CA
Ronald A. RatnerForest City
Realty TrustCleveland, OH
David BrickmanFreddie MacMcLean, VA
John M. CannonFreddie Mac
New York, NY
Susan AnselGables Residential
Dallas, TX
Dawn SevertGables Residential
TrustAtlanta, GA
Robert E. DeWittGID
Boston, MA
Stacy G. HuntGreystar Real Estate
Partners, LLCHouston, TX
William C. MadduxGreystar Real Estate
Partners, LLCCharleston, SC
David J. OlneyBerkshire Property
AdvisorsBoston, MA
Laurie A. BakerCamden Property
TrustHouston, TX
Keith OdenCamden Property
TrustHouston, TX
Toby BozuttoThe Bozzuto Group
Greenbelt, MD
Christopher BedaCarmel Partners, Inc.
San Francisco, CA
Ron ZeffCarmel Partners, Inc.
San Francisco, CA
Peter F. DonovanCBRE
Boston, MA
Brian F. StoffersCBRE
Houston, TX
Daniel J. EpsteinThe ConAm Group
San Diego, CA
Rob SinghThe ConAm Group
San Diego, CA
Julie A. SmithThe Bozzuto Group
Greenbelt, MD
Randy ChurcheyEdR
Memphis, TN
Thomas TrubianaEdR
Memphis, TN
Joe MosleyGreystone Servicing
Corporation, Inc.New York, NY
APRIL 2017 | NMHC 50 31
EXECUTIVE COMMITTEE
Hessam NadjiMarcus & Millichap
CompanyCalabasas, CA
Jeffrey GoldbergMilestone Group
New York, NY
John S. SebreeMarcus & Millichap
Chicago, IL
Steven T. LambertiMilestone
ManagementDallas, TX
Charles R. Brindell, Jr.Mill Creek
Residential Trust LLCDallas, TX
Mark AlfieriMonogram
Residential TrustPlano, TX
Peggy DalyMonogram
Residential TrustPlano, TX
Mary Ann KingMoran & Company
Irvine, CA
Albert M. Campbell, III
MAAMemphis, TN
Kerry R. FrenchNorthMarq Capital, Inc.Houston, TX
Eduardo PadillaNorthMarq Capital, Inc.
Minneapolis, MN
Gary GoodmanPassco Companies,
LLCIrvine, CA
Thomas F. MoranMoran & Company
Chicago, IL
H. Eric Bolton, Jr.MAA
Memphis, TN
W. Dean HenryLegacy Partners Residential, Inc.Foster City, CA
Brian C. ByrneLincoln Property
CompanyDallas, TX
Margette G. Hepfner
Lincoln Property CompanyDallas, TX
James H. CallardKlingbeil Capital Management/
American Apartment Communities
Annapolis, MD
Guy K. HaysLegacy PartnersFoster City, CA
Dan BakerKeyBank Real Estate CapitalCleveland, OH
Robert C. KettlerKettler
McLean, VA
William T. HymanHunt Mortgage
GroupNew York, NY
John LarsonHunt Mortgage
GroupDallas, TX
Jubeen F. VaghefiJLL Capital Markets
Dallas, TX
Usha ChaudharyKettler
McLean, VA
Jeff PriceJLL Capital Markets
Dallas, TX
Matthew LawtonHFF
Chicago, IL
Clyde P. HollandHolland Partner
GroupVancouver, WA
Charles E. Mueller, Jr.The Irvine Company
Apartment Communities ‘IAC’
Irvine, CA
Ray BarrowsThe Irvine Company
Apartment Communities ‘IAC’
Irvine, CA
Laura A. BeuerleinHeritage Title Company of Austin, Inc.Austin, TX
Gary S. FarmerHeritage Title Company of Austin, Inc.Austin, TX
Mona Keeter Carlton
HFFDallas, TX
Billy PoseyGreystone Servicing
Corporation, Inc.Memphis, TN
Larry SullivanPassco Companies,
LLCIrvine, CA
32 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC
Alan WienerWells Fargo
Multifamily CapitalNew York, NY
Lawrence H. CurtisWinnCompanies
Boston, MA
Michael K. HaydeWestern National
GroupIrvine, CA
Jerry LaPointeWestern National
GroupIrvine, CA
EXECUTIVE COMMITTEE
Leonard Wood, Jr.Trammell Crow
ResidentialAtlanta, GA
Kenneth J. ValachTrammell Crow
ResidentialDallas, TX
Thomas W. ToomeyUDR, Inc.
Highlands Ranch, CO
Warren L. TroupeUDR, Inc.
Highlands Ranch, CO
David R. SchwartzWaterton
Associates, L.L.C.Chicago, IL
Diane BatayehVillage Green
Farmington Hills, MI
Vincent R. ToyeWells Fargo
Multifamily CapitalNew York, NY
EXECUTIVE COMMITTEE NOT PICTUREDJeff LeeCapital One Multifamily FinanceBethesda, MD
Eli SuEssex Property Trust, Inc.San Mateo, CA
Lynwood D. BrewerFannie MaeAustin, TX
Judy SchneiderHolland Partner GroupVancouver, WA
Pamela K. WildKeyBank Real Estate CapitalDallas, TX
Kristen Klingbeil-WeisKlingbeil Capital Management/American Apartment CommunitiesSanta Barbara, CA
Deirdre A. KuringWinnCompaniesBoston, MA
Brian EarleWood Partners, LLCAtlanta, GA
Geoffrey L. StackSARES•REGIS Group
Irvine, CA
Jack O’ConnorWeidner Apartment
HomesKirkland, WA
W. Dean WeidnerWeidner Apartment
HomesKirkland, WA
David DurningPGIM Real Estate
FinanceChicago, IL
Donna PreissThe Preiss Company
Raleigh, NC
John PreissThe Preiss Company
Raleigh, NC
Marc S. PollackPollack Shores Real
Estate GroupAtlanta, GA
Steven L. ShoresPollack Shores Real
Estate GroupAtlanta, GA
Michael BissellSARES•REGIS Group
Irvine, CA
Rick GrafPinnacle
Addison, TX
Larry GoodmanPinnacle
Addison, TX
Steve F. HallseyWood Partners
Atlanta, GA
34 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC
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NMHC’s meetings
bring together senior
executives from
the nation’s leading
multifamily firms for
high-level networking,
actionable business
intelligence and
thought-provoking
discussions.
Meet@NMHC Industry ConferencesOpen to members and non-members.
2017 NMHC Student Housing Conference & Exposition
September 25–27, 2017 • Tampa, FL
2017 NMHC OPTECH Conference & Exposition
October 25–27, 2017 • Las Vegas, NV
2018 NMHC Apartment Strategies Outlook Conference
January 16, 2018 • Orlando, FL
NMHC’s Exclusive Meetings Open to members only.
2017 NMHC Fall Board of Directors and Advisory
Committee Meeting
Get the Insider’s Perspective on Capitol Hill
September 12–14, 2017 • Washington, DC
2017 Spring Board of Directors Meeting
Our Most Exclusive Meeting
May 16–18, 2017 • New York, NY
2018 NMHC Annual Meeting
Plan Your Strategy for the Year
January 16–18, 2018 • Orlando, FL
Learn more at nmhc.org/meetings
Tim L. MyersAllied Orion Group
Houston, TX
Ricardo RivasAllied Orion Group
Houston, TX
Scott E. AndersonAmerican Realty
AdvisorsGlendale, CA
Michael H. GodwinAmbling Management
Company LLCValdosta, GA
Gregory T. MutzAMLI Residential Properties, L.P.
Chicago, IL
Kimberly J. SperryAmstar Group, LLC
Denver, CO
Dennis CogbillApartment List
San Francisco, CA
Neil T. BrownArchCo Residential
Atlanta, GA
Marcia BollingerApartments.com
Atlanta, GA
BOARD OF DIRECTORS*
Steven WolfAres Management
New York, NY
Thuy WoodallAT&T Connected
CommunitiesMilton, GA
Michael G. MillerAUM
Lombard, IL
Phillip E. BoguckiAZUMA Leasing
Austin, TX
Rachel RidleyAvesta Communities
Tampa, FL
Walt SmithAvenue5
Residential, Inc.Seattle, WA
Jeffrey C. DayBerkeley Point
Capital LLCBethesda, MD
Mark ForresterBerkadia
Phoenix, AZ
Keith T. MisnerBerkadia
Bethesda, MD
David OakleyBerkadia
Birmingham, AL
BJ RosowAZUMA Leasing
Austin, TX
James P. CookeBallard Spahr
Washington, DC
Lisa DaileyBalfour Beatty Communities
Tampa, FL
Mary Jo GeorgeBallard Spahr
Washington, DC
John K. Powell, Jr.Bellwether Enterprise
Real EstateCapital, LLCChicago, IL
Harry BookeyBH Equities, LLCDes Moines, IA
Mark W. DunneBoston Capital
CorporationBoston, MA
John P. ManningBoston Capital
CorporationBoston, MA
Miles H. OrthCampus Apartments
Philadelphia, PA
David J. AdelmanCampus Apartments
Philadelphia, PA
Danuel R. StangerBridge Investment
Group PartnersMurray, UT
Bradley B. ChambersBuckingham Companies
Indianapolis, IN
David R. MinnickBridge Investment
Group PartnersMurray, UT
James HendersonBarings
Hartford, CT
Ed HurleyBarings Multifamily
Capital LLCPlano, TX
Anthony OrsoCantor Commercial Real Estate (CCRE)
New York, NY
*As of January 1, 2017
36 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC
Andrew K. DolbenThe Dolben
Company, Inc.Woburn, MA
Deane H. DolbenThe Dolben
Company, Inc.Woburn, MA
Adam C. BreenDRA Advisors, LLC
New York, NY
Wendy DruckerDrucker & Falk, LLCNewport News, VA
Kellie J. FalkDrucker & Falk, LLC
Raleigh, NC
David LuskiDRA Advisors, LLC
New York, NY
John CaltagironeThe Dinerstein
CompaniesHouston, TX
Brian L. DinersteinThe Dinerstein
CompaniesHouston, TX
David W. SnyderContinental Realty
Advisors, Ltd.Littleton, CO
Stewart HsuConti Organization
Addison, TX
Carlos P. VazConti Organization
Addison, TX
Jason RosaContinental Realty
Advisors, Ltd.Littleton, CO
Tyler AndersonCBRE
Phoenix, AZ
Stephen J. ZaleskiCBRE Global Investors, LLCBoston, MA
Richard GerwitzCiti Community
CapitalLos Angeles, CA
Will MatthewsColliers International
Atlanta, GA
Karen WhittColliers International
Washington, DC
Patrick NugentCommercial Insurance
Solutions GroupDallas, TX
Jerry DavisConservice Utility
Management & Billing
Logan, UT
BOARD OF DIRECTORS
Steven DeFrancisCortland Partners,
LLCAtlanta, GA
Richard LeurigCoreLogic Rental Property Solutions
Coppell, TX
Marc D. GoldsteinCovington
Development, LLCSt. Louis, MO
Vickie RodgersCox Communications
Atlanta, GA
Denise TremmelCox Communications
Atlanta, GA
James M. CauleyCrescent Communities
Charlotte, NC
Benjamin CollinsCrescent Communities
Charlotte, NC
Brian NatwickCrescent Communities
Charlotte, NC
James CurranCrescent Communities
Atlanta, GA
Dodge CarterCrow Holdings
Capital Partners, LLC
Dallas, TX
Byron L. MogerCushman & WakefieldTampa, FL
Lauren A. Brockman
Convergence Multifamily Real
Estate GroupDenver, CO
Jonathan HoltzmanCity Club
ApartmentsFarmington, MI
Ernest L. HeymannCAPREIT, Inc.Rockville, MD
Andrew KadishCAPREIT, Inc.
Philadelphia, PA
L. Marc CarterCarter Haston Holdings, LLCNashville, TN
38 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC
Kathleen Felderman
EPICSan Francisco, CA
Jonathan GriffithsEPIC
San Francisco, CA
Gregory R. PinkallaFairfield Residential
Company LLCSan Diego, CA
Michele M. EvansFannie Mae
Washington, DC
Hilary ProvinseFannie Mae
Washington, DC
Richard ShinbergFirst Capital Realty, Inc.
Bethesda, MD
Les ZimmermanFirst Capital Realty, Inc.
Bethesda, MD
Robert L. JohnstonFirst Communities
Atlanta, GA
Mark A. FogelmanFogelman
Management GroupMemphis, TN
Richard L. Fogelman
Fogelman PropertiesMemphis, TN
Seth GreenbergECI Group, Inc.
Atlanta, GA
Michael Edward Gorman
Edward Rose & SonsCarmel, IN
Dave NachisonEastdil Secured, LLC
Washington, DC
Warren RoseEdward Rose & SonsBloomfield Hills, MI
Trey EmbreyEmbrey Partners, Ltd.
San Antonio, TX
BOARD OF DIRECTORS
CJ EdmondsG5
Bend, OR
James M. BachnerHeitman LLCChicago, IL
James DavisInfoTycoonRoswell, GA
Curt HenselHD Supply
San Diego, CA
Paula PresenkowskiHD Supply
San Diego, CA
John J. Gray, IIIGrayco Partners LLC
Houston, TX
David BirnbaumGriffis Residential LLCGreenwood Village, CO
Ian GriffisGriffis Residential LLCGreenwood Village, CO
Jordan E. SloneHarbor Group InternationalNorfolk, VA
Linda ZellerGerson Bakar &
AssociatesSan Francisco, CA
John O. Moore, Jr.Highland Commercial
Mortgage, LLCBirmingham, AL
Jon C. WoodHines
Winter Park, FL
Lynn CalkinsHolland & Knight, LLP
Washington, DC
Greg FaulknerHumphreys &
Partners Architects, L.P.
Dallas, TX
Mark HumphreysHumphreys &
Partners Architects, L.P.
Dallas, TX
Tracy Simonton Legg
Hunter Warfield, Inc.Tampa, FL
Todd WahlHunter Warfield, Inc.
Tampa, FL
Jeffery R. HaywardFannie Mae
Washington, DC
Kevin GeorgeInfoTycoonRoswell, GA
G. Joseph CosenzaThe Inland Real
Estate Group, Inc.Oak Brook, IL
APRIL 2017 | NMHC 50 39
Rohit AnandKTGY Group Inc.
Vienna, VA
Steven R. BoyackThe Laramar Group, LLCChicago, IL
Richard J. HighJohn M. Corcoran
& CompanyBraintree, MA
James V. Madary, IIJVM Realty Corporation
Oak Brook, IL
Gregory O’BerryJVM Realty Corporation
Oak Brook, IL
Jennings D. GlennKane Realty CorporationRaleigh, NC
Bonnie D. MoserKane Realty CorporationRaleigh, NC
Kurt ZechKennedy Wilson
CompanySan Francisco, CA
John FalcoKingsley Associates
Atlanta, GA
BOARD OF DIRECTORS
Matthew JordanLaSalle Investment Management, Inc.
New York, NY
Peter P. DiLullo, Jr.LCOR Incorporated
Berwyn, PA
Thomas J. O’BrienLCOR Incorporated
Berwyn, PA
Pat PattersonLedcor Properties Inc.
Irvine, CA
Todd M. FarrellLMC, A Lennar
CompanyCharlotte, NC
John GrayLMC, A Lennar
CompanyCharlotte, NC
Thomas F. McCoy, Jr.Lockton
Companies, LLCDenver, CO
Jay J. EisnerLEM Capital, L.P.Philadelphia, PA
Charles M. McDaniel
Lockton Companies, LLC
Denver, CO
Michael J. Lynd, Jr.The Lynd Company
San Antonio, TX
Chris GreenMacquarie Capital
New York, NY
Brian T. KelleherJLL Capital Markets
Dublin, OH
Gregory G. LambJefferson
Apartment GroupMcLean, VA
Mark CosenzaThe Inland Real
Estate Group, Inc.Oak Brook, IL
David KapiloffInsgroup, Inc.Houston, TX
Peter KatzInstitutional Property Advisors, a Division of Marcus & Millichap
Phoenix, AZ
Will BalthropeInstitutional Property Advisors, a Division of Marcus & Millichap
Dallas, TX
Robert J. FinlayInvestor Management
ServicesCharlotte, NC
Allina BoohoffJ.P. Morgan Asset
ManagementNew York, NY
Tiffany ButcherThe JBG CompaniesChevy Chase, MD
Kai ReynoldsThe JBG CompaniesChevy Chase, MD
Eddie YangJBM
Tampa, FL
James A. ButzJefferson
Apartment GroupMcLean, VA
Jamie B. MayJBM Institutional
Multifamily AdvisorsTampa, FL
Jeffery LowryMadera EquityLubbock, TX
Eric WurtzebachMacquarie Capital
Boca Raton, FL
40 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC
G. Niles BoltonNiles Bolton
Associates, Inc.Atlanta, GA
Hyung KimPacific Life Insurance
CompanyNewport Beach, CA
Gene R. BlevinsOrion Real Estate
ServicesHouston, TX
Ian DouglasOrion Real Estate
ServicesHouston, TX
Richard BurnsThe NHP Foundation
New York, NY
Gina M. DingmanNAI Everest
Minneapolis, MN
James KuhnNewmark Grubb
Knight FrankNew York, NY
Casey K. BrennanNALS Apartment
HomesSanta Barbara, CA
Michael R. SchellNALS Apartment
HomesScottsdale, AZ
Scott G. SuttleNorthMarq Capital
FinanceWashington, DC
Jayson F. Donaldson
NorthMarq Capital Finance
Washington, DC
Jake HarringtonOn-Site.com
Campbell, CA
BOARD OF DIRECTORS
Michael S. MorganThe Morgan Group, Inc.Houston, TX
Mitchell L. MorganMorgan PropertiesKing of Prussia, PA
Brian ZrimsekMRI Software
Solon, OH
Jonathan R. Morgan
Morgan PropertiesKing of Prussia, PA
Michael H. Zaransky
MZ Capital PartnersNorthbrook, IL
Paul HarrisMoran & Company
Dallas, TX
Nicholas Michael RyanThe Marquette
CompaniesNaperville, IL
Charles YoungMadera EquityLubbock, TX
Joseph F. MullenMadison
Apartment GroupPhiladelphia, PA
Darren R. SlonigerThe Marquette
CompaniesNaperville, IL
Andrew R. WienerMAXX Properties
Harrison, NY
Gerald J. HaakMAXX Properties
Harrison, NY
Daniel T. McCafferyMcCaffery
Interests, Inc.Chicago, IL
Kenneth LeeMcDowell Properties
San Francisco, CA
W. Patrick McDowell
McDowell PropertiesMiami, FL
Melanie MorrisonMEB Management
ServicesTucson, AZ
Jodi SheahanMEB Management
ServicesPhoenix, AZ
Alasdair CrippsMesirow Financial
Chicago, IL
Charles KendrickMesirow Financial
Chicago, IL
Mark GleibermanMG PropertiesSan Diego, CA
Christopher C. Finlay
Middleburg CapitalFairfax, VA
Alexandra JackiwMilhaus
Indianapolis, IN
Tadd MillerMilhaus
Indianapolis, IN
42 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC
Seth MartinPritzker Realty
Group, LLCChicago, IL
John D. MillhamPrometheus
Walnut Creek, CA
Alan PollackProvidence
Management Company, L.L.C.
Glenview, IL
Bruce BarfieldRainmaker LROAlpharetta, GA
Tammy FarleyRainmaker LROAlpharetta, GA
Bruce LaMotteProvidence
Management Company, L.L.C.
Glenview, IL
BOARD OF DIRECTORS
David R. PicernePicerne Real Estate GroupPhoenix, AZ
Manny BrownPillar
Chicago, IL
D. Scott BassinPNC Real EstatePittsburgh, PA
Thomas BooherPNC Real Estate
San Francisco, CA
Sam FosterPRG Real EstatePhiladelphia, PA
T. Anthony PremerPacific Life Insurance
CompanyNewport Beach, CA
Alfred V. PacePacific Urban Residential
Palo Alto, CA
Georgianna W. Oliver
Package Concierge, Inc.Medfield, MA
Stanley W. SloterParadigm
Development Company
Arlington, VA
Susan M. MelloPGIM Real Estate
Madison, NJ
Randall M. Paulson
PAS Purchasing SolutionsPlano, TX
David OnanianPAS Purchasing
SolutionsHouston, TX
Arthur J. ColePacific Urban Residential
Palo Alto, CA
Adam DuckerRCLCO
Bethesda, MD
Kenneth J. BaconRailField Realty
PartnersBethesda, MD
Stephen T. WinnRealPage, Inc.Carrollton, TX
Edward J. MeylorRed Mortgage Capital, LLC
Columbus, OH
Charles A. HewlettRCLCO
Bethesda, MD
Arlene MayfieldRentPath
Atlanta, GA
Alan FeldmanResource Real
Estate, Inc.Philadelphia, PA
Yvana RizzoResource Real
Estate, Inc.Philadelphia, PA
Todd A. RodenbergRed Mortgage Capital, LLCDallas, TX
Russell L. DixonRedHill Realty Investors, LP
San Diego, CA
David EvemySarofim Realty
AdvisorsDallas, TX
W. Scott RobinsonSarofim Realty
AdvisorsDallas, TX
Marcie WilliamsRivergate KW Management
Miami, FL
Jay H. MassirmanRivergate KW Management
Miami, FL
Avi LewittesThe Scion Group
Chicago, IL
Jason TaylorThe Scion Group
Chicago, IL
APRIL 2017 | NMHC 50 43
BOARD OF DIRECTORS
Timothy J. ConnellyWhiteco
Residential LLCMerrillville, IN
Phillip R. DeguireThe Wilkinson
Group, Inc.Atlanta, GA
Charles W. Brammer, Jr.The Wilkinson
Group, Inc.Atlanta, GA
Ronald V. Granville
Woodmont Real Estate ServicesBelmont, CA
Brigitta EgglestonYardi Systems, Inc.Santa Barbara, CA
Samuel C. Stephens, III
ZOM CompaniesOrlando, FL
Russ PengellyZillow GroupSeattle, WA
Greg WestZOM Companies
Fort Lauderdale, FL
Steven K. BuckZRS Management,
LLCOrlando, FL
Gregory L. EnglerWalker & Dunlop Investment Sales
Atlanta, GA
Colm MackenShea PropertiesAliso Viejo, CA
J. Robert LoveSimpson
Housing LLLPAtlanta, GA
Ella NeylandSteadfast
Income REITIrvine, CA
Robert E. HartTruAmerica Multifamily
Sherman Oaks, CA
Greg CampbellTruAmerica Multifamily
Los Angeles, CA
Wayne A. Vandenburg
TVO Groupe LLCChicago, IL
Russell A. Vandenburg
TVO North AmericaEl Paso, TX
Michael KatzSterling American
Property Inc.Great Neck, NY
Drew GrayStellar Capital
PartnersLubbock, TX
Stephanie BrockUS Residential
Group LLCPlano, TX
Tarak PatoliaSterling American
Property Inc.Great Neck, NY
Brian J. TusaTrinsic Residential
GroupDallas, TX
Alan P. DeanTerwilliger Pappas
MultifamilyAtlanta, GA
Geoffrey C. BrownUSA Properties
Fund, Inc.Roseville, CA
Shawn HandrahanValet Waste, LLC
Tampa, FL
David J. IngramUBS Realty
Investors LLCHartford, CT
Jeffrey G. MaguireUBS Realty
Investors LLCHartford, CT
Syd McDonaldValet Waste, LLC
Tampa, FL
Brendan ColemanWalker & Dunlop
Bethesda, MD
Howard W. Smith, III
Walker & DunlopBethesda, MD
James D. Scully Jr.Scully CompanyJenkintown, PA
Michael A. ScullyScully CompanyJenkintown, PA
44 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC
BOARD OF DIRECTORS NOT PICTUREDKirk DowneyAbacodeTampa, FL
Michael FerrisAbacodeTampa, FL
Leslie MenkesACRESingapore
Mark Ellsworth HertzAIG Global Real Estate Investment Corp.New York, NY
Josh SteinitzAmazon.comSeattle, WA
John KobsApartment ListSan Francisco, CA
Patrick DodsonApartments.comChicago, IL
Alexis GessnerArborUniondale, NY
Bonnie HabyanArborUniondale, NY
Emily ChinAT&T Connected CommunitiesMilton, GA
Lorna M. AuerbachAuerbach Realty Holdings, LLCSanta Monica, CA
David CarpenterAUMElmhurst, IL
Stephen DavisAvenue5 Residential LLCSeattle, WA
Bert De AlejoAvesta CommunitiesTampa, FL
Deborah RoganBellwether Enterprise Real Estate Capital, LLCCleveland, OH
Jack BoarmanBKV GroupMinneapolis, MN
Michael KrychBKV GroupMinneapolis, MN
Scott SladekBuckingham CompaniesIndianapolis, IN
Jeffrey CaganCagan Management Group, Inc.Skokie, IL
Michael C. MayCantor Commercial Real Estate (CCRE)Bethesda, MD
Harris HastonCarter Haston Holdings, LLCNashville, TN
Keith AndersonCBG Building CompanyArlington, VA
DeAnna ThomasCBRE Global Investors, LLCBoston, MA
Brooks CastellawCF Real Estate Services LLCAtlanta, GA
Mark DeanCiti Community CapitalSeattle, WA
Robert PlattCity Club ApartmentsFarmington, MI
Cliff AlsbergCohnReznick LLPAtlanta, GA
Justin TrailCommercial Insurance Solutions GroupDallas, TX
Daniel J. MinahanContinental Properties Company, Inc.Menomonee Falls, WI
James H. SchloemerContinental Properties Company, Inc.Menomonee Falls, WI
Scott BradfordCoreLogic Rental Property SolutionsWestlake, TX
Roy E. Demmon, IIIDemmon PartnersRedwood City, CA
Thomas WalshDemmon PartnersRedwood City, CA
Dana DavidE & S Ring Management CorporationLos Angeles, CA
Jimmy BaugnonECI Group, Inc.Atlanta, GA
John HannaEntrataProvo, UT
Benjamin ZimmerEntrataLehi, UT
Phyllis F. KleinFannie MaePasadena, CA
Dan HobinG5Bend, OR
Stephen LoPrestiGerson Bakar & AssociatesSan Francisco, CA
Katie BloomGoldman SachsIrving, TX
James W. Huckaby, Jr.Goldman SachsIrving, TX
Jake S. HollingerGoldOller Real Estate InvestmentsPhiladelphia, PA
Richard OllerGoldOller Real Estate InvestmentsPhiladelphia, PA
Justin BrownGoogle FiberMountain View, CA
Orli PerezGoogle FiberMountain View, CA
Dru ArmstrongGrace Hill, Inc.Augusta, GA
Gina RaysonGrace Hill, Inc.Augusta, GA
John NashHanover CompanyHouston, TX
Edward M. HarringtonHawthorne Residential PartnersGreensboro, NC
Phil PayonkHawthorne Residential PartnersGreensboro, NC
Howard EdelmanHeitmanChicago, IL
Jennifer MasseyHighland Commercial Mortgage, LLCBirmingham, AL
John M. GibsonInvitation HomesDallas, TX
Bruce LavineInvitation HomesBellevue, WA
Mark O. Decker, Jr.IRETMinot, ND
Wayne A. ComerJ.P. Morgan Asset ManagementNew York, NY
David A. WilliamsJLL Capital MarketsSaint Paul, MN
Kimberly ByrumKennedy WilsonDallas, TX
Mike KingsleyKTGY Group Inc.Vienna, VA
Summit S. WaliaLaSalle Investment Management, Inc.El Segundo, CA
Michael E. MuellerLeaseHawkScottsdale, AZ
Ian AsselstineLedcor Properties Inc.Vancouver, BC, Canada
Herbert L. Miller, Jr.LEM Capital, L.P.Philadelphia, PA
Scott GilpatrickMadison Apartment GroupPhiladelphia, PA
Jonathan SternMeridian Capital Group, LLCNew York, NY
Robert D. LazaroffThe Michelson OrganizationSaint Louis, MO
Bruce V. Michelson, Jr.The Michelson OrganizationSaint Louis, MO
Greg LozinakMonument Capital ManagementMiami, FL
Carter BechtolThe Morgan Group, Inc.Houston, TX
Paula ZimmerMRI SoftwareSolon, OH
Brad ZaranskyMZ Capital PartnersNorthbrook, IL
Bruce DingmanNAI EverestMinneapolis, MN
Douglas Scott SchusterNewmark Grubb Knight FrankLas Vegas, NV
Thomas L. CoolidgeNexus SystemsFalls Church, VA
Thomas RunyonNexus SystemsFalls Church, VA
Ray KimseyNiles Bolton Associates, Inc.Atlanta, GA
Kenneth W. OutcaltThe NRP GroupCleveland, OH
Monte JonesOn-Site.comCampbell, CA
W. Clark EwartParadigm Development CompanyArlington, VA
Nick KillebrewParse CapitalScottsdale, AR
Robert JeansPGIM Real EstateMadison, NJ
Rondetta Troutman Picerne Real Estate GroupPhoenix, AZ
Anand GajjarPillar Financial, a Division of SunTrust BankNew York, NY
46 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC
October 25-27, 2017 • Mandalay Bay Resort and Casino • Las Vegas, NV
The premier destination for what’s next in multifamily
nmhc.org/OPTECH
THOUGHT-PROVOKING
CONTENT
INTERACTIVE
TRADESHOW
EXPERIENCE
HIGH-LEVEL
NETWORKING
BOARD OF DIRECTORS NOT PICTUREDDavid SorisePinnacle City Living LLCNew York, NY
John H. StewartPrescient Co.Hillsborough, NC
Keith StockerPrescient Co.Hillsborough, NC
Brett J. GomesPRG Real EstatePhiladelphia, PA
Michael A. SullivanPritzker Realty Group, LLCChicago, IL
Justin HaladaPrometheusSan Mateo, CA
Tamika McCuistionRealPage, Inc.Richardson, TX
Rachel Fraychineaudrealtor.com rentalsWestlake Village, CA
Shawn Sullivanrealtor.com rentalsWestlake Village, CA
Jonathan NeedellRedwood-Kairos Real Estate PartnersRancho Santa Margarita, CA
Justin SalvatoRedwood-Kairos Real Estate PartnersRancho Santa Margarita, CA
Troy MarekRegions BankBirmingham, AL
John ZielkeRegions BankAtlanta, GA
Gus J. ColessidesRenters Legal Liability LLCSalt Lake City, UT
Paul J. KaliadesRenters Legal Liability LLCSalt Lake City, UT
Justin AlanisRentlytics, Inc.San Francisco, CA
Joseph BeaudinRentlytics, Inc.San Francisco, CA
Ryan HolmesRise Real Estate CompanyValdosta, GA
Greg HunterRise Real Estate CompanyValdosta, GA
Yunmi MartinShea PropertiesAliso Viejo, CA
Adam RaySpectrum Community SolutionsStamford, CT
Joseph VarelloSpectrum Community SolutionsStamford, CT
James KaneStarwood Capital GroupAtlanta, GA
William StollSteadfast CompaniesIrvine, CA
Paul StellStellar Capital PartnersLubbock, TX
Lesley AndrewsTen-XBelmont, CA
AJ RichardTH Real EstateHartford, CT
Olga Roman-BrooksTH Real EstateHartford, CT
Shari McKoinTransUnion Rental Screening SolutionsGreenwood Village, CO
Robert H. WestTriBridge Residential LLCAtlanta, GA
Loyal ProffittUS Residential Group LLCDallas, TX
Bryan GeorgeVenterra Realty Management Inc.Houston, TX
Richard RoosVenterra Realty Management Inc.Houston, TX
Kris MikkelsenWalker & Dunlop Investment SalesAtlanta, GA
Eric HadeWaypoint ResidentialAtlanta, GA
Scott J. LawlorWaypoint ResidentialStamford, CT
Kristin GlascockZillow GroupSeattle, WA
Greg M. GalliWoodmont Real Estate ServicesBelmont, CA
Jeffrey W. AdlerYardi Systems, Inc.Santa Barbara, CA
48 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC
Available this fall
THE STUDY REPORTS ON:
Apartment Feature Preferences
Community Amenity Preferences
Pricing Expectations
Communications & Online Services
Apartment Search Methods
And Much More!