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2015

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

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multifamily executive is pleased to present the 26th annual NMHC 50, the National Multifamily Housing Council’s authoritative ranking of the nation’s 50 largest apartment owners and 50 largest apartment managers. New this year, NMHC has added rankings for the nation’s top 25 developers and the top 25 general contractors.

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 leading benchmark against which to measure industry trends and concentration. The new developer and contractor lists supplement this information with insights into those sectors as well.

Based in Washington, D.C., NMHC provides leadership for the $1.3 trillion apartment industry. It is where the industry’s best and the brightest come together to leverage smart decision making and collaborative action to shape a positive future for their businesses, the multifamily housing industry and the communities they help build.

NMHC provides leadership for the apartment industry on legislative and regulatory matters, advances research and the exchange of strategic business information, and promotes the desirability of apartment living.

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.

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

2015 Apartment Ownership ....... 4

2015 Apartment Management ... 6

Amping Up the Upturn ............... 8

2015 Top Developers ..................16

2015 Top General Contractors .................................17

NMHC Debuts Top 25 Developers and Top 25 Contractors Lists ....18

NMHC Officers ......................... 22

NMHC Executive Committee .. 22

NMHC Board of Directors ....... 26

NMHC Advisory Committee ...40

TABLE OF CONTENTS

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2015 APARTMENT OWNERSHIPNATIONAL MULTIFAMILY HOUSING COUNCIL 50(50 Largest U.S. Apartment Owners as of January 1, 2015)

Owner Rank 2015

Owner Rank 2014 Company Name

Units Owned

2015

Units Owned

2014 Corporate Officer HQ CityHQ State

1 1 Hunt Companies 244,451 253,295 Chris Hunt El Paso TX

2 2 Boston Capital 139,934 153,515 Jack Manning Boston MA

3 4 PNC Real Estate 130,800 126,972 Todd Crow Portland OR

4 5 Boston Financial Investment Management, LP 120,146 124,720 Kenneth Cutillo Boston MA

5 3 AIG Affordable Housing (formerly SunAmerica Affordable Housing Partners) 116,247 130,664 Douglas S. Tymins Los Angeles CA

6 6 Equity Residential 110,063 109,465 David J. Neithercut Chicago IL

7 7 The Richman Group Affordable Housing Corporation 105,375 102,098 Richard Paul Richman Greenwich CT

8 8 Enterprise Community Asset Management, Inc. 103,181 99,984 Charles R. Werhane Columbia MD

9 9 MAA 82,268 82,611 H. Eric Bolton, Jr. Memphis TN

10 10 AvalonBay Communities, Inc. 73,182 72,814 Timothy J. Naughton Arlington VA

11 12 Alliant Capital, Ltd. 71,916 69,361 Brian Goldberg Woodland Hills CA

12 14 Edward Rose Building Enterprise 59,264 58,319 Warren Rose Bloomfield Hills MI

13 17 Raymond James Tax Credit Funds, Inc. 59,039 52,799 Steve Kropf St. Petersburg FL

14 13 Camden Property Trust 58,948 59,899 Richard J. Campo Houston TX

15 36 Essex Property Trust, Inc. 56,620 33,560 Michael J. Schall Palo Alto CA

16 19 The Related Companies 53,727 51,320 Jeff Blau New York NY

17 11 Aimco 52,336 60,553 Terry Considine Denver CO

18 29 BH Equities LLC 52,044 39,383 Harry Bookey Des Moines IA

19 20 WNC & Associates, Inc. 51,865 50,077 Wilfred N Cooper, Jr. Irvine CA

20 16 J.P. Morgan Asset Management 51,416 52,972 Allina Boohoff New York NY

21 18 UDR, Inc. 50,268 51,159 Thomas W. Toomey Highlands Ranch CO

22 22 Lincoln Property Company 48,705 47,918 Tim Byrne Dallas TX

23 21 Forest City Residential Group, Inc. 47,884 48,007 Ronald A. Ratner Cleveland OH

24 24 The Michaels Organization 46,662 46,405 John J. O'Donnell Marlton NJ

25 25 Balfour Beatty Communities 44,797 43,971 Christopher Williams Marvern PA


Owner Rank 2015

Owner Rank 2014 Company Name

Units Owned

2015

Units Owned


26 27 Home Properties, Inc. 42,107 42,170 Edward J. Pettinella Rochester NY

27 30 Weidner Apartment Homes 41,175 38,366 Jack O'Connor Kirkland WA

28 31 UBS Realty Investors LLC 40,424 37,959 Matthew Lynch Hartford CT

29 28 Greystar Real Estate Partners, LLC 39,637 40,544 Robert A. Faith Charleston SC

30 33 Fairfield Residential Company LLC 37,095 36,130 Chris Hashioka San Diego CA

31 34 Heitman LLC 34,111 36,111 Maury Tognarelli Chicago IL

32 37 American Campus Communities 33,499 33,434 Bill Bayless Austin TX

33 39 Invesco Real Estate 32,642 32,155 Michael Kirby Dallas TX

34 41 Harbor Group International 32,000 30,489 Robert Friedman Norfolk VA

35 15 JRK Property Holdings, Inc. 31,852 53,373 Jim Lippman Los Angeles CA

36 43 Morgan Properties 31,500 27,488 Jonathan Morgan King of Prussia PA

37 38 Westdale Real Estate Investment & Management 30,797 32,328 Joseph G. Beard Dallas TX

38 40 Sentinel Real Estate Corporation 30,000 32,000 John H. Streicker New York NY

39 45 Bridge Investment Group Partners 29,829 26,180 Christian V. Young Salt Lake City UT

40 Steadfast Companies 28,709 25,024 Christopher Hilbert Irvine CA

41 46 AEW Capital Management, L.P. 27,230 25,861 Jeffrey Furber Boston MA

42 49 Milestone Management, LLC 25,359 24,858 Steve Lamberti Dallas TX

43 Cortland Partners, LLC 25,358 18,785 Steven Defrancis Atlanta GA

44 47 Southern Management Corporation 25,114 25,114 David Hillman Vienna VA

45 42 Berkshire Property Advisors 23,466 28,893 Alan King Boston MA

46 50 Alliance Residential Company 23,255 23,133 Bruce Ward and V. Jay Hiemenz Phoenix AZ

47 26 Bell Partners Inc. 23,071 43,966 Steven D. Bell and Jonathan D. Bell Greensboro NC

48 48 Highridge Costa Investors, LLC 23,056 24,891 Michael A. Costa Gardena CA

49 FPA Multifamily 22,800 20,982 Gregory A Fowler San Francisco CA

50 GID 22,445 22,777 William H Roberts Boston MA

APRIL 2015 | NMHC 50 5

Manager Rank 2015

Manager Rank 2014 Company Name

Units Managed

2015

Units Managed


1 1 Greystar Real Estate Partners, LLC 393,079 214,696 Robert A. Faith Charleston SC

2 3 Lincoln Property Company 164,416 153,445 Tim Byrne Dallas TX

3 4 Pinnacle 131,790 132,450 Rick Graf Dallas TX

4 5 Equity Residential 110,063 109,465 David J. Neithercut Chicago IL

5 6 WinnCompanies 96,955 87,542 Gilbert Winn Boston MA

6 7 MAA 82,268 82,582 H. Eric Bolton, Jr. Memphis TN

7 9 Alliance Residential Company 82,123 71,972 Bruce Ward and V. Jay Hiemenz Phoenix AZ

8 10 FPI Management, Inc. 76,500 69,675 Dennis Treadaway Folsom CA

9 8 AvalonBay Communities, Inc. 72,564 71,734 Timothy J. Naughton Arlington VA

10 11 Apartment Management Consultants, LLC 71,483 64,421 Greg Wiseman Cottonwood Heights UT

11 12 Bell Partners Inc. 66,202 63,832 Steven D. Bell and Jonathan D. Bell

Greensboro NC

12 19 BH Management Services, LLC 62,040 50,438 Harry Bookey Des Moines IA

13 15 Edward Rose Building Enterprise 59,264 58,319 Warren Rose Bloomfield Hills MI

14 14 Aimco 58,981 59,135 Terry Considine Denver CO

15 13 Camden Property Trust 58,948 59,899 Richard J. Campo Houston TX

16 41 Essex Property Trust, Inc. 56,620 33,560 Michael J. Schall Palo Alto CA

17 25 Hunt/LEDIC Management Affiliates 54,113 44,427 Chris Hunt and Pierce Ledbetter El Paso TX

18 16 Fairfield Residential Company LLC 52,530 55,629 Chris Hashioka San Diego CA

19 24 Asset Plus Companies 51,112 44,462 Michael S. McGrath Houston TX

20 20 The ConAm Group of Companies 51,000 50,000 Chaz Mueller San Diego CA

21 30 The Bozzuto Group 50,556 40,450 Thomas S. Bozzuto Greenbelt MD

22 18 UDR, Inc. 50,268 51,159 Thomas W. Toomey Highlands Ranch CO

23 21 The Related Companies 48,530 47,901 Jeff Blau New York NY

24 34 CFLane, LLC 47,128 38,059 Byron Cocke Atlanta GA

25 23 Balfour Beatty Communities 44,838 44,554 Christopher Williams Marvern PA

2015 APARTMENT MANAGEMENTNATIONAL MULTIFAMILY HOUSING COUNCIL 50(50 Largest U.S. Apartment Managers as of January 1, 2015)


Manager Rank 2015

Manager Rank 2014 Company Name

Units Managed

2015

Units Managed


26 22 The Michaels Organization 44,589 44,813 John J. O'Donnell Marlton NJ

27 29 Home Properties, Inc. 42,107 42,170 Edward J. Pettinella Rochester NY

28 27 Westdale Real Estate Investment & Management 41,491 43,532 Joseph G. Beard Dallas TX

29 31 Weidner Apartment Homes 41,175 38,366 Jack O'Connor Kirkland WA

30 26 American Campus Communities 41,045 43,072 Bill Bayless Austin TX

31 32 U.S. Residential Group LLC 38,942 38,347 Al Fenstermacher Dallas TX

32 28 Village Green 38,669 42,500 Jonathan Holtzman Detroit/Chicago MI

33 36 Forest City Residential Group, Inc. 37,121 35,472 Ronald A. Ratner Cleveland OH

34 44 Capstone Real Estate Services, Inc. 34,360 32,665 James W Berkey Austin TX

35 37 Milestone Management, LLC 33,816 35,547 Steve Lamberti Dallas TX

36 35 Gables Residential 33,440 36,081 Sue Ansel Atlanta GA

37 45 Harbor Group International 33,235 32,009 Robert Friedman Norfolk VA

38 43 The John Stewart Company 32,883 32,626 Jack D. Gardner San Francisco CA

39 Bridge Investment Group Partners 32,155 27,628 Christian V. Young Salt Lake City UT

40 17 JRK Property Holdings, Inc. 31,852 53,373 Jim Lippman Los Angeles CA

41 Morgan Properties 31,500 27,488 Jonathan Morgan King of Prussia PA

42 39 CompassRock Real Estate LLC 30,188 34,288 David B. Woodward New York NY

43 50 Drucker & Falk 30,075 27,858 Kellie Falk Newport News VA

44 46 Sentinel Real Estate Corporation 30,000 32,000 John H. Streicker New York NY

45 RAM Partners, LLC 29,224 23,859 Bill Leseman Atlanta GA

46 LivCor, LLC 29,000 26,000 Ralph Pickett Chicago IL

47 Edgewood Management Corporation 28,784 25,930 Cindy Sanquist Germantown MD

48 49 Orion Real Estate Services, Inc. 28,214 28,324 Kirk Tate Houston TX

49 42 Cottonwood Residential 27,711 33,514 Chad Christensen Salt Lake City UT

50 47 The Lynd Company 26,992 30,651 Michael J. Lynd Jr San Antonio TX


Now entering its seventh year, one might expect the apartment industry expansion to be looking a little long in the tooth. Indeed, early in 2014 it looked like a slowdown was arriving. Instead, all indications point to renewed strength, and the key dynamic—rising demand is outstripping even the more rapid delivery of new supply—remains very much in place.

Renter growth remains at historical highs. For the fourth time in the last five years, 2014 saw an increase of more than one million new renters. Over the last decade, the number of renters increased by more than eight million, the highest such figure on record (which goes back to the 1960s). Meanwhile, the homeownership rate dipped further, ending the year at 63.9% (the lowest in 20 years).

Many of these new renters moved into small multifamily or single-family homes, in part because there weren’t more apartments

available. New construction did increase to meet this demand. Starts of larger multifamily homes (those in buildings with at least five units) rose to 344,000, the highest level since 1988. This amount also falls right in the middle of the range NMHC estimates is needed each year to keep up with new demand (and to replace units lost due to destruction and deterioration). Completions, which have recently lagged starts by an average of 18 months, increased to 253,500 last year, just below their level in 2009.

Evidence of tight markets was widespread. Absorptions of investment-grade apartments rose by 51% to 251,745, the most since 2010 (and the second highest level since 2000). It would surely have been higher if more apartments had been delivered in 2014. The national occupancy rate edged up even further to 95.4%, 330 basis points higher than the low point in 2009. Even as new construction

Amping Up the Upturn As demand continued to outpace new supply, 2014 proved the bull market still had spring in its step.

> By Mark Obrinsky, Senior Vice President of Research and Chief Economist, National Multifamily Housing Council

NMHC 50 Profile 2015

2,787,669No. of Apartments Owned

22,445No. of Apartments Owned

2,941,939No. of Apartments Managed

26,992No. of Apartments Managed

Minimum Entry Threshold

Number of Apartments Owned

Top 502,787,669

Second 10567,175

Second 25756,531

Portfolio Size

Top 101,255,647

Top 252,031,138


ramped up, same-store rents actually accelerated over the course of the year, finishing 2014 at an average 4.6% higher than in 4Q 2013.

It’s hardly a surprise then that apartment transactions posted a new record level of $112 billion, 9% higher than in 2013. Over one-third of that volume, a record $41.5 billion, came from sales of mid- and high-rise buildings. With strong fundamentals and widespread availability of capital, it is likewise no surprise that prices for apartment properties also continued to rise. They are now 15-20% higher than their pre-recession peaks. And cap rates edged down further, averaging 6.1% nationally last year—and only 5.1% on mid- and high-rise properties.

These strong fundamentals permeated the NMHC 50, with a particular emphasis on the NMHC 50 managers. The number of apartments in the portfolios of the NMHC 50 managers rose to an all-time high, just short of three million. The combined portfolios of the managers were 154,270 more than the combined portfolios of the NMHC 50 owners, the largest such difference since 1998. The threshold for making the managers list was higher than the owners list, as were the median and mean portfolios for apartment managers.

For the first time since 1998, all four measures (top firm, minimum threshold, mean and median) were larger for the managers than the owners. Two-thirds of the management firms had portfolios ranging between 30,000 and 60,000; just 54% of owners did. Finally, 12 managers (one more than last year) and 11 owners (same as last year) had portfolios larger than 60,000.

Many Top Owners Reduced Their Portfolios Many of the top NMHC 50 owners actually reduced their portfolios in 2014. A total of 20 companies in the NMHC 50 owned fewer apartment homes than a year ago, and the combined decrease came to 110,008 units.

Hunt Companies retained the top spot on the NMHC 50 owners list for the second straight year, even with an 8,884-unit decrease in its portfolio. That decrease was a sharp change from the prior four years. In fact, between 2010 and 2014, Hunt increased its ownership portfolio by more than the entire portfolio owned by any other apartment firm in those years.

Boston Capital stayed in the #2 slot despite cutting 13,581 units from its portfolio, while last year’s third-ranked firm, AIG Affordable Housing, slipped to #5 after dropping a net 14,417 units. As a result, PNC Real Estate and Boston Financial Investment Management, LP each moved up one slot. There were no ranking changes among the next five firms: Equity Residential; The Richman Affordable Housing Corporation; Enterprise Community Asset Management, Inc.; MAA; and AvalonBay Communities, Inc.

Just outside the top 10 were some significant changes. Aimco shed 8,217 units from its portfolio, bringing its total to 52,336, the fewest it has owned since 1997 and a far cry from its high-water mark in 2004 of 278,657, the most ever owned by an apartment company. Its ranking slipped to #17, also the lowest for Aimco since 1997. Other notable portfolio decreases were JRK Property Holdings, Inc. (-21,521) and Bell Partners, Inc. (-20,895).

0 5000 10000 15000 20000 25000

◾ Essex Property Trust, Inc. | +23,060◾ BH Equities LLC | +12,661◾ Cortland Partners, LLC | +6,573

◾ Raymond James Tax Credit Funds, Inc. | +6,240

◾ Morgan Properties | +4,012

Largest Portfolio Growth (Apartments) Moving Up in Rank (Slots)

55,753Mean

244,451No. 1 Firm

43,452Median

22,445No. 50 Firm

Portfolio Size Measures

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

Number of Apartments Owned

Top 106.3%

Top 2510.5%

Top 5014.4%

NMHC 50 Owners

Apartment Owners On the Rise

0

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Essex Property Trust, Inc. | +21

BH Equities LLC | +11

Morgan Properties | +7

Harbor Group International | +7

Milestone Management,

LLC | +7


REITS IN THE RANKINGS There were nine REITs among the top 50 owners, the same number (and the same firms) as in 2014. The most noteworthy change was the Essex Property Trust takeover of BRE Properties (an NMHC 50 owner as recently as 2013). That made it the fifth largest REIT measured by number of units (up from eighth largest last year). Equity Residential, MAA and AvalonBay Communities once again had the most units among REITs, while Camden Property Trust moved into fourth place, as Aimco’s downsizing resulted in its moving down to sixth among REITs. Apart from Essex and Aimco, portfolio changes among REITs in the NMHC 50 were small.

While the NMHC 50 ranks firms by number of units owned, it is also useful to gauge their size by the value of those units. Capturing such data for most companies is impractical; however, public companies report enough information to measure total capitalization, which offers an alternative measure. Though this isn’t perfect—ownership of non-apartment assets can substantially affect overall firm value—it nonetheless gives a useful perspective on relative size among apartment firms, as rankings by capitalization vary dramatically from unit ownership rankings. In fact, the total capitalization of the top three firms ($90.5 billion) is almost 60% larger than that of the other six REITs ($56.7 billion). That is a much greater difference than one finds when looking at units. Among these REITs, AvalonBay has the highest total capitalization per apartment ($405,489), while MAA has the lowest ($119,577).

Company

Apartments with

Ownership Interest

Unit Rank

Among REITs

Company Total Capitalization

($ millions)

Cap Rank Among REITs

Equity Residential 110,063 1 40,539 1

MAA 82,268 2 9,837 6

AvalonBay Communities, Inc. 73,182 3 29,675 2

Camden Property Trust 58,948 4 9,706 7

Essex Property Trust, Inc. 56,620 5 20,248 3

Aimco 52,336 6 10,356 5

UDR, Inc. 50,268 7 12,230 4

Home Properties, Inc. 42,107 8 7,315 8

American Campus Communities 33,499 9 7,226 9

Note: Company total capitalization sums: (1) market value of shares outstanding, including operating partnership units; (2) the value of perpetual preferred stock; and (3) the book value of total debt outstanding. Capitalization estimates for December 31, 2014, are provided by Stifel Nicolaus & Company, Inc.

Apartment REIT Rankings (as of January 1, 2015)

On the other side of the ledger, Essex’s purchase of BRE helped it add 23,060 units and shot up 21 spots, making it the 15th largest owner. The other big gainer was BH Equities, whose ownership portfolio rose by 12,661, putting the firm in the #18 slot. Three firms rose seven slots in the rankings even though their portfolio increases were not generally large: Harbor Group International (1,511 units to #34), Morgan Properties (4,012 units to #36), and Milestone Management (501 units to #42). In all, 29 apartment firms added a combined 92,825 homes to their portfolios.

Four firms appear on this year’s list that weren’t on last year’s list. Two companies are true newcomers: Steadfast Companies (#40) and Cortland Partners, LLC (#43) have never been among the NMHC 50 owners, while FPA Multifamily (#49) and GID (#50) are returning after absences of 15 years and four years, respectively. Of the four firms that left the list, DRA Advisors LLC didn’t make the minimum threshold and Pinnacle has refocused to concentrate on property management. Neither Landmark Apartment Trust nor Prudential Real Estate Investors responded to the survey.

Notably, all of the five biggest owners specialize in subsidized and low-income housing. That leaves Equity Residential as the largest market-rate apartment owner. MAA and AvalonBay Communities are the other large market-rate owners among the top 10 firms. Four firms own substantial portfolios of military housing: Balfour Beatty Communities, Hunt Companies, Lincoln Property Company and Forest City Residential Group, Inc. American Campus Communities is the only

student housing specialist in the NMHC 50, though Heitman LLC and BH Equities LLC also own a substantial number of student housing units.

Manager Firms Increase to Record Levels The biggest trend among apartment property managers is the opposite of the contraction trend in the owners list. Namely, the managers got bigger. Almost all size measures showed the management NMHC 50 at record levels. Overall, the combined portfolios of firms on this year’s list rose to 2,941,939 apartments, 3.0% more than the total from last year, and an all-time high. This represented 15.2% of the entire apartment stock (rental residences in buildings with at least five units in them). The mean and median portfolios (58,839 and 44,714 units, respectively) were also new records, as were the combined portfolios of the top 10 and top 25 firms.

The biggest trend among apartment property managers is the opposite of the contraction trend in the owners list. Namely, the managers got bigger. Almost all size measures showed the management NMHC 50 at record levels.


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The top of the NMHC 50 management list looks quite familiar—there was only one new firm among the largest 15 managers—but that masks some big developments. The biggest by far was the acquisition by Greystar Real Estate Partners, LLC (last year’s top management firm) of Riverstone Residential Group (last year’s #2 firm). That helped make Greystar the largest apartment management firm on record, with 393,079 apartment homes in its portfolio. Its portfolio increase of 178,383 was also the largest increase ever. With Riverstone gone, Lincoln Property Company, Pinnacle, Equity Residential and WinnCompanies all moved up one slot to round out the top five firms.

The second biggest wave was the Essex acquisition of BRE, increasing its portfolio by 23,060 units and making it the #16 manager. Essex was also the biggest mover in the rankings, jumping up 25 slots. Other firms with large increases in their management portfolios were

BH Management Services, LLC (11,602), Lincoln Property (10,971), Alliance Residential Company (10,151) and The Bozzuto Group (10,106). Besides Essex, the bigger gains in rankings were recorded by CFLane, LLC (up 10 slots to #24), Capstone Real Estate Services, LLC (up 10 slots to #34) and The Bozzuto Group (up 9 slots to #21).

Overall, 31 firms increased the number of units under management, by a combined 329,840 units, an average of 10,640 each. (Excluding Greystar’s big gain, the average pickup was 5,049.) For the 19 firms that shed some management units, the total decrease was 55,820, for an average drop of 2,938.

Unlike the top 50 owners list where affordable housing firms dominate the top rankings, they are more spread out in the managers list. Among the top 50 managers, those that managed the most subsidized and low-income housing were No. 5 WinnCompanies

500

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3,000

20152014201320122011201020092008200720062005200420032002200120001999199819971996199519941993199219911990

Apartments Managed by Tier (thousands)

◾ Top 50

◾ Top 25

◾ Top 10

0 50000 100000 150000 200000

◾ Greystar Real Estate Partners, LLC | +178,383

◾ Essex Property Trust, Inc. | +23,060◾ BH Management Services, LLC |

+11,602

◾ Lincoln Property Company | +10,971

◾ Alliance Residential Company | +10,151

Largest Portfolio Growth (Apartments) Moving Up in Rank (Slots)

Apartment Managers

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Essex Property Trust, Inc. | +25

CFLane, LLC | +10

Capstone Real Estate

Services, Inc. | +10

The Bozzuto Group | +9

Hunt/LEDIC Mgmt Affiliates | +8

Harbor Group International |+8


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The National Multifamily Housing Council (NMHC) partnered with Kingsley Associates to handle 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, managers, developers and general contractors 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 have resulted in more firms responding to the survey.

For the purposes of this survey, investment fund managers are treated as owners only if they retain substantial equity in the apartment property or if they maintain effective responsibility and decision-making over the investment property. Similarly, tax credit syndicators and franchisers are regarded as owners only if they retain a fiduciary responsibility. When firms function strictly as advisers rather than investors, they are not regarded as owners.

The rankings are unable to distinguish between partial and full ownership. Some firms own sizable apartment properties through joint ventures in which their share could range anywhere from 1% to 99%. Others are primarily the sole owners of their apartments. In principle, it would be desirable to account for partial ownership—treating 50% ownership of 100 apartments as equivalent to full ownership of 50 units, for example. In practice, it is not feasible to make such distinctions.

The survey excludes condominiums, cooperatives, hotel rooms, nursing homes, hospital rooms, mobile homes and houses with rental units. Rental housing for seniors (age-restricted apartments) is included,

although assisted living and congregate care facilities are not. Both student housing and military housing are included (measured by units, not beds). Finally, since industry concentration is measured by comparing the top 50 owners and managers against the nation’s entire apartment stock, only U.S. apartments are included.

At times, a firm may debut on the NMHC 50 at a high level. Generally, this means the firm is responding to the survey for the first time, rather than an indication of an outsized portfolio gain—although that, too, happens on occasion. Nonetheless, despite many improvements and everyone’s best efforts, the process remains imperfect because 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 of ownership was refined in 2006 to eliminate those investment fund managers with neither substantial equity nor effective control over the investment property. (Note: This change did not affect the management list.) Second, occasionally firms that have previously been among the top 50 owners or managers have not responded to the NMHC survey1. When that occurs, companies appear on the list that otherwise might not have been large enough. These adjustments affect the total number of apartments owned 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.

METHODOLOGY

(31,141), No. 8 FPI Management, Inc. (29,000), No. 17 Hunt/LEDIC Management Affiliates (28,182) and No. 3 Pinnacle (22,500). Balfour Beatty Communities managed the most military housing units (43,081), followed by WinnCompanies (40,779) and Lincoln Property (31,729).

This year’s NMHC 50 management list features five firms that were not on the list last year. Bridge Investment Group Partners, with 32,155 apartment homes, debuts at #39. Morgan Properties, with

31,500 units, returns to the list after a one-year absence at #41. RAM Partners, LLC (#45) and Edgewood Management Corporation (#47) are both back among the top 50 managers after an absence of five years. LivCor LLC is making its first appearance at #46.

Besides Riverstone Residential Group, four other firms exited the NMHC 50 management list. Both McKinley, Inc. and Berkshire Property Advisors pared their portfolios enough to miss the minimum threshold level. Neither Lindsey Management Co., Inc. nor Landmark Apartment Trust responded to the survey.

In all, there were 23 firms that made the NMHC 50 management list but not the ownership list. Of those, 12 indicated they were not owners; the other 11 had ownership portfolios too small to rank among the top 50 owners. Similarly, 14 firms on the NMHC 50 ownership list indicated they do not undertake any property management, meaning that there are nine firms on the list with management portfolios, but not enough units under management to make the cutoff. ◾

1 This year, for example, Landmark Apartment Trust (#35 on last year’s NMHC owners list and #40 on the managers list), Prudential Real Estate Investors (#44 on last year’s owners list) and Lindsey Management Co., Inc. (#33 on last year’s managers list) chose not to participate in the survey.

In all, there were 23 firms that made the NMHC 50 management list but not the ownership list. Of those, 12 indicated they were not owners; the other 11 had ownership portfolios too small to rank among the top 50 owners.


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Developer Rank 2015

Units Started

2014 Company Name Corporate Officer HQ City HQ State

1 7,500 Alliance Residential Company Bruce Ward & V. Jay Hiemenz Phoenix AZ

2 5,397 Mill Creek Residential Trust LLC Charles R. Brindell Dallas TX

3 4,700 Wood Partners, LLC Ryan Dearborn, Chairman CEO Atlanta GA

4 4,593 Related Development, LLC Steve Patterson Miami FL

5 4,565 Lennar Multifamily Communities Todd Farrell Charlotte NC

6 4,044 AvalonBay Communities, Inc. Timothy J. Naughton Arlington VA

7 3,983 Trammell Crow Residential Kenneth J. Valach Dallas TX

8 3,896 Greystar Real Estate Partners, LLC Robert A. Faith Charleston SC

9 2,658 The NRP Group LLC J. David Heller and T. Richard Bailey Cleveland OH

10 2,557 Lincoln Property Company Tim Byrne Dallas TX

11 2,510 Carmel Partners Ron Zeff San Francisco CA

12 2,400 CAPREIT, Inc. Dick Kadish Rockville MD

13 2,267 Equity Residential David J. Neithercut Chicago IL

14 2,220 The Calida Group Eric Cohen Las Vegas NV

15 1,790 Holland Residential Clyde Holland Vancouver WA

16 1,766 The Michaels Organization John J. O'Donnell Marlton NJ

17 1,610 StreetLights Residential Tom Bakewell Dallas TX

18 1,596 Forest City Residential Group, Inc. Ronald A. Ratner Cleveland OH

19 1,556 Flournoy Development Co., LLC Thomas H. Flournoy Columbus GA

20 1,525 AMLI Residential Greg Mutz Chicago IL

21 1,500 Prometheus Real Estate Group, Inc. Jaclyn Safier San Mateo CA

22 1,461 EdR Randy Churchey Memphis TN

23 1,458 The Dinerstein Companies Brian Dinerstein Houston TX

24 1,453 GID William H Roberts Boston MA

25 1,422 Woodfield Development Greg Bonifield Arlington VA

2015 TOP DEVELOPERSNATIONAL MULTIFAMILY HOUSING COUNCIL 50(25 Largest U.S. Apartment Developers as of January 1, 2015)


General Contractor Rank 2015

Units Started

2014 Company Name Corporate Officer HQ City HQ State

1 3,781 Balfour Beatty Construction Mark Layman Dallas TX

2 3,189 Rampart Construction Company, LLC Craig Cummings Grapevine TX

3 3,014 Clark Builders Group Keith Anderson Arlington VA

4 2,635 Carocon Corporation Ambrose W Dittloff Charlotte NC

5 2,171 Fortune-Johnson, Inc. Brett Fortune Atlanta GA

6 2,075 Summit Contractors Group, Inc. Michael Padgett Jacksonville FL

7 1,940 Winter Park Construction (WPC) Jeff Forrest, President Maitland FL

8 1,750 Harkins Builders, Inc. Richard M. Lombardo, CEO Marriottsville MD

9 1,425 The Bozzuto Group Thomas S. Bozzuto Greenbelt MD

10 1,360 Village Green Jonathan Holtzman Detroit/Chicago MI

11 1,292 Galaxy Builders, Ltd Neilesh Verma, President San Antonio TX

12 1,259 Driver URBAN Brian Chartrand Irvine CA

13 1,250 KWA Construction Keller Webster Addison TX

14 1,236 C.F. Evans Construction Johnny Evans Orangeburg SC

15 1,200 Wermers Companies CEO Thomas Wermers President Jeff Bunker San Diego CA

16 1,123 CFC Construction, Inc. EJ Olbright Golden CO

17 1,097 Brown Construction Incorporated Ron Brown West Sacramento CA

18 1,047 BEACH Project Management LLC Gary Bethel Seguin TX

19 1,039 Jordan Foster Construction LLC Roy Raines, COO El Paso TX

20 1,025 NorSouth Constructs Bill Johnston Savannah GA

21 987 MKS Residential Louis Kuntz Solana Beach CA

22 984 Cobalt Construction Company Darin Kruse Simi Valley CA

23 900 Fincor Construction Michael C Finn Laurel MD

24 900 ZMG Construction, Inc. Kevin Somers Longwood Fl

25 866 LandSouth Construction, LLC James G Pyle Jacksonville Beach FL

2015 TOP GENERAL CONTRACTORSNATIONAL MULTIFAMILY HOUSING COUNCIL 50(25 Largest U.S. Apartment General Contractors as of January 1, 2015)

APRIL 2015 | NMHC 50 17

The nation’s growing appetite for rental housing is keeping apartment developers and general contractors very busy. Bouncing back from the Great Recession-induced near shutdown of apartment construction, apartment starts have grown from 97,000 in 2009 to 341,800 in 2014.

As the NMHC 50 celebrates its 26th year, we are expanding it to include the firms behind those starts. New this year, we are pleased to present the NMHC Top 25 Developers and the NMHC Top 25 General Contractors.

Alliance on topAlliance Residential Company, No. 1 on the Top 25 Developers list, had a breakout year in 2014. “We finally surpassed the peak of the last cycle—2014 was our best year ever,” says Jay Hiemenz, president and COO of Alliance.

The development company started construction on 7,500 units of multifamily housing in which the company had an ownership stake. That big number is up from 5,200 units the company started in 2013

and is 2,000 more than its nearest competitor, Mill Creek Residential Trust, which took the No. 2 spot on the list.

Alliance plans to stay very active in 2015—but is unlikely to break another record. “I think 2014 was the peak,” says Hiemenz.

That’s partly because development sites are getting more expensive and difficult to find. “The easier sites or the best sites were done earlier in the cycle,” says Hiemenz. Office, retail and for-sale housing developers have begun to bid up prices of development sites. “Condominium developers are paying prices that we can’t approach,” says Hiemenz. “The competition is pretty fierce.”

Mill Creek’s CEO Charles R. Brindell, Jr., agrees. “I do think that 2014 will represent the high-water mark in terms of annualized new apartment starts,” he says. Overall, he forecasts a 10,000 to 20,000 drop in total starts in 2015, but not because demand is falling.

Mill Creek started 5,397 units of multifamily housing in 2014 in which the company had an ownership stake. That’s up slightly from 5,033 in 2013. “We are very comfortable with our current pace of starts,” says Brindell.

NMHC Debuts Top 25 Developers and Top 25 Contractors Lists Was 2014 a High-Water Mark for Development?

> By Bendix Anderson

Alliance Residential’s Broadstone Cordevalle property is close to major highways and the headquarters of Dell. It’s also located at the heart of its town of Round Rock, Texas.


Demand remains strong he says, but echoing Hiemenz, he notes that it’s getting more diffi cult to quickly build to meet that demand. Prime development sites and skilled construction workers are both becoming diffi cult to fi nd, which is cutting into profi tability and adding to the time it takes to complete a project.

Labor shortage holds back developmentA shortage of labor has already started to hold back new development. The list’s No. 8 fi rm, Greystar Real Estate Partners, LLC, actually reduced the number of units it started in 2014 because several 2014 projects were held over into 2015. In 2014, Greystar started construction on 3,896 units, down from 4,766 units in 2013.

“We are going to have a really big 2015,” says Bob Faith, CEO of Greystar. But he concurs that “getting deals to pencil out takes a little more work.”

Construction costs are rising quickly in many geographic markets, and developers face a shortage of labor. Many construction companies closed down during the recession, which forced a lot of construction workers to fi nd other work. In the framing and drywall trades, many developers believe immigrant laborers left the U.S. to return to their home countries when their jobs disappeared.

It used to be relatively easy to bring a framing crew of 80 workers to a construction project, said Faith. Today a typical framing crew has just 15 to 20 workers.

Currently, low prices for commodities and construction materials, like concrete and steel, could help pro formas, but developers can’t count on them still being low when it’s time for them to buy. “Commodities are so volatile, low prices are hard to capitalize on at any given time,” says Alliance’s Hiemenz.

Local offi cials are also taking longer to issue building permits. “Many cities and towns cut their staff . They don’t have many people to process entitlements,” says Hiemenz. “It is just taking longer to build.”

All of this volatility and delays have narrowed risk-adjusted returns considerably over the past 24 months. With tighter margins, developers like Greystar now wait to start construction on new projects until all the costs have been completely negotiated.

“The continued increase in construction costs and the likelihood of some marginal increase in interest rates during 2015 will dampen new development starts some, but not signifi cantly,” says Mill Creek’s Brindell.

Powerful demand provides motivation to overcome construction challengesDespite the increasing challenges to new development, fi rms are committed to fi nding a way to keep building given the powerful demand fundamentals facing the country.

Between 2009 and 2014, 4.17 million people joined the ranks of the 20- to 34-year-old age bracket, which has a homeownership rate of 35.9%. That should work out to 2.67 million new renters, according to data from research fi rm MPF Research. But developers only built 997,000 new apartments during that time: “a pretty staggering diff erential,” says John Gray, director of investments for Lennar Multifamily Communities, No. 5 on the list.

While some of those new renters may have gone to single-family rentals, that still leaves a lot of people to help absorb all the new apartments developers are delivering. Certainly that’s what happened in 2014.

“Nearly every market covered by the major research houses outperformed anticipated rent growth and occupancy fi gures,” says Gray. “It was a particularly big year for upside surprises in both Class B and Garden product.”

Developers diversify While the development party is expected to continue for at least a few more years, the nature and location of the projects may be diff erent from what we’ve seen in recent years.

With core market sites harder to lock down at aff ordable prices, more developers are looking to the suburbs. “We are certainly seeing more suburban opportunities in 2015 than in 2014 and certainly 2013,” says Alliance’s Hiemenz.

But as we heard at NMHC’s Annual Meeting in January, not all suburbs are created equal. Most of the suburban sites the Top 25 Developers are looking at are transit-oriented and located within walking distance of shopping and a commuter train station.

Many of the largest developers in the country have also been growing their business by building niche property types.

Alliance plans to begin developing seniors housing in 2015; the company has added a full-time seniors housing development expert to its staff .

“We will hopefully see a few projects toward the end of 2015,” says Hiemenz. Seniors housing provided an unexpected opportunity for the company. “If you had asked me a year ago if I thought I would be in the seniors housing business, I probably wouldn’t have said yes,” he says. The strong performance of the seniors housing business throughout the recession and recovery, along with new, reliable data that shows that performance, has made the business much more attractive to developers like Hiemenz.

The No. 9 developer in 2014, NRP Group, is planning to change its focus in 2015 to build more aff ordable housing. “In 2015, we plan to increase the aff ordable developments to around 10 developments

The strong performance of the seniors housing business throughout the recession and recovery, along with new, reliable data that shows that performance, has made the business much more attractive to developers…

In January, Mill Creek Residential started leasing its 208 new, luxury rental apartment at Avenue H in Dallas. High-end shopping, dining and a jogging and biking trail are just a few blocks away.

APRIL 2015 | NMHC 50 19

and decrease the market rate to four developments,” according to a spokesperson for NRP. That’s a sharp reversal for NRP. For the past four years, only about 30% of the fi rm’s starts were aff ordable housing, usually fi nanced with federal low-income housing tax credits.

“We are concerned in several of our key markets that some overbuilding may exist,” said their spokesperson. “We would rather be a little early to exit markets than be too late.”

Michaels Development, No. 16 on the list, is growing its business by expanding into student housing, a new strategy for the fi rm, which has traditionally focused on aff ordable housing. In past years, Michaels has also stretched itself into the development of military housing communities. Another of the Top 25 Developers, EdR, coming in at No. 22, specializes in student housing; the fi rm started 1,461 units of such housing in 2014.

Top contractors grow their businessMany of the largest general contractors also grew quickly in 2014. Balfour Beatty Construction started work on 3,781 units of multifamily housing for developers in 2014, up from 2,549 in 2013, earning itself the No. 1 spot on the Top 25 Contractors list.

Rampart Construction, No. 2, also had a busy 2014, starting construction on 3,189 units of multifamily housing, up from just 2,200 units in 2013. The fi rm expects to start a similar volume of work in 2015, “slowing slightly” from 2014.

The shortage of workers is the biggest challenge these contractors face. “There are more opportunities to build than there are people to get it done,” says Brett Fortune, CEO of Fortune-Johnson General Contractors, No. 5, which started 2,171 apartments in 2014.

To complete all these apartments on schedule, Fortune focuses on fi nding subcontractors that can provide skilled workers even

in a tight labor market. “We are uber-focused on picking the right subcontractors… with the right team we can maintain the schedule.”

Top contractors are working with new techniques and technologies to respond to the shortage of labor. “We will also focus on prefabrication and other lean management techniques to increase effi ciency on-site and work around the pending labor shortage,” according to Driver URBAN, which started construction on 1,259 units of multifamily housing for developers in 2014, earning itself the No. 11 spot on the Top Contractors list.

Rising prices for materials are also challenging contractors. “Lumber prices are starting to tick back again. Sheetrock is going up,” says Fortune.

“In addition to labor and pricing, we have seen the average size of projects grow, many in excess of 300 units,” says Marc Padgett, president of Summit Contracting Group, Inc., No. 6 with 2,075 units under construction in 2014.

Contractors also must adapt to new regulations. “One of our biggest challenges is new building codes and interpretations of codes,” says Ambrose Dittloff , president of No. 4 Carocon Corp. New codes range from requirements to include more energy-saving insulation to requirements to include new safety technology.

Several leading development companies also work as general contractors for other developers. For example, the Bozzuto Group, a leading developer, earned itself the No. 8 spot on the Top 25 Contractors list by starting construction for other developers on 1,425 units of multifamily housing in 2014. Village Green, the No. 10 contractor with 1,360 units, also has a long history in development. The company plans to expand both its development and contracting activity to new markets including Toronto, Canada; Louisville, Kentucky; Kansas City and Philadelphia. ◾

This year Alliance Residential will break ground on Broadstone Domain at Brickell in Miami, Fla. The 21-story high-rise is a short walk away from numerous restaurants, shops and night spots.


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2015 NMHC OFFICERS

EXECUTIVE COMMITTEE

FORMER CHAIRMEN

CHAIRMANDaryl J. CarterAvanath Capital

ManagementIrvine, CA

PRESIDENTDouglas M. Bibby

National Multifamily Housing CouncilWashington, DC

VICE CHAIRMANRobert E. DeWitt

GIDBoston, MA

TREASURERSusan Ansel

Gables ResidentialDallas, TX

IMMEDIATE PAST CHAIRMAN

Thomas S. BozzutoThe Bozzuto Group

Greenbelt, MD

SECRETARYDavid R. Schwartz

Waterton Associates, L.L.C.

Chicago, IL

Kelley A. BergstromC. Preston ButcherRic CampoDouglas Crocker, II

Allen CymrotPeter F. DonovanWilliam H. Elliott

Richard L. ForeRandolph G. HawthorneGary T. Kachadurian

Mary Ann KingDuncan L. Matteson, Sr.Richard L. Michaux

Robert SheridanGeoffrey L. StackLeonard W. Wood

Patti FieldingAimco

Denver, CO

William W. TalbotAmerican Campus

CommunitiesAustin, TX

James M. KrohnAlliance Residential

CompanyPhoenix, AZ

William C. Bayless, Jr.

American Campus Communities

Austin, TX

Marc E. deBaptisteARA

Boca Raton, FL

Sean J. BreslinAvalonBay

Communities, Inc.Arlington, VA

Leo S. HoreyAvalonBay

Communities, Inc.Arlington, VA

Gary T. Kachadurian

ARAHinsdale, IL

Daryl J. CarterAvanath Capital


John WilliamsAvanath Capital


Tom KeadyThe Bainbridge

CompaniesCary, NC

Richard SchechterThe Bainbridge

CompaniesWellington, FL

Jonathan D. BellBell Partners

Greensboro, NC

Lili F. DunnBell Partners

Alexandria, VA

Frank LutzBerkadia

Horsham, PA

Alan KingBerkshire Property

AdvisorsAlpharetta, GA

David J. OlneyBerkshire Property

AdvisorsBoston, MA

Thomas S. BozzutoThe Bozzuto Group

Greenbelt, MD

Julie A. SmithBozzuto

Management Company

Greenbelt, MD

Patti ShwayderAimco

Denver, CO

V. Jay HiemenzAlliance Residential

CompanyPhoenix, AZ


EXECUTIVE COMMITTEE

Nathan S. CollierThe Collier Companies

Gainesville, FL

J. Andrew HogsheadThe Collier Companies

Gainesville, FL

Robert D. Greer, Jr.Clarion PartnersWashington, DC

Paul G. KerrDavlyn Investments

San Diego, CA

Susanne HiegelFannie Mae

Washington, DC

Manuel MenendezFannie Mae

Washington, DC

Deborah Ratner-SalzbergForest City

Enterprises, Inc.Washington, DC

Jon D. WilliamsDavlyn Investments

San Diego, CA

Alan W. GeorgeEquity Residential

Chicago, IL

Adam BerryEssex Property

Trust, Inc.Palo Alto, CA

Ronald A. RatnerForest City Residential Group, Inc.

Cleveland, OH

David BrickmanFreddie MacMc Lean, VA

John M. CannonFreddie Mac

New York, NY

Susan AnselGables Residential

Dallas, TX

Dawn SevertGables Residential

TrustAtlanta, GA

Robert E. DeWittGID

Boston, MA

Stacy G. HuntGreystar Real Estate

Partners, LLCHouston, TX

William C. MadduxGreystar Real Estate

Partners, LLCCharleston, SC

Joe MosleyGreystone Servicing

Corporation, Inc.New York, NY

Laura A. BeuerleinHeritage Title Company of Austin, Inc.Austin, TX

Billy PoseyGreystone Servicing

Corporation, Inc.Memphis, TN

Gary S. FarmerHeritage Title Company of Austin, Inc.Austin, TX

Mona Keeter Carlton

HFFDallas, TX

Matthew LawtonHFF

Chicago, IL

Clyde P. HollandHolland Partner

GroupVancouver, WA

Edward J. Pettinella

Home Properties, Inc.Rochester, NY

Laurie A. BakerCamden Property

TrustHouston, TX

Keith OdenCamden Property

TrustHouston, TX

Grace HuebscherCapital One

Multifamily FinanceBethesda, MD

Christopher BedaCarmel Partners, Inc.

San Francisco, CA

Ron ZeffCarmel Partners, Inc.

San Francisco, CA

Peter F. DonovanCBRE

Boston, MA

Brian F. StoffersCBRE Capital

MarketsHouston, TX

Daniel J. EpsteinThe ConAm Group

San Diego, CA

Rob SinghThe ConAm Group

San Diego, CA

APRIL 2015 | NMHC 50 23

EXECUTIVE COMMITTEE

David DurningPrudential Mortgage

Capital CompanyChicago, IL

Michael BissellSARES*REGIS Group

Irvine, CA

Geoffrey L. StackSARES*REGIS Group

Irvine, CA

Timothy J. HoganTrammell Crow

ResidentialDallas, TX

Jamie TeaboPost Properties, Inc.

Atlanta, GA

Donna PreissThe Preiss Company

Raleigh, NC

David P. StockertPost Properties, Inc.

Atlanta, GA

Rick GrafPinnacle

Addison, TX

Marc S. PollackPollack Shores Real

Estate GroupAtlanta, GA

Steven L. ShoresPollack Shores Real

Estate GroupAtlanta, GA

John J. KerinMarcus & Millichap

Calabasas, CA

Hessam NadjiMarcus & Millichap

CompanyWalnut Creek, CA

Jeffrey GoldbergMilestone Group

New York, NY

Steven T. LambertiMilestone

ManagementDallas, TX

Charles R. Brindell, Jr.Mill Creek

Residential Trust LLCDallas, TX

Mark AlfieriMonogram

Residential TrustPlano, TX

Peggy DalyMonogram

Residential TrustPlano, TX

Mary Ann KingMoran & Company

Irvine, CA

Albert M. Campbell, III

MAAMemphis, TN

Kerry R. FrenchNorthMarq Capital, Inc.Houston, TX

Eduardo PadillaNorthMarq Capital, Inc.

Minneapolis, MN

Gary GoodmanPassco Companies,

LLCIrvine, CA

Larry SullivanPassco Companies,

LLCIrvine, CA

Larry GoodmanPinnacle

Addison, TX

Thomas F. MoranMoran & Company

Chicago, IL

H. Eric Bolton, Jr.MAA

Memphis, TN

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

Brian C. ByrneLincoln Property

CompanyOak Brook, IL

Margette G. Hepfner

Lincoln Property CompanyDallas, TX

James H. CallardKlingbeil Capital Management/

American Apartment Communities

Annapolis, MD

Guy K. HaysLegacy PartnersFoster City, CA

Dan BakerKeyBank Real Estate

CapitalChicago, IL

William T. HymanHunt Mortgage

GroupNew York, NY

Jeffrey T. MorrisJones Lang LaSalle

Americas, Inc.Orlando, FL

Jubeen F. VaghefiJones Lang LaSalle

Americas, Inc.Miami, FL


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Alan WienerWells Fargo

Multifamily CapitalNew York, NY

Frank MiddletonWood Partners, LLC

Mill Valley, CA

Curtis W. WalkerWood Partners, LLC

Atlanta, GA

EXECUTIVE COMMITTEE

Kenneth J. ValachTrammell Crow

ResidentialHouston, TX

Michael E. TompkinsTriBridge

Residential LLC.Atlanta, GA

Thomas W. ToomeyUDR, Inc.

Highlands Ranch, CO

Warren L. TroupeUDR, Inc.Highlands Ranch, CO

David R. SchwartzWaterton

Associates, L.L.C.Chicago, IL

Vincent R. ToyeWells Fargo

Multifamily CapitalNew York, NY

EXECUTIVE COMMITTEE NOT PICTUREDErnest F. KataiBerkadiaSouthfield, MI

Jeff LeeCapital One Multifamily FinanceBethesda, MD

Edward CareyClarion PartnersNew York, NY

Mark J. ParrellEquity ResidentialChicago, IL

Erik J. AlexanderEssex Property Trust, Inc.Woodland Hills, CA

Katie ThompsonKeyBank Real Estate CapitalDallas, TX

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

John PreissThe Preiss CompanyRaleigh, NC

Jerry LaPointeWestern National PropertiesIrvine, CA


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Jeffery DanielsAIG Global Real Estate

Investment Corp.New York, NY

Ed HurleyAcre Capital LLC

Plano, TX

Donald HuffnerAIG Global Real

Estate Investment Corp.

New York, NY

Tim L. MyersAllied RealtyHouston, TX

Ricardo RivasAllied Orion Group

Houston, TXBoca Raton, FL

Joel L. AltmanAltman Development

CorporationBoca Raton, FL

Rodrigo LopezAmeriSphere

Multifamily Finance, LLC

Omaha, NE

Michael H. GodwinAmbling

Management Company LLCValdosta, GA

Scott G. SuttleAmeriSphere

Multifamily Finance, LLC

Bethesda, 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. Brockman

Anbrock, LLCDenver, CO

Blake OklandARA

Charlotte, NC

Neil T. BrownArchCo Residential

Atlanta, GA

Thomas P. MacManus

ARA Finance, LLCBoca Raton, FL

BOARD OF DIRECTORS

Jason A. FriedmanAssociated Estates Realty Corporation

Richmond Heights, OH

Steven WolfAres Management

New York, NY

Morgan AndersonArthur J. Gallagher

& Co.Irvine, CA

Lin AtkinsonAT&T Connected

CommunitiesAtlanta, GA

Thuy WoodallAT&T Connected

CommunitiesMilton, GA

Leslie O. AndrenAtlas Apartment

Homes, LLCChicago, IL

Michael G. MillerAUM

Lombard, IL

Phillip E. BoguckiAZUMA Leasing

Austin, TX

Walt SmithAvenue5

Residential, Inc.Seattle, WA

Jeffrey C. DayBerkeley Point

Capital LLCBethesda, MD

Mark ForresterBerkadia

Phoenix, AZ

David OakleyBerkadia

Birmingham, AL

BJ RosowAZUMA Leasing

Austin, TX

James P. CookeBallard Spahr

Washington, DC

John K. Powell, Jr.Bellwether Enterprise

Real Estate Capital, LLCChicago, IL

Dwight D. Dunton, III

Bonaventure Realty Group, LLC

Arlington, VA

Harry BookeyBH Equities, LLCDes Moines, IA

Mark W. DunneBoston Capital

CorporationBoston, MA

John P. ManningBoston Capital

CorporationBoston, MA


David W. SnyderContinental Realty

Advisors, Ltd.Littleton, CO

James W. HarrisCoreLogic SafeRent

Rockville, MD

James HendersonCornerstone Real

Estate Advisers LLCHartford, CT

Michael CohenCoStar

Boston, MA

Stewart HsuConti Organization

Addison, TX

Carlos P. VazConti Organization

Addison, TX

Jason RosaContinental Realty

Advisors, Ltd.Littleton, CO

Ernest L. HeymannCAPREIT, Inc.Rockville, MD

Richard L. KadishCAPREIT, Inc.Rockville, MD

L. Marc CarterCarter Haston Holdings, LLCNashville, TN

Tyler AndersonCBRE

Phoenix, AZ

Stephen J. ZaleskiCBRE Global Investors, LLCBoston, MA

Richard GerwitzCiti Community

CapitalLos Angeles, CA

Rick CraigCityStreet Residential

PartnersHouston, TX

John CutrerCityStreet Residential

PartnersHouston, TX

Mark J. FeldmanColliers International

San Francisco, CA

Brian WardColliers International

Seattle, WA

Patrick NugentCommercial

Insurance Solutions Group

Dallas, TX

David B. Woodward

CompassRock Real Estate LLC

Denver, CO

Jerry DavisConservice Utility

Management & Billing

Prosper, TX

B. Diane ButlerButler Burgher

GroupDallas, TX

Miles H. OrthCampus Apartments

Philadelphia, PA

Anthony OrsoCantor Commercial Real Estate (CCRE)

New York, NY

BOARD OF DIRECTORS

David J. AdelmanCampus Apartments

Philadelphia, PA

Danuel R. StangerBridge Investment

Group PartnersMurray, UT

Bradley B. ChambersBuckingham Companies

Indianapolis, IN

Marc D. GoldsteinCovington

Development, LLCSaint Louis, MO

Benjamin CollinsCrescent Communities

Charlotte, NC

Brian NatwickCrescent

CommunitiesCharlotte, NC

James CurranCrescent

CommunitiesAtlanta, GA

Dodge CarterCrow Holdings

Capital Partners, LLC

Dallas, TX

Steven WeilbachCushman & Wakefield

San Francisco, CA

Byron L. MogerCushman & WakefieldTampa, FL

David R. MinnickBridge Investment

Group PartnersMurray, UT

Paula J. PoskonD.A. Davidson &

CompanyNew York, NY


Kathleen Felderman

EPICSan Francisco, CA

Jonathan GriffithsEPIC

San Francisco, CA

Christopher E. Hashioka

Fairfield Residential Company LLCSan Diego, CA

Gregory R. PinkallaFairfield Residential

Company LLCSan Diego, CA

Jeffery R. HaywardFannie Mae

Washington, DC

Hilary ProvinseFannie Mae

Washington, DC

George FisherFerguson Enterprises

Augusta, GA

Richard N. Shinberg

First Capital Realty, Inc.

Bethesda, MD

Les ZimmermanFirst Capital Realty, Inc.

Bethesda, MD

Robert L. Johnston

First CommunitiesAtlanta, GA

Mark A. FogelmanFogelman

Management GroupMemphis, TN

Richard L. Fogelman

Fogelman PropertiesMemphis, TN

Seth GreenbergECI Group, Inc.

Atlanta, GA

Randy ChurcheyEducation Realty

Trust, Inc.Memphis, TN

Thomas TrubianaEducation Realty

Trust, Inc.Memphis, TN

Michael Edward Gorman

Edward Rose & SonsCarmel, IN

Andrew K. DolbenThe Dolben

Company, Inc.Woburn, MA

Deane H. DolbenThe Dolben

Company, Inc.Woburn, MA

Adam C. BreenDRA Advisors, LLC

New York, NY

Wendy DruckerDrucker & Falk, LLCNewport News, VA

Kellie J. FalkDrucker & Falk, LLC

Raleigh, NC

Phil H. CarlockECI Group, Inc.

Atlanta, GA

Warren RoseEdward Rose & SonsBloomfield Hills, MI

Trey EmbreyEmbrey

Partners, Ltd.San Antonio, TX

Gregory L. EnglerEngler Financial

Group, LLCAlpharetta, GA

BOARD OF DIRECTORS

David LuskiDRA Advisors, LLC

New York, NY

Tom KopflerFerguson Enterprises

Augusta, GA

Patrick JonesEngler Financial

Group, LLCAlpharetta, GA

Tom EtheredgeForestar Group, Inc.

Austin, TX

Wayne E. McDonald

Forestar Group, Inc.Austin, TX

Gregory A. FowlerFPA Multifamily

San Francisco, CA

CJ EdmondsG5

Bend, OR

Robert DeanGE Real Estate

Washington, DC

Brian L. DinersteinThe Dinerstein

CompaniesHouston, TX

Jeffrey ScottEastdil Secured, LLC

Washington, DC

APRIL 2015 | NMHC 50 31

Peggy RobinsonKingsley Associates

Atlanta, GA

Rohit AnandKTGY Group Inc.

Vienna, VA

Jay OlanderLandmark Apartment

Trust of America, Inc.Richmond, VA

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


Cindy ClareKettler

McLean, VA

Angela MagoKeyBank Real Estate

CapitalCleveland, OH

Katie ThompsonKeyBank Real Estate

CapitalDallas, TX

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

A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR

Allina BoohoffJ.P. Morgan Asset

ManagementNew York, NY

Tiffany ButcherThe JBG CompaniesChevy Chase, MD

Kai ReynoldsThe JBG CompaniesChevy Chase, MD

James A. ButzJefferson

Apartment GroupMc Lean, VA

Jamie B. MayJBM Institutional

Multifamily AdvisorsTampa, FL

Gregory G. LambJefferson

Apartment GroupMc Lean, VA

Peter KatzInstitutional Property Advisors, a Marcus & Millichap Company

Phoenix, AZ

Dave BrackettThe Irvine Company

Apartment Communities “IAC”

Irvine, CA

Greg FaulknerHumphreys &

Partners Architects, L.P.

Dallas, TX

Mark HumphreysHumphreys &

Partners Architects, L.P.

Dallas, TX

John LarsonHunt Mortgage Group (formerly

Centerline)Dallas, TX

Tracy Simonton Legg

Hunter Warfield, Inc.Denver, CO

Todd WahlHunter Warfield, Inc.

Tampa, FL

Kevin GeorgeInfoTycoonAtlanta, GA

David KapiloffInsgroup, Inc.Houston, TX

Will BalthropeInstitutional Property Advisors, a Marcus & Millichap Company

Dallas, TX

G. Joseph CosenzaThe Inland Real

Estate Group, Inc.Oak Brook, IL

Richard J. HighJohn M. Corcoran

& CompanyBraintree, MA

Faron G. ThompsonJones Lang LaSalle


Jennings D. GlennKane Realty CorporationRaleigh, NC

Kurt ZechKennedy Wilson

CompanySan Francisco, CA

Cindy ClareKettler

Mc Lean, VA

John FalcoKingsley Associates

Atlanta, GA

BOARD OF DIRECTORS

Jim DunlopHines

Washington, DC

James M. BachnerHeitman LLCChicago, IL

Curt HenselHD Supply

San Diego, CA

Paula Presenkowski

HD SupplySan Diego, CA

John J. Gray, IIIGrayco Partners LLC

Houston, TX

Jordan E. SloneHarbor Group InternationalNorfolk, VA

Kieran QuinnGuggenheim

Commercial Real Estate Finance, LLC

Atlanta, GA

Linda ZellerGerson Bakar &

AssociatesSan Francisco, CA

Charles E. Mueller, Jr.The Irvine Company

Apartment Communities “IAC”

Irvine, CA


Proud partner on the NMHC 50 survey

Resident turnover is expensive, and often unnecessary. Industry leaders turn to

Kingsley Associates to increase resident retention and satisfaction. Through real

time dashboards, performance benchmarks, and action-oriented reporting,

clients are well positioned to reduce resident turnover and increase proftability.

Please visit our website or call 770.908.1220 to learn more about our resident

survey, employee engagement, and client feedback programs. www.kingsleyassociates.com

MOTIVATE ACTION. GENERATE RESULTS.

The survey program most utilized among NMHC 50 frms.

Unit 412 planned to move, until the manager received the Kingsley survey and acted on the results.

Andrew R. WienerMAXX Properties

Harrison, NY

Dan McCafferyMcCaffery

Interests, Inc.Chicago, IL

Michael C. McDougalMcDougal

Properties, L.C.Lubbock, TX

Melanie MorrisonMEB Management

ServicesTucson, AZ

Tristan ThomaMcDougal

Properties, L.C.Lubbock, TX

Kenneth LeeMcDowell Properties

San Francisco, CA

W. Patrick McDowell

McDowell PropertiesMiami, FL

Albert BerrizMcKinley

Ann Arbor, MI

Ken PolsinelliMcKinley

Ann Arbor, MI

Jodi SheahanMEB Management

ServicesPhoenix, AZ

Alasdair CrippsMesirow Financial

Chicago, IL

Charles KendrickMesirow Financial

Chicago, IL

Mark GleibermanMG PropertiesSan Diego, CA

Christopher C. Finlay

Middleburg CapitalFairfax, VA

Alexandra JackiwMilhaus

Indianapolis, IN

Tadd MillerMilhaus

Indianapolis, IN

Paul HarrisMoran & Company

Dallas, TX

BOARD OF DIRECTORS

Nicholas Michael RyanThe Marquette

CompaniesNaperville, IL

Darren R. SlonigerThe Marquette

CompaniesNaperville, IL

Gerald J. HaakMAXX Properties

Harrison, NY

Michael S. Morgan

The Morgan Group, Inc.Houston, TX

Alan PattonThe Morgan Group,

Inc.Houston, TX

Jonathan MorganMorgan PropertiesKing of Prussia, PA

Peter P. DiLullo, Jr.LCOR Incorporated

Berwyn, PA

Thomas J. O’BrienLCOR Incorporated

Berwyn, PA

John GrayLennar Multifamily Communities, LLC

Charlotte, NC

Thomas F. McCoy, Jr.

Lockton Companies, LLC

Denver, CO

Charles M. McDaniel

Lockton Companies, LLC

Denver, CO

Jeffery LowryMadera EquityLubbock, TX

Charles YoungMadera EquityLubbock, TX

Dean HolmesMadison

Apartment GroupPhiladelphia, PA

Joseph F. MullenMadison

Apartment GroupPhiladelphia, PA

Jay J. EisnerLEM Capital, L.P.Philadelphia, PA

Christine AkinsLaSalle Investment Management, Inc.

Chicago, IL

Tom KlaessThe Laramar Group, LLCGreenwood Village, CO


Seth MartinPritzker Realty

Group, LLCChicago, IL

John D. MillhamPrometheus

Walnut Creek, CA

Benjamin ZimmerProperty Solutions

Lehi, UT

Alan PollackProvidence

Management Company, L.L.C.

Glenview, IL

Bruce BarfieldRainmaker LROAlpharetta, GA

Tammy FarleyRainmaker LROAlpharetta, GA

Bruce LaMotteProvidence

Management Company, L.L.C.

Glenview, IL

BOARD OF DIRECTORS

David R. PicernePicerne Real Estate GroupPhoenix, AZ

Manny BrownPillar

Chicago, IL

D. Scott BassinPNC Real EstatePittsburgh, PA

William Thomas Booher

PNC Real EstateSan Francisco, CA

Steven A. BergerPRG Real EstatePhiladelphia, PA

Sam FosterPRG Real EstatePhiladelphia, PA

Kyle LoveladyThe NRP GroupSan Antonio, TX

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 Company

Arlington, VA

Randall M. Paulson

PAS Purchasing SolutionsPlano, TX

David OnanianPAS Purchasing

SolutionsHouston, TX

Richard BurnsThe NHP Foundation

New York, NY

Gina M. DingmanNAI Everest

Minneapolis, MN

Henry M. NevinsNALS Apartment

HomesSanta Barbara, CA

James KuhnNewmark Grubb

Knight FrankNew York, NY

Marc G. RobinsonMulti Housing

AdvisorsCharlotte, NC

Robert A. EspositoNWP Services Corporation

Pembroke Pines, FL

Kevin FilterOak Grove Capital

Saint Paul, MN

Jake HarringtonOn-Site.com

Campbell, CA

Arthur J. ColePacific Urban Residential

Palo Alto, CA

Adam DuckerRCLCO

Bethesda, MD

Mitchell L. MorganMorgan PropertiesKing of Prussia, PA

Brian ZrimsekMRI Software

Solon, OH

Joshua GoldfarbMulti Housing

AdvisorsAtlanta, GA

Susan M. MelloPrudential Real Estate Investors

Madison, NJ

Martha BurrowsPrudential Real Estate Investors

Atlanta, GA

APRIL 2015 | NMHC 50 35

BOARD OF DIRECTORS

Geoffrey C. BrownUSA Properties

Fund, Inc.Roseville, CA

Karen McCurdyUSA Properties

Fund, Inc.Roseville, CA

Michael Keyes Ferris

Valet Waste, LLCTampa, FL

Robert E. HartTruAmerica Multifamily

Sherman Oaks, CA

Greg CampbellTruAmerica Multifamily

Los Angeles, CA

Dan O’ConnellTime Warner Cable

New York, NY

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

Peter E. BaccileUBS Securities, LLC

New York, NY

Syd McDonaldValet Waste, LLC

Tampa, FL

J. Brian PetersRose Associates, Inc.

New York, NY

Arlene MayfieldRentPath

Norcross, GA

David EvemySarofim Realty

AdvisorsDallas, TX

Avi LewittesThe Scion Group

Chicago, IL

Jason TaylorThe Scion Group

Chicago, IL

Colm MackenShea PropertiesAliso Viejo, CA

James D. Scully Jr.Scully CompanyJenkintown, PA

Michael A. ScullyScully CompanyJenkintown, PA

W. Steve GilmoreShea PropertiesAliso Viejo, CA

J. Robert LoveSimpson

Housing LLLPAtlanta, GA

Ella NeylandSteadfast

Income REITIrvine, CA

Michael KatzSterling American

Property Inc.Great Neck, NY

Jay JacobsonStiles Residential

GroupFt Lauderdale, FL

Tarak PatoliaSterling American

Property Inc.Great Neck, NY

Shari McKoinTransUnion Rental

Screening SolutionsGreenwood Village, CO

Brian J. TusaTrinsic Residential

GroupDallas, TX

W. Michael Doramus

Sarofim Realty AdvisorsDallas, TX

Todd A. RodenbergRed Mortgage Capital, LLCDallas, TX

Russell L. DixonRedHill Realty Investors, LP

San Diego, CA

Judy BellackRentPath

Boca Raton, FL

Stephen T. WinnRealPage, Inc.Carrollton, TX

Michael J. MoranRed Mortgage Capital, LLCDallas, TX

Charles A. HewlettRCLCO

Bethesda, MD


Leading, connecting, influencing, and

informing the American apartment industry

since 1978—NMHC is where the industry’s

best and brightest gather to shape a positive

future for their businesses, the industry

and the communities they help build.

www.nmhc.org

APARTMENT LEADERSHIP

RESIDES

HERE

BOARD OF DIRECTORS NOT PICTURED

BOARD OF DIRECTORS

Jeffery A. RobertsAltman Development CorporationBoca Raton, FL

Brad LongApartments.comChicago, IL

Alexis GessnerArbor Commercial Mortgage, LLCUniondale, NY

Bonnie HabyanArbor Commercial Mortgage, LLCUniondale, NY

Alexandra GlickmanArthur J. Gallagher & Co.Irvine, CA

Nicole KaneAsset EssentialsSan Antonio, TX

Chad McCalebAsset EssentialsSan Antonio, TX

Jeffrey I. FriedmanAssociated Estates Realty CorporationRichmond Heights, OH

Steven IvankovichAtlas Apartment Homes, LLCChicago, IL

David CarpenterAUMElmhurst, IL

Stephen DavisAvenue5 Residential, Inc.Seattle, WA

Dan FrenchAvesta CommunitiesTampa, FL

Rachel RidleyAvesta CommunitiesTampa, FL

Mary Jo GeorgeBallard SpahrWashington, DC

Deborah RoganBellwether Enterprise Real Estate Capital, LLCCleveland, OH

Scott SladekBuckingham CompaniesIndianapolis, IN

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

Nick MoulinetBury+Partners, Inc.Dallas, TX

Kyle LewallenButler Burgher GroupAustin, TX

Jeffrey CaganCagan Management Group, Inc.Skokie, IL

Aaron HalfacreCampus Crest CommunitiesCharlotte, NC

Harris HastonCarter Haston Holdings, LLCNashville, TN

DeAnna ThomasCBRE Global Investors, LLCBoston, MA

Brooks CastellawCFLane, LLCAtlanta, GA

Mark DeanCiti Community CapitalSeattle, WA

Cliff AlsbergCohnReznick LLPAtlanta, GA

Justin TrailCommercial Insurance Solutions GroupDallas, TX

Daniel J. MinahanContinental Properties Company, Inc.Menomonee Falls, WI

James H. SchloemerContinental Properties CompanyMenomonee Falls, WI

Pam StormCoreLogic SafeRentNorcross, GA

Andrew WilliamsCornerstone Real Estate Advisers LLCHartford, CT

Mark KlionskyCoStarWashington, DC

Phillip R. DeguireThe Wilkinson

Group, Inc.Atlanta, GA

Charles W. Brammer, Jr.The Wilkinson

Group, Inc.Atlanta, GA

Ronald V. Granville

Woodmont Real Estate ServicesBelmont, CA

Lawrence H. Curtis

WinnDevelopmentBoston, MA

Brigitta EgglestonYardi Systems, Inc.Santa Barbara, CA

Brad StetserYardi Systems, Inc.Santa Barbara, CA

Samuel C. Stephens, III

ZOM CompaniesOrlando, FL

Greg WestZOM Companies

Fort Lauderdale, FL

Jonathan Holtzman

Village Green Companies

Farmington Hills, MI

Brendan ColemanWalker & Dunlop

Bethesda, MD

Raymond D. Barrows

Waypoint ResidentialAtlanta, GA

Howard W. Smith, III

Walker & DunlopBethesda, MD

Jack O’ConnorWeidner Property Management LLC

Kirkland, WA

W. Dean WeidnerWeidner Property Management LLC

Kirkland, WA

Timothy J. ConnellyWhiteco

Residential LLCMerrillville, IN


C

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Y

CM

MY

CY

CMY

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MultiFamily_Masters-outlines.pdf 1 3/6/15 10:25 AM

BOARD OF DIRECTORS NOT PICTUREDJames M. CauleyCrescent CommunitiesCharlotte, NC

Keith GetterD.A. Davidson & CompanyBaltimore, MD

Roy E. Demmon, IIIDemmon PartnersRedwood City, CA

Thomas WalshDemmon PartnersRedwood City, CA

John CaltagironeThe Dinerstein CompaniesHouston, TX

Kristopher HamptonDIRECTVEl Segundo, CA

Grant McCalebDoster Construction Company, Inc.Birmingham, AL

Dana DavidE & S Ring Management CorporationLos Angeles, CA

Michele M. EvansFannie MaeWashington, DC

Bob SimpsonFannie MaeWashington, DC

Bob SimpsonFannie MaeWashington, DC

Daniel KaplanFPA MultifamilySan Francisco, CA

Daniel TannerFull House BoardWashington, DC

Dan HobinG5Bend, OR

Edward CocoGE Real EstateAlpharetta, GA

Stephen LoPrestiGerson Bakar & AssociatesSan Francisco, CA

Katie BloomGoldman SachsIrving, TX

James W. Huckaby, Jr.Goldman SachsIrving, TX

Justin GinsbergGuggenheim Commercial Real Estate Finance, LLCNew York, NY

Howard EdelmanHeitmanChicago, IL

Jennifer MasseyHighland Commercial Mortgage, LLCBirmingham, AL

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

Jon C. WoodHinesWinter Park, FLBirmingham, AL

James DavisInfoTycoonRoswell, GA

Mark CosenzaThe Inland Real Estate Group, Inc.Oak Brook, IL

Wayne A. ComerJ.P. Morgan Investment Management,New York, NY

Eddie YangJBM Institutional Multifamily AdvisorsOrlando, FL

Bonnie D. MoserKane Realty CorporationRaleigh, NC

Christina ChaKennedy WilsonBeverly Hills, CA

Laurel HowellKettlerMc Lean, VA

Mike KingsleyKTGY Group Inc.Vienna, VA

Gus RemppiesLandmark Apartment Trust, Inc.Richmond, VA

Herbert L. Miller, Jr.LEM Capital, L.P.Philadelphia, PA

Todd M. FarrellLennar Multifamily Communities, LLCCharlotte, NC

Jonathan SternMeridian Capital Group, LLCNew York, NY

Robert D. LazaroffThe Michelson OrganizationSaint Louis, MO

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

Jeffrey A. GoldshineMiddleburg CapitalFairfax, VA

Elissa M. CourtrightMRI SoftwareSolon, OH

Caryn McVeyNAI GlobalMinneapolis, MN

Casey K. BrennanNALS Apartment HomesSanta Barbara, CA

Douglas Scott SchusterNewmark Grubb Knight FrankLas Vegas, NV

Ron ReedNWP Services CorporationCosta Mesa, CA

Jeff PattonOak Grove CapitalBirmingham, AL

Monte JonesOn-Site.comCampbell, CA

W. Clark EwartParadigm Development CompanyArlington, VA

Nicholas KillebrewParse CapitalLaguna Beach, CA

Rondetta TroutmanPicerne Real Estate GroupPhoenix, AZ

Jack CohenPillarChicago, IL

Michael A. SullivanPritzker Realty Group, LLCChicago, IL

Darren R. CarringtonPrometheusSan Mateo, CA

John HannaProperty SolutionsProvo, UT

Kenneth J. BaconRailField Realty PartnersBethesda, MD

Mike SabbatisRealPage, Inc.Carrollton, TX

Emily Kaplanrealtor.com rentalsWestlake Village, CA

Shawn Sullivanrealtor.com rentalsWestlake Village, CA

Adrienne DrummondRegions BankAtlanta, GA

Joel StephensRegions BankAtlanta, GA

Alan FeldmanResource Real Estate, Inc.Philadelphia, PA

Yvana RizzoResource Real Estate, Inc.Philadelphia, PA

Jason PalmerTIAA-CREFNewport Beach, CA

Blaine AltafferTime Warner CableHerndon, VA

Diane BatayehVillage GreenFarmington Hills, MI

Scott J. LawlorWaypoint ResidentialBoca Raton, FL

Deirdre KuringWinn CompaniesBoston, MA

Greg M. GalliWoodmont CompaniesBelmont, CA


6

R

R

NMHC Industry ConferencesOpen to members and non-members.

2015 NMHC Student Housing Conference & Exposition

September 28–30, 2015 • Phoenix, AZ

2015 NMHC OpTech Conference & Exposition

November 17–19, 2015 • San Diego, CA

2016 NMHC Apartment Strategies Outlook Conference

January 19, 2016 • Orlando, FL

NMHC’s Exclusive Meetings

2015 NMHC Fall Board of Directors and Advisory

Committee Meeting

Get the Insider’s Perspective on Capitol Hill

September 15–17, 2015 • Washington, DC

2016 NMHC Annual Meeting

Plan Your Strategy for the Year

January 19–21, 2016 • Orlando, FL

2016 Spring Board of Directors Meeting

Our Most Exclusive Meeting

May 18–20, 2016 • Chicago, IL

Learn more at www.nmhc.org/meetings

NMHC’s meetings

bring together senior

executives from

the nation’s leading

multifamily frms for

high-level networking,

actionable business

intelligence and

thought-provoking

discussions.

Meet@

NMHC 3.375x10_04.2015

ADVISORY COMMITTEEAbacus Capital Group, LLCGregory LydenNew York, NYABC Supply Company, Inc.Andrew W. DenickMerritt Island, FLAckman Ziff Real Estate Group, LLCPatrick HanlonNew York, NYAdelante Capital ManagementLen RittbergOakland, CAAdvenirTaylor RismillerAventura, FLAEW Capital Management L.P.Julie KittlerBoston, MAAIG Global Real EstateMark Ellsworth HertzNew York, NYAlexander Investments International, Inc.Kyle D. RivaWinter Park, FLThe Allen Morris CompanyW. Allen MorrisCoral Gables, FLAlliance Tax Advisors, LLCTony J. ComparinIrving, TXAlliant Insurance Services Inc.Sarah SchottHouston, TXAllianz Real EstatePaul WoltersNew York, NYAllied World Insurance CompanyKevin A. MaloneyNew York, NYAllstate Investments, LLCStella PappasNorthbrook, ILALM - Real Estate MediaMichael G. DesiatoNew York, NYAlpha-Barnes Real Estate ServicesMichael D. ClarkDallas, TXAltus GroupMichelle K. RuddSparks, MDANYONE HOME INC.Todd KatlerLake Forest, CAAon Risk Services, Inc.Kevin J. MaddenNew York, NYApartment Association of Greater Los AngelesJim ClarkeLos Angeles, CAApartment Association, California Southern CitiesTerri SheaLong Beach, CA

Apartment FinderMarcia BollingerNorcross, GAApartment ListDennis CogbillSan Francisco, CAApexOne Investment PartnersJim A. HearnHouston, TXApollo Global Real EstateDerek SudanNew York, NYARADavid K. OelfkeHouston, TXArgyle ResidentialJohn BurnhamAustin, TXArlington Properties, Inc.James M. DixonBirmingham, ALArtemis Real Estate PartnersRichard BanjoChevy Chase, MDAshley Management CorporationStephen B. AshleyRochester, NYAssurant Specialty PropertySteven HeinMiami, FLAtkinson Ferguson, LLCChris AtkinsonMonroe, GAAtlantic Pacific Real Estate GroupGregory WardAtlanta, GAAuction.comJoseph CuomoMiami Beach, FLAukum Management LLCJason FuchsLarkspur, CAAxiometrics Inc.Ronald G. JohnseyDallas, TXB/K FundsMark M. BenekeDallas, TXBader CompanyJoshua NicholsonIndianapolis, INBalfour Beatty ConstructionMichael FlaniganAtlanta, GABank of America, N.A.John BarkerNew York, NYBankFinancialJohn G. ManosBurr Ridge, ILBarker ApartmentsDavid BarkerIowa City, IAThe Bascom GroupJames SingletonIrvine, CABBL Builders LPChad CourtyDallas, TX

BBVA CompassFrederick L. RuessDenver, COBeachwold Residential LLCRobert P. RothenbergNew York, NYBeacon Communities Investments, LLCHoward E. CohenBoston, MABeecher CarlsonMarci SteidingAtlanta, GABeekman Advisors, Inc.Shekar NarasimhanMc Lean, VABel Air InternetJoel E. McIntyreSherman Oaks, CABenchmark Real Estate AdvisorsDavid PepeOrlando, FLBenedict Canyon Equities, Inc.Ryan J. SomersLos Angeles, CABentall KennedyBetsy WeingartenBethesda, MDBergstrom Investment Management, LLCKelley A. BergstromKey Colony Beach, FLBerkadiaJohn RhoadesPhoenix, AZBerkeley Point Capital LLCMeaghan MartinBoston, MABerkshire GroupEric DraegerBoston, MABerkshire Residential DevelopmentSteve WoodBoston, MABetter NOI (formerly Screening Reports, Inc.)Timothy FortnerWood Dale, ILBeztak CompaniesHarold BeznosFarmington Hills, MIBGO ArchitectsEmily T. KeithAddison, TXBKV Group, Inc.Jack BoarmanMinneapolis, MNBlackRock RealtyDale GruenSan Francisco, CABlackstoneKevin W. DinnieNew York, NYBlackstone Consulting LLCScott D. LivingstonPortland, MEBlue Ridge Companies, LLCTami Singleton FossumCharlotte, NC

Blue Vista Capital ManagementPeter StelianChicago, ILBlueGate Partners LLCMark DeLilloNew York, NYBMO Capital MarketsStephan RichfordChicago, ILBrack CapitalKenneth BodensteinNew York, NYBradford Allen CapitalCharles N. HoagChicago, ILBradley CompanyBryson C. ToothakerSouth Bend, INBrandenburg PropertiesLee H. BrandenburgSan Jose, CABrasfield & Gorrie, LLCRoddy McCroryKennesaw, GABright House NetworksPatricia BottRiverview, FLBrook Furniture RentalKim AshleyLake Forest, ILBrookfield FinancialThaine CarterToronto, ONBrown Realty AdvisorsBarden BrownAtlanta, GABSB DesignKelly OsburnDallas, TXBSR TrustScott RayLittle Rock, ARBuilding and Land Technology Corp.Paul J. KuehnerStamford, CTBuildingLink.com LLCZachary KestenbaumNew York, NYButterflyMXCyrus ClaffeyNew York, NYBuyers AccessPeter RodenDenver, COC.F. Evans ConstructionJohn BarrOrangeburg, SCCA Student LivingSean ZascheChicago, ILCallahan, Inc.Rajeev BhangooBridgewater, MACalPERSLiya CorneliusSacramento, CA


Cambridge Management Co.Thomas M. ScottSanta Clara, CACamp Construction ServicesJeff BlevinsHouston, TXCampus TelevideoBrian BenzStamford, CTCandlewood Partners LLCSteve LatkovicCleveland, OHCantor Commercial Real Estate (CCRE)Michael C. MayBethesda, MDCantrell McCulloch, Inc.Robert McCullochDallas, TXCapital One BankRichard LyonNew York, NYCapri Capital PartnersDori NolanChicago, ILCapstone Apartment PartnersRobert A. McIntoshCharlotte, NCCapture the MarketKimberly ScottDallas, TXCARES By Apartment LifeKiley HaughtEuless, TXThe Carlyle GroupBrian NelsenWashington, DCCassidy TurleyChristopher J. DoerrWashington, DCCassin & Cassin LLPAmy BernsteinNew York, NYCBREMalcolm McComb, IIIAtlanta, GACBRE New EnglandSimon J. ButlerBoston, MAThe Cedarwood CompaniesJeff KarlovecAkron, OHCEL & Associates, Inc.Christopher LeeLos Angeles, CACentennial Holding CompanyWilliam Porter Payne, Jr.Atlanta, GACenterSquare Investment Management, Inc.Mark B. GrecoPlymouth Meeting, PAChapel Street AdvisorsHillary B. BlevinsCharleston, SCCharter CommunicationsScott McGeeChesterfield, MO

Chatham FinancialJoe NowickiLittleton, COChicago TitleHolden HeilDallas, TXChicago TitleSue JacobsonHouston, TXCIGNA Realty InvestorsJohn ClarkHartford, CTCitrin CoopermanMark MindickNew York, NYCityscape Residential, LLCBrian K. CranorIndianapolis, INClear Capital, LLCGreg WorchellLos Angeles, CACoastal Apartment AdvisorsJames SewellHilton Head Island, SCColliers International Northeast FloridaDouglas BlairJacksonville, FLCollins Enterprises, LLCRona SiegelOld Greenwich, CTColumbiaNational Real Estate Finance, LLCRoger EdwardsWashington, DCComcastMichael SlovinPhiladelphia, PACommercial Risk Solutions Insurance AgencyJames J. CincottaStuart, FLCommercial Wireless Systems International, LLCElizabeth ConhaFort Lauderdale, FLCondoInternetAmy K. ThompsonSeattle, WACONNORPatrick T. ConnorBaltimore, MDThe Connor GroupLawrence S. ConnorCenterville, OHContinental Realty CorporationJoseph M. Schapiro, IIIBaltimore, MDCore Real Estate Capital LLCBenjamin HornColumbus, OHCORTMark KoepsellChantilly, VACortland Partners, LLCSteven DeFrancisAtlanta, GACox CommunicationsShannon BoyleAtlanta, GA

Cox, Castle & Nicholson LLPAmy H. WellsLos Angeles, CACozen O’ConnorHoward Grossman, Esq.Philadelphia, PACredit Suisse LLCJeremy StolerNew York, NYCrescent CommunitiesMichael BlackwellCharlotte, NCCriterion BrockKerri SilverMilwaukie, ORCrossbeam ConciergeTheodore M. Kerr, Jr.Dallas, TXCrown AdvisorsJohn C. DiMareNorth Barrington, ILCrown Advisors, Inc.John CignaPittsburgh, PACube 3 Studio Architects, LLCNicholas A. MiddletonLawrence, MACurtin Property CompanyChris M. CurtinOverland Park, KSCushman & WakefieldAndrew J. MerinEast Rutherford, NJCushman & WakefieldMarc D. RenardLos Angeles, CACWS Apartment HomesSteven J. SherwoodAustin, TXDaniel CorporationJustin P. WeintraubBirmingham, ALDeNyse CompaniesAmy BaillieDouglasville, GADepositIQTom SchickelDenver, COThe Dermot Company, Inc.Stephen BenjaminNew York, NYDesign Collective, Inc.Vanessa ZawodnyBaltimore, MDDeutsche Asset and Wealth ManagementTimothy EllsworthChicago, ILDiamond Realty InvestmentsMitsunobu NakamuraLos Angeles, CADishRobert GroszEnglewood, CODocuSign, Inc.Michael PressnallSeattle, WA

Dogwood Capital PartnersParker BrileyIrving, TXDome Equities, LLCEric D. JonesNew York, NYDougherty Mortgage LLCTim LarkinMinneapolis, MNDover Realty Advisors, LLC/Paragon Properties, LLCTerry B. SchwartzBingham Farms, MIDrake Realty Group, LLCKyle N. DrakeHouston, TXDraper and Kramer, IncorporatedMichael T. GilmartinChicago, ILDwell Design Studio, LLCJason R. ShepardAlpharetta, GAEastdil SecuredRoland S. Merchant , Jr.New York, NYEastern Union FundingShlomie MilwormHowell, NJEastham CapitalEric SilvermanNeedham, MAEaton Vance ManagementAndrew FrenetteBoston, MAEcologic FurnitureAndy HolleyWaukegan, ILEdgewood & Vantage ManagementJanine LindGermantown, MDElad National PropertiesArik BronfmanFort Lauderdale, FLEllis, Partners in Management SolutionsJoanna EllisIrving, TXEncore Housing Opportunity FundJoe DiCristinaBoca Raton, FLEntrepreneurial Properties CorporationMatthew V. WherryNewport Beach, CAEpoch Properties, Inc.Justin SandWinter Park, FLePremium InsuranceAnn PadgettMason, OHEricssonBarry McLarenPlano, TXESupply SystemsEric R. BroughtonSan Antonio, TX

APRIL 2015 | NMHC 50 43

ADVISORY COMMITTEEEvercore PartnersGreg BrooksNew York, NYEvergreen Devco, Inc.Jeff WikstromLittleton, COExperian RentBureauBrannan JohnstonCosta Mesa, CAFair Collections & Outsourcing, Inc.Carol M. BloomBeltsville, MDFairfield Residential Company LLCRichard BoyntonSan Diego, CAFaulkner Design Group, Inc.Adrienne FaulknerDallas, TXFederation of Rental Housing Providers of OntarioMike ChopowickToronto, ONFerguson Partners, Ltd.William J. FergusonChicago, ILFidelity InvestmentsNeil NabarBoston, MAFidelity National Title-National Commercial ServicesConnie MahoneyLos Angeles, CAFifth Third BankDouglas J. WardChicago, ILFirst AdvantageDavid CarnerCarrollton, TXFirst American Title Insurance Co.Valerie KolytirisLos Angeles, CAFirst American Title Insurance CompanyPhillip SalomonNew York, NYFirst American Title Insurance Co.- NCSRandall l. ScottSanta Ana, CAFlournoy Development Co., LLCThomas H. FlournoyColumbus, GAFoley & Lardner LLPMichael W. HatchMilwaukee, WIFor Rent Media SolutionsAmanda McCrowellNorfolk, VAFore Property CompanyRichard L. ForeWashington, DCForest Properties Management, Inc.Jeffrey LibertCambridge, MAFortune-Johnson, Inc.Brett FortuneNorcross, GAForum Real Estate GroupDarren FiskGlendale, CO

Fox Rothschild LLPGina A. HoughWashington, DCFranklin Capital GroupJoseph E. ResendeAlexandria, VAFranklin StreetAndrew WrightTampa, FLFreedom Specialty Insurance CompanyJohn LopesNew York, NYFreeman Webb Inc.William H. FreemanNashville, TNFriedman Integrated Real Estate SolutionsBarry SwatsenbargFarmington, MIGallagher Evelius & Jones, LLPStephen A. GoldbergBaltimore, MDGas SouthCaroline LandisAtlanta, GAGates, Hudson & Associates, Inc.Patricia J.M. BlackburnFairfax, VAGDC Properties, LLCWilliam IngrahamHawthorne, NYGE Asset ManagementPamela BeamStamford, CTGE Real EstateDan EarleNorwalk, CTGE Real Estate, North America LendingJill McEntegartAlpharetta, GAGebroe-Hammer AssociatesNancy ReillyLivingston, NJGene B. Glick Company, Inc.David O. BarrettIndianapolis, INGinkgo ResidentialD. Scott WilkersonCharlotte, NCGMH Capital PartnersDavid R. ForrestNewtown Square, PAGolden Construction, LLCGeoffrey S. GoldenBirmingham, ALGoodwin Procter LLPCraig TodaroBoston, MAGoogleDexter LauMountain View, CAGoulston & StorrsSteven SchwartzBoston, MAGrace Hill, Inc.Joe P. BaileyAugusta, GA

Grand Peaks PropertiesLuke SimpsonDenver, COGrandbridge Real Estate Capital LLCThomas S. DennardCharlotte, NCGranite TelecommunicationsLarry SylvainWest Palm Beach, FLGreen Street Advisors, Inc.Dave BraggNewport Beach, CAThe Greysteel CompanyJohn MullenBethesda, MDGreystone Bridge Holdings, Inc.Karen MarottaNew York, NYGreystone Funding CorporationClaudia SchiepersNew York, NYGriffis/Blessing, Inc.Gary WinegarColorado Springs, COGross BuildersGary L. GrossCleveland, OHGuardian Management LLCThomas B. BrennekePortland, ORThe Habitat CompanyMatthew FiasconeChicago, ILHaley Real Estate GroupDaniel P. ClatanoffOmaha, NEHandyTrac SystemsJohn Lie-NielsenAlpharetta, GAHanley WoodSusan PielSan Francisco, CAHanley-Wood, LLCRobert M. BrittMill Valley, CAHarborview Capital PartnersJonathan KutnerLawrence, NYHartford Investment ManagementJohn M. MaherHartford, CTHathaway Development Partners, LLCW. Michael MuggridgeAtlanta, GAHB NorthwestEdward HewsonSeattle, WAHediger Enterprises Inc.Gary R. HedigerAtlanta, GAHendersen-Webb, Inc.Pamela F. NewlandCockeysville, MDHenry S. Miller Brokerage, LLCLewis E. WoodDallas, TX

Hentschel & CompanyStephen HentschelNew York, NYHFFWilliam MillerDallas, TXHFFJ. Todd StewartHouston, TXHHHuntJanet L. RiddlebargerBlacksburg, VAHills Property ManagementRussell LykesCincinnati, OHHillwood Multifamily, L.P.Mark McHenryFort Worth, TXHolland & Knight, LLPLynn CalkinsWashington, DCHolland Partner GroupTom ParsonsSeattle, WAHonigman Miller Schwartz and Cohn LLPJonathan R. BorensteinBloomfield Hills, MIThe Howard Hughes CorporationCoy G. McKinneyDallas, TXHSBC Bank USA N.A.Glenn GrimaldiNew York, NYHudson Capital Properties IV, LLCFrank Huttle, IIIEast Rutherford, NJHunt CompaniesRyan W. LuxonEl Paso, TXibr SearchWesley EaslyPittsburgh, PAIdeal Realty GroupAllen ManeshPotomac, MDIndex Investment LLCBjarne E. BorgJupiter, FLInstitutional Property Advisors, a Marcus & Millichap CompanySteve WittenNew Haven, CTInsurent Agency CorporationCharles SchoenauNew York, NYInterCapital Group, LLCEdward I. BiskindChicago, ILInterwest Capital CorporationAlex RoudiLa Jolla, CAINVESCO Real EstatePaul S. MichaelsDallas, TXInvestment Property Associates, LLCJennifer KosterGrand Haven, MI


istaAmanda HoldenSan Diego, CAIvanhoé Cambridge Inc.Sylvain FortierMontreal, PQJ. Turner ResearchJoseph BatdorfHouston, TXJ.I. Kislak, Inc.Thomas BartelmoMiami Lakes, FLJackson Walker, L.L.P.Vytas A. PetrulisHouston, TXJB Matteson, Inc.Duncan L. Matteson, Sr.San Mateo, CAJHP Architecture / Urban DesignRonald HarwickDallas, TXJMG Realty, Inc.T. Karlton JacksonAtlanta, GAJohn Hancock Financial ServicesRobert MauldenBoston, MAJohnson Development Associates, Inc.David Benjamin GravesSpartanburg, SCJones Lang LaSalle Americas, Inc.David YoungSeattle, WAJones Lang LaSalle Operations, LLCJohn W. BrayAtlanta, GAJP MorganPatrick J. NashChicago, ILJPIBenjamin H. MontgomeryIrving, TXJPIRobert D. PageIrving, TXJRK InvestorsRobert LeeLos Angeles, CAJuniper Investment Group, Ltd.J. Douglas Rippeto, Jr.Houston, TXKaba Access ControlDale MathiasLaguna Niguel, CAKaplan Acquisitions LLCGeoff SimpsonHouston, TXKBKGCJ AberinPasadena, CAKC Venture Group, LLCPeter EngelmanLeawood, KSKET Enterprises, Inc.Thomas B. Wilkinson, IVHouston, TX

KeyBank Real Estate CapitalJohn ManginelliNew York, NYThe Kirkland CompanyWilliam KirklandNashville, TNKiser Institutional Group LLCLee KiserChicago, ILThe Kislak Company, Inc.Demaris CasanovasWoodbridge, NJKorcett Holdings, Inc.Forrest FairclothBee Cave, TXKorn/Ferry InternationalAnthony J. LoPintoNew York, NYKrooth & Altman LLPSameer UpadhyaWashington, DCKW CommercialSchuyler WilliamsonAustin, TXL&B Realty Advisors, LLPWilliam L. FultonDallas, TXL’Arte Della CucinaBruce TaylorMiami, FLLeaseHawkMichael E. MuellerScottsdale, AZLeaseLabs/DZAPDana ZeffSan Diego, CALeaseStar, a Division of RealPage, Inc.Janine Steiner JovanovicCarrollton, TXLeaseTerm SolutionsRichard SchreiberChevy Chase, MDLeasingDesk, a Division of RealPage, Inc.Debra StocktonCarrollton, TXLeCesse Development CorporationSalvador F. LecceseAltamonte Springs, FLLegend Management Group, LLCRuth G. EisenhauerMc Lean, VALeonardo247Daniel CunninghamRedondo Beach, CALerner CorporationAlan H. GottliebRockville, MDLessard Design Inc.Christian LessardVienna, VALG ElectronicsKevin KimEnglewood Cliffs, NJLGA Capital, LLCJason GersteinRockville, MD

Lincoln Financial GroupNicholas R. HeinzelmannGreensboro, NCLIV CompaniesRobert B. Crumpton, IIIBirmingham, ALLivCor, LLCRalph PickettChicago, ILLocke Lord LLPMichael P. PetersiliaDallas, TXLord Aeck SargentMark LangeAtlanta, GALowe Enterprises InvestorsAndy SandsLos Angeles, CAM&T Realty Capital CorporationMark D. GouldBaltimore, MDM&T Realty Capital CorporationThomas D. KnappBaltimore, MDMagellan Development Group, LLCBrian GordonChicago, ILMaintenance Supply HeadquartersCary R. WrightStafford, TXManly & StewartJohn C. ManlyIrvine, CAMarcus & Millichap Capital CorporationWilliam HughesIrvine, CAMark-Taylor Residential, Inc.Dale PhillipsScottsdale, AZMarsh & McLennanJeffrey AlpaughBoston, MAMarvin F. Poer and CompanyWilliam L. DuBoisDallas, TXMason Joseph Company, Inc.David JosephSan Antonio, TXMassHousingMonte J. StanfordBoston, MAMaxus Properties, Inc.Michael P. McRobertNorth Kansas City, MOMayer Brown LLPKeith J. WillnerWashington, DCMB Financial BankSpencer HellmuthRosemont, ILMcCann Realty Partners, LLCD. Fleet WallaceRichmond, VAMDX (Multifamily Data Exchange)Dom BeveridgeAlpharetta, GA

Meridian Capital Group, LLCDina FinneganNew York, NYMeridian Capital Group, LLCAdrienne StephensNew York, NYMerion Realty PartnersRichard T. AljianWynnewood, PAMetLifeCharles C. Davis, Jr.Tampa, FLMetropolitan Properties of America, Inc.Jeffrey J. CohenBoston, MAMiddle Street Partners, LLCRyan KnappSullivans Island, SCMilan Insurance PartnersLee J. ManessNashville, TNMinnesota Multi-Housing AssociationMary RippeBloomington, MNMinolTeresa LopezAddison, TXMLV & Co.Bryan TurleyNew York, NYMoen IncorporatedDeena CaveNorth Olmsted, OHMomentous Insurance BrokerageStephen StromsborgVan Nuys, CAMoody’s CorporationGriselda BisonoNew York, NYMorgan StanleyHaendel Emmanuel St. JusteNew York, NYMorgan Stanley Investment ManagementJames A. CowanNew York, NYMorgan, Lewis & Bockius LLPRichard ToelkeBoston, MAMorris Manning & Martin LLPBonnie Y. Hochman RothellWashington, DCMPF YieldStar, a Division of RealPageKeith DunkinCarrollton, TXMRP RealtyJohn M. BegertWashington, DCMulti-Housing NewsMarisa BolesSanta Barbara, CAMultifamily Realty Advisors, LLCRichard R. CottonRaleigh, NCMultifamily Risk AdvisorsMichael BallewAtlanta, GA

APRIL 2015 | NMHC 50 45

ADVISORY COMMITTEEMuskin Commercial, LLCEllen MuskinAustin, TXNAI PetrousRaymond W. LordTulsa, OKNational Real Estate AdvisorsJames D. FrekoWashington, DCNationwide Energy Partners LLCBrent MillerColumbus, OHNatixisJoseph VassalloNew York, NYNeal, Gerber & Eisenberg LLPDouglas J. LubelchekChicago, ILNiles Bolton Associates, Inc.G. Niles BoltonAtlanta, GANimes CapitalAfshin KatebLos Angeles, CANNC Apartment VenturesJohn H. NunnLong Beach, CANorthland Investment CorporationSteven RosenthalNewton, MANorthMarq Capital - San FranciscoJeffery WeidellSan Francisco, CANorthMarq Capital, Inc.Greg A. DuvallOverland Park, KSNOVARE GROUPJames BordersAtlanta, GANovogradac & Company LLPMichael J. NovogradacSan Francisco, CANTS Development CompanyGregory G. McDearmonLouisville, KYNWP Services CorporationAmanda ChristensenLincoln, NEOakwood WorldwideKristen ZimmermanLos Angeles, CAOcius LLCJames RabinowitzChicago, ILOldcastle, Inc.Carolina Borges CavalcanteSaint Louis, MOOnicx Energy, LLCDavid J. MagrissoTampa, FLOpsTechnology, a Division of RealPageWilliam ChaneyCarrollton, TXOverseas Student Living, Ltd.Luke J. Archer NolanHong Kong, China

The P.B. Bell CompaniesR. Chapin BellScottsdale, AZPacific Life Insurance CompanyAnthony PremerNewport Beach, CAPackage Concierge, Inc.Georgianna W. OliverMedfield, MAPalladian Capital AdvisorsR. Gregory GeletkaFort Pierce, FLPalladium (USA) International, Inc.Thomas E. HuthDallas, TXParamount Global LLC d/b/a Paramount InvestmentsRoland StewartArlington, TXParcel PendingLori A. TorresIrvine, CAPartner Engineering & Science, Inc.Summer GellPlano, TXPayLeaseBrendan KaneSan Diego, CAPayNearMeChristopher J. VolgenauDenver, COPearlmark Real Estate PartnersEdward J. RyderChicago, ILPegasus ResidentialShae SimsAlpharetta, GAPEM Real Estate GroupPaul MashniScottsdale, AZPennybacker Capital, LLCVincent P. ReynaAustin, TXPenton Media Inc.Rich SantosNew York, NYPepper Hamilton LLPHenry LiuWashington, DCPerella Weinberg PartnersKevin StahlNew York, NYPhoenix Realty GroupAlan HirmesNew York, NYPPG Architectural CoatingsLori McwainPensacola, FLPPM Finance, Inc.David L. HendersonChicago, ILThe Praedium GroupMark LippmannNew York, NYThe Preston Partnership, LLCRobert N. PrestonAtlanta, GA

Price Realty CorporationMichael J. OchsteinAddison, TXProtection 1 SecurityMichael KeenRomeoville, ILPrudential Affordable Mortgage CompanySonya HoughArlington, VAPrudential Huntoon PaigePatrick KemptonChicago, ILPrudential Multifamily Mortgage, Inc.Sheri ThompsonArlington, VAPrudential Real Estate InvestorsJustin GleasonMadison, NJQ10 Kinghorn, Driver, Hough & Co.Ray Driver, IIIHouston, TXQBEJohn J. Drennen, IIGreensboro, NCRAM Partners, LLCWilliam F. LesemanAtlanta, GAReal Capital AnalyticsRobert M. White, Jr.New York, NYReal Capital MarketsStephen J. AlterCarlsbad, CAReal Estate Board of New York, Inc.Steven SpinolaNew York, NYReal Estate Equities, Inc.Terrence E. TroySaint Paul, MNReal Estate Investment GroupGeorge DiamondPortland, ORRealty Center Management, Inc.Curt KnabeCulver City, CARealtyCom Partners, LLCAnnie ManfrediSan Rafael, CARedwood Capital Group, LLCMark A. IsaacsonChicago, ILReis, Inc.Victor CalanogNew York, NYRemotely by RentbitsMike BranamEnglewood, CORent Stabilization AssociationJoseph StrasburgNew York, NYRent.comRobert JohnsonLos Angeles, CARentCollect GlobalRose K. McMillenYorba Linda, CA

Renters Legal Liability LLCPaul J. KaliadesSalt Lake City, UTRentPaymentMichael DenbeauWalnut Creek, CARepublic TitleJohn WilsonDallas, TXResidentCheckJorge BaldorDallas, TXResiModel, LLCMichael D. ArabePotomac, MDResource Investments Limited, LLCSteven ZalkindPennsauken, NJRETC LPDavid MartinezPlano, TXRittenhouse Realty AdvisorsCorey LonbergerPhiladelphia, PARivergate KW ManagementJay H. MassirmanCoconut Grove, FLRobert W. BairdJames E. O’BrienWashington, DCRock Apartment Advisors, Inc.Robert FlurryBirmingham, ALRockport Mortgage CorporationJoseph J. MuellerGloucester, MARockwood Capital LLCJoel A. MoodyLos Angeles, CARoscoe Properties, Inc.Jason BerkowitzAustin, TXRosen Consulting GroupNancy ToledoBerkeley, CART Specialty, LLCDavid BrinkerhoffKansas City, MOSabal Financial Group, L.P.Len IsraelNewport Beach, CASage Law Practice GroupPatrick R. PettittHampton, VASatisFacts Research, a Division of Internet Brands, Inc.Douglas J. Miller, Sr.Lutherville, MDSavills StudleyJeffrey BakerNew York, NYThe Screening Pros, LLCGary GlucroftChatsworth, CASecurity Capital Research & ManagementDavid A. KleinermanChicago, IL


Security PropertiesDavid M. DufenhorstSeattle, WASeminole Financial Services, LLCRobert J. BanksBelleair Bluffs, FLThe Sherwin-Williams Co.William G. RafieCleveland, OHSightPlanJoseph WestlakeOrlando, FLSilver CapitalMark AmbachBoca Raton, FLSilverpeak Real Estate PartnersChris S. WestfahlNew York, NYSilvestri Craig RealtorsKen D. SilvestriLexington, KYSimpson Property Group LPJody Kay HerseyDenver, COSitusSteven L. BeanNew York, NYSlopeJetCraig ZeutziusBoulder, COThe Solomon OrganizationMarc S. SolomonSummit, NJSouth City Partners, LLCMark W. RandallAtlanta, GASouthWood CorporationErnest H. DwightCharlotte, NCSpecialized Real Estate GroupSeth MimsFayetteville, ARSpecialty Consultants Inc.Thomas G. WilliamsPittsburgh, PASpectrum Properties Residential, Inc.Stephen McClureCharlotte, NCSpot On NetworksRichard SherwinNew Haven, CTStarwood Capital GroupJames Edward KaneAtlanta, GAStellar Advisors, LLCDavid SchwartzbergRockville, MDThe Sterling Group, Inc.Lance A. SwankMishawaka, INSterling Risk AdvisorsSusannah F. KinseyAtlanta, GAStewart Title Guaranty CompanyBruce HawleyNew York, NY

Stewart Title Guaranty CompanyTom KonkelDenver, COStrata Equity GroupDavid Carlos MichanSan Diego, CAThe Strategic SolutionKendall PretzerFlower Mound, TXStratford Capital Group, LLCJohn M. Nelson, IVPeabody, MAStream Realty PartnersPatricia RobertsAustin, TXStreetLights ResidentialTom BakewellDallas, TXSuffolk Construction Company, Inc.Rick KolbMiami, FLSullivan Curtis MonroeMichael IsaacsIrvine, CASummit Contracting GroupMarc PadgettJacksonville, FLSummit Equities LLCEvan SeidenNew York, NYSunAmerica Affordable Housing Partners, Inc.Douglas S. TyminsLos Angeles, CASunrise ManagementJoe GreenblattSan Diego, CATerra Search PartnersMatthew SlepinSan Francisco, CATGM Associates L.P.Michael FrazzettaNew York, NYThomas Title & EscrowFrank W. Busch, IIIDallas, TXTIAA-CREFJames G. MarthaHartford, CTTimberland PartnersRobert L. FransenMinneapolis, MNTowers Watson Data Services, Inc.Tina GayWhite Plains, NYTowne PropertiesNeil K. BortzCincinnati, OHTranswesternJon KleinbergAtlanta, GATranswestern Mid-Atlantic Multifamily GroupDean SigmonBethesda, MDTranswesternSteven E. PumperDallas, TX

Trinity FinancialPatrick LeeBoston, MATroutman Sanders LLPMark S. ShiembobRichmond, VATSB Capital Advisors, LLCTimothy BradleyPhoenix, AZUnion BankBrian RaphelWalnut Creek, CAUniversity FurnishingsPaul DouganDallas, TXUSAA Real Estate CompanyHailey GhalibSan Antonio, TXVan Metre CompaniesTim WhiteFairfax, VAVelocifyMartin LindEl Segundo, CAVelocity, a Division of RealPage, Inc.Kimberly LangCarrollton, TXVeritas Investments Inc.Yat-Pang AuSan Francisco, CAVerizonPatricia FrenchSt Petersburg, FLVingCard Elsafe/Assa AbloyGeorge WinkerRichardson, TXVirginia Housing Development AuthorityBennett AtwillRichmond, VAWafra Investment Advisory Group, Inc.Edward J. RyanNew York, NYWalchle Lear Multifamily AdvisorsBart WalchleJacksonville Beach, FLWalker & DunlopTrevor FaseWestlake Village, CAWalker & DunlopBryan L. FrazierIrvine, CAWallMasters Modular, Inc.Kevin ClementWinchester, KYWalsh Holdings LLCDaniel P. Walsh, Jr.Shaker Heights, OHWashington GasMary DohertySpringfield, VAWastePointDavid KantorColumbus, OHWaterton AssociatesCarolyn LagorChicago, IL

WDG ArchitectureFrederick HammannWashington, DCWestdale Asset ManagementEvan J. GriffithsDallas, TXWestern National PropertiesRex F. DeLongIrvine, CAWhite Point PartnersRyan HanksCharlotte, NCWhiteFenceFrancisco J. ArbideHouston, TXWhitney BankLee MitchellHouston, TXWilliams Asset Management, LLCJohn A. IsaksonAtlanta, GAWillisRonald D. TuckerHunt Valley, MDWilmarChris ThompsonJacksonville, FLWingate Management Co., LLCChristopher ReillyNewton, MAWitten Advisors LLCG. Ronald WittenDallas, TXThe Wolff CompanyTim WolffScottsdale, AZThe Wolff CompanyScott M. BashawScottsdale, AZWomble Carlyle Sandridge & Rice, PLLCPamela V. RothenbergWashington, DCWoodfield DevelopmentGregory BonifieldMount Pleasant, SCWoodmont Properties, LLCDavid TragerFairfield, NJThe Worthing CompaniesJohn A. EcholsAtlanta, GAWPC (Winter Park Construction)Jeffrey D. ForrestMaitland, FLWRH Realty Services, Inc.J. Mark RutledgeSt Petersburg, FLZillowRuss PengellySeattle, WAZRS Management, LLCSteven K. BuckOrlando, FL

ADVISORY COMMITTEE


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