real advantage, - nmhc.org2).pdf26 forest city realty trust 32,873 47,035 ronald a. ratner cleveland...

For more information contact or visit:

[email protected]

cbre.com/multifamily

CBRE is honored to be named the top apartment sales broker in 2016 by Real Capital Analytics, an

achievement we have received recognition for since 2001. How can we help transform your real

estate into real advantage?

5DQNLQJ�UHÁ�HFWV�DSDUWPHQW�VDOHV��0�

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

ABOUT NMHC

2 SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

In our world of wireless, it is more important than ever to be equipped with the speed

and bandwidth to handle an array of devices. We’ve got you covered. By off ering 1GB+

Internet speeds, professionally managed WiFi, full-featured Voice service and an extensive

variety of entertainment options, you will attract—and retain—residents like never before.

Add in 24/7 support and it’s clear: Spectrum Community Solutions delivers everything

your residents need, and everything you want. SpectrumCommunitySolutions.com

©2017 Charter Communications.

HAPPY RESIDENTS ARE LONG-TERM RESIDENTS.

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].


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


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)


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

0 500K 1M 1.5M 2M

0 20K 40K 60K 80K 100K

0 2 4 6 8 10

Second Top 10

Top 10

Top 10

Top 25

Second Top 25

Top 25

Top 50

Top 50

Mean

Median

No. 1 Firm

No. 50 Firm

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.

0

10K

20K

30K

40K

50K

-35K

-30K

-25K

-20K

-15K

-10K

-5K

0LARGEST PORTFOLIO GROWTH

LARGEST PORTFOLIO DECREASEApartment Owners

◾ 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)


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


Manager Rank 2017

Manager Rank 2016 Company Name

Units Managed

2017

Units Managed


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

0

5K

10K

15K

20K

25K

30K

35K

40K

0

5

10

15

20

Apartment Managers

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)

0

500K

1M

1.5M

2M

2.5M

3M

3.5M

20172016201520142013201220112010

◾ Top 10

◾ Second Top 10

◾ Top 25

◾ Top 50

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

500

1,000

1,500

2,000

2,500

3,000

3,500

2017201620152014201320122011201020092008200720062005200420032002200120001999199819971996199519941993199219911990

Units Managed (by tier, in 000s)

◾ Top 50

◾ Top 25

◾ Top 10

Portfolio Size MeasuresMEAN

MEDIAN

NO. 1 FIRM

NO. 50 FIRM

50K

60K

70K

80K

20172016201520142013201220112010 100K

200K

300K

400K

500K

20172016201520142013201220112010

25K

30K

35K

2017201620152014201320122011201030K

40K

50K

20172016201520142013201220112010

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. ◾


architecture

planninginteriors

ATLANTA

d w e l l d e s i g n s t u d i owww.dwelldesignstudio.com

WASHINGTON D.C. 770.864.1035

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




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


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


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



2 4 Summit Contracting Group, Inc. 5,154 4,853 Marc Padgett Jacksonville FL


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


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

Phot

o Co

urte

sy G

reys

tar R

eal E

stat

e Pa

rtner

s


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

Phot

o Co

urte

sy G

reys

tar R

eal E

stat

e Pa

rtner

s

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


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


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


As first to introduce access management software solutions designed specifically for the multihousing market, our systems speak to centrally managed access for market rate apartments, privatized student housing and senior living properties seeking convenience and security.

Get dialed in to the next level of convenience with BlueSky, our new smart phone app, and open the door to smart access.

DORMA and KABA are now dormakaba Visit dormakaba.com

Smart access gets youdialed in.

BlueSky is a secure cloud-based key delivery application powered by Bluetooth Low Energy technology (BLE) and interfaces with property management systems.

Saflok QuantumRFID

Ilco 79 SeriesRFID

ConfidantRFID

InSyncDual Credential

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

Phot

os C

ourte

sy o

f Ald

en To

rch

Fina

ncia

l


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

Phot

os C

ourte

sy o

f Ald

en To

rch

Fina

ncia

l

APRIL 2017 | NMHC 50 27

Enabling Progress

Commitment. Innovation. Solutions.

Citi. Your Community Development Partner.

citicommunitycapital.com

Growth and revitalization, ignited by development and preservation of affordable housing

plays a critical role in the transformation of communities across America.

As the #1 affordable housing lender, Citi’s unwavering commitment to growth and

economic progress combined with an innovative approach creates powerful financing

solutions for developers and communities in their quest to improve and enhance the

lives of their residents.

© 2017 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Arc Design is a registered service mark of Citigroup, Inc.

“ Citi is to proud to play a integral role in the expansion and revitalization of

affordable housing around the country. We are committed to serve an industry

composed of passionate and dedicated professionals whose collective effort is

transforming communities and changing the lives of residents.

— Mark Dean

Managing Director

Citi Community Capital

“

PROGRESS Through Affordable Housing

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


John WilliamsAvanath Capital


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


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


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


Call Wright’s Media at 877.652.5295, visit our

website at wrightsmedia.com/sites/hanleywood

or email us at [email protected]

Leverage branded content from

Multifamily Executive to create a more

powerful and sophisticated statement

about your product, service, or

company in your next marketing

campaign. Contact Wright’s Media

to find out more about how we can

customize your acknowledgements

and recognitions to enhance your

marketing strategies.

Content Licensing

for Every Marketing

Strategy

Marketing solutions fit for:

Outdoor | Direct Mail | Print

Advertising | Tradeshow/ POP

Displays | Social Media | Radio & TV

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


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


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


John GrayLMC, A Lennar


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


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


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


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


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


Available this fall

THE STUDY REPORTS ON:

Apartment Feature Preferences

Community Amenity Preferences

Pricing Expectations

Communications & Online Services

Apartment Search Methods

And Much More!

real advantage, - nmhc.org2).pdf26 forest city realty trust 32,873 47,035 ronald a. ratner cleveland...

Documents