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A SpeciAl AdvertiSing Section to nAtionAl reAl eStAte inveStor

2013

The Nation’s 50 Largest Apartment Owners and 50 Largest Apartment Managers

MORE THAN $25 BILLION IN MULTI-HOUSING TRANSACTIONS IN 2012*

CBRE MULTI-HOUSING GROUP

www.cbre.com/mhg

*Map is not representative of all

deals. In 2012, CBRE Capital

Markets completed $14.14 billion

in multi-housing investment

sales and $11.42 billion in multi-

housing fi nancings.

Big deals.

AVALON SKYWAY

FINANCING

THIRD NORTH APARTMENTS

FINANCING

HOWARD CROSSING

SALE

GABLES METROPOLITAN

I & II

SALE

OAK GROVEVILLAGE

SALE

21 WEST 86TH STREET

SALE

THE GRAND TIER

FINANCING

ALTON GREEN

SALE

LA PRIVADA

FINANCING

ALTA AT K STATION

SALE,

FINANCING

ECHELON AT K STATION

SALE

VILLAGE SQUARE

FINANCING

LAUREL SQUARE

SALE

JEFFERSON AT CAPITOL

YARDS

SALE

LINCOLN MEADOWS

SALE,

FINANCING

ALTA PHOENIX LOFTS

SALE

FIELDPOINTE AT

SCHAUMBURG

SALE

UNIVERSITY GATEWAY

STUDENT

HOUSING SALE,

FINANCING

LAKES OF CARMEL

SALE

BELL STANDIFER

SALE

CAMINO DEL SOL

SALE

CARILLON HEIGHTS

SALE

MURAL

SALE

THE POINT AT SILVER SPRING

SALE

THE GEORGIAN

SALE

MASS COURT

SALE

RIATA

SALE

THE BLOCK

STUDENT

HOUSING

PORTFOLIO

SALE

ROCKING HORSE RANCH

SALE

FLORIDA 3 PORTFOLIO

PORTFOLIO

SALE

SOCAL 4 PORTFLIO

PORTFOLIO SALE

THE COTTAGES

SALE,

FINANCING

FOREST RIM

FINANCING

SAN TROPEZ APARTMENTS

FINANCING

AXCESS 15

SALE

UDR PORTFOLIO

PORTFOLIO

SALE

STATION 250

SALE,

FINANCING

ANDANTE

SALE,

FINANCING

PHILLIPS RESEARCH PARK APARTMENTS

FINANCING

SPINNAKER BAY

FINANCING

LODGE AT FRISCO BRIDGE

SALE

ARBORS AT SWEETGRASS

SALE

CHELSEA PARK VILLAGE

SALE

FAIRWAY VIEW & PALMETTO PLACE

SALE

SECOND PLAZA

SALE

THE OVERLOOK

SALE

THE LANDINGS

SALE

RIVA ON THE PARK

FINANCINGVIKTORIA

APARTMENTS

FINANCINGEXETER MILL

SALE

ALEXAN STAR RANCH

SALE

WELLINGTON PLACE

SALE

JEFFERSON FRESNO

SALE

BLUE ISLE

SALE

ABBEY AT ELDRIDGE

SALE,

FINANCING

THE CROSSING AT BARRY

ROAD

SALE

LEGENDS LAKE NONA

SALE

ABBEY AT GRANDE OAKS

SALE,

FINANCING

BANK OF AMERICA PORTFOLIO

PORTFOLIO

SALE

ONE WEBSTER

SALE

STERLING MCMILLAN

SALE

THE BENTLEY

SALE

COVINGTON ON CHERRY

CREEK

SALE

MAGAZINE PORTFOLIO

PORTFOLIO

SALE

SAGE CANYON

SALE

FIVE FREEWAYS DEVELOPMENT

SITE

LAND SALE

PARK & MARKET

SALE, FINANCING

L STREET LOFTS

SALE

FAIRWAY GLEN

SALE

Introduction ..................................................................................... 2

2013 Apartment Ownership ............................................................. 4

2013 Apartment Management .......................................................... 6

Strong Apartment Demand Drives Top Firms’ Performance ............... 8

Imported Investment ...................................................................... 15

One Size Hardly Fits All .................................................................. 18

Drop the Hammer .......................................................................... 23

NMHC Officers ..............................................................................30

NMHC Executive Committee ..........................................................30

NMHC Board of Directors ..............................................................34

NMHC Advisory Committee ............................................................44

NATIONAL REAL ESTATE INVESTOR is pleased to present the 24th annual

NMHC 50, the National Multi Housing Council’s authoritative ranking of the nation’s

50 largest apartment owners and 50 largest apartment managers. For more than two

decades, the NMHC 50 has been a key resource for industry observers. The top owner

and manager lists, and the analysis that accompanies them, have provided the only

historical benchmark against which to measure industry trends and concentration.

Based in Washington, D.C., the National Multi Housing Council provides leadership

for the apartment industry. NMHC’s members are the principal officers of the larger

and more prominent apartment firms and include owners, developers, managers,

financiers and service providers.

The Council focuses on four key areas: federal advocacy, strategic business informa-

tion, industry research and public affairs. Through its federal advocacy program, the

Council targets such issues as capital markets, housing policy, energy and environ-

mental affairs, tax policy, fair housing, building codes, technology, human resources,

rent control and more.

For those interested in joining the apartment industry’s premier organization, NMHC

welcomes inquiries to its Washington office at (202) 974-2300, or you can visit

NMHC’s web site at www.nmhc.org.

2 NMHC 50 APRIL 2013

Contents

ON THE COVER:

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City Apartments by Village

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No. 28 on the NMHC 50

managers list

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UNITS UNITS 2013 2012 OWNED OWNED CORPORATERANK RANK COMPANY 2013 2012 OFFICER HQ CITY STATE

NATIONAL MULTI HOUSING COUNCIL 50(50 Largest U.S. Apartment Owners as of Jan. 1, 2013)

1 1 Boston Capital 155,521 157,423 Jack Manning Boston MA

2 7 Hunt Companies, Inc. 143,097 114,712 Woody Hunt El Paso TX

3 2 Centerline Capital Group 142,000 150,000 Rob Levy New York NY

4 4 SunAmerica Affordable Housing 136,634 134,882 Douglas S. Tymins Los Angeles CA

5 3 Boston Financial Investment 130,895 140,077 Kenneth Cutillo Boston MA

6 5 PNC Real Estate 124,886 126,245 Todd Crow Portland OR

7 6 Equity Residential 117,322 119,743 David J. Neithercut Chicago IL

8 9 The Richman Group Affordable 104,572 98,770 Richard Paul Richman Greenwich CT

9 10 Enterprise Community Investment, Inc. 99,013 97,822 Charles R. Werhane Columbia MD

10 11 Aimco 71,056 93,630 Terry Considine Denver CO

11 14 Camden Property Trust 65,337 66,997 Richard J. Campo Houston TX

12 16 AvalonBay Communities, Inc. 60,101 57,426 Tim Naughton Arlington VA

13 12 Archstone 57,948 60,136 R. Scot Sellers Englewood CO

14 13 Alliant Capital, Ltd. 57,676 56,085 Brian Goldberg Woodland Hills CA

15 17 Edward Rose & Sons 57,084 56,385 Warren Rose Bloomfield Hills MI

16 15 UDR, Inc. 54,985 60,465 Thomas W. Toomey Highlands Ranch CO

17 18 Pinnacle Family of Companies 51,730 52,655 Rick Graf Dallas TX

18 21 MAA 49,777 49,407 H. Eric Bolton, Jr. Memphis TN

19 19 WNC & Associates, Inc. 49,519 51,224 Wilfred N Cooper, Jr. Irvine CA

20 25 JRK Property Holdings, Inc. 49,340 47,398 Jim Lippman Los Angeles CA

21 28 TIAA-CREF 49,337 46,489 Thomas Garbutt New York NY

22 22 The Related Companies 48,901 48,967 Jeff Blau New York NY

23 23 Forest City Residential Group, Inc. 48,180 48,482 Ronald A. Ratner Cleveland OH

24 30 Bell Partners Inc. 48,127 44,931 Steven D. Bell Greensboro NC

25 20 Invesco Real Estate 47,361 51,125 Michael Kirby Dallas TX


2013 Apartment Ownership

Partners, Inc. (an AIG Global Real Estate Co.)

Housing Corporation

and Jonathan D. Bell

Management, LP


UNITS UNITS 2013 2012 OWNED OWNED CORPORATERANK RANK COMPANY 2013 2012 OFFICER HQ CITY STATE

26 31 Irvine Company Apartment Communities 47,299 44,545 Kevin Baldridge Irvine CA

27 26 Lincoln Property Company 46,968 47,245 Tim Byrne Dallas TX

28 27 Raymond James Tax Credit Funds, Inc. 46,699 46,572 Ronald Diner St. Petersburg FL

29 29 The Michaels Organization 45,960 45,425 John J. O’Donnell Marlton NJ

30 32 DRA Advisors LLC 43,077 42,515 David Luski New York NY

31 33 Home Properties, Inc. 42,635 41,951 Edward J. Pettinella Rochester NY

32 24 J.P. Morgan Asset Management 39,963 47,587 Jean Anderson New York NY

33 40 UBS Realty Investors LLC 39,058 32,983 Matthew Lynch Hartford CT

34 n/a Balfour Beatty Communities 38,332 34,763 Christopher Williams Newtown Square PA

35 39 BH Equities LLC 37,001 33,205 Harry Bookey Des Moines IA

36 44 Weidner Apartment Homes 35,603 31,551 Jack O’Connor Kirkland WA

37 45 Heitman LLC 35,390 32,697 Maury Tognarelli Chicago IL

38 43 Westdale Real Estate Investment 35,278 32,296 Joseph G. Beard Dallas TX

39 36 Colonial Properties Trust 34,265 33,975 Thomas H. Lowder Birmingham AL

40 34 Holiday Retirement Corp. 34,113 33,217 Jack Callison Lake Oswego OR

41 41 Essex Property Trust, Inc. 33,770 32,753 Michael Schall Palo Alto CA

42 38 Sentinel Real Estate Corporation 32,588 33,500 John H. Streicker New York NY

43 37 Berkshire Property Advisors 31,659 33,847 Alan King Boston MA

44 42 Concord Management Limited 30,716 32,467 Edward O. Wood, Jr. Maitland FL

45 n/a Harbor Group International 27,909 21,186 Jordan Slone Norfolk VA

46 49 AEW Capital Management, L.P. 26,211 24,891 Jeffrey Furber Boston MA

47 46 Highridge Costa Investors, LLC 26,056 26,416 Michael A. Costa Gardena CA

48 n/a Morgan Properties 25,842 23,091 Mitchell L. Morgan King of Prussia PA

49 n/a Milestone Management, L.P. 24,094 21,264 Steve Lamberti Dallas TX

50 48 BRE Properties, Inc. 23,688 25,192 Constance B. Moore San Francisco CA

APRIL 2013 NMHC 50 5

& Management


UNITS UNITS 2013 2012 MANAGED MANAGED CORPORATERANK RANK COMPANY 2013 2012 OFFICER HQ CITY STATE

NATIONAL MULTI HOUSING COUNCIL 50(50 Largest U.S. Apartment Managers as of Jan. 1, 2013)


2013 Apartment Management

1 1 Greystar Real Estate Partners, LLC 198,533 192,711 Robert A. Faith Charleston SC

2 2 Riverstone Residential Group 174,838 170,341 Walt Smith Dallas TX

3 3 Lincoln Property Company 144,542 144,033 Tim Byrne Dallas TX

4 4 Pinnacle Family of Companies 136,275 138,638 Rick Graf Dallas TX

5 5 Equity Residential 117,322 119,743 David J. Neithercut Chicago IL

6 6 WinnCompanies 92,988 91,920 Samuel Ross Boston MA

7 10 Bell Partners Inc. 69,112 65,205 Steven D. Bell Greensboro NC

8 7 Aimco 66,732 88,530 Terry Considine Denver CO

9 9 Camden Property Trust 65,337 67,217 Richard J. Campo Houston TX

10 15 Alliance Residential Company 65,116 56,952 Bruce Ward Phoenix AZ

11 12 Apartment Management Consultants, LLC 64,246 59,856 Greg Wiseman Midvale UT

12 11 FPI Management, Inc. 63,262 63,002 Dennis Treadaway Folsom CA

13 8 Archstone 62,470 64,178 R. Scot Sellers Englewood CO

14 14 AvalonBay Communities, Inc. 60,101 57,426 Tim Naughton Arlington VA

15 16 Edward Rose & Sons 57,084 56,385 Warren Rose Bloomfield Hills MI

16 17 Hunt Companies/LEDIC 56,524 51,281 Woody Hunt El Paso TX

17 13 UDR, Inc. 54,985 60,465 Thomas W. Toomey Highlands Ranch CO

18 19 Fairfield Residential Company LLC 52,454 49,053 Chris Hashioka San Diego CA

19 18 MAA 49,777 49,407 H. Eric Bolton, Jr. Memphis TN

20 22 JRK Property Holdings, Inc. 49,340 45,422 Jim Lippman Los Angeles CA

21 21 BH Management Services, Inc. 46,491 45,907 Harry Bookey Des Moines IA

22 24 Westdale Real Estate Investment 46,064 43,883 Joseph G. Beard Dallas TX

23 20 The ConAm Group of Companies 44,100 46,700 Brad Forrester San Diego CA

24 23 The Related Companies 43,739 44,289 Jeff Blau New York NY

25 26 The Michaels Organization 43,141 41,597 John J. O’Donnell Marlton NJ

and Jonathan D. Bell

Management Group Affiliates

& Management


UNITS UNITS 2013 2012 MANAGED MANAGED CORPORATERANK RANK COMPANY 2013 2012 OFFICER HQ CITY STATE


26 25 Home Properties, Inc. 42,635 41,951 Edward J. Pettinella Rochester NY

27 30 Irvine Company Apartment Communities 41,668 38,914 Kevin Baldridge Irvine CA

28 28 Village Green 41,138 39,500 Jonathan Holtzman Detroit/Chicago MI

29 n/a Balfour Beatty Communities 39,534 35,925 Christopher Williams Newtown Square PA

30 36 Milestone Management, L.P. 37,345 34,439 Steve Lamberti Dallas TX

31 33 Lindsey Management Co., Inc. 36,902 35,980 James E. Lindsey Fayetteville AR

32 32 Forest City Residential Group, Inc. 35,672 36,053 Ronald A. Ratner Cleveland OH

33 43 Weidner Apartment Homes 35,603 31,551 Jack O’Connor Kirkland WA

34 42 Asset Plus Companies 35,488 32,302 Michael S. McGrath Houston TX

35 31 Gables Residential 35,180 36,896 Sue Ansel Atlanta GA

36 38 Essex Property Trust, Inc. 34,667 33,924 Michael Schall Palo Alto CA

37 35 Colonial Properties Trust 34,265 34,681 Thomas H. Lowder Birmingham AL

38 37 McKinley, Inc. 34,177 34,056 Albert M. Berriz Ann Arbor MI

39 34 The Lynd Company 33,935 35,095 A. David Lynd San Antonio TX

40 46 The Bozzuto Group 33,418 30,529 Thomas S. Bozzuto Greenbelt MD

41 39 Sentinel Real Estate Corporation 32,588 33,500 John H. Streicker New York NY

42 48 Harbor Group International 32,334 28,686 Jordan Slone Norfolk VA

43 44 Capstone Real Estate Services, Inc. 32,253 31,044 James W. Berkey Austin TX

44 40 Berkshire Property Advisors 31,009 32,536 Alan King Boston MA

45 41 Concord Management Limited 30,716 32,467 Edward O. Wood, Jr. Maitland FL

46 45 The John Stewart Company 30,438 30,637 Jack D. Gardner San Francisco CA

47 n/a U.S. Residential Group LLC 30,319 26,142 Al Fenstermacher Dallas TX

48 49 Morgan Properties 30,051 28,118 Mitchell L. Morgan King of Prussia PA

49 27 The Laramar Group, LLC 28,456 41,175 Thomas Klaess Denver CO

50 47 CAPREIT, Inc. 28,400 30,040 Dick Kadish Rockville MD



By Mark Obrinsky, Vice President of Research and Chief Economist, National Multi Housing Council

Strong Apartment Demand Drives Top Firms’ Performance

OVERVIEW

Apartment MarketFollowing the Great Recession—the worst downturn since

the Great Depression—the apartment industry experienced

what looks, with hindsight, like a Great Recovery in 2010

and 2011. But at the time, unsettled financial markets, com-

bined with a still-weak job market and considerable uncer-

tainty about near-term political and economic conditions,

led many to think apartment investment was still too risky.

By year-end 2012, the consensus had shifted: The real risk

was getting in too late, not too early.

As a result, transaction volume for apartment properties

rose almost 50 percent in 2012 to $85 billion, the highest

level outside the boom years of 2005-2007. Sales of mid- and

high-rise properties combined reached $32.1 billion, barely

below the condomania-driven record of 2007 ($33.7 billion).

Apartment prices nearly recovered to their previous peak

levels—and by some measures, apartment prices actually sur-

passed their previous peaks in many markets. The cap rate last

year for all transactions averaged 6.1 percent, the same as in

2006. All in all, apartment properties remained very much in

demand, although bargains were harder to find.

Overall, the same dynamic that characterized the previous

two years again drove the apartment industry in 2012: The

increase in demand for apartment residences outpaced the

increase in supply of new apartments. Following the virtual

shutdown in apartment development in 2009, deliveries of

newly completed apartments fell to some of the lowest levels

on record in 2010 and 2011. Even with a 22 percent pickup

last year, completions came in at 158,100, about half the level

needed to meet both pent-up and ongoing demand. If the

year-end pickup in starts is sustained throughout 2013, the

supply-demand mismatch may finally recede in 2014 and

2015. However, this will depend in large part on overcoming

some continuing lending constraints, outdated regulations and

social and political attitudes that favor single-family develop-

ment over multifamily construction.

Overall, renting continued to attract a higher share of all

households, with the rentership rate reaching 34.7 percent in

4Q 2012, the highest level in 17 years. The number of renter

households increased by more than one million for the third

consecutive year, marking the first time that has happened

since annual data have been available (1965). Apartment

absorptions fell by half; however, this was due mainly to the

dearth of new supply. Occupancy rates rose further, averaging

just over 95 percent for the year (about 70 basis points higher

than 2011), despite the average rent nationally for investment-

grade apartments rising 3.7 percent. That was 170 basis points

more than the overall inflation rate, the strongest “real” rent

increase since 2000. Even so, adjusted for inflation rents

remain about 4 percent below the pre-recession peak.

Top 50 Results Reflect Industry StabilityEven with the pickup in apartment activity, the NMHC 50

owner and manager lists showed the kind of stability that

characterizes mature industries. The number of apartments

owned by companies on the NMHC owners list exceeds the

number managed by the top 50 managers—as it has for 14

of the past 15 years—by 121,809 (4.4 percent), very close

to the average over the 24-year history of the NMHC 50

survey. For the fourth straight year, both the median and

mean owner portfolios are greater than their management

counterparts, yet the management portfolios of the No. 1

and No. 50 firms top those on the ownership side. On both

lists, more than half of all firms hold portfolios in the nar-

row range of 30,000–50,000 apartments.

Top Owners’ Average Holdings Shrink SlightlyBoston Capital remained atop the NMHC 50 owners list for

the fourth consecutive year, tying the record set by Aimco.

(Aimco, however, still holds the record for total years in the

NMHC 50 PROFILE 2013

Portfolio Size:

No. of Apartments Owned 2,904,573

No. of Apartments Managed 2,782,764

Minimum Entry Threshold:

No. of Apartments Owned 23,688

No. of Apartments Managed 28,400


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No. 1 slot with seven.) Shaking up the rankings a

bit this year, Hunt Companies, Inc., surged to the

second slot, up from No. 7 last year and from No.

14 in 2011. Centerline Capital Group moved down

a notch to No. 3; SunAmerica Affordable Housing

Partners, Inc., an AIG Global Real Estate Co., held

on to fourth place; and Boston Financial Investment

Management, LP slipped from No. 3 to No. 5. Both

PNC Real Estate and Equity Residential edged down

one slot to No. 6 and No. 7, respectively, while The

Richman Group Affordable Housing Corporation

and Enterprise Community Investment, Inc.,

both moved up a notch to the eighth and ninth

slots, respectively. After a one-year hiatus, Aimco

returned to round out the top 10 at the No. 10 spot.

Hunt Companies had by far the largest portfolio

gain, posting a net increase of 28,385 units. Harbor

Group International, UBS Realty Investors LLC, The

Richman Group Affordable Housing Corporation

and Weidner Apartment Homes also substantially

increased the number of apartments owned. Overall,

29 firms added to their ownership portfolios, while 21

firms reduced their holdings. The average reduction

(3,626 units) was just a little larger than the average

increase (3,218 units). Once again, Aimco notched

the biggest decrease; with net sales of 22,574 units,

its ownership portfolio now sits at 71,056, its smallest

total since 1997.

In terms of rank increases, Weidner and Heitman

LLC were the biggest movers within the rankings,

gaining eight slots to nab the No. 36 and No. 37 slots,

respectively. With so many firms bunched together in

the middle of the rankings, TIAA-CREF was able to

shoot up seven slots with a relatively modest portfolio

gain of 2,848 units. UBS Realty Investors LLC also gained

seven places by adding 6,075 units. Rounding out the big

movers was Bell Partners Inc., which rose six slots to the No.

24 position.

While the mean (average) holding among the top 50 owner

firms declined 3.3 percent to 58,091 units—still the fourth

APARTMENT OWNERS ON THE MOVE

Largest Portfolio Growth ApartmentsHunt Companies, Inc. + 28,385Harbor Group International + 6,723UBS Realty Investors LLC + 6,075The Richman Group Affordable Housing Corporation + 5,802Weidner Apartment Homes + 4,052

Largest Rank Increase SlotsWeidner Apartment Homes + 8Heitman LLC + 8TIAA-CREF + 7UBS Realty Investors LLC + 7Bell Partners Inc. + 6

TOP 10 APARTMENT OWNER FIRMSRank Company No. of Apartments

1 Boston Capital 155,521

2 Hunt Companies, Inc. 143,097

3 Centerline Capital Group 142,000

4 SunAmerica Affordable Housing 136,634 Partners, Inc. (an AIG Global Real Estate Co.)

5 Boston Financial Investment Management, LP 130,895

6 PNC Real Estate 124,886

7 Equity Residential 117,322

8 The Richman Group Affordable 104,572 Housing Corporation

9 Enterprise Community Investment, Inc. 99,013

10 Aimco 71,056

* Changes in ownership definition and company response make historical comparisons difficult.

NMHC 50 OWNERS* OVERVIEW

Number of Apartments Owned Top 10 1,224,996

Second 10 553,497

Top 25 2,020,399

Second 25 884,378

Top 50 2,904,573

Portfolio Size MeasuresMean 58,091

Median 47,330

No. 1 firm 155,521

No. 50 firm 23,688

Share of National Apartment Stock Top 10 6.6%

Top 25 10.9%

Top 50 15.7%

highest on record—the median holding inched up to an all-

time high of 47,330 units. Firms on the NMHC 50 ownership

list own a combined 15.7 percent of the nation’s apartment

stock.

Half of the NMHC 50 owner firms have apartments in all

seven regions (New England, Mid-Atlantic, South Atlantic,



The number of REITs on this year’s NMHC 50 owners list is unchanged for the third straight year. REITs’ total apartment hold-

ings in the NMHC 50 decreased for the 10th consecutive year. This could change next year when about 45,000 of the apartments currently owned by Archstone move to the balance sheets of Equity Residential and AvalonBay Communities, Inc. (Of course, those firms could also sell other apartment properties, so the net increase in their portfolios may not be that large.) Five of the 10 REITs on the NMHC 50 list grew their portfo-lios, while the other five downsized. The biggest decline came at Aimco, whose holdings dropped by 22,574 units, while AvalonBay registered the biggest pickup at 2,675 units.

In principle, apartment owners could be ranked not only by the number of apartments owned but also by the value of those apartments. While capturing such data is impractical, there is an alternative measure available for public companies, namely total capitalization. While not perfect—ownership of non-apartment assets can substantially affect overall firm value—it provides a useful perspective on relative size among apart-ment firms.

REITs in the Rankings APARTMENT REIT SIZE AND RANK

Rank Total Cap Rank Units Among Capitalization Among

Company Owned REITs ($ millions) REITs

Equity Residential 117,322 1 28,520 1

Aimco 71,056 2 9,140 4

Camden Property Trust 65,337 3 8,283 5

AvalonBay Communities, Inc. 60,101 4 19,318 2

UDR, Inc. 54,985 5 9,473 3

MAA 49,777 6 4,558 9

Home Properties, Inc. 42,635 7 6,678 7

Colonial Properties Trust 34,265 8 3,864 10

Essex Property Trust, Inc. 33,770 9 8,280 6

BRE Properties, Inc. 23,688 10 5,639 8

Note: Company total capitalization sums: (1) market value of shares outstanding,

including operating partnership units; (2) the value of perpetual preferred stock; and (3)

the book value of total debt outstanding. Capitalization estimates for Dec. 31, 2012,

are provided by Stifel Nicolaus & Company, Inc.

South Central, Midwest, Mountain and Pacific), while only

three firms specialize in just one region. Fifteen firms own

senior housing (five own at least 20,000 senior apartments);

eight companies have student housing units and another eight

own military housing.

Top Managers Operate Record Number of UnitsApartment management has matured to a point that changes

among the top firms have become noticeably less common

than 20, or even 10, years ago. The top five firms from last

year all retained their places in the 2013 ranking. For the

third consecutive year, Greystar Real Estate Partners, LLC

had the largest management portfolio followed by Riverstone

Residential Group. Lincoln Property Company held onto the

No. 3 spot, while Pinnacle Family of Companies maintained

the No. 4 spot for the second straight year. Equity Residential

rounded out the top five, as it has since 2011.

Among the next five largest managers were four familiar

names: WinnCompanies; Bell Partners Inc.; Aimco; and

Camden Property Trust. With a sizable portfolio increase,

TOP 10 APARTMENT MANAGEMENT FIRMSRank Company No. of Apartments

1 Greystar Real Estate Partners, LLC 198,533

2 Riverstone Residential Group 174,838

3 Lincoln Property Company 144,542

4 Pinnacle Family of Companies 136,275

5 Equity Residential 117,322

6 WinnCompanies 92,988

7 Bell Partners Inc. 69,112

8 Aimco 66,732

9 Camden Property Trust 65,337

10 Alliance Residential Company 65,116



APARTMENT MANAGERS ON THE MOVE

Largest Portfolio Growth Apartments

Alliance Residential Company + 8,164

Greystar Real Estate Partners, LLC + 5,822

Hunt Companies/LEDIC Management Group Affiliates + 5,243

Riverstone Residential Group + 4,497

Apartment Management Consultants, LLC + 4,390

Largest Rank Increase Slots

Weidner Apartment Homes + 10

Asset Plus Companies + 8

Milestone Management, L.P. + 6

The Bozzuto Group + 6

Harbor Group International + 6

Alliance Residential Company moved into the top 10 for the

first time.

There were just two new firms on the management list

this year—only the second time the number of new firms has

been so low (the first time was in 2011). First-time survey

respondent Balfour Beatty Communities debuted at No. 29

with 39,534 apartments under management. U.S. Residential

Group LLC, also a first-time respondent, entered the NMHC

50 management list at No. 47.

Another indicator of the stability among apartment man-

agement companies is the size of portfolio gains. Alliance

Residential posted the biggest increase at 8,164 units, less than

half as large as the biggest pickup last year and the smallest

such increase in the 24-year history of the NMHC 50. Six firms

gained between 4,000 and 6,000 apartments. On the other

side of the ledger, Aimco reduced its management portfolio

by 21,798 units, while The Laramar Group, LLC shed 12,719

units. Overall, 32 firms increased the number of apartments

under management, while 18 reduced the number. The aver-

age decrease among those latter firms was 3,401, a little larger

than the average increase (2,616) among firms whose portfo-

lios grew.

Weidner Apartment Homes—a new-

comer to last year’s management list—

registered the greatest increase in rank,

moving up 10 places to No. 33. Asset Plus

Companies jumped eight spots to No. 34,

the same spot it held in 2011. Milestone

Management, L.P.; The Bozzuto Group;

and Harbor Group International all rose

six places.

The total number of apartments man-

aged by the top 50 companies grew by

only 0.2 percent, although that total is a

new all-time high. Three other measures

showed increasing size: the mean (average)

and median management portfolios as well as the minimum

needed to make the list are all at record levels. At the same

time, the share of all apartments managed by NMHC 50 firms

dipped a bit to 15.0 percent.

As in recent years, increasing size has characterized much

of apartment management with some notable exception among

the very largest firms. For the fourth straight year, the number

of apartments managed by the 10 largest firms decreased.

While six of those firms grew their portfolios, these gains were

more than offset by the slimming down of the portfolios of the

other four. There is also considerably less difference in portfo-

lio size among most of the management NMHC 50 than there

used to be. Thirty firms manage between 30,000 and 50,000

units (two others have almost that many), while another 12

manage between 50,000 and 70,000 apartments.

Almost all NMHC 50 firms manage market-rate apart-

ments. However, 31 companies have subsidized low-income

properties in their portfolios. Student housing shows up in 21

portfolios, while senior housing appears in 20 portfolios. In

addition, 11 firms manage military housing, including three

firms that have more at least 20,000 units of military housing

in their portfolios.

APARTMENT MANAGEMENT BY TIER

3,000

2,800

2,600

2,400

2,200

2,000

1,800

1,600

1,400

1,200

1,000

800

6001990

Top 10 2,782.8

1,924.6

1,130.8

Top 25

Top 50

20001992 20021994 20041996 20061998 2008 2010 2012

Units

(thousa

nds)



NMHC 50 MANAGERS OVERVIEWManaged Portfolio (units) 2013 2012 2011 2010 2009 2008 2007

Top 10 1,130,795 1,156,335 1,171,167 1,195,881 1,224,042 1,194,108 1,106,880

Second 10 570,243 547,805 505,197 496,740 487,528 523,614 498,472

Top 25 1,924,573 1,925,592 1,885,014 1,890,933 1,915,170 1,930,162 1,810,315

Second 25 858,191 850,453 837,880 798,786 754,002 797,946 770,885

Top 50 2,782,764 2,776,045 2,772,894 2,689,719 2,669,172 2,728,108 2,581,200

Portfolio Size Measures (units)

Mean 55,655 55,521 54,458 53,794 53,383 54,562 51,624

Median 42,888 41,774 39,788 37,767 37,871 40,578 40,010

No. 1 firm 198,533 192,711 187,360 183,877 185,219 195,888 209,412

No. 50 firm 28,400 27,573 28,085 26,845 23,730 25,852 25,277

Share of National Apartment Stock

Top 10 6.1% 6.3% 6.5% 6.8% 7.0% 6.9% 6.4%

Top 25 10.4% 10.6% 10.5% 10.7% 11.0% 11.1% 10.4%

Top 50 15.0% 15.2% 15.2% 15.3% 15.3% 15.7% 14.8%

The National Multi Housing Council (NMHC) partnered with Kingsley Associates on the NMHC 50 survey process, although

NMHC remains solely responsible for any errors. To compile the NMHC 50 lists, both organizations gather names of owners and

managers from as wide a range of sources as possible and contact staff from each firm that completes the survey online. Over the

years, improved outreach and increased publicity associated with the rankings has resulted in more firms responding to the survey.

For the purposes of this survey, investment fund managers are treated as owners only if they retain substantial equity in the apart-

ment property or if they maintain effective responsibility and decision-making authority over the investment property. Similarly, tax

credit syndicators and franchisers are regarded as owners only if they retain a fiduciary responsibility. In cases where firms function

strictly as advisers rather than investors, they are not regarded as owners.

The rankings do not distinguish between partial and full ownership. Some firms own sizable apartment properties through joint

ventures in which their share could range anywhere from 1 percent to 99 percent. Others are primarily the sole owners of their

apartments. In principle, it would be desirable to account for partial ownership—treating 50 percent ownership of 100 apartments as

equivalent to full ownership of 50 units, for example. However, in practice, it is unfeasible to make such distinctions.

The survey excludes condominiums, cooperatives, hotel rooms, nursing homes, hospital rooms, mobile homes and houses with

rental units. Rental housing for seniors (age-restricted apartments) is included, although assisted living and congregate care facilities

are excluded. Finally, since we measure industry concentration by comparing the top 50 owners and managers against the nation’s

entire apartment stock, only U.S. apartments are included in the analysis.

At times, a firm may debut on the NMHC 50 at a high level. Generally, this means the firm is responding to the survey for the

first time, rather than an indication of an outsized portfolio gain—although that, too, happens on occasion. Nonetheless, despite

many improvements throughout the years, the process remains imperfect as it relies on both accurate reporting and surveying of the

complete universe, both of which can be fraught with problems.

There are two caveats in comparing the lists over time. First, the definition was refined in 2006 to eliminate those investment fund

managers with neither substantial equity nor effective control over the investment property. Second, occasionally firms that have

previously been among the top 50 owners or managers have not responded to the NMHC survey. When that occurs, companies

appear on the list that otherwise might not have been large enough. In addition, this affects the total number of apartments owned

or managed by the top 50 firms, as well as other measures of concentration such as the mean and median portfolio size. For these

reasons, year-to-year comparisons must be made with great care.

Note: In some cases, newly introduced policies prohibited firms from sharing the kind of information needed for these rankings.

METHODOLOGY


APRIL 2013


Although foreign capital has long found a home in the

U.S. real estate market, many foreign investors have

often looked at the American multifamily sector as a

second-class destination for their dollars, focusing instead on

office or hotels. Factor in the weak U.S. economy and trouble

in the housing market and what foreign interest the apartment

sector once enjoyed sharply contracted beginning in 2008.

But the apartment market’s recent takeoff out of the eco-

nomic recession and strong, long-term fundamentals has a

growing number of foreign investors upgrading apartments

into a most desirable asset class. In fact, international interest

in American apartments is surging, with foreign investment

dollars in the sector rising nearly threefold over the past three

years.

According to Dan Fasulo, managing director for New York-

based research firm Real Capital Analytics (RCA), foreign

investors have never fully embraced American apartments.

“Historically, it hasn’t been that desirable for a variety of rea-

sons,” he says.

For starters, apartment leases usually roll over on a yearly

basis, making the sector more management intensive than

its commercial peers, which can sometimes see one resident

occupy a space for a full decade. Investors located halfway

across the globe are reluctant to deal with that level of turnover

every year and rent control policies in some markets also give

cause for pause. And given that institutional grade apartments

are a less common investment class overseas, it’s easy to see

why international investors may seek other

places to park their money.

“Some people just aren’t used to it,” Fasulo

says. “In Europe, there’s no such thing as

multifamily as an asset class. Over the last

few years, there have been more apartments

coming to private markets, but the govern-

ment regulates them. For the most part,

there’s not an opportunity to buy a portfolio

of apartments.”

But, for foreign investors able to find an

experienced apartment operator to serve as

a guide, the upside in the U.S. multifam-

ily sector has been too appealing to ignore.

After bottoming out at $975.8 million in

2009, foreign investment in apartments hit

$4.3 billion in 2012, according to RCA, whose

figures may actually understate the amount

of foreign investment activity because they

only count direct foreign investment. That

was its highest amount of international investment since

$4.6 billion flooded the shores in 2007.

“It’s basically back to peak levels again,” Fasulo says. “We’re

right there again. It’s amazing.”

Apartments Top U.S. Real Estate Wish ListsThose rising investment numbers don’t surprise James A.

Fetgatter, CEO of Washington D.C.-based Association of

Foreign Investors in Real Estate (AFIRE). Each year, AFIRE

surveys its members to ask them, among other things, what

they see as the top real estate product in the U.S. For the past

three years, multifamily came in number one. In addition,

the U.S. claimed four out of the top five most attractive cit-

ies for foreign real estate investors (Houston, New York, San

Francisco and Washington, D.C.).

“It tells us that there’s clearly a great deal of interest in the

U.S.,” Fetgatter says. “In multifamily, you can get financing,

yields are strong, demand is good and demographics are good.

It’s a good opportunity for them [international investors].”

Foreign investors from all around the globe are buying

American apartments. In 2012, Toronto-based REIT Brookfield

Asset Management, spent $648.5 million on 36 properties,

making it the top international investor in American apart-

ments by number of properties.

Brookfield was followed by Israeli public company Electra

Ltd., which spent $657.7 million for 32 properties; Israeli insti-

More foreign capital finds its way to the multifamily market as overseas investors’ interest in apartments returns. By Les Shaver

Imported Investment


tutional investor Harel Insurance Investments, which invested

$411.1 million in 23 properties; German intuitional investor

Allianz, which spent $405.8 million on 23 properties; and

residential REIT Canadian Morguard North AM, which spent

$642.1 million on 22 assets.

Other companies in the top 25 foreign investors in U.S.

multifamily represented the Netherlands, Switzerland, South

Korean, the United Kingdom, Bahrain, Australia and Japan.

Investors Partner Up with U.S. FirmsTo take advantage of apartment opportunities, foreign inves-

tors usually need an experienced partner to help them move

past concerns about management and unfamiliarity with the

American market. “The successful partnerships that I’ve seen

have a very strong local U.S. partner involved,” RCA’s Fasulo

says.

That strong U.S. partner can be a REIT, like UDR, Inc.,

which inked a 2009 deal with the Kuwait Finance House,

one of the leading Islamic banks in the world, to invest

$450 million in multifamily properties in key markets in the U.S.

Partners can also be diversified private firms like Pinnacle

Family of Companies, which ranked No. 17 and No. 4 on

the owner and manager lists, respectively. Pinnacle President

and CEO Rick Graf says he spent much of the 2013 NMHC

Apartment Strategies Outlook Conference in January meeting

with foreign investors.

“We’ve seen a huge uptick, in last 12 to 18 months, of foreign

capital drawn to the U.S. real estate markets,” Graf says. “As

a company, we’re working with foreign investors as they’re

trying to assemble portfolios. They need assistance to acquire

properties, manage them, operate them and ultimately dispose

of them.”

The foreign capital surge is so strong that some executives are

looking at a variety of avenues to doing deals with international

investors. As it ramps up its once-prodigious development

pipeline, Dallas-based Trammell Crow Residential (TCR), for

example, has struck a deal for both equity and debt through the

United States Citizenship & Immigration Service’s Immigrant

Investor Program, also known as the EB-5 Visa Program,

which selectively grants foreign investors visas. Under the pilot

program, regional immigration centers can pool funds from a

large number of immigrant investors to make targeted invest-

ments within a defined geographic region. The EB-5 investors

must place their money in a new commercial enterprise, which

then invests in a local project.

While this isn’t the typical structure for a foreign investment

deal, it is indicative of the geographically diverse flow of capi-

tal into existing and new apartments across the country. The

money flowing into the TCR project is essentially European

money flowing through a U.S.-based source. TCR CEO Ken

Valach says he’s open to working with other foreign investors

in future deals.

“There’s more foreign capital coming in simply because the

U.S. is attractive,” he says.


TOP APARTMENT MARKET DESTINATIONS FOR FOREIGN CAPITAL (2009-2012)Market Total Properties Total Volume (millions)

Manhattan 21 $853.30

Phoenix 57 $615.00

Houston 28 $592.10

Dallas 23 $501.00

DC/VA suburbs 6 $444.50

Atlanta 29 $437.20

San Jose 6 $434.20

Orlando 14 $386.50

Chicago 3 $376.50

Other 274 $6,484.10

Total 461 $11,124.40

TOP COUNTRIES FOR FOREIGN INVESTMENT IN APARTMENTS (2009-2012)Country Total Properties Total Volume (millions)

Canada 205 $4,089.50

Switzerland 19 $1,267.20

Israel 63 $1,163.60

Netherlands 27 $1,009.10

United Kingdom 28 $773.30

Kuwait 6 $603.80

Germany 30 $593.80

South Korea 15 $327.60

Japan 14 $279.90

Other 54 $1,016.40

Total 461 $11,124.40

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APRIL 2013

While both apartment owners and managers have

enjoyed the red-hot apartment market of the past

few years, they’ve largely capitalized on it in oppo-

site ways. Many of the biggest owners have gotten down to

their fighting weight and streamlined their holdings, while

many top management firms have worked to bulk up their

portfolios.

This trend largely played out in this year’s NMHC 50

results. Collectively, the top apartment owners shrunk the

total number of units owned by nearly 100,000 units in the

past year while the top managers have held onto their volume,

even gently increasing the total number of managed units by

almost 7,000 units. Similarly, the average portfolio size, as well

the unit thresholds for the top and bottom slots on the rank-

ings, decreased for the top apartment owners and increased

for the top managers.

Of course, several companies bucked the trend. Hunt

Companies Inc., for example, grew its ownership portfolio

by more than 28,000 units in 2012, making the company the

second largest owner. The Laramar Group LLC, on the other

hand, shed nearly 13,000 units from its management portfo-

lio, sliding down 22 slots to No. 49 on the top managers list.

But for now, top apartment firms appear to be largely hold-

ing course. Changing economic conditions, such as more job

growth, higher household formations, limited new apartment

supply and strong investor interest in the sector, are likely

to create fresh opportunities for apartment firms to pursue

both topline and bottom-line growth. Here’s how some

of the top owner and management companies are crafting

their strategies.

Owners Cherry Pick AssetsA number of large apartment firms, including many pub-

licly traded REITs, have narrowed their focus to major coastal

markets in an effort to optimize their portfolio holdings.

Some set out on this strategy pre-recession, while others have

made a strategic shift in this direction.

Real estate values and household incomes

typically trend higher in these markets

and land and regulatory constraints often

keep new development numbers in check

and limit the number of competitive play-

ers in the field. Moreover, many institu-

tional investors have a clear preference for

these top-tier markets.

“There has been a shift to the coastal

markets by many of the REITs,” says

Rick Graf, president and CEO of Pinnacle

Family of Companies, which ranked No.

17 on the NMHC 50 owners list. “Owners

have also worked to move their portfolios

toward newer product.”

As large owners look to top grade their

portfolios—either trading out older prop-

erties and buying newer communities or

swapping out assets in commodity mar-

kets for those in coastal or high-barrier-

to-entry locations—often unit inventories

decrease. For example, if an owner sells

a portfolio in Orlando and reinvests that

money in properties in New York, it is

unable to purchase as many units since

prices are higher in The Big Apple. The

same principle applies when an owner

sells a 20-year old property to buy a


Top multifamily owners and managers pursue divergent portfolio strategies to better position themselves for success in the market’s upswing—and beyond. By Les Shaver

One Size Hardly Fits All

recently stabilized deal.

“I think the public REITs have been on a path of shrinking

their portfolios,” says Tom Toomey, CEO of UDR, Inc., which

ranked 16th on the top owners list. “The private groups have

been picking up the slack and growing their portfolios.”

But Toomey, along with other REITs and institutional

investors, have decided that quality outweighs quantity. Since

2001, UDR has traded out of Arkansas, Georgia, Indiana,

Kansas, Michigan, Nevada, New Mexico, Ohio and South

Carolina to establish or grow presence in markets such as

Boston, Manhattan, Northern and Southern California and

Washington, D.C. In the process, its unit count has gone

down roughly 30 percent to 54,985 units at the end of 2012,

while its revenue per occupied home has grown 120 percent

during that timeframe.

“We’re very happy with where our portfolio is today,”

Toomey says.

Houston-based REIT Camden Property Trust, which

earned the 11th slot on the top owners list, is selling older

properties and recycling the capital from those dispositions

into newer apartments or new developments. Because of that,

its unit count dropped more than 1,500 units from 2011 to

2012. Although he may lose units in the trade, Camden CEO

Ric Campo says higher rents, coupled with the lower overhead

costs associated with fewer units, equal

better cash flow.

“We’re more interested in growing our

cash flow than size of assets,” Campo

says.

But to be able to recycle capital from

older to new apartments or from sec-

ondary to primary markets, apartment

owners need ready buyers. And that’s

where market conditions have cooper-

ated. The apartment industry’s strong

post-recession recovery and rent growth;

availability of debt and equity; and mas-

sive investor appetite for the sector have

allowed smaller private companies to

pick up a lot of the assets shed by the

public REITs and use them to build their

own growth platforms.

“The big trend we see continuing is the

emergence of the private investor–either

through direct purchases, investment in

syndications or private REITs,” says Jerry

Fink, managing partner of The Bascom

Group in Irvine, Calif., a 2012 top 50

player that plans to acquire $600 million

of value-add and distressed multifamily,

along with some Class A assets. “The

smaller private investor is starved for

income producing investments.”

But just how lean the large public REITs will take their port-

folios is unclear. As rents hit their ceilings, pipelines fill up

with new units and investors flip their fancy, these changing

market conditions could prompt REITs to change tacks once

again, putting more emphasis on volume.


APRIL 2013

Ric Campo, CEO of Camden Property Trust, says its quality over quantity when

it comes to portfolio management. Photo

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“REITs seem to be simply repositioning their portfolios,

trimming some of their less desirable product and exiting

non-core markets,” says Jon Bell, president of Greensboro,

N.C.-based Bell Partners Inc. The company added more than

3,000 units to its ownership portfolio in 2012, helping push

the company up six slots to the No. 24 position in the top

owners rankings. “Once they take these actions, however,

the next step appears to be the resumption of growth. So,

while the trend over the past five years may have been one of

contraction, I think that we will see that trend reverse itself in

the next 10 years.”

Managers Bulk UpFor many big third-party management firms, that

bigger-is-better strategy is already in play. Charleston, S.C.-

based Greystar Real Estate Partners, LLC and Dallas-based

Riverstone Residential Group, the first and second seed

management players, respectively, both experienced a jump

in units under management in the past year. As with the top

owners’ strategic initiatives, some of these moves were several

years in the making.

“The margins in property management have gotten thin-

ner, yet the demands associated with management have

increased,” says Bell, whose firm also ranked No. 7 on the top

managers list. “The larger managers with critical mass are able

to assemble groups of narrowly focused corporate support

teams, which contribute to their ability to capture economies

of scale.”

However, the Great Recession only exacerbated the difficul-

ties of making a dollar, leaving many apartment management

firms with thinning profit margins and few options for gain-

ing scale. Many of the leading management companies began

pursuing acquisition opportunities. Riverstone, for example,

bought Las Vegas-based Realty Management and Seattle-

based HSC Real Estate in 2008, collectively adding roughly

55,000 units to its portfolio.

“Some fee managers get bigger by purchasing small- or

medium-sized operations,” says Julie Smith, president of

Greenbelt, Md.-based Bozzuto Management Company, a big

regional company that added almost 3,000 units to its port-

folio in 2012, earning it the No. 40 rank on the top managers

list. “That gives them immediate scale, and it sometimes gives

them access to markets that they’re not

already in.”

Beyond creating acquisition opportuni-

ties, the downturn also helped forge some

strategic partnerships with lenders and

financial institutions, says Steve Lamberti,

president and chief operating officer of

Dallas-based Milestone Management L.P.

Milestone, which climbed six spots to No.

30 on the managers list, saw its manage-

ment portfolio grow by almost 3,000 units

in 2012. Recession-related distress in the

market forced some lenders to take over

assets from their borrowers; unequipped

or unwilling to get into the day-to-day

management and operation of apartments,

some lenders sought strong management

partners to help them deal with the assets

that had found their way onto their books.

This also helped some management firms


APRIL 2013

Many top apartment firms target high-end properties in top-tier markets,

like this Village Green property, Randolph Towers in Chicago. Village Green ranks

No. 28 on the top managers list.

Photo

: C

ourt

esy

Vill

age G

reen

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expand, particularly since, in many cases, they continued to

manage those properties after the lenders sold them to differ-

ent owners.

“If you’re a lender taking something back, it’s easy to call

one of the big guys that has a massive footprint,” Lamberti

says. “They run multiple rent rolls, their fee structures are

attractive, they can deliver timely information and they hit the

ground running [when they take over a property]. I think that

gives them a competitive advantage.”

Financial institutions, which often purchase large portfo-

lios of properties but don’t have management platforms, also

look for similar strategic relationships with strong managers.

“They hire management firms that can meet their reporting

requirements or their specific criteria for managing their

assets,” Bozzuto’s Smith says.

Lamberti agrees, saying top management companies’

familiarity and use of major reporting systems provides insti-

tutions with more confidence. “If I want customized report-

ing, RealPage, Yardi, or any of the other software providers,

most of them [the national managers] run multiple software

systems,” Lamberti says. “Institutions want to make sure that

you’re using a pricing model, meet insurance requirements,

can execute, have contract management and have liability

[insurance]. It’s ease of execution and surety of execution.

That’s one of the biggest things that contributes to their

growth.”

With the ability to handle large portfolios from large cli-

ents and the overhead to invest in technology and people, the

national and large regional property managers seem to be well

positioned to continue adding units.

“I suspect the ‘big getting bigger’ theme could continue for

the foreseeable future,” Bell says.

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When the economy began its precipitous plunge

into the Great Recession in 2008, new apartment

development activity also began to nosedive. The

swiftness of the economy’s falter and uncertainty over

the recession’s duration not only sidelined investors and

curtailed lending but also left many would-be developers

apprehensive about moving forward with new projects.

Consequently, many new projects were mothballed for a

later date or taken off the drawing board completely. In fact,

by 2009, multifamily starts hit a low with groundbreakings

on just 97,300 new units, compared to the 10-year aver-

age of just over 300,000 annual starts that prevailed from

1997-2006.

However, the economy’s slow-but-steady recovery has

provided enough stability for apartment developers and

builders to begin putting shovels back into dirt and refilling

the new multifamily pipeline. Since mid-2010, apartment

development and construction has steadily accelerated. In

2012, multifamily permits hit 276,600 units, marking a 50.3

percent jump from 2011 levels; apartment starts reached

233,400, a 39.5 percent increase from the previous year.

Despite this improvement, the industry has yet to produce

Driven by healthy returns, apartment firms ramp up their new development and construction activity. By Les Shaver

Drop the Hammer

“This is what you seein every cycle. You’re locking up subs and sites at low prices and leasing at high prices.” – Bob Faith, CEO, Greystar

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enough new units to meet apartment demand and replace

units lost from the stock.

As the economy continues to recover, spurring stronger

job creation and household formations and unleashing

pent-up housing demand, more apartment firms plan to

invest in new development activity. However, with permit-

ting and construction activity returning to more normal-

ized levels, multifamily developers will be zeroing in on

potential supply issues and construction costs. Although

their strategies for coping with these issues vary, developers

are quick to maintain the flexibility to change direction

while enjoying what promises to be a strong, sustained

surge in demand.

Join the PartyAs in most recoveries, it has paid to get in early. “Folks that

were developing early have seen extraordinary returns,”

says Bob Faith, CEO of Charleston, S.C.-based owner,

developer and manager Greystar Real Estate Partners, LLC,

which ranked as the largest apartment management com-

pany on the NMHC 50. “This is what

you see in every cycle. You’re locking up

subs and sites at low prices and leasing at

high prices.”

With returns on newly completed

properties looking attractive and rent-

al demand fundamentals projected to

remain strong over the next few years,

not only have some apartment com-

panies shifted strategies to put more

emphasis on development but new—and

in some cases returning—players have

entered the fray.

National home builder Lennar, for

example, recently announced plans

to invest $1 billion in apartment con-

struction, spending roughly $560 mil-

lion to start 3,000 apartments this year.

Similarly, luxury home builder Toll

Brothers, which has been successful

with its urban condo product in the

New York City market, also launched its

Apartment Living brand and reportedly

has 6,500 units in the pipeline.

Other companies, such as Trammell

Crow Residential (TCR), also are taking

a second look at new development as a

growth strategy. Back when the bottom

fell out of the multifamily market, TCR,

which last appeared on the NMHC 50

APRIL 2013

“The multifamily product type has been and will continue to be the darling of the real estate sector.”

– Rick Graf, President and CEO, PinnacleP

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Quincy MallQuincy, ILStreets of St. Charles

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list in 2007 as the 44th largest owner, spun out the major-

ity of the company’s development team as Dallas-based

Mill Creek Residential. However, last year, the company’s

nascent development organization merged with Carlsbad,

Calif.,-based GLJ Partners and started five projects totaling

1,459 units in Dallas and Houston. This year, TCR is plan-

ning an additional 12 projects in Boulder, Colo.; Dallas;

Denver; Houston; and Southern California; it also intends

to add an office in the Southeast region.

Despite increased interest from many places, most multi-

family leaders insist that only the well-heeled private build-

ers are able to secure financing. “There are more opportu-

nities in development today, however, with fewer qualified

competitors,” says Ryan Dearborn, CEO of Atlanta-based

Wood Partners.

A Look AheadHowever, concerns in the industry are growing about near-

term supply issues as some metro markets such as San Jose,

Calif., and Washington, D.C., experience surges in new

apartment construction.

NMHC Chief Economist and Vice President of Research

Mark Obrinsky believes concerns about overbuilding may

be overblown given that new apartment supply has fallen

short of the demand increase for several years. “Some sub-

markets may have a lot of new supply come online at the

same time, but any temporary excess should be absorbed by

continuing strong demand,” Obrinsky says. “Demographic

trends and the increased popularity of renting suggest we

need between 300,000 and 400,000 new units annually to

keep up with demand. The industry hasn’t yet ramped up

to that pace.”

Greystar’s Faith had a similar takeaway during a panel

discussion at NMHC’s Annual Meeting in January. “Supply


Many apartment firms are focused on new development opportunities. Hebron 121 Station, for example is a new

luxury apartment community in Lewisville, TX.

“We need between 300,000 and 400,000 new units annually to keep up with demand; the industry hasn’t ramped up to that pace.”

– Mark Obrinsky, Chief Economist, NMHC

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is just one component of the equation,” he said. “It feels a

little early in the cycle to be calling some of those gateway

markets done.”

Although the steep increases in the number of proposed

new units in the pipeline nationally may seem a little

crazy at first blush, Ron Witten of Witten Advisors said he

believes more cautious underwriting, limited debt capac-

ity, rising land prices and building costs and weaker rent

growth may keep many of those units from fruition.

“We don’t think all those units in the pipeline are real;

we think instead that starts perhaps aren’t even going to get

back to 250,000 in the near term,” he said during the discus-

sion. “Last year, we finished at 212,000 for 5+ unit rental

starts; we think it rises again this year, but we don’t think it

goes higher than 300,000 or 400,000.”

Bumps in the RoadFor as much as capital sources may pull back on debt and

equity to fund new apartment projects, rising land and con-

struction costs also may end up being a governor on supply

growth.

Since TCR began building again, Steve Bancroft, senior

managing director for the company, says his construction

team has seen lumber and framing costs increase 30 per-

cent, drywall and labor grow 15 percent, roofing jump 10

percent to 14 percent, concrete tick up eight percent, cabine-

try increase 11 percent, and land, in the right location, rise

by as much as 40 percent.

“We’re underwriting hard costs 20 percent higher than

our first deal in 2011,” Bancroft says.

According to the Associated General Contractors of

America, the producer price index for all construction


After several years of little new development, new apartment communities

are springing up in many markets.

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Future Meeting Dates

JOIN TODAY! Go to www.nmhc.org/goto/join

202/974-2300 • 202/775-0112 (fax) • www.nmhc.org

”

“It amazes me how

much I learn from

leaders in the

multifamily industry

by networking at

NMHC events.

Connie Moore President and CEO, BRE Properties, Inc.

2013 NMHC Apartment Strategies/Finance Conference April 23 & 24 • Dallas (Las Colinas), TX

2013 NMHC Spring Board of Directors MeetingApril 24 & 25 • Dallas (Las Colinas), TX

2013 NMHC Human Resources ForumMay 14 & 15 • Boston, MA

2013 NMHC Research ForumMay 14 & 15 • Boston, MA

2013 NMHC Fall Board of Directors and Advisory Committee MeetingSeptember 17-19 • Washington, DC

2013 NMHC Student Housing Conference & ExpositionSeptember 30-October 1 • New Orleans, LA

2013 NMHC OpTech Conference & Exposition November 11-13 • Dallas, TX

2014 NMHC Apartment Strategies Outlook ConferenceJanuary 21 • Boca Raton, FL

2014 NMHC Annual MeetingJanuary 21-23 • Boca Raton, FL

materials is up 1.3 percent from a year ago. However, certain

materials are experiencing significant spikes. The producer

price index for gypsum products, such as wallboard and

plaster, has climbed 20.4 percent since last year; lumber and

plywood prices have risen 15.1 percent.

Chris Payne, senior vice president of development for

AvalonBay Communities, Inc., which earned the 12th posi-

tion on the top owners list and 14th on the top managers list,

says his company has been feeling pressure in the mechani-

cal trades, particularly framers. “This is creating concerns

on the execution side of the business,” he said during a

discussion panel at NMHC’s Annual Meeting. “We’re look-

ing at strategies to tie up subs on multiple projects just to

keep them interested, maybe looking at some design build

opportunities.”

These kinds of pricing pressures are making some of

the industry’s hefty returns look like a thing of the past.

“Returns are compressing because competition and con-

struction costs are both going up,” says Ric Campo, CEO

of Houston-based REIT Camden Property Trust, which

ranked No. 11 on the NMHC 50 owners list and No. 9 on

the managers list. “We are probably more concerned about

loading development up in the pipeline today than we were

a year ago.”

But Campo still plans to build. He has 2,269 units under

construction right now, for a total investment of $550 mil-

lion, and plans to spend another $300 million to $400 mil-

lion in new construction next year. In fact, that’s the target

for 2015 and beyond. “If I start seeing something I don’t like,

I can pare it back as well,” he says.

Despite these blips on the radar screen, the apartment

industry is still in good position for growth, coming off

five years of significant underbuilding. Add in household

formation growth and changing housing preferences and

things look even better. That’s why, ultimately, multifamily

executives expect strong returns from apartment develop-

ment.

“The multifamily product type has been and will con-

tinue to be the darling of the real estate sector for some

time to come, even though there is talk of overbuilding

and concerns about rates rising,” says Pinnacle Family of

Companies President and CEO Rick Graf. Pinnacle earned

the No. 17 slot on the top owners list and No. 4 on the man-

agers list.


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21 Offices Nationwide

Corporate Headquarters7501 Wisconsin Avenue, Suite 1200E

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California loans will be made pursuant to Department of Corporatons California Finance Lenders Law License.

NMHC Officers 2013

Executive Committee

Former Chairmen

Patti FieldingAimco

Denver, CO

Patti ShwayderAimco

Denver, CO

James M. KrohnAlliance Residential

CompanyPhoenix, AZ

Bruce C. WardAlliance Residential

CompanyPhoenix, AZ

Marc E. deBaptisteARA

Boca Raton, FL

Gary T. KachadurianARA

Hinsdale, IL

Chairman Thomas S. BozzutoThe Bozzuto Group

Greenbelt, MD

Vice ChairmanDaryl J. CarterAvanath Capital Management

Irvine, CA

Treasurer Robert E. DeWitt

GIDBoston, MA

SecretarySusan Ansel

Gables ResidentialDallas, TX

PresidentDouglas M. Bibby

National Multi Housing Council

Washington, DC

R. Scot SellersArchstone

Englewood, CO

Sean J. BreslinAvalonBay

Communities, Inc.Arlington, VA

Timothy J. NaughtonAvalonBay

Communities, Inc.Arlington, VA

Daryl J. CarterAvanath Capital Management

Irvine, CA

John R. WilliamsAvanath Capital Management

Irvine, CA

Richard P. GilesThe Bainbridge

CompaniesWest Palm Beach, FL

Kelley A. Bergstrom

C. Preston Butcher

Ric Campo

Douglas Crocker, II

Allen Cymrot

Peter F. Donovan

William H. Elliott

Richard L. Fore

Randolph G. Hawthorne

Gary T. Kachadurian

Mary Ann King

Duncan L. Matteson, Sr.

Richard L. Michaux

Robert Sheridan

Geoffrey L. Stack

Leonard W. Wood

Richard SchechterThe Bainbridge

CompaniesWest Palm Beach, FL

Jonathan D. BellBell Partners

Greensboro, NC

Lili F. DunnBell PartnersAlexandria, VA

Alan KingBerkshire Property

AdvisorsRoswell, GA

David J. OlneyBerkshire Property

AdvisorsBoston, MA

Thomas S. BozzutoThe Bozzuto Group

Greenbelt, MD



Executive Committee

Ron ZeffCarmel Partners, Inc.

San Francisco, CA

Peter F. DonovanCBRE

Boston, MA

Brian F. StoffersCBRE Capital Markets

Houston, TX

William T. HymanCenterline Capital

GroupNew York, NY

John LarsonCenterline Capital

GroupDallas, TX

C. Stephen CordesClarion PartnersNew York, NY

Robert D. Greer, Jr.Clarion PartnersWashington, DC

Nathan S. CollierThe Collier Companies

Gainesville, FL

J. Andrew HogsheadThe Collier Companies

Gainesville, FL

Paul F. EarleColonial Properties

TrustBirmingham, AL

Edward T. WrightColonial Properties

TrustBirmingham, AL

Paul G. KerrDavlyn Investments

San Diego, CA

Jon D. WilliamsDavlyn Investments

San Diego, CA

Alan W. GeorgeEquity Residential

Chicago, IL

David J. NeithercutEquity Residential

Chicago, IL

Susanne HiegelFannie Mae

Washington, DC

Manuel MenendezFannie Mae

Washington, DC

Deborah Ratner-SalzbergForest City

Enterprises, Inc.Washington, DC

Ronald A. RatnerForest City Residential

Group, Inc.Cleveland, OH

David BrickmanFreddie MacMcLean, VA

John M. CannonFreddie Mac

New York, NY

Susan AnselGables Residential

Dallas, TX

Dawn SevertGables Residential

TrustAtlanta, GA

Robert E. DeWittGID

Boston, MA

Julie A. SmithBozzuto Management

CompanyGreenbelt, MD

Stephen DominiakBRE Properties, Inc.

Irvine, CA

Constance B. MooreBRE Properties, Inc.San Francisco, CA

Laurie A. BakerCamden Property

TrustHouston, TX

Ric CampoCamden Property

TrustHouston, TX

Christopher BedaCarmel Partners, Inc.

San Francisco, CA



Executive Committee

Clyde P. HollandHolland Partner Group

Vancouver, WA

Hessam NadjiInstitutional Property Advisors, a Marcus & Millichap CompanyWalnut Creek, CA

Guy K. JohnsonJohnson CapitalLas Vegas, NV

Jeffrey T. MorrisJones Lang LaSalle

Americas, Inc.Orlando, FL

Jubeen F. VaghefiJones Lang LaSalle

Americas, Inc.Miami, FL

James H. CallardKlingbeil Capital

Management/American Apartment Communities

Annapolis, MD

Guy K. HaysLegacy PartnersFoster City, CA

W. Dean HenryLegacy Partners Residential, Inc.Foster City, CA

Brian C. ByrneLincoln Property

CompanyOak Brook, IL

Jeff B. FranzenLincoln Property

CompanyHerndon, VA

H. Eric Bolton, Jr.MAA

Memphis, TN

Albert M. CampbellMAA

Memphis, TN

John J. KerinMarcus & Millichap

Calabasas, CA

Charles R. Brindell, Jr.Mill Creek Residential

Trust LLCDallas, TX

Mary Ann KingMoran & Company

Irvine, CA

Thomas F. MoranMoran & Company

Chicago, IL

Kerry R. FrenchNorthMarq Capital, Inc.

Houston, TX

Edward PadillaNorthMarq Capital, Inc.

Minneapolis, MN

Rick GrafPinnacle

Addison, TX

Stan J. HarrelsonPinnacle

Seattle, WA

David P. StockertPost Properties, Inc.

Atlanta, GA

Jamie TeaboPost Properties, Inc.

Atlanta, GA

David DurningPrudential Mortgage

Capital CompanyChicago, IL

James P. HensleyPrudential Mortgage

Capital CompanyAtlanta, GA


Stacy G. HuntGreystar Real Estate

Partners, LLCHouston, TX

William C. MadduxGreystar Real Estate

Partners, LLCCharleston, SC

Laura A. BeuerleinHeritage Title Company

of Austin, Inc.Austin, TX

Gary S. FarmerHeritage Title Company

of Austin, Inc.Austin, TX

Mona Keeter CarltonHFF

Dallas, TX

Matthew LawtonHFF

Chicago, IL


Executive Committee

Executive Committee(not pictured)

Kristen Klingbeil-WeisKlingbeil Capital Management/American Apartment CommunitiesSanta Barbara, CA

Timothy EllsworthRREEFChicago, IL

Thomas W. ToomeyUDR, Inc.

Highlands Ranch, CO

Warren L. TroupeUDR, Inc.

Highlands Ranch, CO

David R. SchwartzWaterton Associates,

L.L.C.Chicago, IL

Gregory J. LozinakWaterton Residential

Chicago, IL

Vincent R. ToyeWells Fargo Multifamily

CapitalNew York, NY

Alan WienerWells Fargo Multifamily

CapitalNew York, NY

Frank MiddletonWood Partners, LLC

Mill Valley, CA

Jerome EhlingerRREEF

Chicago, IL

Michael BissellSARES*REGIS Group

Irvine, CA

Geoffrey L. StackSARES*REGIS Group

Irvine, CA

Timothy J. HoganTrammell Crow

ResidentialDallas, TX

Kenneth J. ValachTrammell Crow

ResidentialHouston, TX

Michael E. TompkinsTriBridge Residential

LLC.Atlanta, GA


APRIL 2013

Mixed income.

Shared success.

From single-project transactions to portfolio-wide

solutions, Citi Community Capital combines unparalleled

community development expertise with industry-leading

capital markets capabilities to offer fi nancial solutions to

preserve and build stronger communities.

Citi. Your Community Development Partner.

citicommunitycapital.com

2012 Citibank, N.A. All rights reserved.

Citi and Arc Design is a registered service mark of Citigroup Inc.

Board of Directors

Jeffery DanielsAIG Global Real Estate

Investment Corp.New York, NY

Donald HuffnerAIG Global Real Estate

Investment Corp.New York, NY

Jay BlasbergAlliant Capital LLC

Tucson, AZ

Tim L. MyersAllied Realty Services,

Ltd.Houston, TX

Michael H. GodwinAmbling Management

Company LLCValdosta, GA

R. Ryan HolmesAmbling Management

Company LLCValdosta, GA

William C. Bayless, Jr.American Campus

CommunitiesAustin, TX

Rodrigo LopezAmeriSphere Multifamily

Finance, LLCOmaha, NE

Scott G. SuttleAmeriSphere Multifamily

Finance, LLCBethesda, MD

Steve F. HallseyAMLI Management

CompanyChicago, IL

Gregory T. MutzAMLI Residential Properties, L.P.

Chicago, IL

Kimberly J. SperryAmstar Group, LLC

Denver, CO

Lauren A. BrockmanAnbrock, LLCDenver, CO

Arlene MayfieldApartment Guide

Norcross, GA

Judy BellackApartment GuideBoca Raton, FL

Dick BurkeApartments.com

Chicago, IL

Blake OklandARA

Boca Raton, FL

Thomas P. MacManusARA Finance, LLCBoca Raton, FL

Morgan AndersonArthur J. Gallagher

& Co.Irvine, CA

Jason A. FriedmanAssociated Estates Realty Corporation

Richmond Heights, OH

Lin AtkinsonAT&T Connected

CommunitiesAtlanta, GA

Thuy WoodallAT&T Connected

CommunitiesMilton, GA

Michael G. MillerAUM

Lombard, IL

Phillip E. BoguckiAZUMA Leasing

Austin, TX

Bj RosowAZUMA Leasing

Austin, TX

Holly CostelloBalfour Beatty Communities

Jacksonville, FL

Allan R. WinnBallard Spahr

Washington, DC

Grace HuebscherBeech Street Capital

Bethesda, MD

Michael SternBeecher Carlson

Atlanta, GA

Robert S. AisnerBehringer Harvard

Addison, TX



Board of Directors

Mark AlfieriBehringer Harvard

Addison, TX

Frank LutzBerkadia

Horsham, PA

Karl H. ReinleinBerkadia

Horsham, PA

Jeffrey C. DayBerkeley Point Capital

LLCBethesda, MD

Dwight D. Dunton, IIIBonaventure Realty

Group, LLCArlington, VA

Mark W. DunneBoston Capital

CorporationBoston, MA

John P. ManningBoston Capital

CorporationBoston, MA

Barden BrownBrown Realty Advisors

Atlanta, GA

Walter W. MillerBrown Realty Advisors

Atlanta, GA

Josh MandellBSR Trust

Montgomery, AL

Bradley B. ChambersBuckingham Companies

Indianapolis, IN

B. Diane ButlerButler Burgher Group

Dallas, TX

David J. AdelmanCampus Apartments

Philadelphia, PA

Miles H. OrthCampus Apartments

Philadelphia, PA

Michael MayCantor CCREBethesda, MD

Anthony OrsoCantor Commercial Real Estate (CCRE)

New York, NY

Richard LyonCapital One Bank

New York, NY

Ernest L. HeymannCAPREIT, Inc.Rockville, MD

Richard L. KadishCAPREIT, Inc.Rockville, MD

Tyler AndersonCBRE

Phoenix, AZ

Stephen J. ZaleskiCBRE Global Investors,

LLCBoston, MA

Hal G. KuykendallCiti Community Capital

Denver, CO

Wesley HudsonCohnReznick LLP

Atlanta, GA

David B. WoodwardCompassRock Real

Estate LLCDenver, CO

Daniel J. EpsteinThe ConAm Group of

CompaniesSan Diego, CA

J. Bradley ForresterThe ConAm Group of

CompaniesSan Diego, CA

Jerry DavisConservice Utility

Management & BillingProsper, TX

Jason RosaContinental Realty

Advisors, Ltd.Littleton, CO

David W. SnyderContinental Realty

Advisors, Ltd.Littleton, CO

James W. HarrisCoreLogic SafeRent

Rockville, MD



Board of Directors

Terri HerubinCornerstone Real Estate

Advisers LLCHartford, CT

Mark HigginsCornerstone Real Estate

Advisers LLCHartford, CT

Marc D. GoldsteinCovington Development,

LLCSt. Louis, MO

Benjamin CollinsCrescent Resources, LLC

Charlotte, NC

Brian NatwickCrescent Resources, LLC

Charlotte, NC

William B. BlashCrossbeam Capital LLC

Bethesda, MD

Richard K. DevaneyCrossbeam Capital

LLCBethesda, MD

Dodge CarterCrow Holdings Capital

Partners, LLCDallas, TX

Steven WeilbachCushman & Wakefield

San Francisco, CA

Byron L. MogerCushman & Wakefield

Tampa, FL

Brian L. DinersteinThe Dinerstein

CompaniesHouston, TX

Anthony SchafferDIRECTV

El Segundo, CA

Andrew K. DolbenThe Dolben Company,

Inc.Woburn, MA

Deane H. DolbenThe Dolben Company,

Inc.Woburn, MA

Adam C. BreenDRA Advisors, LLC

New York, NY

David LuskiDRA Advisors, LLC

New York, NY

Wendy DruckerDrucker & Falk, LLCNewport News, VA

Kellie Falk-TillettDrucker & Falk, LLC

Raleigh, NC

Miles SpencerEastdil Secured, LLC

Washington, DC

Randy ChurcheyEducation Realty Trust,

Inc.Memphis, TN

John M. O’Hara, Jr.Edward Rose & SonsFarmington Hills, MI

Warren RoseEdward Rose & SonsBloomfield Hills, MI

Gregory L. EnglerEngler Financial Group,

LLCAlpharetta, GA

Patrick JonesEngler Financial Group,

LLCAlpharetta, GA

Christopher E. HashiokaFairfield Residential

Company LLCSan Diego, CA

Gregory R. PinkallaFairfield Residential

Company LLCSan Diego, CA

Tom KopflerFerguson Enterprises

Irvine, CA

Richard N. ShinbergFirst Capital Realty,

Inc.Bethesda, MD

Les ZimmermanFirst Capital Realty,

Inc.Bethesda, MD

Robert L. JohnstonFirst Communities

Atlanta, GA



Board of Directors

Mark A. FogelmanFogelman Management

GroupMemphis, TN

Richard L. FogelmanFogelman Properties

Memphis, TN

Wayne E. McDonaldForestar Group, Inc.

Austin, TX

Phillip WeberForestar Group, Inc.

Austin, TX

Daniel J. RoehlG5

Bend, OR

Robert DeanGE Real EstateWashington, DC

Linda ZellerGerson Bakar &

AssociatesSan Francisco, CA

Philip S. PayneGinkgo Residential

Charlotte, NC

D. Scott WilkersonGinkgo Residential

Charlotte, NC

John J. Gray, IIIGrayco Partners LLC

Houston, TX

Billy PoseyGreystone Servicing

Corporation, Inc.Memphis, TN

Robert RussellGuggenheim

Commercial Real Estate Finance, LLC

New York, NY

Philander P. ClaxtonHappy Habitat, LLC

Laurel, MD

Judy ViitanenHappy Habitat, LLC

Laurel, MD

Curt HenselHD Supply

San Diego, CA

James M. BachnerHeitman LLCChicago, IL

Mark ForresterHendricks Berkadia

Phoenix, AZ

Don HendricksHendricks Berkadia

Phoenix, AZ

Alan PattonHines

Houston, TX

Edward J. PettinellaHome Properties, Inc.

Rochester, NY

Greg FaulknerHumphreys & Partners

Architects, L.P.Dallas, TX

Mark HumphreysHumphreys & Partners

Architects, L.P.Dallas, TX

David KapiloffInsgroup, Inc.Houston, TX

Will BalthropeInstitutional Property Advisors, a Marcus & Millichap Company

Dallas, TX

Peter KatzInstitutional Property Advisors, a Marcus &

MillichapPhoenix, AZ

Kevin A. BaldridgeThe Irvine Company

Apartment Communities ‘IAC’

Irvine, CA

Martine PhilibertIvanhoé Cambridge

ResidentialMontreal, QC

Jean M. AndersonJ.P. Morgan Asset

ManagementNew York, NY

Tiffany ButcherThe JBG CompaniesChevy Chase, MD

Kai ReynoldsThe JBG CompaniesChevy Chase, MD



Board of Directors

James A. ButzJefferson Apartment

GroupMcLean, VA

Gregory G. LambJefferson Apartment

GroupMcLean, VA

Richard J. HighJohn M. Corcoran &

CompanyBraintree, MA

John W. BrayJones Lang LaSalle

Americas, Inc.Atlanta, GA

Faron G. ThompsonJones Lang LaSalle

Americas, Inc.Atlanta, GA

Cindy ClareKettler

McLean, VA

Angela MagoKeyBank Real Estate

CapitalCleveland, OH

David G. ShillingtonKeyBank Real Estate

CapitalAtlanta, GA

John FalcoKingsley Associates

Atlanta, GA

Peggy RobinsonKingsley Associates

Atlanta, GA

Rohit AnandKTGY Group Inc.

Vienna, VA

Jay OlanderLandmark Apartment Trust of America, Inc.

Richmond, VA

Keith A. HarrisThe Laramar Group,

LLCChicago, IL

Tom KlaessThe Laramar Group,

LLCGreenwood Village, CO

Peter P. DiLullo, Jr.LCOR Incorporated

Berwyn, PA

Thomas J. O’BrienLCOR Incorporated

Berwyn, PA

Michael E. MuellerLeaseHawk

Scottsdale, AZ

Thomas F. McCoy, Jr.Lockton Companies,

LLCDenver, CO

Charles M. McDanielLockton Companies,

LLCDenver, CO

Sam J. KasparekThe Lynd Company

Denver, CO

Adam David LyndThe Lynd Company

San Antonio, TX

Dean HolmesMadison Apartment

GroupPhiladelphia, PA

Joseph F. MullenMadison Apartment

GroupPhiladelphia, PA

Nicholas Michael Ryan

The Marquette Companies

Naperville, IL

Darren R. SlonigerThe Marquette

CompaniesNaperville, IL

Gerald J. HaakMAXX Properties

Harrison, NY

Andrew R. WienerMAXX Properties

Harrison, NY

Michael C. McDougalMcDougal Properties,

L.C.Lubbock, TX

Tristan ThomaMcDougal Properties,

L.C.Lubbock, TX

Kenneth LeeMcDowell PropertiesSan Francisco, CA

A SPECIAL SuPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

A SPECIAL SuPPLEMENT TO NATIONAL REAL ESTATE INVESTOR



Board of Directors

W. Patrick McDowellMcDowell PropertiesSan Francisco, CA

Albert BerrizMcKinley

Ann Arbor, MI

Ken PolsinelliMcKinley

Ann Arbor, MI

Israel SchubertMeridian Capital

Group, LLCIselin, NJ

Alasdair CrippsMesirow Financial

Chicago, IL

Charles KendrickMesirow Financial

Chicago, IL

Jeffrey GoldbergMilestone Group

New York, NY

Steve T. LambertiMilestone Management

Dallas, TX

Paul HarrisMoran & Company

Dallas, TX

Jeffrey WilliamsMoran & Company

Seattle, WA

Carter BechtolThe Morgan Group,

Inc.Houston, TX

Michael S. MorganThe Morgan Group,

Inc.Houston, TX

Mitchell L. MorganMorgan PropertiesKing of Prussia, PA

Melanie MorrisonMorrison, Ekre & Bart Management Services,

Inc.Phoenix, AZ

Jodi SheahanMorrison, Ekre & Bart Management Services,

Inc.Phoenix, AZ

Sharon FayMRI Software

Solon, OH

Joshua GoldfarbMulti Housing Advisors

Atlanta, GA

Marc G. RobinsonMulti Housing Advisors

Charlotte, NC

Gina M. DingmanNAI Everest

Minneapolis, MN

Henry NevinsNALS Apartment

HomesSanta Barbara, CA

Michael R. SchellNALS Apartment

HomesScottsdale, AZ

Richard BurnsThe NHP Foundation

New York, NY

Robert A. EspositoNWP Services Corporation

Pembroke Pines, FL

Michael D. RadiceNWP Services Corporation

Costa Mesa, CA

Neil CullenOak Grove Capital

Bethesda, MD

Kevin FilterOak Grove Capital

Saint Paul, MN

Gene R. BlevinsOrion Real Estate

ServicesHouston, TX

Pam McGlashenOrion Real Estate

ServicesHouston, TX

Alfred V. PacePacific Urban Residential

Palo Alto, CA

Stanley W. SloterParadigm Development

CompanyArlington, VA



Board of Directors

P. David OnanianPAS Purchasing

SolutionsHouston, TX

Randall M. PaulsonPAS Purchasing

SolutionsPlano, TX

Gary GoodmanPassco Companies,

LLCIrvine, CA

Larry SullivanPassco Companies,

LLCIrvine, CA

David R. PicernePicerne Real Estate

GroupPhoenix, AZ

Ronald G. Brock, Sr.Pierce-Eislen, Inc.

Scottsdale, AZ

Kieran P. QuinnPillar Multifamily, LLC

Vienna, VA

D. Scott BassinPNC Real EstatePittsburgh, PA

William Thomas Booher

PNC Real EstateSan Francisco, CA

Marc S. PollackPollack Shores Real

Estate GroupAtlanta, GA

Steven ShoresPollack Shores Real

Estate GroupAtlanta, GA

Donna PreissThe Preiss Company

Raleigh, NC


John PreissThe Preiss Company

Raleigh, NC

John D. MillhamPrometheus

Walnut Creek, CA

Clayton A. ParkerPrometheus

San Mateo, CA

David BatemanProperty Solutions International, Inc.

Provo, UT

Benjamin ZimmerProperty Solutions International, Inc.

Provo, UT

Joe ColonProtection 1 Security

Jacksonville, FL

Melisa ColonProtection 1 Security

Tampa, FL

Bruce LaMotteProvidence

ManagementCompany, L.L.C.

Glenview, IL

Alan PollackProvidence

Management Company, L.L.C.

Glenview, IL

Thomas G. SmithPrudential Real Estate

InvestorsAtlanta, GA

Bruce BarfieldRainmaker LROAlpharetta, GA

Tammy FarleyRainmaker LROAlpharetta, GA

Ashley Chaffin Glover

RealPage, Inc.Carrollton, TX

Stephen T. WinnRealPage, Inc.Carrollton, TX

Mark C. BeislerRed Mortgage Capital,

LLCReston, VA

David L. GoodmanRed Mortgage Capital,

LLCReston, VA

Howard S. PrimerRenaissancePG, LLC

Knoxville, TN

Terry S. DannerRiverstone Residential

GroupDallas, TX


Board of Directors


Walt SmithRiverstone Residential

GroupDallas, TX

Daniel McNultyRockwood Real Estate

AdvisorsNew York, NY

J. Brian PetersRose Associates, Inc.

White Plains, NY

Adam R. RoseRose Associates, Inc.

New York, NY

W. Michael DoramusSarofim Realty

AdvisorsDallas, TX

David EvemySarofim Realty

AdvisorsDallas, TX

James D. Scully Jr.Scully CompanyJenkintown, PA

Michael A. ScullyScully CompanyJenkintown, PA

W. Steve GilmoreShea PropertiesAliso Viejo, CA

Colm MackenShea PropertiesAliso Viejo, CA

Rick CraigSimmons Vedder

Partners, Inc.Houston, TX

Wolf VedderSimmons Vedder

Partners, Inc.Austin, TX

J. Robert LoveSimpson Housing LLLP

Atlanta, GA

Michael KatzSterling American

Property Inc.Great Neck, NY

Tarak PatoliaSterling American

Property Inc.Great Neck, NY

Scott AndersonTIAA-CREF Global Real

EstateNewport Beach, CA

Joanne LugerTime Warner Cable

Herndon, VA

Dave SchwehmTime Warner Cable

Herndon, VA

Steve RoeTransUnion Rental

Screening SolutionsGreenwood Village, CO

Wayne A. Vandenburg

TVO Groupe LLCChicago, IL

Russell A. Vandenburg

TVO North AmericaEl Paso, TX

David J. IngramUBS Realty Investors

LLCHartford, CT

Jeffrey G. MaguireUBS Realty Investors

LLCHartford, CT

Geoffrey C. BrownUSA Properties Fund,

Inc.Roseville, CA

Karen McCurdyUSA Properties Fund,

Inc.Roseville, CA

Michael Keyes FerrisValet Waste, LLC

Tampa, FL

Syd McDonaldValet Waste, LLC

Tampa, FL

Jonathan HoltzmanVillage Green Companies

Farmington Hills, MI

Brendan ColemanWalker & DunlopBethesda, MD

Howard W. Smith, IIIWalker & DunlopBethesda, MD



Board of Directors (not pictured)

Simon ZiffAckman Ziff Real Estate Group, LLCNew York, NY

Toshi MatsushitaAlliant Capital LLCTucson, AZ

Joel L. AltmanAltman Development CorporationBoca Raton, FL

Jason WillsAmerican Campus CommunitiesAustin, TX

Brad LongApartments.comChicago, IL

Bonnie HabyanArbor Commercial Mortgage, LLCUniondale, NY

Erica MileoArbor Commercial Mortgage, LLCUniondale, NY

Brian EarleArea Property PartnersNew York, NY

Steven WolfArea Property PartnersNew York, NY

Alexandra GlickmanArthur J. Gallagher & Co.Glendale, CA

Jeffrey I. FriedmanAssociated Estates Realty CorporationRichmond Heights, OH

David CarpenterAUMElmhurst, IL

Morton P. Fisher, Jr.Ballard SpahrBaltimore, MD

Jeff LeeBeech Street CapitalBethesda, MD

Bob LaneBeecher CarlsonAtlanta, GA

Jim McDevittBerkeley Point Capital LLCBethesda, MD

Rainer AndrewsBSR TrustMontgomery, AL

James B. KnightBury+Partners, Inc.Dallas, TX

Nick MoulinetBury+Partners, Inc.Dallas, TX

Kyle LewallenButler Burgher GroupAustin, TX

L. Marc CarterCarter Haston Holdings, LLCNashville, TN

Harris HastonCarter Haston Holdings, LLCNashville, TN

DeAnna ThomasCBRE Global Investors, LLCBoston, MA

Edward LuskCohnReznick LLPAtlanta, GA

Mark KlionskyCoStarWashington, DC

Roy E. Demmon, IIIDemmon PartnersRedwood City, CA

Thomas WalshDemmon PartnersRedwood City, CA

John CaltagironeThe Dinerstein CompaniesHouston, TX

Robert GroszDish NetworkEnglewood, CO

Brian SpencerDish NetworkEnglewood, CO

John H. PringleE & S Ring Management CorporationLos Angeles, CA

Thomas TrubianaEducation Realty Trust, Inc.Memphis, TN

Trey EmbreyEmbrey Partners, Ltd.San Antonio, TX

George FisherFerguson EnterprisesAugusta, GA

Gregory A. FowlerFPA MultifamilySan Francisco, CA

Holland SmithFPA MultifamilyDallas, TX

Dan HobinG5Bend, OR

Edward CocoGE Real EstateAlpharetta, GA

Stephen LoPrestiGerson Bakar & AssociatesSan Francisco, CA

Katie BloomGoldman SachsIrving, TX

Alicia CottonGuggenheim Real Estate Finance, LLCVienna, VA

Paula PresenkowskiHD SupplySan Diego, CA

Howard EdelmanHeitman LLCChicago, IL

Jennifer DoranHighland Commercial Mortgage, LLCBirmingham, AL

John O. Moore, Jr.Highland Commercial Mortgage, LLCBirmingham, AL

Sylvain FortierIvanhoé Cambridge ResidentialMontreal, QC

Laurel HowellKettlerMcLean, VA

Mike KingsleyKTGY Group Inc.Vienna, VA

Gus RemppiesLandmark Apartment Trust of America, Inc.Richmond, VA

Christine AkinsLaSalle Investment Management, Inc.Chicago, IL

Board of Directors

Jack O’ConnorWeidner Property Management LLC

Kirkland, WA

W. Dean WeidnerWeidner Property Management LLC

Kirkland, WA

Michael K. HaydeWestern National

Property ManagementIrvine, CA

Timothy J. ConnellyWhiteco Residential LLC

Merrillville, IN

Charles W. Brammer, Jr.

The Wilkinson Group, Inc.

Atlanta, GA

Phillip R. DeguireThe Wilkinson Group,

Inc.Atlanta, GA


Samuel RossWinnCompanies

Boston, MA

Lawrence H. CurtisWinnDevelopment

Boston, MA

Curtis W. WalkerWood Partners, LLC

Atlanta, GA

Ronald V. GranvilleWoodmont Real Estate

ServicesBelmont, CA

Brigitta EgglestonYardi Systems, Inc.Santa Barbara, CA

Amy GerritsenYardi Systems, Inc.Santa Barbara, CA

Samuel C. Stephens, IIIZOM Companies

Orlando, FL

Greg WestZOM Companies

Fort Lauderdale, FL


Board of Directors (not pictured)

Lori XellerLeaseHawkScottsdale, AZ

Jacob KatzMeridian Capital Group, LLCNew York, NY

Robert D. LazaroffThe Michelson OrganizationSt. Louis, MO

Bruce V. Michelson, Jr.The Michelson OrganizationSt. Louis, MO

Jonathan MorganMorgan PropertiesKing of Prussia, PA

Eric GrambergMoveWestlake Village, CA

Elissa M. CourtrightMRI SoftwareSolon, OH

Arthur J. ColePacific Urban ResidentialPalo Alto, CA

W. Clark EwartParadigm Development CompanyArlington, VA

Ronald G. Brock, Jr.Pierce-Eislen, Inc.Scottsdale, AZ

Sherwin NelvisPillar Multifamily, LLCVienna, VA

Seth MartinPritzker Realty Group, LLCChicago, IL

Michael A. SullivanPritzker Realty Group, LLCChicago, IL

Diane BatayehVillage Green CompaniesFarmington Hills, MI

Raymond D. BarrowsWaypoint ResidentialAtlanta, GA

Scott J. LawlorWaypoint ResidentialGreenwich, CT

Curtis W. WalkerWood Partners, LLCAtlanta, GA

Greg M. GalliWoodmont CompaniesBelmont, CA

365 Connect, LLCKerry W. KirbyNew Orleans, LA

Acacia Capital Corp.Robert G. LeupoldSan Mateo, CA

AdvenirTaylor RismillerAventura, FL

AEW Capital Management L.P.Julie KittlerBoston, MA

AIG Global Real EstateMark Ellsworth HertzNew York, NY

Alliance Tax Advisors, LLCTony J. ComparinIrving, TX

Allianz Real EstatePaul WoltersWestport, CT

Allium PartnersJay CostleyChicago, IL

Allstate Investments, LLCRobert J. KalinowskiBoston, MA

ALM - Real Estate MediaMichael G. DesiatoNew York, NY

American Seniors Housing AssociationDavid S. SchlessWashington, DC

AMSI, an Infor companyGeorge LandgrebeTampa, FL

Aon Risk Services, Inc.Kevin J. MaddenNew York, NY

Apartment Association of Greater Los AngelesJim ClarkeLos Angeles, CA

Apartment Association, California Southern CitiesNancy J. AhlswedeLong Beach, CA

Apartment FinderMarcia BollingerNorcross, GA

The Apartment Group, Inc.Jeffrey L. PriceDallas, TX

Apartment ListJohn KobsSan Francisco, CA

Apex Construction Services, LLCGene A. RitzMorrison, TN

ApexOne Investment PartnersJim A. HearnHouston, TX

ARALisa A. RobinsonAtlanta, GA

Artemis Real Estate PartnersRichard BanjoChevy Chase, MD

Ashley Management CorporationStephen B. AshleyRochester, NY

Assurant Specialty PropertySteven HeinAtlanta, GA

Atkinson & Cullen, LLCChris AtkinsonMonroe, GA

Atlantic Pacific Real Estate GroupGregory WardAtlanta, GA

Auction.com CommercialSteve O’ShaughnessyPompano Beach, FL

Axiometrics Inc.Ronald G. JohnseyDallas, TX

Bader CompanyJoshua NicholsonIndianapolis, IN

Baker TillyDonald BernardsChicago, IL

Balfour Beatty ConstructionMichael FlaniganAtlanta, GA

Barker ApartmentsDavid BarkerIowa City, IA

The Bascom GroupScott R. McClaveIrvine, CA

BBL Builders LPChad CourtyDallas, TX

BBVA CompassFrederick L. RuessDenver, CO

Beachwold Residential LLCRobert P. RothenbergNew York, NY

Beacon Communities Investments, LLCHoward E. CohenBoston, MA

Beekman Advisors, Inc.Shekar NarasimhanMcLean, VA

Bellwether Enterprise Real Estate Capital, LLCC. Lamar SeatsColumbia, MD

Bergstrom Investment Management, LLCKelley A. BergstromKey Colony Beach, FL

Berkeley Point Capital LLCSteven B. WendelBoston, MA

Berkshire Property Advisors, LLCEric DraegerBoston, MA

Berkshire Residential DevelopmentSteve WoodBoston, MA

Beztak CompaniesHarold BeznosFarmington Hills, MI

BH Equities, LLCHarry BookeyDes Moines, IA

BlackRock RealtyDale GruenSan Francisco, CA

Blackstone Consulting LLCScott D. LivingstonPortland, ME

Blu Sky Restoration ContractorsTimothy BabcockCentennial, CO

Blue Ridge Companies, LLCSusan PassmoreHigh Point, NC

Blue Vista Capital PartnersRobert G. ByronChicago, IL

BlueGate Partners LLCMark DeLilloNew York, NY

BMO Capital MarketsCorey J. ChisnellChicago, IL

BofI Federal BankMorgan FerrisSan Diego, CA

Bridge Investment GroupChristian V. YoungMurray, UT

BuildingLink.com LLCZachary KestenbaumNew York, NY

Buyers AccessPeter RodenDenver, CO

C.F. Evans ConstructionJohn BarrOrangeburg, SC

Cagan Management Group, Inc.Jeffrey CaganSkokie, IL

CallMaXDavid ClarkeAcworth, GA

CalPERSLiya CorneliusSacramento, CA

Cambridge Constructors, Inc.John ElliottMc Minnville, TN

Camp Construction ServicesJeff BlevinsHouston, TX

Campus TelevideoBrian BenzGreenwich, CT

Cantrell McCulloch, Inc.Robert McCullochDallas, TX

CapitalSourceChris KellyNew York, NY

Capri Capital PartnersDori NolanChicago, IL

Capture the MarketKimberly ScottDallas, TX

CARES By Apartment LifeKiley HaughtEuless, TX

The Carlyle GroupBrian NelsenWashington, DC

Cassidy TurleyChristopher J. DoerrWashington, DC

Cassin & Cassin LLPAmy BernsteinNew York, NY

CBREMalcolm McComb, IIIAtlanta, GA

CBRE New EnglandSimon J. ButlerBoston, MA

CEL & Associates, Inc.Christopher LeeLos Angeles, CA

Chambliss, Bahner & Stophel, P.C.Michael J. StewartChattanooga, TN

Advisory Committee


Chatham FinancialJoe NowickiLittleton, CO

Chicago TitleSue JacobsonHouston, TX

Chicago TitleKonrad J. Kaltenbach, IIDallas, TX

CIGNA Realty InvestorsJohn ClarkHartford, CT

Citrin CoopermanMark MindickNew York, NY

CLP SystemsRich ClarkPelham, AL

Coastal Apartment AdvisorsJames SewellHilton Head Island, SC

Cohen FinancialPeter C. NorriePortland, OR

CohnReznickMark J. EinsteinBethesda, MD

Columbia National Real Estate Finance, LLCRoger EdwardsWashington, DC

Comcast Cable CommunicationsDaniel O’ConnellPhiladelphia, PA

Commercial Wireless Systems International, LLCElizabeth ConhaFort Lauderdale, FL

Communityvibe, inc.Kariithi KilemiPittsburgh, PA

The Compass Group, LLCCharles S. Wilkins, Jr.Washington, DC

CONNORPatrick T. ConnorBaltimore, MD

The Connor GroupLawrence S. ConnorCenterville, OH

Continental Properties CompanyJames H. SchloemerMenomonee Falls, WI

Continental Realty CorporationJoseph M. Schapiro, IIIBaltimore, MD

CORTMark KoepsellFairfax, VA

Cortland Partners, LLCSteven DeFrancisAtlanta, GA

Cox CommunicationsShannon BoyleAtlanta, GA

Cox, Castle & Nicholson LLPAmy H. WellsLos Angeles, CA

Criterion BrockKerri SilverMilwaukie, OR

Crown AdvisorsJohn C. DiMareNorth Barrington, IL

Crown Advisors, Inc.John CignaPittsburgh, PA

Curry Conduit Services, Inc.R. Leigh CurryEwing, NJ

Cushman & WakefieldAndrew J. MerinEast Rutherford, NJ

Cushman & WakefieldMarc D. RenardLos Angeles, CA

CWS Apartment HomesSteven J. SherwoodAustin, TX

Cypress Real Estate AdvisorsJohn BurnhamAustin, TX

The Dermot Company, Inc.Stephen BenjaminNew York, NY

DirecSupply Inc.James LashbrookHouston, TX

Dominion Due Diligence GroupJennifer H. BergerGlen Allen, VA

Doster Construction Company, Inc.John RooneyMountain Brook, AL

Dougherty Mortgage LLCTresa EngelMinneapolis, MN

Dover/ParagonTerry B. SchwartzBingham Farms, MI

Drake Realty Group, LLCKyle N. DrakeHouston, TX

Duke Capital ManagementPatrick DukeAustin, TX

Dwell Design Studio, LLCJason Ryan ShepardAlpharetta, GA

Eastham CapitalEric SilvermanNeedham, MA

Eaton Vance ManagementAndrew FrenetteBoston, MA

ECI Capital Corp.Seth GreenbergMarietta, GA

Enhanced Value Strategies, Inc.Lewis A. LeveySt. Louis, MO

Entrepreneurial Properties CorporationMatthew V. WherryNewport Beach, CA

Equity ExchangeKevin C. McGradeCovina, CA

Essex Property Trust, Inc.Jeff RowerdinkIrvine, CA

Experian RentBureauBrannan JohnstonCosta Mesa, CA

Fair Collections & Outsourcing, Inc.Carol M. BloomBeltsville, MD

Falcone Group, LLCArthur FalconeBoca Raton, FL

Faulkner Design Group, Inc.Adrienne FaulknerDallas, TX

FDC Management, Inc.Patrick M. KellyAnaheim, CA

Federal Home Loan Bank of DallasGregory J. HettrickIrving, TX

FinfrockAlan BurcopeApopka, FL

First American Title Insurance CompanyPhillip SalomonNew York, NY

Flournoy Development Co., LLCThomas H. FlournoyColumbus, GA

Foley & Lardner LLPMichael W. HatchMilwaukee, WI

For Rent Media SolutionsAmanda McCrowellAtlanta, GA

Fore Property CompanyRichard L. ForeWashington, DC

Fortune-Johnson, Inc.Brett FortuneNorcross, GA

FPL Advisory GroupMichael A. HerzbergChicago, IL

Franklin Capital GroupJoseph E. ResendeAlexandria, VA

Freeman Webb Inc.William H. FreemanNashville, TN

Friedman Integrated Real Estate SolutionsBarry SwatsenbargFarmington, MI

FSI ConstructionTony WhitakerHouston, TX

GAIA Real EstateMark CopelandAddison, TX

Gallagher Evelius & Jones, LLPStephen A. GoldbergBaltimore, MD

Gates, Hudson & Associates, Inc.Patricia J.M. BlackburnFairfax, VA

GDC Properties, LLCWilliam IngrahamHawthorne, NY

Advisory Committee


APRIL 2013

Full Service Management, Worldwide Scope

Harbor Group Management Company is a full service property management

company. We manage more than 32,000 residential apartment units and 10.2

million square feet of commercial properties throughout the United States. Our

experienced property management teams deliver superior customer service

and seek to establish mutually rewarding relationships with our residents,

investors, owners and the local community.

Simply put, Harbor Group Management Company delivers returns.

w w w . m y h g m c . c o m

Contact Robert Friedman, President

[email protected] | (757) 640-0800

Connecticut | Florida | Georgia | Illinois | Indiana | Kentucky | Massachusetts | Maryland | Minnesota

Nevada | New Mexico | New York | North Carolina | Ohio | Tennessee | Texas | Virginia | Washington

•Full Service

Real Estate

Management Firm

•Diversified Real

Estate Investment

Company

•Successful Capital

Transactions

•Asset Management

Services

w w w . h a r b o r g r o u p i n t . c o m


Advisory CommitteeGE Asset ManagementPamela BeamStamford, CT

GE Real EstateDan EarleNorwalk, CT

GE Real Estate, North America LendingJill McEntegartAlpharetta, GA

Gebroe-Hammer AssociatesNancy ReillyLivingston, NJ

Gene B. Glick Company, Inc.David O. BarrettIndianapolis, IN

Gill Group, Inc.Cash GillDexter, MO

Goldstar GroupMichael S. BrodskyBethesda, MD

Goodwin Procter LLPCraig TodaroBoston, MA

Goulston & StorrsSteven SchwartzBoston, MA

Grace Hill, Inc.Joseph BaileyAugusta, GA

Grand Peaks PropertiesLuke SimpsonDenver, CO

Grandbridge Real Estate Capital LLCThomas S. DennardCharlotte, NC

Green Bear CapitalJonathan S. GreenspahnChicago, IL

Green Street Advisors, Inc.Andrew J. McCullochNewport Beach, CA

The Greysteel CompanyJohn MullenBethesda, MD

Greystone Funding CorporationClaudia SchiepersNew York, NY

Gross BuildersGary L. GrossCleveland, OH

Guardian Management LLCThomas B. BrennekePortland, OR

The Habitat CompanyDaniel E. LevinChicago, IL

Haley Real Estate GroupDaniel P. ClatanoffOmaha, NE

HandyTrac SystemsJohn Lie-NielsenAlpharetta, GA

Harbor Group InternationalJordan E. SloneNorfolk, VA

Harbour Realty Partners, LLCPatrick L. BeachSanta Barbara, CA

Hartford Investment ManagementJohn M. MaherHartford, CT

Hathaway Properties, Inc.W. Michael MuggridgeAtlanta, GA

HB NorthwestEdward HewsonSeattle, WA

Hediger Enterprises Inc.Gary R. HedigerAtlanta, GA

Hendersen-Webb, Inc.Pamela F. NewlandCockeysville, MD

Henderson Global InvestorsJames G. MarthaHartford, CT

Hendricks BerkadiaJohn RhoadesPhoenix, AZ

HFFWilliam MillerDallas, TX

HFFG. Craig LaFolletteHouston, TX

HHHuntJames R. KingBlacksburg, VA

Hills Property ManagementRussell LykesCincinnati, OH

Hillwood Multifamily, L.P.Mark McHenryFort Worth, TX

HIP/KETThomas B. Wilkinson, IVHouston, TX

Holland & Knight, LLPChristopher B. HanbackWashington, DC

Holland DevelopmentTom ParsonsSeattle, WA

Honigman Miller Schwartz and Cohn LLPJonathan R. BorensteinBloomfield Hills, MI

HSBC Bank USA N.A.Glenn GrimaldiNew York, NY

Hubacher & Ames, PLLCArthur S. HubacherFairfax, VA

Hudson Realty Capital, LLCSpencer GarfieldNew York, NY

Hunt CompaniesRyan W. LuxonEl Paso, TX

Hunter Warfield, Inc.Todd WahlTampa, FL

I.Q. Data International, Inc.Rose K. McMillenEverett, WA

ibr SearchWesley EaslyPittsburgh, PA

Impact Community CapitalDaniel F. SheehySan Francisco, CA

Information TycoonJames DavisAtlanta, GA

Ingersoll Rand Residential SolutionsEric ElsmoreCarmel, IN

Inland American Apartments ManagementThomas P. McGuinnessOak Brook, IL

Instar Services GroupJohnnie SmithTroy, MI

Institutional Property Advisors, a Marcus & Millichap CompanySteve WittenNew Haven, CT

INVESCO Real EstatePaul S. MichaelsDallas, TX

Investment PropertyAssociates, LLCJennifer KosterGrand Haven, MI

ISI GroupSeth LaughlinNew York, NY

istaAmanda HoldenSan Diego, CA

The ITEX Group, LLCK.T. AkbariPort Arthur, TX

J. Turner ResearchJoseph BatdorfHouston, TX

Jackson Walker, L.L.P.Vytas A. PetrulisHouston, TX

Jevan CapitalJason BuxbaumPhoenix, AZ

JMG Realty, Inc.T. Karlton JacksonAtlanta, GA

John Hancock Financial ServicesRobert MauldenBoston, MA

Johnson Development Associates, Inc.David Benjamin GravesSpartanburg, SC

Jones Lang LaSalle Americas, Inc.Peter NicolettiParsippany, NJ

JP MorganPatrick J. NashChicago, IL

JRK InvestorsRobert LeeLos Angeles, CA

Jupiter Communities LLC - RAITKellie DevilbissChicago, IL

Kaba Access ControlDale MathiasWinston-Salem, NC

KBKGGian PazziaPasadena, CA

KC Venture Group, LLCSusan PohlHouston, TX

Keefe, Bruyette & WoodsTaylor SchimkatNew York, NY

KeyBank Real Estate CapitalDeborah NewmanDallas, TX

Keystone Commercial CapitalCharles WilliamsScottsdale, AZ

The Kirkland CompanyWilliam KirklandBrentwood, TN

The Kislak Company, Inc.Nancy JacquesWoodbridge, NJ

Korn/Ferry InternationalAnthony J. LoPintoNew York, NY

Kroll Factual DataDamon LittlejohnLoveland, CO

Krooth & Altman LLPSameer UpadhyaWashington, DC

L&B Realty Advisors, LLPWilliam L. FultonDallas, TX

L’arte Dalla CucinaKimber McCaffertyMiami, FL

LeaseStar, a Division of RealPage, Inc.Alex ChangCarrollton, TX

LeaseTerm SolutionsRichard SchreiberChevy Chase, MD

LeasingDesk, a Division of RealPage, Inc.David CarnerCarrollton, TX

LeCesse Development CorporationSalvador F. LecceseAltamonte Springs, FL

Legend Management Group, LLCRuth G. EisenhauerMcLean, VA

LEM Capital, L.P.Jay J. EisnerPhiladelphia, PA

Lennar Multifamily InvestorsTodd M. FarrellCharlotte, NC

Lerner CorporationAlan H. GottliebRockville, MD

Lessard Design Inc.Christian LessardVienna, VA

LexisNexis Resident ScreeningAnna GosiewskiAlpharetta, GA

LG ElectronicsKevin KimEnglewood Cliffs, NJ

Lindquist & Vennum LLPLaura KrenzMinneapolis, MN

The Lionstone GroupAlan ArnoldHouston, TX

LIV CompaniesRobert Bozeman Crumpton, IIIBirmingham, AL

Locke Lord LLPMichael P. PetersiliaDallas, TX

Love Funding CorporationEsther CohenSt. Louis, MO

Lowe EnterprisesAlon KraftLos Angeles, CA

M&T Realty Capital CorporationMark D. GouldBaltimore, MD

M&T Realty Capital CorporationThomas D. KnappBaltimore, MD

M-FishencyWard KatzKansas City, MO

Mac-Gray Services, Inc.Kevin FaheyWaltham, MA

Madera EquityCharles YoungLubbock, TX

Maintenance Supply HeadquartersCary R. WrightStafford, TX

Manly & StewartJohn C. ManlyIrvine, CA

Marcus & Millichap Capital CorporationWilliam HughesIrvine, CA

Mark-Taylor Residential, Inc.Dale PhillipsScottsdale, AZ



Advisory CommitteeMarsh, Inc.Jeff AlpaughBoston, MA

Marvin F. Poer and CompanyWilliam L. DuBoisDallas, TX

Masco CabinetryDiana AdamsTampa, FL

Masco Contractor Services, Inc.Jerald CastanedaDaytona Beach, FL

The Matteson CompaniesDuncan L. Matteson, Sr.San Mateo, CA

Maxus Properties, Inc.Michael P. McRobertNorth Kansas City, MO

Mayer Brown LLPKeith J. WillnerWashington, DC

McCaffery InterestsYvonne JonesChicago, IL

The Medve Group, Inc.Jakob MedveIrving, TX

Mercy HousingJane GrafDenver, CO

Merion Realty PartnersRichard T. AljianWynnewood, PA

Merion Realty PartnersJeffrey R. ShumakerWynnewood, PA

Mesa Capital Partners, LLCZach SchaumburgAtlanta, GA

MetLifeCharles C. Davis, Jr.Tampa, FL

Metropolitan Properties of America, Inc.Jeffrey J. CohenBoston, MA

Mid-Peninsula Housing CoalitionDeborah K. WestbyFoster City, CA

Mike Seashols ConsultingMike SeasholsBelmont, CA

Miles & Stockbridge PCJustin C. EllerBaltimore, MD

Minnesota Multi Housing AssociationMary RippeBloomington, MN

MinolTammy CraggAddison, TX

MM PropertiesKenneth S. MoczulskiFort Worth, TX

MMA Financial, LLCEarl W. ColeBaltimore, MD

Moen IncorporatedDeena CaveNorth Olmsted, OH

Moody’s CorporationChristopher WimmerNew York, NY

Morgan StanleyHaendel Emmanuel St. JusteNew York, NY

Morgan Stanley Investment ManagementJames A. CowanNew York, NY

Morningside Equities Group, Inc.Brian PawlikChicago, IL

Moss Adams Capital, LLCStephen J. DuffyIrvine, CA

MPF YieldStar, a Division of RealPageJanine Steiner JovanovicCarrollton, TX

Multi-Housing NewsDiana MosherNew York, NY

Multifamily ExecutiveRob BrittSan Francisco, CA

Multifamily Executive/Hanley-Wood, LLCShabnam MogharabiWashington, DC

Multifamily Realty Advisors, LLCRichard R. CottonRaleigh, NC

Multifamily Solutions, Inc.Dennis W. SmilliePocono Lake, PA

Muskin Commercial, LLCEllen MuskinAustin, TX

NAI Harding DahmWilliam T. DrinkallFort Wayne, IN

National Real Estate AdvisorsJames D. FrekoWashington, DC

Nationwide Energy Partners LLCJeff MorrisonChicago, IL

NCC Business Services of America, Inc.Irv PollanJacksonville, FL

Neal, Gerber & Eisenberg LLPDouglas J. LubelchekChicago, IL

Neighborhood Pay Services, LLCRichard D. CalmasNewton, MA

Newmark Grubb Knight FrankErnest L. BrownSan Antonio, TX

Newport Venture CapitalRichard HarrisNewport Beach, CA

NNC Apartment VenturesJohn H. NunnLong Beach, CA

NorSouth ConstructsColin EdelsteinSavannah, GA

Northland Investment CorporationLawrence R. GottesdienerNewton, MA

NorthMarq Capital - San FranciscoJeffery WeidellSan Francisco, CA

NorthMarq Capital, Inc.Greg A. DuvallOverland Park, KS

NorthMarq Capital, Inc.Robert W. RanieriWhite Plains, NY

NotivusSuzanne LovelaceAlpharetta, GA

Novogradac & Company LLPMichael J. NovogradacSan Francisco, CA

NTS Development CompanyGregory G. McDearmonLouisville, KY

NWP Services CorporationAmanda ChristensenLincoln, NE

Ocius LLCJames RabinowitzChicago, IL

On-Site.comJake HarringtonCampbell, CA

One Eleven Partners, LLCChris YeagleMount Pleasant, SC

OpsTechnology, a Division of RealPageWilliam ChaneyCarrollton, TX

The P.B. Bell CompaniesR. Chapin BellScottsdale, AZ

Pacific Life Insurance CompanyAnthony PremerNewport Beach, CA

Palladian Capital AdvisorsR. Gregory GeletkaFort Pierce, FL

Palladium (USA) International, Inc.Thomas E. HuthDallas, TX

Pavlov Media Inc.Doug WoodsChampaign, IL

PayLeaseNate TaylorSan Diego, CA

PayNearMeChristopher J. VolgenauSunnyvale, CA

Pearlmark Real Estate PartnersEdward J. RyderChicago, IL

Penton Media Inc.Rich SantosNew York, NY

Pepper Hamilton LLPHenry LiuWashington, DC

Phoenix Capital Partners, Ltd.Andrew ScottAddison, TX

Phoenix Realty GroupAlan HirmesNew York, NY

PPG Architectural CoatingsClifford CarlsonLouisville, KY

PPM Finance, Inc.David L. HendersonChicago, IL

The Praedium GroupMark LippmannNew York, NY

The Preston Partnership, LLCRobert N. PrestonAtlanta, GA

Price Realty CorporationMichael J. OchsteinAddison, TX

Prudential Affordable Mortgage CompanyPaige WarrenMc Lean, VA

Prudential Mortgage Capital CompanyMichael McRobertsArlington, VA

Prudential Real Estate InvestorsBarry L. HowellAtlanta, GA

Prudential Real Estate InvestorsJustin GleasonMadison, NJ

Prudential Real Estate InvestorsRobert JeansMadison, NJ

Q10 Kinghorn, Driver, Hough & Co.Ray Driver, IIIHouston, TX

QBE FirstJohn DrennenAtlanta, GA

Radclift Capital MortgageMark DubrinskyNew York, NY

Raia Properties CorporationSamuel A. RaiaRamsey, NJ

The Rainmaker GroupAndrew RainsAlpharetta, GA

RAM Partners, LLCWilliam F. LesemanAtlanta, GA

RCLCOAdam DuckerBethesda, MD

Real Capital AnalyticsRobert M. White, Jr.New York, NY

Real Capital MarketsStephen J. AlterCarlsbad, CA

Real Estate Board of New York, Inc.Steven SpinolaNew York, NY

Real Estate Equities, Inc.Terrence E. TroySt. Paul, MN

Real Estate Media Lab, LLCMichael J. LapsleyWest Bridgewater, MA

Realty Center Management, Inc.Curt KnabeLos Angeles, CA

RealtyCom Partners, LLCAnnie ManfrediSan Rafael, CA

Reis, Inc.Victor CalanogNew York, NY

RelaborateAndy BoyerSeattle, WA

Rent Stabilization AssociationJoseph StrasburgNew York, NY

Rent.comRobert JohnsonSanta Monica, CA

Renters Legal Liability LLCPaul KaliadesSalt Lake City, UT

RentMineOnlineEd SpiegelEmeryville, CA

RentPaymentBill R. EvickWalnut Creek, CA

Resident Gifts LLCGregory H. SmithSinger Island, FL

ResidentCheckJorge BaldorDallas, TX


Resite OnlineAnn PadgettNorfolk, VA

Resource Investments Limited, LLCSteven ZalkindPennsauken, NJ

Resource Real Estate, Inc.Yvana MeliniPhiladelphia, PA

Restoration Systems, Inc.Blaise HiltonCollierville, TN

Risk Innovations, Inc.Rose A. KuglerDowners Grove, IL

RM Watson Co.Robert M. WatsonSeattle, WA

Robert W. BairdPaula J. PoskonReston, VA

Rock Apartment Advisors, Inc.Stephen J. AnkenbrandtBirmingham, AL

Rockhall Funding Corp.Eli FreidenJericho, NY

Rockport Mortgage CorporationJoseph J. MuellerGloucester, MA

Rockwood Capital LLCJoel A. MoodyLos Angeles, CA

Rosen Consulting GroupNancy ToledoBerkeley, CA

Sage Law Practice GroupPatrick R. PettittHampton, VA

Sapp PartnersJames FalesSalt Lake City, UT

SatisFacts Research, a Division of Internet Brands, Inc.Douglas J. Miller, Sr.Lutherville, MD

SC&H Group, LLCMichelle K. RuddBaltimore, MD

The Screening Pros, LLCGary GlucroftChatsworth, CA

Screening Reports, Inc.Timothy FortnerWood Dale, IL

Security Capital Research & ManagementDavid A. KleinermanChicago, IL

Seminole Financial Services, LLCRobert J. BanksLargo, FL

Seyfarth Shaw LLPRonald S. GartWashington, DC

Shelter CorporationLynn Carlson SchellMinnetonka, MN

Sheppard, Mullin, Richter & Hampton LLPJennifer G. RedmondSan Francisco, CA

Sherman ResidentialScott GouldDeerfield, IL

The Sherwin-Williams Co.William G. RafieCleveland, OH

The Shockey Precast GroupChris GroganWinchester, VA

Shreve Land ConstructorsCindy StanleyDallas, TX

Shutts & Bowen LLPDaniel T. O’KeefeOrlando, FL

Silver CapitalMark AmbachBoca Raton, FL

Silvestri Craig RealtorsKen SilvestriLexington, KY

The Solomon OrganizationMarc S. SolomonSummit, NJ

South City Partners, LLCMark W. RandallAtlanta, GA

SouthWood CorporationErnest H. DwightCharlotte, NC

Specialty Consultants Inc.Thomas G. WilliamsPittsburgh, PA

Spot On NetworksRichard SherwinNew Haven, CT

SRR AdvisorsDavid KulkarniHouston, TX

Starwood Capital GroupJames Edward KaneAtlanta, GA

Stellar Advisors, LLCDavid SchwartzbergRockville, MD

The Sterling Group, Inc.Lance A. SwankMishawaka, IN

Sterling TrustRobert J. ThiebautAtlanta, GA

Stewart Title GuarantyRegina L. FiegelCharlotte, NC

Stewart Title Guaranty CompanyTom KonkelDenver, CO

The Strategic SolutionKendall PretzerFlower Mound, TX

Stratford Capital Group, LLCJohn M. Nelson, IVPeabody, MA

Suffolk Construction Company, Inc.Rick KolbMiami, FL

Sullivan Curtis MonroeMichael IsaacsIrvine, CA

Summit Contracting GroupMarc PadgettJacksonville, FL

SunAmerica Affordable Housing Partners, Inc.Thomas A. MusanteLos Angeles, CA

TDIBenjamin H. MontgomeryIrving, TX

TDIRobert D. PageIrving, TX

Terra Capital PartnersDan CoopermanNew York, NY

Terra Search PartnersMatthew SlepinSan Francisco, CA

TGM Associates L.P.Michael FrazzettaNew York, NY

Tidal Real EstateHollis ConsidineDenver, CO

Timberland PartnersRobert L. FransenMinneapolis, MN

Towers Watson Data Services, Inc.Marc M. McBreartyWhite Plains, NY

Towne PropertiesNeil K. BortzCincinnati, OH

Trade Street ResidentialRyan HanksAventura, FL

TranswesternJon KleinbergAtlanta, GA

Transwestern Mid-Atlantic Multifamily GroupDean SigmonBethesda, MD

TranswesternSteven E. PumperDallas, TX

Trinsic Residential GroupBrian J. TusaDallas, TX

TRIO Properties LLCEileen Swenson, CPMGlastonbury, CT

Troutman Sanders LLPMark S. ShiembobRichmond, VA

The Tuckerman GroupGlen S. WeisbergChicago, IL

The United Group of Companies, Inc.Walter F. UccelliniTroy, NY

University FurnishingsPaul DouganDallas, TX

Urdang & Associates Real Estate Advisors, Inc.Mark B. GrecoPlymouth Meeting, PA

USAA Real Estate CompanyHailey GhalibSan Antonio, TX

Van Metre CompaniesCarissa BarryFairfax, VA

Velocity, a Division of RealPage, Inc.John LisCarrollton, TX

Verdek LLCRudy GarciaPhoenix, AZ

Veritas Investments Inc.Yat-Pang AuSan Francisco, CA

VerizonPatricia FrenchSt. Petersburg, FL

Visa, Inc.David WeinshelWilmington, DE

Wafra Investment Advisory Group, Inc.Edward J. RyanNew York, NY

Walchle Lear Multifamily AdvisorsBart WalchleJacksonville Beach, FL

Walker & DunlopFrank M. BaldasareAtlanta, GA

Walker & DunlopTrevor FaseWestlake Village, CA

Walker & DunlopBryan L. FrazierNeedham, MA

Walker Holder Residential, Inc.Patrick M. HolderAddison, TX

WDG ArchitectureFrederick HammannWashington, DC

West River Capital Management LLCAlexander K. ZabikNew York, NY

Westdale Asset ManagementEvan J. GriffithsDallas, TX

Western National Realty AdvisorsRex F. DeLongIrvine, CA

WestropeDavid BrinkerhoffKansas City, MO

WhiteFenceFrancisco J. ArbideHouston, TX

Whitney BankDale St. JohnNew Orleans, LA

Williams Asset Management, LLCJohn A. IsaksonAtlanta, GA

WillisRonald D. TuckerColumbia, MD

WilmarChris ThompsonJacksonville, FL

Witten Advisors LLCG. Ronald WittenDallas, TX

The Wolff CompanyTim WolffScottsdale, AZ

Womble Carlyle Sandridge & Rice, PLLCPamela V. RothenbergWashington, DC

Woodfield DevelopmentGregory BonifieldAshburn, VA

The Woodlark CompaniesHarold RosenblumWhite Plains, NY

The Worthing CompaniesJohn A. EcholsAtlanta, GA

WPC (Winter Park Construction)Jeffrey D. ForrestMaitland, FL

WRH Realty Services, Inc.J. Mark RutledgeSt. Petersburg, FL

ZillowRuss PengellySeattle, WA

ZMG Construction, Inc.Kevin L. SomersLongwood, FL

ZRS Management, LLCSteven K. BuckOrlando, FL


Advisory Committee


THE FOCUSED RESOURCE FOR APARTMENT INVESTORS

TGM is An SEC-Registered Investment Advisor

For More Information Contact:

JOHN GOCHBERG P: 212.830.9312 | [email protected]

WWW.TGMASSOCIATES.COM

FULLY INTEGRATED TO ACHIEVE

TIGHTER CONTROL, BETTER RETURNS,

AND MITIGATE RISK.• Market Research

• Deal Sourcing

• Negotiation

• Due Diligence

• Asset Management

• In-house Property Management

• In-house General Contracting

• Dispositions

TGM is an investment advisory firm with a single focus: multifamily

properties. On behalf of its investor clients, TGM acquires, manages

and sells apartment properties throughout the United States

AN INSTITUTIONAL MULTIFAMILY SPECIALIST

CELEBRATING OVER $1,200,000,000

IN TRANSACTIONS IN 2011 & 2012

ORIGINATIONS

SERVICING

INVESTMENT

SALES

The confidence of having one partner with everything you need for the entire life of your property.

We know it takes more than confidence to make

your project a reality, and we offer that too.

Every one of our professionals has access to one

of the nation’s largest commercial real estate

servicing portfolios. This resource, combined with

unparalleled flexibility, direct access to capital,

and multi-family advisory services through the

recent acquisition of Hendricks-Berkadia, make

our firm The Industry of One.

WHAT DOES OUR HISTORY

OF 112,856 LOANS GET

YOU?

CONFIDENCE.

BERKADIA.COM

CALL 800.446.2226 AND GET THE INDUSTRY BEHIND YOU

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