2012 NMHC 50 Online (Interactive PDF) by National Multifamily Housing Council

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2012 The Nation’s 50 Largest Apartment Owners and 50 Largest Apartment Managers

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NATIONAL REAL ESTATE INVESTOR is pleased to present the 22nd annual NMHC 50, the National Multi Housing Council’s authoritative ranking of the nation’s 50 largest apartment owners and 50 largest apartment managers. For more than two decades, the NMHC 50 has been a key resource for industry observers. The top owner and manager lists, and the analysis that accompanies them, have provided the only historical benchmark against which to measure industry trends and concentration. Based in Washington, D.C., the National Multi Housing Council provides leadership for the apartment industry. NMHC’s members are the principal officers of the larger and more prominent apartment firms and include owners, developers, managers, financiers and service providers. The Council focuses on the four key areas of federal advocacy, strategic business information, industry research and public affairs. Through its federal advocacy program, the Council targets such issues as capital markets, housing policy, energy and environmental affairs, tax policy, fair housing, building codes, technology, human resources, rent control and more. For those interested in joining the apartment industry’s leadership, NMHC welcomes inquiries to its Washington office at (202) 974-2300, or you can visit NMHC’s web site at www.nmhc.org.

Contents

Introduction ..................................................................................... 2 2012 Apartment Ownership ............................................................. 4 2012 Apartment Management .......................................................... 6 Top Apartment Firms Strategically Pursue Surging Rental Market ...... 8 The Anatomy of a Brand Strategy .................................................. 16

ON THE COVER: The 327 rental units at luxury apartment community Gables Tanglewood, 40 San Felipe Street, Houston, Texas, will be ready for occupancy in 2013.

Show Me the Money Managers....................................................... 19 On a Path of Growth ...................................................................... 22 NMHC Officers .............................................................................. 28 NMHC Board of Directors Executive Committee.............................. 28 NMHC Board of Directors .............................................................. 32 NMHC Advisory Board ................................................................... 42

2 NMHC 50

APRIL 2012

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2012 Apartment Ownership NATIONAl MUlTI HOUSINg COUNCIl 50 (50 Largest U.S. Apartment Owners as of January 1, 2012) 2012 RANK

2011 RANK

COMPANY

UNITS OWNED 2012

UNITS OWNED 2011

CORPORATE OFFICER

HQ CITY

STATE

Boston

Boston Capital

157,423

158,947

Jack Manning

Centerline Capital Group

150,000

152,600

Rob Levy

New York

Boston Financial Investment Management, LP

140,077

145,454

Ken Cutillo

Boston

SunAmerica Affordable Housing Partners Inc.

134,882

141,113

Douglas S. Tymins

Los Angeles

PNC Real Estate

126,260

123,462

Todd Crow

Portland

Equity Residential

119,743

129,604

David J. Neithercut

Chicago

Hunt Companies, Inc.

114,712

62,109

Woody Hunt

El Paso

National Equity Fund, Inc.

106,772

107,138

Joseph Hagan

Chicago

The Richman Group Affordable Housing Corporation

98,770

94,925

Richard Paul Richman

Greenwich

Enterprise Community Investment, Inc.

97,822

96,195

Charles R. Werhane

Columbia

Aimco

93,630

110,943

Terry Considine

Denver

Archstone

73,955

81,613

R. Scot Sellers

Englewood

Alliant Capital, Ltd.

71,220

65,245

Brian Goldberg

Woodland Hills

Camden Property Trust

66,997

63,316

Richard J. Campo

Houston

UDR, Inc.

57,743

58,796

Thomas W. Toomey

Highlands Ranch

AvalonBay Communities, Inc.

57,426

54,579

Tim Naughton

Arlington

Edward Rose & Sons

56,385

56,025

Warren Rose

Farmington Hills

Pinnacle Family of Companies

52,655

55,932

Stan Harrelson

Dallas

WNC & Associates, Inc.

51,224

52,134

Wilfred N Cooper, Jr.

Irvine

Invesco Real Estate

51,125

50,567

Michael Kirby

Dallas

MAA

49,407

46,306

H. Eric Bolton, Jr.

Memphis

The Related Companies

48,967

35,637

Jeff Blau

New York

Forest City Residential Group, Inc.

48,482

47,384

Ronald A. Ratner

Cleveland

J.P. Morgan Asset Management

47,587

52,000

Jean Anderson

New York

JRK Property Holdings, Inc.

47,398

43,912

Jim Lippman

Los Angeles

NMHC 50

APRIL 2012

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2012 RANK

2011 RANK

COMPANY

UNITS OWNED 2012

UNITS OWNED 2011

CORPORATE OFFICER

Lincoln Property Company

47,245

46,507

Tim Byrne

Raymond James Tax Credit Funds, Inc.

46,572

43,035

Ronald Diner

28 Newcomer

TIAA-CREF

46,489

NA*

Michaels Development Company

45,425

Bell Partners Inc.

32 33

HQ CITY

STATE

Dallas

St. Petersburg

Thomas Garbutt

New York

44,843

Robert J. Greer

Marlton

44,931

43,265

Steven D. Bell and Jonathan D. Bell

Greensboro

Irvine Company Apartment Communities

44,545

43,791

Kevin Baldridge

Irvine

DRA Advisors LLC

42,515

41,111

David Luski

New York

Home Properties, Inc.

41,951

38,861

Edward J. Pettinella

Rochester

34 Newcomer

Holiday Retirement Corp./ Colson & Colson

37,076

36,859

Jack Callison

Salem

Lindsey Management Co., Inc.

35,628

34,088

James E. Lindsey

Fayetteville

Colonial Properties Trust

33,975

33,569

Thomas H. Lowder

Birmingham

Berkshire Property Advisors

33,847

27,906

Frank Apeseche

Boston

Sentinel Real Estate Corporation

33,500

35,000

John H. Streicker

New York

BH Equities LLC

33,205

30,172

Harry Bookey

Des Moines

UBS Realty Investors LLC

32,983

27,452

Matthew Lynch

Hartford

Essex Property Trust, Inc.

32,753

29,146

Michael Schall

Palo Alto

Concord Management Limited

32,467

32,313

Edward O. Wood, Jr.

Maitland

Westdale Real Estate Investment & Management

32,296

32,592

Joseph G. Beard

Dallas

44 Newcomer

Weidner Apartment Homes

31,551

20,508

Jack Oâ&#x20AC;&#x2122;Connor

Kirkland

45 Newcomer

Heitman LLC

26,490

21,941

Maury Tognarelli

Chicago

Highridge Costa Investors, LLC

26,416

26,335

Michael A. Costa

Gardena

Empire American Holdings, LLC

25,859

34,939

Eli Feller

Montvale

BRE Properties, Inc.

25,192

25,174

Constance B. Moore

San Francisco

AEW Capital Management, LP

24,891

27,556

Jeffrey Furber

Boston

The Bascom Group, LLC

24,877

28,851

Jerome Fink

Irvine

*TIAA-CREF did not provide 2011 unit data.

APRIL 2012

NMHC 50

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2012 apartment Management NaTIONal MUlTI HOUSINg COUNCIl 50 (50 Largest U.S. Apartment Managers as of January 1, 2012)

UNITS MaNaged 2012

2012 RaNK

2011 RaNK

COMPaNY

Greystar Real Estate Partners LLC

192,711

Riverstone Residential Group

UNITS MaNaged 2011

CORPORaTe OFFICeR

HQ CITY

STaTe

187,360

Robert A. Faith

Charleston

170,341

162,182

Walt Smith

Dallas

Lincoln Property Company

144,033

133,425

Tim Byrne

Dallas

Pinnacle Family of Companies

138,638

151,367

Stan Harrelson

Dallas

Equity Residential

119,743

129,604

David J. Neithercut

Chicago

WinnCompanies

91,920

84,817

Samuel Ross

Boston

Aimco

88,530

116,491

Terry Considine

Denver

Archstone

77,997

81,613

R. Scot Sellers

Englewood

Camden Property Trust

67,217

63,536

Richard J. Campo

Houston

Bell Partners Inc.

65,205

60,182

Steven D. Bell and Jonathan D. Bell

Greensboro

FPI Management Inc.

63,002

58,604

Dennis Treadaway

Folsom

12 Newcomer

Apartment Management Consultants, LLC

59,856

52,059

Greg Wiseman

Midvale

UDR, Inc.

57,743

58,340

Thomas W. Toomey

Highlands Ranch

AvalonBay Communities, Inc.

57,426

54,579

Tim Naughton

Arlington

Alliance Residential Company

56,952

48,520

Bruce Ward

Phoenix

Edward Rose & Sons

56,385

56,025

Warren Rose

Farmington Hills

17 Newcomer*

Hunt Companies, Inc.

51,281

34,792

Woody Hunt

El Paso

MAA

49,407

46,306

H. Eric Bolton, Jr.

Memphis

Fairfield Residential Company LLC

49,053

46,851

Chris Hashioka

San Diego

The ConAm Group of Companies

46,700

47,400

Brad Forrester

San Diego

BH Management Services, Inc.

45,907

41,641

Nicholas H. Roby

Des Moines

JRK Property Holdings, Inc.

45,422

41,934

Jim Lippman

Los Angeles

The Related Companies

44,289

34,439

Jeff Blau

New York

Westdale Real Estate Investment & Management

43,883

44,765

Joseph G. Beard

Dallas

*Due to changes in reporting, Hunt Companies, Inc. appears for the first time on the top managers list; however, Hunt subsidiary LEDIC Management Group, Inc. ranked No. 48 on the 2011 managers list.

NMHC 50

APRIL 2012

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COMPaNY

UNITS MaNaged 2012

UNITS MaNaged 2011

Home Properties, Inc.

41,951

38,861

Edward J. Pettinella

Michaels Development Company

41,597

39,575

The Laramar Group, LLC

41,235

Village Green

2012 RaNK

2011 RaNK

CORPORaTe OFFICeR

HQ CITY

STaTe

Rochester

Robert J. Greer

Marlton

40,521

Thomas Klaess

Denver

39,500

40,000

Jonathan Holtzman

Detroit/Chicago

Multifamily Management Services

39,100

35,800

Jeffrey Goldstein

Suffern

Irvine Company Apartment Communities

38,914

38,220

Kevin Baldridge

Irvine

Gables Residential

36,896

38,105

David D. Fitch

Atlanta

Forest City Residential Group, Inc.

36,053

34,096

Ronald A. Ratner

Cleveland

Lindsey Management Co., Inc.

35,980

34,440

James E. Lindsey

Fayetteville

The Lynd Company

35,095

32,875

A. David Lynd

San Antonio

Colonial Properties Trust

34,681

34,275

Thomas H. Lowder

Birmingham

Milestone Management, L.P.

34,439

45,896

Steve Lamberti

Dallas

McKinley, Inc.

34,056

33,922

Albert M. Berriz

Ann Arbor

Essex Property Trust Inc.

33,924

30,317

Michael Schall

Palo Alto

Sentinel Real Estate Corporation

33,500

35,000

John H. Streicker

New York

Berkshire Property Advisors

32,536

28,085

Frank Apeseche

Boston

Concord Management Limited

32,467

32,313

Edward O. Wood, Jr.

Maitland

Asset Plus Companies

32,302

34,887

Michael S. McGrath

Houston

43 Newcomer

Weidner Apartment Homes

31,551

20,508

Jack Oâ&#x20AC;&#x2122;Connor

Kirkland

Capstone Real Estate Services, Inc.

31,044

36,884

James W. Berkey

Austin

The John Stewart Company

30,637

30,534

Jack D. Gardner

San Francisco

The Bozzuto Group

30,529

32,276

Thomas S. Bozzuto

Greenbelt

CAPREIT, Inc.

30,040

31,000

Dick Kadish

Rockville

48 Newcomer

Harbor Group International

28,686

22,000

Jordan Slone

Norfolk

Morgan Properties

28,118

30,625

Mitchell L. Morgan

King of Prussia

Orion Real Estate Services, Inc.

27,573

26,570

Kirk Tate

Houston

50 Newcomer

APRIL 2012

NMHC 50

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Top Apartment Firms Strategically Pursue Surging Rental Market By Mark Obrinsky, Vice President of Research and Chief Economist, National Multi Housing Council

OvERviEw Apartment Market Demand for apartment residences continued to surge in 2011 as more households decided that renting was a better fit for their lifestyles, needs and budgets than owning. Overall, the renter share of households rose to 34.0 percent at year-end, the highest level in almost 14 years. Net absorption among investment-grade apartments posted the best back-to-back years since the boom of 1999-2000, while the occupancy rate

NMHC 50 PROFilE 2012 Portfolio Size: No. of Apartments Owned No. of Apartments Managed Minimum Entry Threshold: No. of Apartments Owned No. of Apartments Managed

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3,003,341 2,776,045

24,877 27,573

rose 110 basis points (bps) from the fourth quarter of last year to almost 95 percent, an indication of solid recovery from the Great Recession. New supply remained sparse. The historically low level of multifamily starts in 2009 and 2010 led to low completions in 2011. However, starts rebounded significantly, suggesting completions should ramp up in 2012, with stronger deliveries likely for 2013 and beyond. Even so, the level of new multifamily construction in 2011 was barely half of the average annual pace from 1997 to 2006. NMHC’s most recent Quarterly Survey of Apartment Market Conditions showed that although new development activity was widespread, starts lagged— only one-fifth of respondents indicated that groundbreaking had accelerated. What’s more, almost half of respondents indicated that new development was considerably below demand. New construction financing remained an obstacle in many markets, along with outdated zoning codes, unnecessary regulations and “NIMBY” groups. The boom in renters combined with the near-bust in supply led to strong rent growth. Same-store asking rents

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TOp 10 ApArTMeNT OwNer FirMs rank/Company

were up by almost five percent in 2011 nationally, surpassing the previous peak. Adjusted for inflation, however, real rents were still seven percent below the level of 4Q2006. Apartment transaction volume continued to grow in 2011, climbing 54 percent higher than 2010 and more than tripling 2009 levels. Indeed, at nearly $54 billion, volume surpassed 2004 levels, the last year before the condo conversionfueled boom. Apartment prices have risen sharply since the troughâ&#x20AC;&#x201D;the national average is up 25 percent to 35 percent by most measuresâ&#x20AC;&#x201D; and recent transactions show that many class-A properties in prime locations have even surpassed their previous peak. Cap rates eased a bit further last year to 6.5 percent, around 50 bps lower than the peak two years earlier.

Top 50 Owners and Managers The total number of apartments owned by firms in the NMHC 50 owners list is 8.2 percent greater than the number managed by the Top 50 managers, the largest difference in six years. In line with the previous three years, the mean and median portfolios among apartment owners are also larger than the mean and median management portfolios. But once again, the top management firm has a larger portfolio than the top owner firm, and the entry threshold for NMHC 50 managers is higher than that for the NMHC 50 owners. Most firms are bunched together in a relatively small band: 30 of the top management firms have between 30,000 and 50,000 apartments, as do 24 firms on the owners list.

Apartment Ownership Boston Capital topped the NMHC 50 owners list for the third consecutive year. (The firm also marked its 21st straight year among the Top 10 owners.) The next three spots were unchanged as well: Centerline Capital Group, Boston Financial Investment Management LP and SunAmerica Affordable Housing

No. of Apartments

Boston Capital

157,423

Centerline Capital Group

150,000

Boston Financial Investment Management, LP

140,077

SunAmerica Affordable Housing Partners, Inc.

134,882

PNC Real Estate

126,260

Equity Residential

119,743

Hunt Companies, Inc.

114,712

National Equity Fund, Inc.

106,772

The Richman Group Affordable Housing Corporation

98,770

Enterprise Community Investment, Inc.

97,822

NMHC 50 OwNers* Overview Number of Apartments Owned Top 10 Second 10 Top 25 Second 25 Top 50

1,246,461 632,360 2,120,662 882,679 3,003,341

portfolio size Measures Mean Median No. 1 firm No. 50 firm

60,067 47,322 157,423 24,877

share of National Apartment stock Top 10 Top 25 Top 50

7.1% 12.1% 17.1%

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

Partners Inc. PNC Real Estate moved up a notch to round out the top five, while Equity Residential moved down one spot to No. 6. Hunt Companies, Inc. appears in the Top 10 list for the first time, coming in at No. 7. Rounding out the Top 10 this year are the same firms from last year, although The Richman Group Affordable Housing Corporation and Enterprise Community Investment Inc. swapped order. Four of the Top 10 owner firms increased their portfolios in

ApArTMeNT OwNers Largest portfolio Growth Hunt Companies, Inc. The Related Companies Weidner Apartment Homes Camden Property Trust Berkshire Property Advisors

NMHC 50

Apartments + 52,603 + 13,330 + 11,043 + 5,975 + 5,941

Moving Up in rank The Related Companies Berkshire Property Advisors Hunt Companies, Inc. MAA

slots + 11 +8 +7 +3

APRIL 2012

GrandMarc at Westberry Place Fort Worth, TX $54,336,722 Student Housing Investment Sale 360 West Hubbard Chicago, IL $140,500,000 Equity Raise/ Construction Financing

The Alexander Alexandria City, VA $75,925,000 Investment Sale

H191 Portfolio Seattle Metro $155,342,000 Freddie Mac Fixed Rate Financing

More than $17 Billion of Multi-Housing Value Creation in 2011 CBRE was once again the leading market-maker for the multi-housing industry in 2011. Weâ&#x20AC;&#x2122;ve been the #1 investment sales apartment broker for 10 years running*, and the only commercial real estate brokerage with Fannie Mae, Freddie Mac and HUD FHA direct lending capabilities. We continue to create value for investors as the most robust facilitator of multi-housing capital markets transactions in the United States. *Source: Real Capital Analytics

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2011. Hunt Companies, Inc. had the biggest net TOp 10 ApARTMENT MANAGEMENT FIRMS gain with a pickup of 52,603 apartments, largely Rank/Company No. of a result of the purchase of Capmark Financial Apartments Group’s affordable housing portfolio. Equity Managed Residential shed the largest number of apart1 Greystar Real Estate Partners, LLC 192,711 ments, downsizing their holdings to the tune of 2 Riverstone Residential Group 170,341 9,861 units. Thirty-two of the 2012 NMHC 50 3 Lincoln Property Company 144,033 owner firms were net acquirers last year, adding 4 Pinnacle Family of Companies 138,638 a total of 143,200 apartments to their portfolios. 5 Equity Residential 119,743 By contrast, 17 were net sellers, dropping 78,098 units.* On balance, these firms grew by a com6 WinnCompanies 91,920 bined total of 65,102 units. 7 Aimco 88,530 This year’s 50 largest firms own 2.4 percent more 8 Archstone 77,997 apartments than last year’s Top 50, a growth rate 9 Camden Property Trust 67,217 right in line with the average for the past five years. 10 Bell Partners Inc. 65,205 For the second year in a row, Hunt Companies, Inc. posted the biggest increase, which moved them Top 10 for the first time since 1997. into the Top 10 for the first time. The Related Companies Roughly eight out of 10 Top 50 owners have market-rate made the biggest jump up the rankings list, shooting up 11 apartments in their portfolios while exactly half own taxplaces to the No. 22 slot. For the fourth straight year, Aimco credit properties or other subsidized properties. Eighteen remains the biggest net seller, trimming its portfolio by firms have senior housing apartments; of those, five have 17,313 units—a strategy that moved the company out of the more than 20,000 senior apartments. The NMHC 50 owners are geographically diversified: 90 percent have properties *Totals do not add up to 50; TIAA-CREF did not provide 2011 unit data.

REITs in the Rankings he number of REITs on the 2012 NMHC 50 owners list is unchanged from the previous two years. Total apartment holdings by REITs in the NMHC 50 decreased for the ninth consecutive year. At 1.6 percent, however, it was the smallest decline since 2006. As in past years, the drop had more to do with company-specific strategies than with the character of the REIT model. In fact, seven REITs grew their portfolios, but this was outweighed by downsizing at Aimco, Equity Residential and, to a much lesser extent, UDR, Inc. In principle, apartment owners could be ranked not only by the number of apartments owned but also by the value of those apartments. While capturing such data is impractical, there is an alternative measure available for public companies, namely total capitalization. While not perfect—ownership of non-apartment assets can substantially affect overall firm value—it provides a useful perspective on relative size among apartment firms.

NMHC 50

ApARTMENT REIT SIzE ANd RANk Units Owned

Equity Residential

Rank Total Cap Rank Among Capitalization Among REITs ($ millions) REITs

119,743

26,424

Aimco

93,630

8,221

Camden Property Trust

66,997

7,028

UDR, Inc.

57,743

9,680

AvalonBay Communities, Inc.

57,426

16,218

MAA

49,407

4,075

Home Properties, Inc.

41,951

5,893

Colonial Properties Trust

33,975

3,656

Essex Property Trust, Inc.

32,753

7,368

BRE Properties, Inc.

25,192

5,521

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, 2011, were provided by Stifel Nicolaus & Company, Inc.

APRIL 2012

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ApArtMeNt MANAGeMeNt by tier 3,000

Top 10 Top 25 Top 50

Units (thousands)

2,500 2,000 2,000 1,500 1,000 500

1990

1992

1994

Hunt Companies, Inc. registered the largest portfolio gain, adding 16,489 units. Five other firms also had portfolio gains of more than 8,000 units. The Related Companies 1,925.6 made the biggest jump in the rankings, up 13 slots to No. 23. Berkshire Property Advisors also made a double-digit move, climbing 1,156.3 10 places to the No. 40 position. Overall, firms on this year’s management list added a combined 61,628 apartments to their portfolios, as 34 companies grew compared to the 2010 2012 16 firms that shed assets. The total number of apartments managed by the Top 50 companies is the highest on record. The share of the entire apartment stock under management by the NMHC 50 rose to 15.8 percent, also a new high. Both the mean and the median rose and set new all-time highs. The minimum size needed to make it into the Top 50 edged down a bit from last year’s record, but at 27,573 units is still the second-highest threshold since the rankings began. Concentration trends were mixed last year. The portfolios of the 10 largest firms make up 41.7 percent of the Top 50, down from 43 percent last year—the group’s lowest share in 18 years. Apartments managed by the next 10 firms (No. 11 through No. 20 in the rankings) rose to 19.7 percent from 18.6 percent a year ago. The percentage marks a sizable share but is below 2005’s high-water mark of 20.8 percent. All of the Top 50 firms manage market-rate apartments. In addition, 32 companies have Low-Income Housing Tax Credit (LIHTC) properties in their portfolios—and of those, 19 also manage non-LIHTC affordable properties. Eighteen firms have senior housing apartments under management, although only Pinnacle Family of Companies has more than 20,000 such units. The South Atlantic region is home to properties from 44 of the Top 50 managers, the most of any region. At the other end of the spectrum, 23 of the Top 50 manage properties in the New England region. 2,776.0

1996

1998

2000

2002

2004

2006 2008

in the South Atlantic region and 64 percent have properties in New England while each of the other seven regions has properties owned by 78 percent to 86 percent of the firms on the NMHC 50 ownership list.

Apartment Managers Stability was the theme at the top of the NMHC management list. For the fourth consecutive year, the same firms made up the Top 10. Greystar Real Estate Partners LLC remains in the top spot for the second straight year, while Riverstone Residential Group kept its second place ranking. Lincoln Property Company (No. 3) and Pinnacle Family of Companies (No. 4) switched places—the only ranking change among the Top 10. There were five new firms on the management list this year, two of which debuted in the Top 20. Apartment Management Consultants LLC (No. 12) was a first-time survey respondent, while Hunt Companies, Inc. (No. 17) consolidated its reporting, including former Top 50 manager LEDIC under its umbrella this year. The other newcomers—Weidner Apartment Homes (No. 43), Harbor Group International (No. 48) and Orion Real Estate Services Inc. (No. 50)—rode portfolio increases to a Top 50 ranking.

ApArtMeNt MANAGers Largest portfolio Growth Hunt Companies, Inc. Weidner Apartment Homes Lincoln Property Company The Related Companies Alliance Residential Company Riverstone Residential Group 14

NMHC 50

Apartments + 16,489 + 11,043 + 10,608 + 9,850 + 8,432 + 8,159

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NMHC 50 MaNagers Number of apartments Managed 2012 Top 10 1,156,335 Second 10 547,805 Top 25 1,925,592 Second 25 850,453 Top 50 2,776,045

2011 1,171,167 505,197 1,885,014 837,880 2,722,894

2010 1,195,881 496,740 1,890,933 798,786 2,689,719

2009 1,224,042 487,528 1,915,170 754,002 2,669,172

2008 1,194,108 523,614 1,930,162 797,946 2,728,108

2007 1,106,880 498,472 1,810,315 770,885 2,581,200

2006 1,051,603 469,786 1,703,865 680,091 2,383,956

Portfolio size Measures Mean 55,521 Median 41,774 No. 1 firm 192,711 No. 50 firm 27,573

54,458 39,788 187,360 28,085

53,794 37,767 183,877 26,845

53,383 37,871 185,219 23,730

54,562 40,578 195,888 25,852

51,624 40,010 209,412 25,277

47,679 33,150 197,774 22,500

share of National apartment stock Top 10 6.6% 6.7% Top 25 11.0% 10.8% Top 50 15.8% 15.6%

6.9% 10.9% 15.5%

7.0% 11.0% 15.3%

6.9% 11.1% 15.7%

6.4% 10.4% 14.8%

6.0% 9.7% 13.6%

MetHodology The National Multi Housing Council (NMHC) partnered with Kingsley Associates to handle the NMHC 50 survey process (though NMHC remains solely responsible for any errors). To compile the NMHC 50 lists, both organizations gather names of owners and managers from as wide a range of sources as possible, and staff from each firm complete 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 do not distinguish between partial and full ownership. Some firms own sizable apartment properties through joint ventures in which their share could range anywhere from 1 to 99 percent. Others are primarily the sole owners of their apartments. In principle, it would be desirable to account for partial ownership—treating 50 percent ownership of 100 apartments as equivalent to full ownership of 50 units, for example. In practice, it is not feasible to make such distinctions. The survey excludes condominiums, cooperatives, hotel rooms, nursing homes, hospital rooms, mobile homes and houses with rental units. Rental housing for seniors (age-restricted apartments) is included, although assisted living and congregate care facilities are not. Finally, since we measure industry concentration by comparing the Top 50 owners and managers against the nation’s entire apartment stock, only U.S. 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: It relies on both accurate reporting and surveying of the complete universe, both of which can be fraught with problems. There are two caveats in comparing the lists over time. First, the definition was refined in 2006 to eliminate those investment fund managers with neither substantial equity nor effective control over the investment property. Second, occasionally firms that have previously been among the Top 50 owners or managers have not responded to the NMHC survey. When that occurs, companies appear on the list that otherwise might not have been large enough. In addition, this affects the total number of apartments owned by the Top 50 firms, as well as other measures of concentration such as the mean and median portfolio size. (Note that this did not affect the management list.) For these reasons, year-to-year comparisons must be made with great care. Note: In some cases, newly introduced policies prohibited firms from sharing the kind of information needed for these rankings.

April 2012

NMHC 50

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The Anatomy of a Brand Strategy Changing demographics lead some apartment ﬁrms to pursue new brand segmentation strategies. By Bill Gloede

GenerATion Y enerGY: AvalonBay’s AVA communities target the highly social, super-connected echo boomer demographic.

nMHC 50

hen Arlington, Va.-based AvalonBay Communities, Inc. announced in December that it was splitting its communities into three distinct brands, many in the industry took the news as a sign that the apartment rental industry had fully shaken off the dust from the downturn. With rents and renewals rising, business was back on a growth track, and the future looked promising. Not only were consumers beginning to question the value of homeownership, but Generation Y’s throngs of echo boomers were coming of age, creating a huge, emerging demographic market for apartment rentals. Not since the upscale rental segment took off back in the late 1990s had there been such a clearly defined marketing opportunity. Under AvalonBay’s new structure, the company’s core brand, Avalon, will continue as the company’s flagship. Located in bigger urban and suburban markets, Avalon communities will include high-end amenities and services and continue as the publicly traded REIT’s primary growth engine through new development, according to the company’s Senior Vice President for Brand Strategy Kurt Conway. Apartments will be larger and include premium finishes, lighting, appliances and amenities. The second brand in AvalonBay’s portfolio, called Eaves by Avalon, will include communities located in mostly suburban locations and target more cost-conscious, value-oriented renters. The final brand is dubbed AVA, partly because, as Conway puts it, “The word ‘AVA’ underscores the brand’s social elements. After all, it’s a person’s name.” The brand is squarely targeted to the highly social, super-connected Generation Y demographic. These communities will be in transit-friendly and urban settings in “energized neighborhoods,” as Conway calls them. Properties will feature smaller apartments

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“[We’re] focusing on the best performing markets and submarkets in the u.s, and within these markets, we are putting the right product that best matches customer needs.”

as well as units more conducive to roommate living. Conway points to a new AVA community under construction in the H-Street district of Washington, D.C., as representative of the new brand. Situated in an emerging youthful, walkable neighborhood, the property offers Generation Y residents ready access to transit, nightlife, galleries and restaurants. Apartments range from 450 square feet for a studio to 550- to 650-sq.-ft. one-bedrooms and roommate-friendly units in the 750- to 1,050-sq.-ft. range. While the brands are new for the company, which ranked No. 16 on the NMHC 50 Owners list and No. 14 on the NMHC 50 Managers list, the underlying strategy is really reflective of something the company’s been doing for the — Kurt conway, AvalonBay communities, inc. past 25 years—investing in locations where people want to live. “[We’re] focusing on the best performing markets and submarkets in the U.S, and within these markets, we are putting the right product that best matches customer needs,” Conway says. Properties. And even before them, the LeFrak Organization. But while some in the industry see new branding strateHoltzman’s take on the industry reflects his background; he gies similar to AvalonBay’s as an extension of existing target is the third generation of his family to run the company, which marketing efforts, others disagree, arguing that the industry, was founded by his grandfather in 1919. When the first wave in general, has placed more emphasis on the transaction and of branding and segmentation took place in the 1960s, he says, the property than the end user, or resident. the apartment companies that bought in were asking the same Jonathan Holtzman, chairman and CEO of Farmington question: “How can you call an urban high-rise building with Hills, Mich.-based Village Green, which ranked No. 28 on the NMHC 50 Managers list, would agree that the apartment industry, in general, has been behind the curve in terms of consumer segmentation. However, he points out that some companies’ strategies aimed at capturing Generation Y’s attention aren’t so much new as newly launched. As he explains it, somewhat diplomatically, “The apartment business has historically been behind the retail, hospitality and food industries. The Occupancy. Rent Values. Retention. fact that some companies are now acting like this is a fresh idea is not respectful of Regardless of your 2012 focus, apartment firms that have had branding ours continues to be delivering since the 1960s.” ROI through community. For example, Holtzman says Village Green, which now owns or manages approximately 40,000 apartments in 16 states, adopted a brand strategy after witnessing the growth “of this company called Holiday Inn.” It was the first branded chain of motels, and it grew, quickly, to a dominant position New Look, Same Focus. in the industry. Along with Village Green in the move to branding back then, says Holzman, were Oakwood, now Oakwood Worldwide, and Post

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live, work, play: Generation Y’s housing preferences are driving apartment firms toward urban, transit-oriented development like this community by Somerset Development, located three subway stops from Midtown Manhattan in Wood-Ridge, N.J.

older, suburban garden apartment complexes; Village Park became a new brand characterized by apartments with cathedral ceilings, in-unit washers and dryers, fireplaces, pools and clubhouses aimed at increasingly affluent baby boomers closer in to urban cores. And that trend continued through the decades to follow. In the late 1990s, company executives rolled out the City brand as Village Green began building environmentally friendly urban apartments with ready access to transit, featuring island kitchens, upscale appliances, upgraded flooring and bathrooms and rooftop pools. In the early 2000s, the company unveiled its Regents Park brand, which targets an older, upscale demographic looking for a more suburban setting. The company also added fifth brand aimed at the corporate relocation and temporary housing market that offers wellhigh rents the same name as a 20-year-old garden apartment appointed, furnished shorter-term rentals. community in the suburbs? No other industry would However, some apartment executives remain skeptical of do that.” the long-term value and effectiveness of a multi-brand stratSo, in 1989, company executives decided to do something egy. Greensboro, N.C.-based Bell Partners, No. 30 on the different. Rather than market their properties based on NMHC 50 Owners list and No. 10 on the NMHC 50 Managers their location, amenities and rent levels, which is what most list, markets properties using its core brand proposition, firms were doing, executives moved to launch two distinct “apartment living at its best.” The tagline is trademarked brands. Village Green became a single brand, made up of and used across its entire portfolio in conjunction with micro-brands created for individual communities. This strategy reflects a view that apartments are largely commodity products, and each community offers apartments designed to address unique tastes and needs. “The consumers own the brand, and DEVELOPMENT | FINANCE | CONSTRUCTION | MANAGEMENT they define what that brand stands for,” says Kevin Thompson, senior vice president of marketing for Bell. For Bell, “apartment living at its best,” is a blanket marketing strategy that can just as easily define a 595-sq.ft. studio at Bell Park Central in Dallas or a two-bedroom, two-bath suite at the Bell Midtown in Nashville or even a 1,500-sq.-ft. three-bedroom, twobath family apartment at Bell Preston Reserve in Cary, N.C. Bell’s strategy is more akin to a mass marketer than those of Village American Campus Communities is a $4.5 billion real Green and AvalonBay. Think Ford. estate investment trust (REIT) traded on the NYSE Every Ford is called a Ford. Every (symbol: ACC). Since 1993 we have structured and Bell apartment is called a Bell apartment. That’s by design, according to closed more than $6 billion of student housing transactions. With business expertise Thompson. “We should always be cauin project design and development, asset acquisition, and management services, tious before we do brand extensions,” we are the nation’s premier owner and operator of quality student housing. he says. “You can easily cannibalize AMERICANCAMPUS.COM your core brand.” 18

NMHC 50

APRIL 2012

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Show Me the Money Managers institutional managers continue to make their place in the apartment business next to traditional owners. By Bill Goede

he apartment rental business has long been a good place to park money. Depending on economic conditions, of course, it usually offers steady returns on capital and relatively stable asset value, which is a tough combination to match in, say, the stock markets. This continued stable performance is causing the rental business’ mix to change as more investment management companies, attracted by the potential yields, join the ranks of more traditional owners. According to an analysis of data collected for the NMHC Top 50, investment management firms are an increasing presence among the largest apartment owners in the U.S. The number of such companies among the Top 50 has nearly doubled from four in 2008 to seven this year, with TIAA-CREF, the financial services and retirement giant that takes its abbreviated moniker from Teachers Insurance and Annuity Association (TIAA) and College Retirement Equities Fund (CREF), making its first appearance on the list. TIAA-CREF debuted on the Top 50 owners list at No. 28. To the investment management companies that have been active in the industry for a while, this comes as no surprise, especially given the nature of the recent recession and concomitant crash of the homeownership market. “The sector is attractive because there’s a good income return, it doesn’t have a long lead time to develop and it’s attractive to a large number of investors,” says Jean Anderson, New York-based managing director for J.P. Morgan Asset Management, which ranked No. 24 on the top owners list. “And it certainly has been a property type that’s rebounded quickly from the recession.” “What has fueled the strength in the apartment rental industry over the past three years is the housing crisis,” says Paul Michaels, managing director of No. 20-ranked Invesco Real Estate in Dallas. “There’s been this huge flight to rental properties. The buzz in the industry is apartments.” Andrew McCulloch, an analyst who follows the apartment sector for Green Street Advisors in Newport Beach, Calif., cites the still-ailing market for single-family homes, demographic factors that signal strength in the rental market for years to come, a relative dearth of new supply owing to construction slowdowns during the recession and the relatively low cost of debt as primary drivers of this interest. “It’s easy to see why investment managers like apartments,” he says.

April 2012

Dan Fasulo, managing director at Real Capital Analytics in New York who tracks the commercial real estate sector, agrees. “Multifamily is in full-fledged recovery right now,” he reports, and, given that, says the increasing interest in the sector among investment managers “doesn’t surprise me. Real estate looks good versus some of the other alternatives; multifamily looks good versus other commercial property sectors. It looks awfully rosy versus the other prospects.” New apartment construction is near historic lows.

“there’s been this huge flight to rental properties. the buzz in the industry is apartments.” — paul michaels, invesco real estate

According to the Commerce Department, housing permits nationally for buildings with five or more units plunged from 359,000 in 2007 to 295,400 units in 2008 to 121,100 in 2009 before rising to 135,300 in 2010 and 176,400 last year. The 2009 and 2010 numbers were the lowest since the government began tracking this type of data back in 1959. “The developers and lenders hit the brakes very early in the cycle,” Fasulo explains. “Looking back, this is going to be some of the slowest growth we’ve seen for multifamily construction in the post-war period.” But then there’s that return. According to the National Council of Real Estate Investment Fiduciaries, which has since 1984 been tracking what it calls a composite total rate of return on investment for apartments owned at least in part by tax-exempt, institutional investors, there have been only eight quarters of negative returns through the end of 2011, six of them during the recession of 2008-2009. In 2011, average annualized returns rose to 15.5 percent. The other primary driver of interest in multifamily is demographics. The so-called Echo Boom generation, also known as Generation Y or the Millennial Generation, is entering the prime rental market demographic of 18 to 30 years

NMHC 50

A sPecIAL suPPLeMenT To nATIonAL ReAL esTATe InvesToR

old, many of them carrying record levels of education debt, which could keep them renting longer than previous generations. Add to that the millions of former homeowners who have returned or will return to the rental market as the national homeownership rate fell from a high of 69.4 percent in 2004 to 66.0 percent in 2011, the biggest drop in that metric since the Great Depression according to the Census Bureau. Coupled with the relative lack of new supply, these factors continue to keep rents and renewals steady. Still, investment management owners are keeping a wary eye on supply. “As long as supply remains in check, multifamily is going to be a great place to be,” says Invesco’s Michaels. J. P. Morgan’s Anderson echoes that sentiment. “Overall, the trends are very positive,” she says, but then asks, “How may units will be delivered two or three years from now?” Invesco, for one, is turning cautious on some markets, among them Seattle, Austin and Washington, D.C., which, not coincidentally, are areas that held up relatively well during the housing bust. He also believes there could be a supply surge in Boston. “People have to start to look at [markets] more closely,” says Michaels. “Two or three years from now, you might start to see supply exceeding demand.” However, he isn’t expecting to see that happen in New York

“[The apartment sector] certainly has been a property type that’s rebounded quickly from the recession.” — Jean Anderson, J.P. Morgan Asset Management

or Southern California, where demand continues to outstrip supply, in New York because of lack of developable land and in Southern California due to the length and difficulty of the permitting process. Anderson is likewise optimistic on JP Morgan markets, which are mostly gateway cities, including New York, San Francisco and the so-called Gold Coast on the Hudson River in New Jersey. Still, that caution will hardly dampen interest in multifamily among investment managers, Michaels believes. “I think [the rental market] is so good that people are still looking at the glass half full,” he says.

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On a Path of Growth

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s the economy sidestepped a double dip and began to firm up through 2010, its measured recovery set the stage to make 2011 a turning point for the apartment industry. Suddenly demand for rental units outpaced limited new supply and capital was flowing more freely to the sector. Market dynamics had shifted in such a way that apartment firms saw rents climb rather substantially, a key signal that the apartment market had indeed turned around. “We expect to see 5 percent to 7 percent increases in net rents in many markets [in 2012],” says Nicholas Roby, president of BH Management Services (No. 21 on the NMHC 50 Manager’s list) and vice chair of the equities division of BH Equities (No. 39 on the NMHC 50 Owners list). “This is a big improvement over the zero market rent growth and concessions of a half a month’s free rent or more, that were common a couple of years ago.” With opportunity like that dangling like a carrot in front of a hungry apartment industry, apartment firms are trying to come up with the best strategies to capture as much of the demand growth Seattle as they can, while it lasts. The industry’s runway for growth could shorten in 2013 and 2014, making 2012 a critical year for NMHC 50 executives to continue to execute new initiatives and complete transacSan Francisco tions, better positioning their companies for longer-term success. But finding the right strategy can be challenging in an Irvine improving market, as apartment firms San Diego wrestle with which opportunities to pursue—and which to let fall by the wayside. Office Locations

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According to a January NMHC Quarterly Survey of apartment market conditions, 53 percent of respondents reported a substantial pick-up in land acquisition and the lining up of financing and securing of building permits, although actual construction starts appeared to lag. An additional 20 percent of respondents reported that developers had been breaking ground on new projects at a rapid clip. “We have doubled our development pipeline this year,” says Ric Campo, chairman and CEO of the Houston-based Camden Property Trust (No. 14 on the owners’ list and No. 9 on the managers’ list). The company currently has about 2,300 apartments under construction at a cost of about $400 million and another 520 units under construction, at a cost of $113 million, with joint-venture partners. Campo says in the near term the

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Some Will Build The economic and housing recession has kept the apartment industry in a chronic state of under-production. Through 2011, there were 167,300 multifamily apartments started (5+ unit properties), a little more than half of the new units the industry should produce a year. However, greater access to capital is starting to accelerate new development.

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company plans to start construction on an additional 3,000 units in Tampa, Fla.; Orlando; Washington, D.C.; Denver and Southern California, among other locations. “We felt that the fact that there hasn’t been any apartment development in the last several years [would result in] pentup demand,” he says. At Denver-based UDR, Inc. for example, president and CEO Tom Toomey reports that his company (No. 15 on the owners’ list and No. 13 on the managers’ list) is currently investing $1.1 billion in building about 3,000 apartment units and redeveloping another 3,000. Warren Rose, CEO of Farmington Hills, Michigan-based Edward Rose & Sons, is another apartment owner looking to take advantage of burgeoning rental demand, an improving economy and more access to capital. His company (No. 17 on the owners’ list and No. 16 on the managers’ list) is on track to develop 800 to 1,000 new units this year. This is the first significant development the company has done since the beginning of the recession in 2008, says Rose. And running counter to other expansion strategies at work in the market, which focus on only gateway markets on the East and West coasts, Rose says the new units will be in markets in Illinois, Indiana, Iowa, Michigan, Nebraska, Ohio, South Carolina and Wisconsin.

“We have doubled our development pipeline this year. We felt that the fact that there hasn’t been any apartment development in the last several years [would result in] pent-up demand.” — Ric campo, camden Property trust For as much as a limited supply of new apartment product is driving new development, the acceleration in apartment construction also reflects anticipated demand as the almost 80 million-strong Generation Y comes of age. Camden’s Campo says, “Of the 3.8 million new jobs that have been created since the bottom of the recession, twothirds have gone to people under 34 who are mobile and more likely to be apartment dwellers [than other generations].” Ronald Ratner, president of the Cleveland-based Forest City Residential Group, Inc. (No. 23 on the owners’ list and No. 32 on the managers’ list), says the industry is building with that demographic in mind. “Everyone today is looking at building smaller product,” designed to appeal to the tastes and budgets of a younger group of urban professionals, he says.

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Others Will Buy But building a property from the ground up takes time—anywhere from 18 months to 30 months in many markets—and some apartment companies are wont to wait. Consequently, many apartment companies seek to grow not only organically through development but also through acquisitions of both individual properties and larger portfolios. In fact, 2011 was a hot year for APRIL 2012

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“everyone today is looking at building smaller product,” designed to appeal to the tastes and budgets of a younger group of urban professionals.

apartment trades, according to Real Capital Analytics. More than 3,500 properties changed hands last year, representing a 49 percent increase in volume from 2010. Moreover, appetite for portfolio deals also grew; roughly $9.6 billion in assets traded in portfolio transactions in 2011, more than double the value of portfolio deals in 2010. Jack O’Connor, chief operating officer at Kirkland, Wash.based Weidner Apartment Homes (No. 42 on the managers’ list and No. 44 on the owners’ list) says his company takes a balanced approach to growth. “We grow our business about half through acquisition and half through new construction,” he says. “We expect to have 10 percent to 15 percent more units (between 3,000 and 5,000) completed and/or acquired by the end of 2012. This is our yearly target, but there can be bumps in the road.” — Ronald Ratner, Forest city Residential REITs UDR, Inc. and Equity Residential (No. 6 on the Group, Inc. owners’ list and No. 5 on the managers’ list) have been two of the most aggressive acquirers in recent years. UDR’s Toomey units in its portfolio by nearly 10,000 units last year. says that, during the financial crisis, his company made few Company president and CEO David Neithercut says, “We acquisitions but started buying more assets again in late continue to pursue a strategy of reducing capital commit2010, when UDR, Inc. purchased about $400 million worth ments to non-core ‘commodity’ markets, and investing in of properties. In 2011, the company bought $1.8 billion in more protected, high-barrier, high-density markets.” apartment properties. The strategy is driving the company to sell more of But bigger isn’t necessarily better when it comes to navigating the next phase of the apartment cycle. For as much as companies are pursuing choice properties to add to their portfolio, many are also strategically shedding other assets in an effort to optimize their portfolios. • Full Service Real Estate BH Equities, for one, is focusing on Management Firm acquiring relatively new product in the • Diversified Real Sunbelt and Chicago. At the same time, Estate Investment it is also trying to upgrade its portfolio by Company selling its older properties, those built in • Successful Capital the 1970s to early 1980s, says Roby. Transactions “We prefer properties built within the • Asset Management last 20 years,” says Roby. “Older properServices ties needed a lot of rehab,” he says. While older properties may have higher cap Harbor Group Management Company is a full service property management rates, newer apartment buildings are less company. We manage more than 28,000 residential apartment units throughout risky, he says. the United States. Our experienced property management teams deliver superior At Chicago-based Equity Residential, customer service and seek to establish mutually rewarding relationships with while the company continues to develop our residents, investors, owners and the local community. new product—it expects to have $750 Simply put, Harbor Group Management Company delivers returns. million worth of apartment starts this year, in addition to the $500 million in apartments under construction at the end of 2011—it is putting equal emphaw w w. m y h g m c . c o m w w w. h a r b o r g r o u p i n t . c o m sis on acquisitions. The company was Connecticut | Florida | Georgia | Illinois | Indiana | Kentucky | Maryland | Minnesota | Nevada a leading asset seller in 2011, both in New Mexico | New York | North Carolina | Ohio | South Carolina | Tennessee | Texas | Virginia terms of property and dollar volumes; Contact Robert Friedman, President the company reduced the number of

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SELLERS Equity Residential Bank of America Lehman Bros. Holdings Tishman Speyer RREEF GE Capital UDR, Inc. CalPERS AvalonBay Communities Zucker Organization JPI Multifamily Inc. Northwestern Mutual Crescent Heights J.P. Morgan Asset Management Carmel Partners Aimco Forest City Residential Group Inc. Fairﬁeld Residential Legacy Partners Moinian Group Verde Realty Group BLDG Mgmt Co. Brookﬁeld Asset Management Dinerstein Companies Invesco Real Estate $0 Billions

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its garden-style apartments in favor of buying more upscale urban apartments. “The assets we are selling are significantly smaller than the ones we are buying,” says Neithercut. In the case of the former, prices range from about $35 to $40 million, “which is the middle of the fairway for Fannie Mae and Freddie Mac,” he says. “We are buying assets in the $100 to $150 million range.” In 2011, Equity Residential sold $1.48 billion worth of properties and bought $1.34 billion. This year, Neithercut expects the company to buy and sell a similar amount, roughly $1.25 billion. This works out well, he says: “We are generating capital with the disposition process.” But while there are many means by which apartment firms are navigating the year ahead, a single end seems assured for most: a successful 2012. APRIL 2012

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Turning real estate ideas into reality.

A SPECIAL SuPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

NMHC Officers 2012

Chairman Thomas S. Bozzuto The Bozzuto Group Greenbelt, MD

Treasurer Robert E. DeWitt GID Boston, MA

Secretary Susan M. Ansel Gables Residential Dallas, TX

President Douglas M. Bibby National Multi Housing Council Washington, DC

William H. Elliott Richard L. Fore Randolph G. Hawthorne

Gary T. Kachadurian Mary Ann King Duncan L. Matteson, Sr.

Richard L. Michaux Robert Sheridan Geoffrey L. Stack

Vice Chairman Daryl J. Carter Avanath Capital Management, LLC Irvine, CA

Former Chairmen Kelley A. Bergstrom C. Preston Butcher Ric Campo

Douglas Crocker, II Allen Cymrot Peter F. Donovan

Executive Committee

Patti Fielding Aimco Denver, CO

Patti Shwayder Aimco Denver, CO

James M. Krohn Alliance Residential Company Phoenix, AZ

Bruce C. Ward Alliance Residential Company Phoenix, AZ

Marc E. deBaptiste ARA Boca Raton, FL

Gary T. Kachadurian ARA Oak Brook, IL

Charles E. Mueller, Jr. Archstone Englewood, CO

R. Scot Sellers Archstone Englewood, CO

Sean J. Breslin AvalonBay Communities, Inc. Arlington, VA

Timothy J. Naughton AvalonBay Communities, Inc. Arlington, VA

Richard P. Giles The Bainbridge Companies West Palm Beach, FL

Richard Schechter The Bainbridge Companies West Palm Beach, FL

Jonathan D. Bell Bell Partners Greensboro, NC

Lili F. Dunn Bell Partners Alexandria, VA

David J. Olney Berkshire Property Advisors Boston, MA

Julie A. Smith Bozzuto Management Company Greenbelt, MD

Stephen Dominiak BRE Properties, Inc. Irvine, CA

Constance B. Moore BRE Properties, Inc. San Francisco, CA

NMHC 50

APRIL 2012

A SPECIAL SuPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Executive Committee

Laurie A. Baker Camden Property Trust Houston, TX

Ric Campo Camden Property Trust Houston, TX

Ron Zeff Carmel Partners, Inc. San Francisco, CA

Peter F. Donovan CBRE Boston, MA

Brian F. Stoffers CBRE Capital Markets Houston, TX

William T. Hyman Centerline Capital Group New York, NY

John Larson Centerline Capital Group New York, NY

C. Stephen Cordes Clarion Partners New York, NY

Robert D. Greer, Jr. Clarion Partners Washington, DC

Nathan S. Collier The Collier Companies Gainesville, FL

J. Andrew Hogshead The Collier Companies Gainesville, FL

Paul F. Earle Colonial Properties Trust Birmingham, AL

Edward T. Wright Colonial Properties Trust Birmingham, AL

Michael D. Berman CWCapital Needham, MA

Donald P. King, III CWCapital Needham, MA

Paul G. Kerr Davlyn Investments San Diego, CA

Jon D. Williams Davlyn Investments San Diego, CA

Alan W. George Equity Residential Chicago, IL

Susanne Hiegel Fannie Mae Washington, DC

Deborah RatnerSalzberg Forest City Enterprises, Inc. Washington, DC

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

David Brickman Freddie Mac Mc Lean, VA

William C. Maddux Greystar Real Estate Partners, LLC Charleston, SC

Laura A. Beuerlein Heritage Title Company of Austin, Inc. Austin, TX

Gary S. Farmer Heritage Title Company of Austin, Inc. Austin, TX

Mona Keeter Carlton HFF Dallas, TX

David J. Neithercut Equity Residential Chicago, IL

Stacy G. Hunt Greystar Real Estate Partners, LLC Houston, TX

APRIL 2012

David Fitch Gables Residential Atlanta, GA

Matthew Lawton HFF Chicago, IL

NMHC 50

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Executive Committee

Eli Hanacek Holland Partner Group Vancouver, WA

Clyde P. Holland Holland Partner Group Vancouver, WA

Guy K. Johnson Johnson Capital Las Vegas, NV

James H. Callard Klingbeil Capital Management/American Apartment Communities Annapolis, MD

C. Preston Butcher Legacy Partners Foster City, CA

W. Dean Henry Legacy Partners Residential, Inc. Foster City, CA

Brian C. Byrne Lincoln Property Company Oak Brook, IL

Jeff B. Franzen Lincoln Property Company Herndon, VA

H. Eric Bolton, Jr. MAA Memphis, TN

Albert M. Campbell MAA Memphis, TN

John J. Kerin Marcus & Millichap Calabasas, CA

Hessam Nadji Marcus & Millichap/ Institutional Property Advisors Walnut Creek, CA

Mary Ann King Moran & Company Irvine, CA

Thomas F. Moran Moran & Company Chicago, IL

Rick Graf Pinnacle Addison, TX

Stan J. Harrelson Pinnacle Seattle, WA

David Durning Prudential Mortgage Capital Company Chicago, IL

Dale H. Taysom Prudential Real Estate Investors Atlanta, GA

Jerome Ehlinger RREEF Chicago, IL

Brian E. McAuliffe RREEF Chicago, IL

Kenneth J. Valach Trammell Crow Residential Houston, TX

Michael E. Tompkins TriBridge Residential LLC Atlanta, GA

Thomas W. Toomey UDR, Inc. Highlands Ranch, CO

Warren L. Troupe UDR, Inc. Highlands Ranch, CO

Charles R. Brindell, Jr. Mill Creek Residential Trust LLC Dallas, TX

Jamie Teabo Post Properties, Inc. Atlanta, GA

Geoffrey L. Stack SARES*REGIS Group Irvine, CA

NMHC 50

David P. Stockert Post Properties, Inc. Atlanta, GA

Michael P. Bissell SARES*REGIS Group Irvine, CA

David R. Schwartz Waterton Associates, L.L.C. Chicago, IL

APRIL 2012

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Executive Committee Gregory J. Lozinak Waterton Residential Chicago, IL

Vincent R. Toye Wells Fargo Multifamily Capital New York, NY

Alan Wiener Wells Fargo Multifamily Capital New York, NY

Warren J. Durkin, Jr. Wood Partners, LLC Boca Raton, FL

Jay Jacobson Wood Partners, LLC Boca Raton, FL

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A special Supplement to national real estate investor

Board of Directors

Jeffery Daniels AIG Global Real Estate Investment Corp. New York, NY

Donald Huffner AIG Global Real Estate Investment Corp. New York, NY

Lauren A. Brockman Allied Realty Services, Ltd. Denver, CO

Tim L. Myers Allied Realty Services, Ltd. Houston, TX

Michael H. Godwin Ambling Management Company LLC Valdosta, GA

William C. Bayless, Jr. American Campus Communities Austin, TX

Rodrigo Lopez AmeriSphere Multifamily Finance, LLC Omaha, NE

Steve F. Hallsey AMLI Management Company Chicago, IL

Gregory T. Mutz AMLI Residential Properties, LP Chicago, IL

Kimberly J. Sperry Amstar Group, LLC Denver, CO

Margette Getto Apartment Guide Carrollton, TX

Kevin Doyle Apartments.com Chicago, IL

Blake Okland ARA Charlotte, NC

Thomas P. MacManus ARA Finance, LLC Boca Raton, FL

Roger H. Beless Archon Residential Irving, TX

William S. Robinson Archon Residential Irving, TX

Kevin Davis Area Property Partners New York, NY

Lin Atkinson AT&T Connected Communities Atlanta, GA

Thuy Woodall AT&T Connected Communities Atlanta, GA

Michael G. Miller AUM Lombard, IL

Phillip E. Bogucki AZUMA Leasing Austin, TX

Robert S. Aisner Behringer Harvard Addison, TX

Mark Alfieri Behringer Harvard Addison, TX

Mark W. Dunne Boston Capital Corporation Boston, MA

John P. Manning Boston Capital Corporation Boston, MA

Barden Brown Brown Realty Advisors Atlanta, GA

Walter W. Miller Brown Realty Advisors Atlanta, GA

Alexandra S. Jackiw Buckingham Companies Indianapolis, IN

Jerry Feldman CallSource Westlake Village, CA

Mark Sadosky CallSource Westlake Village, CA

NMHC 50

APRIL 2012

A special Supplement to national real estate investor

Board of Directors

David J. Adelman Campus Apartments Philadelphia, PA

Miles H. Orth Campus Apartments Philadelphia, PA

Richard Lyon Capital One Bank New York, NY

Richard L. Kadish CAPREIT, Inc. Rockville, MD

Stephen J. Zaleski CBRE Global Investors, LLC Boston, MA

Steven Fayne Citi Community Capital San Francisco, CA

Hal G. Kuykendall Citi Community Capital Denver, CO

Warren Dahlstrom Colliers International Washington, DC

LaNitra Webb Colliers International USA Headquarters Boston, MA

David B. Woodward Compass Point Greenwood Village, CO

Daniel J. Epstein The ConAm Group of Companies San Diego, CA

J. Bradley Forrester The ConAm Group of Companies San Diego, CA

Jerry Davis Conservice Utility Management & Billing Logan, UT

Jason Rosa Continental Realty Advisors, Ltd. Littleton, CO

David W. Snyder Continental Realty Advisors, Ltd. Littleton, CO

James W. Harris CoreLogic SafeRent Rockville, MD

Brian Murdy Cornerstone Real Estate Advisers LLC Hartford, CT

Richard K. Devaney Crossbeam Capital LLC Bethesda, MD

Dodge Carter Crow Holdings Capital Partners, LLC Dallas, TX

Byron L. Moger Cushman & Wakefield Tampa, FL

Steven Weilbach Cushman & Wakefield San Francisco, CA

Brian L. Dinerstein The Dinerstein Companies Houston, TX

Anthony Schaffer DIRECTV El Segundo, CA

Andrew K. Dolben The Dolben Company, Inc. Woburn, MA

Deane H. Dolben The Dolben Company, Inc. Woburn, MA

Adam C. Breen DRA Advisors, LLC New York, NY

Wendy Drucker Drucker & Falk, LLC Newport News, VA

Kellie Falk-Tillett Drucker & Falk, LLC Raleigh, NC

Miles Spencer Eastdil Secured, LLC Washington, DC

Randy Churchey Education Realty Trust, Inc. Memphis, TN

APRIL 2012

NMHC 50

A special Supplement to national real estate investor

Board of Directors

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

Warren Rose Edward Rose & Sons Farmington Hills, MI

Gregory L. Engler Engler Financial Group, LLC Alpharetta, GA

Gina M. Dingman Everest Real Estate Advisors Minneapolis, MN

Brannan Johnston Experian RentBureau Costa Mesa, CA

Christopher E. Hashioka Fairfield Residential Company LLC San Diego, CA

Gregory R. Pinkalla Fairfield Residential Company LLC San Diego, CA

Jonathan Cox The Federated Companies Miami, FL

Richard N. Shinberg First Capital Realty, Inc. Bethesda, MD

Les Zimmerman First Capital Realty, Inc. Bethesda, MD

Robert L. Johnston First Communities Atlanta, GA

Mark A. Fogelman Fogelman Management Group Memphis, TN

Richard L. Fogelman Fogelman Properties Memphis, TN

Wayne E. McDonald Forestar Group, Inc. Austin, TX

Phillip Weber Forestar Group, Inc. Austin, TX

Linda Zeller Gerson Bakar & Associates San Francisco, CA

Philip S. Payne Ginkgo Residential Charlotte, NC

D. Scott Wilkerson Ginkgo Residential Charlotte, NC

John J. Gray, III Grayco Partners LLC Houston, TX

Judy Viitanen Happy Habitat, LLC Laurel, MD

James M. Bachner Heitman LLC Chicago, IL

Mark Forrester Hendricks & Partners Phoenix, AZ

Don Hendricks Hendricks & Partners Phoenix, AZ

Alan Patton Hines Houston, TX

Scott A. Doyle Home Properties, Inc. Rochester, NY

Edward J. Pettinella Home Properties, Inc. Rochester, NY

David Kapiloff Insgroup, Inc. Houston, TX

Kevin A. Baldridge The Irvine Company Apartment Communities ‘IAC’ Irvine, CA

Jean M. Anderson J.P. Morgan Asset Management New York, NY

James A. Butz Jefferson Apartment Group McLean, VA

NMHC 50

APRIL 2012

A special Supplement to national real estate investor

Board of Directors

Gregory G. Lamb Jefferson Apartment Group McLean, VA

Richard J. High John M. Corcoran & Company Braintree, MA

Jeffrey T. Morris Jones Lang LaSalle Americas, Inc. Orlando, FL

Jubeen F. Vaghefi Jones Lang LaSalle Americas, Inc. Miami, FL

John W. Bray Jones Lang LaSalle Americas, Inc. Atlanta, GA

Faron G. Thompson Jones Lang LaSalle Americas, Inc. Atlanta, GA

Cindy Clare Kettler McLean, VA

John Falco Kingsley Associates Atlanta, GA

Peggy Robinson Kingsley Associates Atlanta, GA

Rohit Anand KTGY Group Inc. Vienna, VA

Keith A. Harris The Laramar Group, LLC Chicago, IL

Tom Klaess The Laramar Group, LLC Greenwood Village, CO

Peter P. DiLullo LCOR Incorporated Berwyn, PA

Thomas J. Oâ&#x20AC;&#x2122;Brien LCOR Incorporated Berwyn, PA

Alan Arnold The Lionstone Group Houston, TX

Thomas Bacon The Lionstone Group Houston, TX

Thomas F. McCoy, Jr. Lockton Companies, LLC Denver, CO

Charles M. McDaniel Lockton Companies, LLC Denver, CO

Dean Holmes Madison Apartment Group Philadelphia, PA

Joseph F. Mullen Madison Apartment Group Philadelphia, PA

Peter Katz Marcus & Millichap/ Institutional Property Advisors Phoenix, AZ

Nicholas Michael Ryan The Marquette Companies Naperville, IL

Cathy Bokman Marriott ExecuStay Bethesda, MD

Gerald J. Haak MAXX Properties Harrison, NY

Andrew R. Wiener MAXX Properties Harrison, NY

Michael C. McDougal McDougal Properties, L.C. Lubbock, TX

Tristan Thoma McDougal Properties, L.C. Lubbock, TX

Kenneth Lee McDowell Properties San Francisco, CA

W. Patrick McDowell McDowell Properties San Francisco, CA

Albert Berriz McKinley Ann Arbor, MI

APRIL 2012

NMHC 50

A special Supplement to national real estate investor

Board of Directors

Joe Colon Protection 1 Security Jacksonville, FL

Alan Pollack Providence Management Company, LLC Chicago, IL

Bruce Barfield Rainmaker Alpharetta, GA

Tammy Farley Rainmaker Alpharetta, GA

Dirk D. Wakeham RealPage, Inc. Carrollton, TX

Stephen T. Winn RealPage, Inc. Carrollton, TX

Mark C. Beisler Red Mortgage Capital, LLC Reston, VA

Howard S. Primer RenaissancePG, LLC Knoxville, TN

Terry S. Danner Riverstone Residential Group Dallas, TX

Walt Smith Riverstone Residential Group Dallas, TX

Kathryn Thompson Rockhall Funding Corp. Dallas, TX

Daniel McNulty Rockwood Real Estate Advisors New York, NY

David Evemy Sarofim Realty Advisors Dallas, TX

James D. Scully Jr. Scully Company Jenkintown, PA

Michael A. Scully Scully Company Jenkintown, PA

W. Steve Gilmore Shea Properties Aliso Viejo, CA

Colm Macken Shea Properties Aliso Viejo, CA

J. Robert Love Simpson Housing LLLP Atlanta, GA

Nancy Barton Stellar Advisors, LLC Rockville, MD

David Schwartzberg Stellar Advisors, LLC Rockville, MD

Michael Katz Sterling American Property Inc. Great Neck, NY

Tarak Patolia Sterling American Property Inc. Great Neck, NY

Scott Anderson TIAA-CREF Global Real Estate Newport Beach, CA

Dave Schwehm Time Warner Cable Herndon, VA

Steve Roe TransUnion/ CreditRetriever Greenwood Village, CO

Wayne A. Vandenburg TVO Groupe LLC Chicago, IL

Russell A. Vandenburg TVO North America El Paso, TX

Jeffrey G. Maguire UBS Realty Investors LLC Hartford, CT

Geoffrey C. Brown USA Properties Fund, Inc. Roseville, CA

Karen McCurdy USA Properties Fund, Inc. Roseville, CA

APRIL 2012

NMHC 50

A special Supplement to national real estate investor

Board of Directors

Eric D. Cevis Verizon Enhanced Communities Basking Ridge, NJ

Jack Oâ&#x20AC;&#x2122;Connor Weidner Property Management LLC Kirkland, WA

Lawrence H. Curtis WinnDevelopment Boston, MA

Jonathan Holtzman Village Green Companies Farmington Hills, MI

Michael K. Hayde Western National Property Management Irvine, CA

Ronald V. Granville Woodmont Real Estate Services Belmont, CA

George S. Quay, IV Village Green Companies Farmington Hills, MI

Charles W. Brammer, Jr. The Wilkinson Group, Inc. Atlanta, GA

Brigitta Eggleston Yardi Systems, Inc. Santa Barbara, CA

Brendan Coleman Walker & Dunlop Bethesda, MD

Phillip R. Deguire The Wilkinson Group, Inc. Atlanta, GA

Amy Gerritsen Yardi Systems, Inc. Santa Barbara, CA

Howard W. Smith, III Walker & Dunlop Bethesda, MD

Samuel Ross WinnCompanies Boston, MA

Greg West ZOM Companies Fort Lauderdale, FL

A special Supplement to national real estate investor

Board of Directors Executive Committee Alan King Berkshire Property Advisors Boston, MA Kristen Klingbeil-Weis Klingbeil Capital Management/ American Apartment Communities Santa Barbara, CA Timothy J. Hogan Trammell Crow Residential Dallas, TX Board of Directors Simon Ziff Ackman Ziff Real Estate Group, LLC New York, NY Jay Blasberg Alliant Capital LLC Tucson, AZ Toshi Matsushita Alliant Capital LLC Tucson, AZ R. Ryan Holmes Ambling Management Company LLC Valdosta, GA Jason Wills American Campus Communities Austin, TX Scott G. Suttle AmeriSphere Multifamily Finance, LLC Bethesda, MD

David Doerner Bader Company Indianapolis, IN

Thomas Trubiana Education Realty Trust, Inc. Memphis, TN

Mike Kingsley KTGY Group Inc. Vienna, VA

John Swift Bader Company Indianapolis, IN

Patrick Jones Engler Financial Group, LLC Alpharetta, GA

Grace Huebscher Beech Street Capital Bethesda, MD

Nicola Scheman Experian RentBureau Costa Mesa, CA

Christine Akins LaSalle Investment Management, Inc. Chicago, IL

Jeff Lee Beech Street Capital Bethesda, MD

Nick Wexler The Federated Companies Miami, FL

Karl H. Reinlein Berkadia Horsham, PA

Gregory A. Fowler FPA Multifamily San Francisco, CA

Bradley B. Chambers Buckingham Companies Indianapolis, IN

Holland Smith FPA Multifamily Dallas, TX

Ernest L. Heymann CAPREIT, Inc. Rockville, MD

Edward Coco GE Real Estate Alpharetta, GA

Tyler Anderson CB Richard Ellis, Inc. Phoenix, AZ

Stephen LoPresti Gerson Bakar & Associates San Francisco, CA

Nevel DeHart CoreLogic SafeRent Rockville, MD

Sherwin Nelvis Guggenheim Real Estate Finance, LLC Vienna, VA

Mark Higgins Cornerstone Real Estate Advisers LLC Hartford, CT William B. Blash Crossbeam Capital LLC Bethesda, MD

Arlene Mayfield Apartment Guide Norcross, GA

Roy E. Demmon, III Demmon Partners Redwood City, CA

Jay Olander Apartment Trust of America* Richmond, VA

Thomas Walsh Demmon Partners Redwood City, CA

Gus Remppies Apartment Trust of America* Richmond, VA

John Caltagirone The Dinerstein Companies Houston, TX

Brad Long Apartments.com Chicago, IL

Robert Grosz DISH Network Englewood, CO

Brian Earle Area Property Partners New York, NY

Brian Spencer DISH Network Englewood, CO

BJ Rosow AZUMA Leasing Austin, TX

David Luski DRA Advisors, LLC New York, NY John H. Pringle E & S Ring Management Corporation Los Angeles, CA

NMHC 50

(not pictured)

Alicia Cotton Guggenheim Real Estate Finance, LLC Vienna, VA

Will Balthrope Marcus & Millichap/Institutional Property Advisors Dallas, TX Darren R. Sloniger The Marquette Companies Naperville, IL Adam Sherer Marriott ExecuStay Bethesda, MD Jacob Katz Meridian Capital Group, LLC New York, NY Israel Schubert Meridian Capital Group, LLC Iselin, NJ Robert D. Lazaroff The Michelson Organization St. Louis, MO Bruce V. Michelson, Jr. The Michelson Organization St. Louis, MO Carter Bechtol The Morgan Group, Inc. Houston, TX

Philander P. Claxton Happy Habitat, LLC Laurel, MD

Michael S. Morgan The Morgan Group, Inc. Houston, TX

Howard Edelman Heitman LLC Chicago, IL

Jonathan Morgan Morgan Properties King of Prussia, PA

Jennifer Doran Highland Commercial Mortgage, LLC Birmingham, AL

Mitchell L. Morgan Morgan Properties King of Prussia, PA

John O. Moore, Jr. Highland Commercial Mortgage, LLC Birmingham, AL Laurel Howell Kettler McLean, VA David G. Shillington KeyBank Real Estate Capital Dallas, TX

Eric Gramberg Move Westlake Village, CA Kevin Filter Oak Grove Capital St. Paul, MN Pam McGlashen Orion Real Estate Services Houston, TX W. Clark Ewart Paradigm Development Company Arlington, VA

APRIL 2012

A special Supplement to national real estate investor

Board of Directors

(not pictured)

P. David Onanian PAS Purchasing Solutions Houston, TX

David J. Ingram UBS Realty Investors LLC Hartford, CT

W. Dean Weidner Weidner Property Management LLC Kirkland, WA

Larry Sullivan Passco Companies, LLC Irvine, CA

Michael Keyes Ferris Valet Waste, LLC Tampa, FL

Stephan T. Beck Whiteco Residential LLC Merrillville, IN

Douglas Crocker, II Pearlmark Real Estate Partners Chicago, IL

Syd McDonald Valet Waste, LLC Tampa, FL

Timothy J. Connelly Whiteco Residential LLC Merrillville, IN

Edward J. Ryder Pearlmark Real Estate Partners Chicago, IL

Patricia French Verizon Enhanced Communities St. Petersburg, FL

Greg M. Galli Woodmont Companies Belmont, CA

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

Eric Garrett Watermark Residential Indianapolis, IN

Samuel C. Stephens, III ZOM Companies Orlando, FL

Seth Martin Pritzker Realty Group, LLC Chicago, IL

Paul Thrift Watermark Residential Indianapolis, IN

Michael A. Sullivan Pritzker Realty Group, LLC Chicago, IL Melisa Colon Protection 1 Security Tampa, FL Bruce LaMotte Providence Management Company, LLC Chicago, IL Thomas G. Smith Prudential Real Estate Investors Atlanta, GA David L. Goodman Red Mortgage Capital, LLC Reston, VA Wesley Hudson Reznick Group Atlanta, GA Edward Lusk Reznick Group Atlanta, GA

Mixed income. Shared success.

Ralph Daruns Rockhall Funding Corp. Dallas, TX W. Michael Doramus Sarofim Realty Advisors Dallas, TX Joanne Luger Time Warner Cable Herndon, VA Mike Mauseth TransUnion/CreditRetriever Greenwood Village, CO

From single-project transactions to portfolio-wide solutions, Citi Community Capital combines unparalleled community development expertise with industry-leading capital markets capabilities to offer financial solutions to preserve and build stronger communities. Citi. Your Community Development Partner. citicommunitycapital.com

APRIL 2012

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Advisory Committee Beztak Companies Harold Beznos Farmington Hills, MI

Captec Realty Capital Patrick L. Beach Santa Barbara, CA

BH Equities, LLC Harry Bookey Des Moines, IA

Capture the Market Kimberly Scott Dallas, TX

BlackRock Realty Dale Gruen San Francisco, CA

CARES By Apartment Life Kiley Haught Euless, TX

Blu SKY Restoration Contractors Timothy Babcock Centennial, CO

Carter Haston Holdings, LLC L. Marc Carter Nashville, TN

Blue Vista Capital Partners Robert G. Byron Chicago, IL

Cassidy Turley Christopher J. Doerr Washington, DC

BofI Federal Bank Morgan Ferris San Diego, CA

Cassin & Cassin LLP Amy Bernstein New York, NY

Bonaventure Realty Group, LLC Dwight D. Dunton, III Arlington, VA

CB Richard Ellis, Inc. Malcolm McComb, III Atlanta, GA

Bridge Investment Group Christian V. Young Murray, UT

CEL & Associates, Inc. Christopher Lee Los Angeles, CA

BuildingLink.com LLC Zachary Kestenbaum New York, NY

CertainTeed Corporation Eric S. Nilsson Valley Forge, PA

Bury & Partners, Inc. James B. Knight Dallas, TX

Chicago Title Konrad J. Kaltenbach, II Dallas, TX

Butler Burgher Group B. Diane Butler Dallas, TX

CLP Systems Rich Clark Pelham, AL

Buyers Access Peter Roden Denver, CO

Coastal Apartment Advisors James Sewell Hilton Head Island, SC

Beacon Communities Investments, LLC Howard E. Cohen Boston, MA

The BYL Companies Kristie Wetherbee West Chester, PA

Apartment Association, California Southern Cities Nancy J. Ahlswede Long Beach, CA

Columbia National Real Estate Finance, LLC Roger Edwards Washington, DC

Beecher Carlson Michael Stern Atlanta, GA

Cagan Management Group, Inc. Jeffrey Cagan Skokie, IL

Apartment Finder Marcia Bollinger Lawrenceville, GA

Beekman Advisors, Inc. Shekar Narasimhan McLean, VA

CallMaX David Clarke Acworth, GA

The Apartment Group, Inc. Jeffrey L. Price Dallas, TX

Bergstrom Investment Management, LLC Kelley A. Bergstrom Kenilworth, IL

CalPERS Cleon Pantell Sacramento, CA

Advenir Taylor Rismiller Aventura, FL AEW Capital Management L.P. Julie Kittler Boston, MA AFI Services, LLC James Fales The Woodlands, TX All Nation Renovation, Inc. Ofer Manashe Houston, TX Alliance Tax Advisors, LLC Tony J. Comparin Irving, TX ALM - Real Estate Media Michael G. Desiato New York, NY Altman Development Corporation Joel L. Altman Boca Raton, FL American Seniors Housing Association David S. Schless Washington, DC AMI Capital Michael Sullivan Easton, MD AMSI, an Infor company George Landgrebe Tampa, FL Aon Risk Services, Inc. Kevin J. Madden New York, NY Apartment Association of Greater Los Angeles Jim Clarke Los Angeles, CA

ApexOne Investment Partners Jim A. Hearn Houston, TX ARA Lisa A. Robinson Atlanta, GA

NMHC 50

Arbor Commercial Mortgage, LLC Bonnie Habyan Uniondale, NY Artemis Real Estate Partners Richard Banjo Chevy Chase, MD The Ashley Group Stephen B. Ashley Rochester, NY Associated Estates Realty Corporation Jeffrey I. Friedman Richmond Heights, OH Assurant Specialty Property Brian Tribble Miami, FL Axiometrics Inc. Ronald G. Johnsey Dallas, TX Baker Tilly Donald Bernards Chicago, IL Ballard Spahr Andrews & Ingersoll, LLP Allan R. Winn Washington, DC Barker Apartments David Barker Iowa City, IA The Bascom Group Scott R. McClave Irvine, CA BBVA Compass Jeffrey Journey Dallas, TX

Berkshire Property Advisors, LLC Eric Draeger Boston, MA Berkshire Residential Development Steve Wood Boston, MA

Camp Construction Services Jeff Blevins Houston, TX Campus Televideo Brian Benz Greenwich, CT CapitalSource Chris Kelly New York, NY

Comcast Cable Communications William F. Revell Philadelphia, PA Compliance Depot, a RealPage Company Lonnie Derden Plano, TX Connexion Technologies Bobby DeSpain Cary, NC Connexion Technologies Elizabeth Ray Cary, NC CONNOR Patrick T. Connor Baltimore, MD

APRIL 2012

A SPECIAL SuPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Advisory Committee The Connor Group Lawrence S. Connor Centerville, OH

The DZAP Group & LeaseLabs Dana Zeff San Diego, CA

Freeman Webb Inc. William H. Freeman Nashville, TN

Goulston & Storrs Steven Schwartz Boston, MA

Continental Properties Company James H. Schloemer Menomonee Falls, WI

ECI Capital Corp. Seth Greenberg Marietta, GA

Friedman Integrated Real Estate Solutions Barry Swatsenbarg Farmington Hills, MI

Grace Hill, Inc. Joseph Bailey Augusta, GA

Continental Realty Corporation Joseph M. Schapiro, III Baltimore, MD

Edgewood Management Corporation A. Scott Jones Edgewater, MD

G5 Ilene Vogt Bend, OR

Embrey Partners, Ltd. Walter M. Embrey, Jr. San Antonio, TX

Gallagher Evelius & Jones, LLP Stephen A. Goldberg Baltimore, MD

Grandbridge Real Estate Capital LLC Thomas S. Dennard Charlotte, NC

Enterprise Community Investment, Inc. C. Lamar Seats Columbia, MD

Gates, Hudson & Associates, Inc. Patricia J.M. Blackburn Fairfax, VA

Gross Builders Gary L. Gross Cleveland, OH

GDC Properties, LLC William Ingraham Hawthorne, NY

Grubb & Ellis Company Ernest L. Brown San Antonio, TX

GE Real Estate Dan Earle Norwalk, CT

Guardian Management LLC Thomas B. Brenneke Portland, OR

Gene B. Glick Company, Inc. David O. Barrett Indianapolis, IN

The Habitat Company Daniel E. Levin Chicago, IL

CORT Mark Koepsell Fairfax, VA Cortland Partners, LLC Steven DeFrancis Atlanta, GA Cox Communications Shannon Boyle Atlanta, GA Cox, Castle & Nicholson LLP Amy H. Wells Los Angeles, CA Crescent Resources, LLC Brian Natwick Charlotte, NC CRIO, Inc. Dan Freudenthal West Palm Beach, FL

Entrepreneurial Properties Corporation Matthew V. Wherry Newport Beach, CA Equinox Search LLC Peter V. Hall San Francisco, CA Essex Property Trust, Inc. Jeff Rowerdink Irvine, CA

Criterion Brock Kerri Silver Milwaukie, OR

Fair Collections & Outsourcing, Inc. Carol M. Bloom Beltsville, MD

Crown Advisors John C. DiMare North Barrington, IL

Falcone Group, LLC Arthur Falcone Boca Raton, FL

Crown Advisors, Inc. John Cigna Pittsburgh, PA

Faulkner Design Group, Inc. Adrienne Faulkner Dallas, TX

Cushman & Wakefield Marc D. Renard Los Angeles, CA

FDC Management, Inc. Patrick M. Kelly Anaheim, CA

CWS Apartment Homes Steven J. Sherwood Austin, TX

Foley & Lardner LLP Michael W. Hatch Milwaukee, WI

Cypress Real Estate Advisors John Burnham Austin, TX

Fore Property Company Richard L. Fore Washington, DC

The Dermot Company Stephen Benjamin New York, NY

Fortune-Johnson, Inc. Brett Fortune Norcross, GA

Deutsche Bank Berkshire Mortgage Jeffrey C. Day Irvine, CA

FPL Advisory Group Michael A. Herzberg Chicago, IL

Dover/Paragon Terry B. Schwartz Bingham Farms, MI

Franklin Capital Group Joseph E. Resende Alexandria, VA Franklin Street Darron Kattan Tampa, FL

APRIL 2012

Grand Peaks Properties Luke Simpson Denver, CO

A SPECIAL SuPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Advisory Committee Haley Real Estate Group Daniel P. Clatanoff Omaha, NE

Helix Funds LLC David Helfand Chicago, IL

HIP/KET Thomas B. Wilkinson, IV Houston, TX

The ITEX Group, LLC K.T. Akbari Port Arthur, TX

HandyTrac Systems John Lie-Nielsen Alpharetta, GA

Hendersen-Webb, Inc. Pamela F. Newland Cockeysville, MD

Holland & Knight, LLP Christopher B. Hanback Washington, DC

J. Turner Research Joseph Batdorf Houston, TX

Hanley Wood Rob Britt San Francisco, CA

Henderson Global Investors James G. Martha Hartford, CT

Holland Development Tom Parsons Seattle, WA

J.I. Kislak, Inc. Thomas Bartelmo Miami Lakes, FL

Harbor Group International Jordan E. Slone Norfolk, VA

HFF William Miller Dallas, TX

Houlihan Lokey Jonathan G. Geanakos New York, NY

JMG Realty, Inc. T. Karlton Jackson Atlanta, GA

Hartford Investment Management John M. Maher Hartford, CT

HFF G. Craig LaFollette Houston, TX

Humphrey Development, Inc. Bethany H. Hooper Columbia, MD

Johnson Development Associates, Inc. David Benjamin Graves Spartanburg, SC

HHHunt James R. King Blacksburg, VA

Humphreys & Partners Architects, LP Mark Humphreys Dallas, TX

Hathaway Properties, Inc. W. Michael Muggridge Atlanta, GA HD Supply Aaron Baker San Diego, CA Hediger Enterprises Inc. Gary R. Hediger Greenville, SC

Hills Property Management Russell Lykes Cincinnati, OH Hillwood Multifamily, LP Mark McHenry Fort Worth, TX

Hunt Companies Ryan W. Luxon El Paso, TX Hunter Warfield, Inc. Todd Wahl Tampa, FL Hyperion Realty Dan Hopkins Dallas, TX I.Q. Data International, Inc. Kenneth Stumbo Everett, WA ibr Search Wesley Easly Pittsburgh, PA Ideal Realty Group Allen Manesh Potomac, MD Ingersoll Rand Residential Solutions Eric Elsmore Carmel, IN Inland American Apartment Management Thomas P. McGuinness Oak Brook, IL Instar Services Group Johnnie Smith Troy, MI Institutional Property Advisors (A Marcus & Millichap Company) Steve Witten New Haven, CT Investment Property Associates, LLC Jennifer Koster Grand Haven, MI

Jones Lang LaSalle Americas, Inc. Peter Nicoletti Parsippany, NJ JPI Benjamin H. Montgomery Irving, TX JPI Robert D. Page Irving, TX JRK Investors Robert Lee Los Angeles, CA Jupiter Communities LLC - RAIT Kellie Devilbiss Chicago, IL Kaba Access Control Dale Mathias Laguna Niguel, CA Keystone Commercial Capital Charles Williams Phoenix, AZ The Kirkland Company William Kirkland Brentwood, TN The Kislak Company, Inc. Nancy Jacques Woodbridge, NJ Korcett Holdings, Inc. Lisa K. Cortes Austin, TX Kroll Factual Data Damon Littlejohn Loveland, CO L&B Realty Advisors, LLP William L. Fulton Dallas, TX Lane Asset Management, LLC Eric Hade Atlanta, GA

ista Amanda Holden San Diego, CA

APRIL 2012

A SPECIAL SuPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Advisory Committee Langan Engineering and Environmental Services Mark Devaney Elmwood Park, NJ LBK Management Services James D. Alexander Irving, TX LeaseStar, a Division of RealPage, Inc. Sina Shekou Carrollton, TX LeaseTerm Insurance Group LLC Roger Hilterbrandt Atlanta, GA LeasingDesk, a Division of RealPage, Inc. David Carner Carrollton, TX

Legend Management Group, LLC Ruth G. Eisenhauer McLean, VA

LTVentures D. Scott Lee Los Angeles, CA

Mark-Taylor Residential, Inc. Dale Phillips Scottsdale, AZ

LEM Capital Jay J. Eisner Philadelphia, PA

m-fishency Ward Katz Kansas City, MO

Marvin F. Poer and Company William L. DuBois Dallas, TX

Lennar Todd M. Farrell Charlotte, NC

MAC Realty Advisors LLC Bruce Levin Washington, DC

Masco Contractor Services, Inc. Jerald Castaneda Daytona Beach, FL

Lerner Corporation Alan H. Gottlieb Rockville, MD

Mac-Gray Services, Inc. Kevin Fahey Waltham, MA

The Matteson Companies Duncan L. Matteson, Sr. San Mateo, CA

Lessard Design Inc. Christian Lessard Vienna, VA

Maintenance Supply Headquarters Cary R. Wright Stafford, TX

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

Level One, a RealPage Company Ben Holbrook Greer, SC

LeCesse Development Corporation Salvador F. Leccese Altamonte Springs, FL

LexisNexis Resident Screening Pam Storm Alpharetta, GA

LEDIC Management Group Pierce Ledbetter Memphis, TN

Love Funding Corporation Esther Cohen St. Louis, MO

Mayer Brown LLP Keith J. Willner Washington, DC

Manly & Stewart John C. Manly Newport Beach, CA Marcus & Millichap Capital Corporation William Hughes Irvine, CA

McCaffery Interests Yvonne Jones Chicago, IL Mercy Housing Brian Shuman Denver, CO

2012 NMHC Fall Board of Directors and Advisory Committee Meeting September 11-13 • Washington, DC

Future Meeting Dates If I had to pick one trade association to represent my interests, there’s no contest — NMHC has the best staff, provides the best information and puts on the best meetings in multifamily housing. Daryl Carter Chief Executive Officer, Avanath Capital Management, LLC

JOIN TODAY!

2012 NMHC Research Forum

2012 NMHC Student Housing Conference & Exposition October 1 & 2 • Phoenix, AZ

March 28 & 29 • Chicago, IL

2012 NMHC Human Resources Forum March 28 & 29 • Chicago, IL

2012 NMHC Apartment Operations and Technology (OpTech) Conference & Exposition November 12-14 • Dallas, TX

2012 NMHC Apartment Strategies/ Finance Conference May 15 & 16 • Scottsdale, AZ

2013 NMHC Apartment Strategies Conference January 22 • Palm Springs, CA

2012 NMHC Spring Board of Directors Meeting

2013 NMHC Annual Meeting

May 16 & 17 • Scottsdale, AZ

January 22-24 • Palm Springs, CA

visit www.nmhc.org/goto/join • 202/974-2300 • 202/775-0112 (fax) • info@nmhc.org

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Advisory Committee Merion Realty Partners Richard T. Aljian Wynnewood, PA

Moen Incorporated Aubri Mandelbaum North Olmsted, OH

Nationwide Energy Partners LLC Jeff Morrison Chicago, IL

NWP Services Corporation Amanda Christensen Lincoln, NE

Mesirow Financial Alasdair Cripps Chicago, IL

Morningside Equities Group, Inc. Brian Pawlik Chicago, IL

NCC Business Services of America, Inc. Irv Pollan Jacksonville, FL

Ocius LLC James Rabinowitz Chicago, IL

Metropolitan Properties of America, Inc. Jeffrey J. Cohen Boston, MA

Multi-Housing News Diana Mosher New York, NY

Mike Seashols Consulting Mike Seashols Belmont, CA

Multifamily Executive/HanleyWood, LLC John McManus Washington, DC

Miles & Stockbridge P.C. Justin C. Eller Baltimore, MD

Multifamily Realty Advisors, LLC Richard R. Cotton Raleigh, NC

Minnesota Multi Housing Association Mary Rippe Bloomington, MN

NAI Global Multifamily Group Jen Grimm Princeton, NJ

MM Properties Kenneth S. Moczulski Fort Worth, TX

National Foundation for Affordable Housing Solutions, Inc. Martin C. Schwartzberg Rockville, MD

Newport Venture Capital Richard Harris Newport Beach, CA NNC Apartment Ventures John H. Nunn Long Beach, CA Northland Investment Corporation Lawrence R. Gottesdiener Newton, MA NorthMarq Capital - San Francisco Jeffrey Weidell San Francisco, CA NTS Development Company Gregory G. McDearmon Louisville, KY

On-Site.com Jake Harrington Campbell, CA OpsTechnology, a Division of RealPage Mike Britti Carrollton, TX The P.B. Bell Companies R. Chapin Bell Scottsdale, AZ Pacific Life Insurance Company John C. Mulvihill Newport Beach, CA Pacific Property Company Alfred V. Pace Palo Alto, CA Palladium (USA) International, Inc. Thomas E. Huth Dallas, TX PayNearMe Christopher J. Volgenau Mountain View, CA Penton Media Inc. Rich Santos New York, NY Phoenix Realty Group Alan Hirmes New York, NY PPG Architectural Coatings Clifford Carlson Louisville, KY Price Realty Corporation Michael J. Ochstein Addison, TX Property Solutions International, Inc. Benjamin Zimmer Provo, UT PropertyBridge, a MoneyGram Company Leslie Olsen Oakland, CA Prudential Multifamily Mortgage, Inc. Frank Guzikowski McLean, VA QBE First John Drennen Atlanta, GA

APRIL 2012

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Advisory Committee Radclift Capital Mortgage Mark Dubrinsky New York, NY

RealPage, Inc. Stacey Blackwell Carrollton, TX

RentMineOnline Ed Spiegel San Francisco, CA

Rockwood Capital LLC Joel A. Moody Los Angeles, CA

Raia Properties Corporation Samuel A. Raia Ramsey, NJ

Realty Center Management, Inc. Curt Knabe Los Angeles, CA

RentPayment Bill R. Evick Walnut Creek, CA

Sales, Inc. Rick Burkhalter Duluth, GA

RCLCO Adam Ducker Bethesda, MD

RealtyCom Partners, LLC Annie Manfredi Larkspur, CA

Resident Gifts LLC Gregory H. Smith Singer Island, FL

SatisFacts Research, LLC Douglas J. Miller, Sr. Lutherville, MD

Real Capital Markets Stephen J. Alter Carlsbad, CA

Recap Real Estate Advisors Travis Dâ&#x20AC;&#x2122;Amato Boston, MA

ResidentCheck Jorge Baldor Dallas, TX

Sawyer Realty Holdings LLC Gregg Clickstein Needham, MA

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

Recap Real Estate Advisors Todd Trehubenko Boston, MA

Resite Online Ann Padgett Norfolk, VA

The Screening Pros, LLC Gary Glucroft Chatsworth, CA

Rent Stabilization Association Joseph Strasburg New York, NY

Resource Investments Limited, LLC Steven Zalkind Pennsauken, NJ

Screening Reports, Inc. Timothy Fortner Wood Dale, IL

Real Estate Equities, Inc. Terrence E. Troy St. Paul, MN Real Estate Media Lab, LLC Michael J. Lapsley West Bridgewater, MA Realfacts/Meyers Apartment Data Advisors Sarah L. Bridge Novato, CA

Rent.com Robert Johnson Santa Monica, CA Renters Legal Liability LLC Paul Kaliades Salt Lake City, UT

Forever Great Communities. Best-in-class service. Time tested strategy.

Resource Real Estate, Inc. Yvana Melini Philadelphia, PA RM Watson Co. Robert M. Watson Seattle, WA

Seven Hills Commercial Gary Guion Dallas, TX Sharp Laboratories of America Mick Grover Camas, WA

gables.com

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

Advisory Committee Shelter Corporation Lynn Carlson Schell Minnetonka, MN

Stratford Capital Group, LLC John M. Nelson, IV Peabody, MA

The Shelter Group Marilynn K. Duker Baltimore, MD

Summit Contracting Group Marc Padgett Jacksonville, FL

Sherman Residential Scott Gould Deerfield, IL

Summit Housing Partners Rainer Andrews Montgomery, AL

The Sherwin-Williams Co. William G. Rafie Cleveland, OH

SunAmerica Affordable Housing Partners, Inc. Thomas A. Musante Los Angeles, CA

Shutts & Bowen LLP Daniel T. Oâ&#x20AC;&#x2122;Keefe Orlando, FL Silver Capital Mark Ambach Boca Raton, FL Simmons Vedder Partners, Inc. Wolf Vedder Austin, TX

SureDeposit Richard F. Schreiber Chevy Chase, MD Terra Capital Partners Dan Cooperman New York, NY Terra Search Partners Matthew B. Slepin San Francisco, CA

The United Group of Companies, Inc. Walter F. Uccellini Troy, NY University Furnishings Paul Dougan Dallas, TX Urdang & Associates Real Estate Advisors, Inc. Mark B. Greco Plymouth Meeting, PA USAA Real Estate Company Hailey Ghalib San Antonio, TX Velocity, a Division of RealPage, Inc. William Chaney Carrollton, TX Veritas Investments Inc. Yat-Pang Au San Francisco, CA Visa, Inc. David Weinshel Wilmington, DE

Southeast Apartment Partners, LLC Marc G. Robinson Atlanta, GA

TGM Associates L.P. Thomas J. Gochberg New York, NY

Specialty Consultants Inc. Thomas G. Williams Pittsburgh, PA

Timberland Partners Robert L. Fransen Minneapolis, MN

Sperry Van Ness Nevada LLC David Baird Las Vegas, NV

Towne Properties Neil K. Bortz Cincinnati, OH

Spot On Networks Richard Sherwin New Haven, CT

Transwestern Jon Kleinberg Atlanta, GA

The Sterling Group, Inc. Lance A. Swank Mishawaka, IN

Transwestern Steven E. Pumper Dallas, TX

Sterling Trust Robert J. Thiebaut Atlanta, GA

Trinsic Residential Group Brian J. Tusa Dallas, TX

Stewart Title Guaranty Regina L. Fiegel Charlotte, NC

TRIO Properties LLC Eileen Swenson, CPM Glastonbury, CT

Williams Asset Management, LLC John A. Isakson Atlanta, GA

Stewart Title Guaranty Company Tom Konkel Houston, TX

The Tuckerman Group Glen S. Weisberg Chicago, IL

Willis Ronald D. Tucker Columbia, MD

NMHC 50

Waypoint Residential Scott J. Lawlor New York, NY Weingarten Realty Kyle Kretsinger Houston, TX

Wilmar James Lashbrook Houston, TX Witten Advisors LLC G. Ronald Witten Dallas, TX The Wolff Company Tim Wolff Scottsdale, AZ Womble Carlyle Sandridge & Rice, PLLC Pamela V. Rothenberg Washington, DC Worthing Southeast Corporation John A. Echols Atlanta, GA WRH Realty Services, Inc. J. Mark Rutledge St. Petersburg, FL YieldStar Janine Steiner Jovanovic Carrollton, TX ZMG Construction, Inc. Kevin L. Somers Longwood, FL ZRS Management, LLC Steven K. Buck Orlando, FL

Westdale Asset Management Evan J. Griffiths Dallas, TX Western National Realty Advisors Rex F. DeLong Irvine, CA Westrope David Brinkerhoff Kansas City, MO

APRIL 2012

Connecting ideas, capital and clients.

Grandbridge Real Estate Capital provides the vital link between complex market conditions and capital solutions. As a national full-service leader in commercial and multifamily finance, we combine our wide range of capital sources with a knowledgeable and experienced team to deliver results, deal after deal. Our scope of services includes: - Freddie Mac Program Plus® Seniors Housing and Targeted Affordable Housing - Fannie Mae DUS® - FHA-insured Loans | MAP and LEAN - Nearly 50 Insurance Companies - CMBS | Institutional Investors | Pension Funds - Proprietary Lending Platform | Structured Finance - $25 Billion+ Loan Servicing Portfolio To ﬁnd the lending professionals in your area, visit gbrecap.com/connect.

OppOrtunities realized. $144,432,200 tX, CO, az MHC Credit Facility 11 Communities Acquisition Agency and CMBS

$27,400,000 West palm Beach, Fl Multifamily 250 Units Reﬁnance Agency

$5,200,000 Charlotte, nC Ofﬁce 64,637 Sq.Ft. Acquisition Insurance Company

$16,000,000 dublin, OH Multifamily 238 Units Reﬁnance Agency

$17,500,000 Virginia Beach, Va Hospitality 160 Rooms Reﬁnance CMBS

$10,500,000 Houston, tX Ofﬁce/Retail 49,461 Sq.Ft. Reﬁnance CMBS

Loans are subject to credit approval.

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