2018 NMHC 50 by National Multifamily Housing Council

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TABLE OF CONTENTS Introduction ............................................................................................................... 4 Top 50 Owners........................................................................................................... 6 Top 50 Managers ....................................................................................................... 8 Top 25 Developers .................................................................................................. 10 Top 25 Builders ........................................................................................................ 11 Top 10 Syndicators.................................................................................................. 12 Steady Does It .......................................................................................................... 14 Bigger and Better..................................................................................................... 20 Methodology ............................................................................................................ 24 The Search Is On ..................................................................................................... 26 NMHC Officers ....................................................................................................... 30 NMHC Executive Committee................................................................................ 30 NMHC Board of Directors ..................................................................................... 36

ABOUT NMHC Based in Washington, D.C., the National Multifamily Housing Council (NMHC) is the apartment industryâ&#x20AC;&#x2122;s premier trade association. NMHC provides leadership on legislative and regulatory matters, advances research and the exchange of strategic business information and promotes the desirability of apartment living. For more information, visit www.nmhc.org.

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INSIDE THE 2018 NMHC 50 This year’s rankings reflect the influx of new supply as well as some expected market moderation. > By Mark Obrinsky, Ph.D. A hallmark of the current economic expansion has been the remarkably strong demand for apartment homes. Powerful demographic trends combined with a turn away from owning has fueled the rise in renting. And as a recent NMHC/NAAcommissioned study by Hoyt Advisors makes clear, that demand isn’t going away. Through 2030, the U.S. will need to build an average of 328,000 apartments every year. We’ve only hit that mark once in the past 30 years. To meet that growing demand, developers and builders have greatly stepped up production, a fact reflected in the top 25 developer and builder lists. Smaller changes are evident in owner, manager and syndicator lists. This reflects both the mid- to late-stage character of the current cycle as well as the growing maturity of the modern apartment industry. It is with an eye toward longer-term trends that we examine this year’s apartment leaders. But first a little market context.

SUPPLY BEGINS TO CATCH UP TO DEMAND It takes time to ramp up production and, for years, the increase in demand outstripped the pickup in supply. However, last year saw the sixth consecutive increase in apartment deliveries. New apartment construction may finally be reaching the level needed. Completions of new multifamily units (in buildings with at least five units in them) in 2017 totaled 346,900, according to U.S. Census Bureau data. This was the highest level since 1989. Notwithstanding the small pickup in the homeownership rate, the share of for-rent apartments in total multifamily construction (versus condo) remains above 93 percent, a level never reached before 2012 (but reached every year since then). By contrast, multifamily permits and starts eased back another notch from their recent peaks. Starts came in at 342,700 for the year, a drop of 10.0 percent from 2016, but still stronger than in any year in the two-and-a-half decades before that. This partly reflects a pullback in some neighborhoods where new supply has gotten one step ahead of demand. But antidevelopment NIMBYism in areas where new apartment homes are needed has also been a factor. With the pickup in supply, rent growth is easing. Same-store rent growth increased only 2.6 percent last year, according to data from RealPage. This was still above the average since 2000 as well as greater than the overall rate of inflation. Similarly, RealPage’s average occupancy rate eased back to 95.1 percent, a little below the unusually high levels of 2015-16, but well above the post-1999 average of 94.4 percent. By contrast, net

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absorptions rose to 343,037, the best year since 2000 by a wide margin and a clear indication of the strength of demand for apart-ment homes.

TOUGHER TIME FOR DEALMAKING Apartment transaction volume surpassed $100 billion for the fifth consecutive year—and at $152.7 billion, it was only 4.1 percent lower than the record set in 2016. Deal flow slowed 9 percent in major metro areas and 2 percent in non-major metro markets. Despite the slight decline in activity, apartments remain a favored investment class. While industrial was the only real estate asset class to score a year-over-year increase in transaction volume, volumes remain 4.9 percent below record; retail and hotel, respectively, are 29.1 percent and 65.0 percent off their peaks. However, investors note high property prices and a limited inventory of deals on the market. In total, apartment prices ended the year between 5 percent and 10 percent higher than in 2016, depending on different industry estimates. Reflective of that, cap rates edged down for the ninth consecutive year. Cap rates for garden apartments declined 13 basis points (bps) while rates for the mid/highrise sector rose 11 bps. Private buyers led all investor groups in acquisitions, purchasing $92.5 billion worth of apartments and accounting for 61 percent of total deal volume. They also led dispositions with $88.6 billion, a record 58 percent of the total. Their net acquisition total of $4.0 billion, however, came in second behind that of cross-border funds, with net acquisitions of $5.3 billion. Institutions and equity funds led all groups in net dispositions, selling off $9.1 billion more than they bought. REITs and listed funds shed a net $2.1 billion, the fourth consecutive year they have trimmed their holdings. Even with overall transaction volume down, value-add investment posted a 13 percent pickup. While the multifamily market closed out 2017 with some signs of deceleration, strong underlying demand and investment performance metrics continue to buoy the market. As these market dynamics have shifted, the industry’s leaders have had to adjust their strategies. Read on to see how these decisions have affected their standings.

Mark Obrinsky is the senior vice president of research and chief economist at the National Multifamily Housing Council. He can be reached at mobrinsky@nmhc.org.

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2018 TOP APARTMENT OWNERS 50 Largest U.S. Apartment Owners as of January 1, 2018 Owner Rank 2018

Owner Rank 2017

Company Name

Units Owned 2017

Units Owned 2016 Corporate Officer

HQ City

HQ State

MAA

99,792

99,393 H. Eric Bolton, Jr.

Memphis

Starwood Capital Group

88,946

85,554 Barry S. Sternlicht

Greenwich

Equity Residential

78,302

78,023 David J. Neithercut

Chicago

AvalonBay Communities, Inc.

77,614

74,538 Timothy J. Naughton

Arlington

Edward Rose Building Enterprise

63,355

61,767 Warren Rose

Bloomfield Hills

Essex Property Trust, Inc.

60,681

59,260 Michael J. Schall

San Mateo

Hunt Companies, Inc.

60,635

61,970 Chris Hunt

El Paso

Lincoln Property Company

60,518

59,980 Tim Byrne

Dallas

The Irvine Company

59,254

58,732 Ray Barrows

Newport Beach

Related Companies

59,191

59,571 Jeff T. Blau

New York

Camden Property Trust

53,033

52,793 Richard J. Campo

Houston

PGIM Real Estate

52,338

46,185 Susan Mello

Madison

Balfour Beatty Communities

51,588

49,163 Christopher Williams

Malvern

JPMorgan Asset Management

50,741

52,046 Allina Boohoff

New York

Weidner Apartment Homes

50,126

46,218 Jack O'Connor

Kirkland

Greystar Real Estate Partners

49,487

44,037 Robert A. Faith

Charleston

BH Equities, LLC

49,165

51,113 Harry Bookey

Des Moines

UDR, Inc.

47,284

46,303 Thomas W. Toomey

Highlands Ranch

The Michaels Organization

44,715

49,950 John J. O'Donnell

Marlton

Morgan Properties

44,595

35,929 Mitchell L. Morgan

King of Prussia

Apartment Investment and Management Company

43,802

46,311 Terry Considine

Denver

Cortland Partners

42,102

39,674 Steven DeFrancis

Atlanta

Monarch Investment & Management Group

41,401

35,955 Bob Nicolls

Franktown

UBS Realty Investors LLC

39,177

39,361 Matthew Lynch

Hartford

Fairfield Residential

37,024

41,864 Gregory R. Pinkalla

San Diego

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Owner Rank 2018

Owner Rank 2017

Company Name

Units Owned 2017

Units Owned 2016 Corporate Officer

HQ City

HQ State

Steadfast Apartments

36,981

36,500 Ella S. Neyland

Irvine

American Campus Communities

34,609

31,074 Bill Bayless

Austin

Nuveen / TH Real Estate

33,105

31,150 Roger Ferguson

New York

28 29

Invesco Real Estate

31,319

31,968 Michael Kirby

Dallas

Harbor Group International, LLC

30,000

27,393 Robert Friedman

Norfolk

JRK Property Holdings

29,043

27,514 Bobby Lee

Los Angeles

Westdale Real Estate Investment & Management

28,599

28,204 Joseph G. Beard

Dallas

Sentinel Real Estate Corporation

28,500

30,000 John H. Streicker

New York

Dominium

28,145

Sween and 24,030 Paul Armand Brachman

Plymouth

Beacon Communities

26,500

12,000 Howard Cohen

Boston

Carroll Organization

26,280

17,982 M. Patrick Carroll

Atlanta

FPA Multifamily

25,750

24,250 Gregory A. Fowler

San Francisco

AIG Global Real Estate Investment Corp.

25,334

25,441 Douglas S. Tymins

New York

Southern Management Corporation

25,327

25,093 Suzanne Hillman

Vienna

Heitman

24,963

28,614 Maury Tognarelli

Chicago

Northland Investment Corporation

24,944

24,212 Lawrence Gottesdiener

Newton

AEW Capital Management, L.P.

24,318

25,523 Jeffrey Furber

Boston

Alliance Residential

23,902

24,163 Bruce Ward and V. Jay Hiemenz

Phoenix

GID

23,467

21,462 Bob DeWitt

Boston

Electra America/American Landmark

23,000

23,000 Joe Lubeck

Tampa

TruAmerica Multifamily, LLC

22,863

22,400 Robert E. Hart

Los Angeles

AMLI Residential

22,730

25,041 Greg Mutz

Chicago

Berkshire Group

21,430

21,454 Alan P. King

Boston

Peak Capital Partners

20,719

19,899 Jeff Danley

Provo

ROCO Real Estate

20,251

Colman, Michael Colman, 17,111 David Tyler Ross, Evan Ross

Bloomfield Hills

APRIL 2018 | NMHC 50

2018 TOP APARTMENT MANAGERS 50 Largest U.S. Apartment Managers as of January 1, 2018 Manager Rank 2018

Manager Rank 2017

Company Name

Units Managed 2017

Units Managed 2016

Greystar Real Estate Partners

418,475

Lincoln Property Company

HQ City

HQ State

415,634 Robert A. Faith

Charleston

190,542

184,167 Tim Byrne

Dallas

Pinnacle

162,000

172,000 Rick L. Graf

Dallas

Alliance Residential

110,712

Ward and 99,364 Bruce V. Jay Hiemenz

Phoenix

FPI Management, Inc.

107,996

103,839 Dennis Treadaway

Folsom

WinnCompanies

100,020

100,669 Gilbert Winn

Boston

MAA

99,792

99,393 H. Eric Bolton, Jr.

Memphis

Apartment Management Consultants, LLC

91,958

86,364 Brenda Barrett

Cottonwood Heights

BH Management, LLC

79,990

67,877 Harry Bookey

Des Moines

Equity Residential

78,302

78,023 David J. Neithercut

Chicago

AvalonBay Communities, Inc.

76,503

74,049 Timothy J. Naughton

Arlington

The Bozzuto Group

67,643

58,727 Toby Bozzuto

Greenbelt

Hunt/LEDIC Realty Company Associates

65,993

68,466 Chris Hunt

El Paso

Edward Rose Building Enterprise

63,355

61,767 Warren Rose

Bloomfield Hills

Starwood Capital Group

63,329

52,340 Barry S. Sternlicht

Greenwich

Essex Property Trust, Inc.

60,681

58,162 Michael J. Schall

San Mateo

Asset Plus Companies

60,007

57,674 Michael S. McGrath

Houston

Related Companies

59,191

59,571 Jeff T. Blau

New York

Corporate Officer

The Irvine Company

58,366

58,100 Ray Barrows

Newport Beach

The Michaels Organization

53,153

52,830 John J. O'Donnell

Marlton

Camden Property Trust

53,033

52,793 Richard J. Campo

Houston

Balfour Beatty Communities

52,556

50,445 Christopher Williams

Malvern

ConAm Management Corporation

52,000

51,573 Rob Singh

San Diego

UDR, Inc.

50,127

51,129 Thomas W. Toomey

Highlands Ranch

Weidner Apartment Homes

50,126

46,218 Jack O'Connor

Kirkland

Note: When a company has no previous year’s ranking, it can mean either this is the company’s first time responding to the survey or the company was too small to make the list last year.

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Manager Rank 2018

Manager Rank 2017

Units Managed 2017

Bell Partners

48,813

American Campus Communities

Units Managed 2016

HQ City

HQ State

D. Bell and 58,478 Steven Jonathan D. Bell

Greensboro

46,418

45,076 Bill Bayless

Austin

Morgan Properties

44,595

35,929 Mitchell L. Morgan

King of Prussia

Westdale Real Estate Investment & Management

44,159

41,902 Joseph G. Beard

Dallas

Avenue5 Residential, LLC

43,855

31,858 Walt Smith

Seattle

Fairfield Residential

43,152

47,922 Gregory R. Pinkalla

San Diego

First Communities

43,000

38,000 Mitch Harrison

Atlanta

Company Name

Corporate Officer

Apartment Investment and Management Company

42,973

47,100 Terry Considine

Denver

Cortland Partners

42,102

39,322 Steven DeFrancis

Atlanta

Monarch Investment & Management Group

41,401

35,955 Bob Nicolls

Franktown

Village Green

40,000

40,000 Diane Batayeh

Detroit

ZRS Management, LLC

38,622

33,573 Steve Buck

Orlando

GoldOller Real Estate Investments

38,184

39,273 Richard Oller

Philadelphia

Steadfast Apartments

37,728

36,686 Ella S. Neyland

Irvine

RAM Partners LLC

37,369

38,449 Bill Leseman

Atlanta

United Apartment Group

36,043

Girgus and 34,037 Carrie Tim Settles

San Antonio

Capstone Real Estate Services, Inc.

35,710

35,721 James W. Berkey

Austin

Harbor Group International, LLC

34,689

26,019 Robert Friedman

Norfolk

43 44

McCormack Baron Management, Inc.

32,404

31,971 Timothy Zaleski

Saint Louis

Edgewood Management Corporation

31,758

31,293 Cindy A. Sanquist

Gaithersburg

JMG Realty, Inc.

30,907

30,121 Karlton Jackson

Atlanta

Gables Residential

30,902

32,520 Sue Ansel

Atlanta

Carroll Organization

30,795

20,195 M. Patrick Carroll

Atlanta

48 49

Pegasus Residential

30,675

35,854 Lindy D. Ware

Alpharetta

The John Stewart Company

30,453

31,401 Jack D. Gardner

San Francisco

APRIL 2018 | NMHC 50

2018 TOP DEVELOPERS

25 Largest U.S. Apartment Developers as of January 1, 2018

Company Name

Units Started 2017

Units Started 2016 Corporate Officer

HQ City

HQ State

Greystar Real Estate Partners

5,651

7,673 Robert A. Faith

Charleston

Mill Creek Residential

5,293

5,081 William C. MacDonald

Dallas

Wood Partners

5,191

3,468 Joe Keough

Atlanta

Alliance Residential

5,170

Ward and 7,104 Bruce V. Jay Hiemenz

Phoenix

Lincoln Property Company

5,002

4,343 Tim Byrne

Dallas

Trammell Crow Residential

3,863

4,517 Kenneth J. Valach

Dallas

LMC, a Lennar company

3,742

6,244 Todd Farrell

Charlotte

Continental Properties Company, Inc.

3,140

3,175 James H. Schloemer

Menomonee Falls

JPI

2,832

1,643 Mark Bryant

Irving

The Michaels Organization

2,768

3,443 John J. O'Donnell

Marlton

StreetLights Residential

2,607

896 Doug Chesnut

Dallas

Developer Rank 2018

Developer Rank 2017

9 10

11 12

AvalonBay Communities, Inc.

2,600

2,732 Timothy J. Naughton

Arlington

Wermers Companies

2,500

Wermers and 2,150 Thomas Jeff Bunker

San Diego

Woodfield Investments

2,422

2,937 Greg Bonifield

Mount Pleasant

Hanover

2,313

3,102 John H. Nash

Houston

The Bainbridge Companies

2,240

2,032 Richard Schechter

Wellington

American Campus Communities

2,219

2,699 Bill Bayless

Austin

ZOM Living

2,207

1,080 Greg T. West

Orlando

Landmark Properties

2,198

Wes Rogers

Athens

Crescent Communities

2,164

Charlotte

Prometheus Real Estate Group, Inc.

2,088

San Mateo

Billingsley Company

2,065

1,913 Lucy Billingsley

Dallas

LDG Development

2,027

1,122 Chris Dischinger

Louisville

Holland Partner Group

2,000

2,053 Clyde Holland

Vancouver

Picerne Development Corp.

1,955

1,769 David R. Picerne

Phoenix

21 22

23 24 25

2,389 Brian Natwick Jackie Safier

Note: When a company has no previous yearâ&#x20AC;&#x2122;s ranking, it can mean either this is the companyâ&#x20AC;&#x2122;s first time responding to the survey or the company was too small to make the list last year.

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2018 TOP BUILDERS

25 Largest U.S. Apartment Builders as of January 1, 2018

Company Name

Units Started 2017

Units Started 2016 Corporate Officer

HQ City

HQ State

Summit Contracting Group, Inc.

6,053

5,154 Marc Padgett

Jacksonville

Oden Hughes

5,220

1,477 Steve Oden / Craig Hughes

Austin

Alliance Residential

5,170

Ward and 6,933 Bruce V. Jay Hiemenz

Phoenix

Wood Partners

4,685

1,914 Joe Keough

Atlanta

Mill Creek Residential

4,315

4,266 William C. MacDonald

Dallas

Greystar Real Estate Partners

3,963

4,876 Robert A. Faith

Charleston

Trammell Crow Residential

3,420

3,261 Kenneth J. Valach

Dallas

Suffolk

3,351

2,674 John F. Fish

Boston

CBG Building Company

3,269

3,541 Keith Anderson

Arlington

Carocon Corporation

2,957

2,890 Ambrose W. Dittloff

Charlotte

JPI

2,832

1,643 Mark Bryant

Irving

Builder Rank 2018

Builder Rank 2017

11 12

Wermers Companies

2,800

Wermers and 2,600 Thomas Jeff Bunker

San Diego

LandSouth Construction

2,611

3,064 James G. Pyle

Jacksonville

AvalonBay Communities, Inc.

2,600

2,467 Timothy J. Naughton

Arlington

LMC, a Lennar company

2,599

3,123 Todd Farrell

Charlotte

Picerne Development Corp.

2,595

3,179 David R. Picerne

Phoenix

16 17

Harkins Builders, Inc.

2,479

2,082 Gary Garofalo

Columbia

Weis Builders, Inc.

2,444

2,520 Jay Weis

Minneapolis

Hanover

2,313

3,102 John H. Nash

Houston

StreetLights Residential

2,275

Dallas

Landmark Properties

2,198

Athens

Holland Partner Group

2,076

3,293 Clyde Holland

Vancouver

Billingsley Company

2,065

1,913 Lucy Billingsley

Dallas

LDG Development

2,027

1,122 Chris Dischinger

Louisville

Embrey Partners, Ltd.

1,948

San Antonio

896 Doug Chesnut Wes Rogers

981 Trey Embrey

APRIL 2018 | NMHC 50

2018 TOP SYNDICATORS

10 Largest U.S. Apartment Tax Credit Syndicators as of January 1, 2018 Syndicator Syndicator Rank 2018 Rank 2017

Company Name

Units Syndicated 2017

Units Syndicated 2016 Corporate Officer

HQ City

HQ State

Alden Torch Financial LLC

162,123

183,456 Alan Fair

Denver

PNC Real Estate

138,275

136,152 Todd Crow

Portland

Boston Capital

120,925

121,875 Jack Manning

Boston

The Richman Group Affordable Housing Corporation

107,958

106,143 Richard Paul Richman

Greenwich

Enterprise Community Investment

104,676

103,425 Charles R. Werhane

Columbia

National Equity Fund

104,461

101,583 Joseph Hagan

Chicago

Raymond James Tax Credit Funds, Inc.

103,598

96,182 Steve Kropf

St. Petersburg

Boston Financial Investment Management, LP

100,357

108,717 Marie Reynolds

Boston

AIG Affordable Housing

100,285

102,592 Thomas Musante

Los Angeles

WNC & Associates

Irvine

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50,924 Wilfred N Cooper, Jr

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STEADY DOES IT

Despite shifting market conditions and a more challenging transactions market, the nation’s top apartment owners still notched some measured portfolio growth. > By Mark Obrinsky, Ph.D. This year’s ranking of the nation’s largest apartment owners looks a lot like last year’s, particularly at the top. The nine largest firms are holdovers from last year, with only small rankings changes among them. There are six firms on this year’s NMHC 50 owners list that weren’t on the list last year, although two of those have ties to past NMHC 50 lists. Compared with last year, ownership increased among all segments of NMHC 50 owners: the top 10, the second 10, the top 25 and the second 25. Overall, the top 50 owners hold 2,066,945 apartment homes, accounting for 10.1 percent of the nation’s apartment stock. The median portfolio is 37,003, while the mean is 41,339. The threshold for entry edged up to 20,251. As a result, the top firm held less than five times as many units as the No. 50 firm, the first time that ratio was so low. (Note, however, that prior to the 2017 list, the top 50 owners included syndicators, so comparisons with prior years can be misleading.)

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OUT IN FRONT The top owner for the second straight year was MAA, with 99,792 apartment homes. This represented modest growth of 399 units over last year. “We bought and sold quite a bit less in 2017 than we did in 2016,” says Brad Hill, director of multifamily investing at MAA. “On the disposition side, we’ve done a fair amount of [capital] recycling over the last five years, so we’ve largely completed the portfolio improvement we wanted. We like where our portfolio sits today, and we are to the point of selectively pruning in areas to continue to drive increased long-term earnings and efficiencies.” “On the acquisition side,” he adds, “Pricing continued to be a bit more aggressive than we felt the fundamentals supported so we held to our disciplined underwriting and were not able to connect on as many deals as we would have liked.” Starwood Capital, Equity Residential and AvalonBay Communities, Inc., likewise retained their second, third and fourth spots on the

NMHC 50 OWNERS SUMMARY

rankings. However, Edward Rose Building Enterprise moved up a notch to the fifth slot while Essex Property Trust, Inc., moved up two slots to No. 6. Hunt Companies, Inc., dropped two slots to No. 7. Lincoln Property Company, Irvine Company and Related Companies rounded out the top 10. New to the owners list this year are Boston-based Beacon Communities (No. 35), Atlanta-based Carroll Organization (No. 36), Provo, Utah-based Peak Capital Partners (No. 49) and Bloomfield Hills, Mich.-based ROCO Real Estate (No. 50). In addition, after declining to participate last year, Related Companies (No. 10) returned to the NMHC 50 owners list, as did Nuveen/TH Real Estate (No. 28), which last made the list five years ago as TIAA-CREF.

NUMBER OF APARTMENTS OWNED TOP 50 SECOND TOP 25 TOP 25 SECOND 10

ALSO IN THE RANKINGS For the second straight year, three of the top four firms are REITs: MAA, Equity Residential and AvalonBay Communities, Inc. Essex Property Trust, Inc., also made the top ten, while Camden Property Trust just missed, coming in at No. 11. Three other REITs also made the NMHC 50 owners list: UDR, Inc., Apartment Investment and Management Company and American Campus Communities. (For more on the REITs, see “REITs in the Rankings” on pg. 18). Only one student housing specialist, American Campus Communities (No. 27), made the top 50 owners list, but 10 other firms have at least some student housing units in their portfolios. Just four firms have military housing portfolios, but three of them are big players in that market: Hunt Companies, Inc., with 51,856 units; Balfour Beatty Communities (No. 13) with 44,090 units; and Lincoln Property Company (37,165 units). However, six firms that were on the top owners list last year did not repeat this year for a variety of reasons. For example, Starwood Capital Group acquired Milestone Management, LLC, which had ranked 30th on last year’s list. Bridge Investment Group Partners; Highridge Costa Companies; Simpson Housing, LLLP; and Wood Partners, LLC, all had too few apartments to meet the minimum threshold for entry on this year’s ranking. Forest City Residential Group, Inc., declined to respond.

TOP 10 0

500K

1.5M

2.5M

PORTFOLIO SIZE MEASURES NO. 50 FIRM NO. 1 FIRM MEDIAN MEAN 0

20K

40K

60K

80K

100K

MORE MODERATE GROWTH Overall, 33 firms added to their portfolios, while 16 firms trimmed their holdings. The portfolio increases outpaced the decreases; the average pickup among growing firms was 2,825, while the average cutback was 1,715. Both averages were much lower than last year. Beacon Communities added the largest number of units, growing by a total of 14,500 apartments. Just over half of those new units came through its late September acquisition of National Development Corporation, whose $250 million portfolio included 59 mostly affordable properties from the 1970s and 1980s. Other big ownership portfolio increases occurred at Morgan Properties (No. 20), which added 8,666 apartments, and Carroll Organization, which added 8,298 units. At the other end of the spectrum, The Michaels Organization (No. 19) had the biggest decrease in units with a net drop of 5,235 apartments. Fairfield Residential (No. 25) lightened its portfolio by 4,840 units, and Heitman (No. 40) saw a net decrease of 3,651.

SHARE OF NATIONAL APARTMENT STOCK (%) TOP 50 TOP 25 TOP 10 0%

10%

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

APRIL 2018 | NMHC 50

APARTMENT OWNERS 16K

LARGEST PORTFOLIO INCREASE

14K 12K

“At some point, we believe the move-up in interest rates begins to push cap rates up or drives liquidity out of the market, and we should be able to find more attractive buying opportunities.” —Brad Hill, MAA

10K 8K 6K 4K 2K 0 ◾ BEACON COMMUNITIES (+14,500) ◾ MORGAN PROPERTIES (+8,666) ◾ CARROLL ORGANIZATION (+8,298)

◾ PGIM REAL ESTATE (+6,153) ◾ GREYSTAR REAL ESTATE PARTNERS (+5,450)

LARGEST PORTFOLIO DECREASE 0 -1K -2K -3K -4K -5K -6K ◾ THE MICHAELS ORGANIZATION (-5,235) ◾ FAIRFIELD RESIDENTIAL (-4,840) ◾ HEITMAN (-3,651)

◾ APARTMENT INVESTMENT AND MANAGEMENT COMPANY (-2,509) ◾ AMLI RESIDENTIAL (-2,311)

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In terms of the geographic distribution of their holdings, 45 firms own properties in the South Atlantic region, one more than in the South Central (44 firms); both those figures are higher than last year. There was also a pickup in the number of owners with properties in the Midwest (38 firms this year), while the number was unchanged in the Mid-Atlantic (37 firms) and New England (29 firms). The number of firms with apartments in the Mountain (39 firms) and Pacific regions (38 firms) decreased.

LOOKING AHEAD For most apartment owners, underlying economic strength and favorable demographics, along with smart tactics to maintain occupancies and favorable renewal pricing, helped mitigate the drag from a lot of new supply hitting the market in 2017. Looking into 2018, more headwinds are expected despite continued strong demand. “Our markets will experience another year of elevated levels of new supply, reduced pricing power and slowing revenue growth,” says David Neithercut, president and CEO of Equity Residential. But most executives believe that amid the challenges, there will be pockets of opportunity. “The outlook in our coastal markets with high cost of homeownership will soon improve significantly as new apartment supply reduces while favorable demographics,

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low unemployment and rising incomes continue to produce extraordinary strong demand and excellent risk-adjusted returns to our shareholders,” says Neithercut. Michael Schall, president and CEO of Essex Property Trust, agrees. “Looking forward to 2018, we expect demand for housing will outpace supply in our coastal markets of California and Washington, which will lead to market rent growth near long-term averages,” he says. However, MAA’s Hill says new supply can create good growth opportunities outside the coastal markets. The company is focused

on more growth in the roughly 20 markets in its current footprint, which is largely planted in the southern regions. “I expect 2018 to look at lot like 2017,” Hill says. “At some point, we believe the move-up in interest rates begins to push cap rates up or drives liquidity out of the market, and we should be able to find more attractive buying opportunities.”

This story includes additional reporting by Bendix Anderson.

REITS IN THE RANKINGS

Market capitalization offers an alternative measure of portfolio size among multifamily REITs.

There were eight REITs among the top 50 owners—one less than last year, due to Forest City’s non-participation in the survey. Rankings by unit among the peer group largely stayed the same from last year, with top owner MAA taking the top spot among its REIT peer group, followed by Equity Residential, AvalonBay Communities, Essex Property Trust, Inc., Camden Property Trust, UDR and Apartment Investment and Management Company. Student housing REIT American Campus Communities rounded out the list. It was largely a growth story for 2017 for the REITs, as only Apartment Investment and Management Company, Inc., shed apartments, with its portfolio decreasing by 2,509 units. The other seven firms added a combined 9,931 units to their portfolios, led by American Campus Communities (+3,535 units) and AvalonBay Communities, Inc. (+3,076 units). Combined, these eight REITs

collectively own 495,117 apartments. While units owned is a useful gauge of size, examining the value of their holdings is also informative. Total capitalization offers an alternative measure of relative size among REITs. However, note that this analysis is imperfect to a degree, as ownership of non-apartment assets can substantially affect overall firm value. Total capitalization for all eight REITs in the rankings is $152.2 billion. However, a look at capitalizations per unit can also provide additional insight into what kind of markets, both geographic and class, each REIT operates. For example, Equity Residential’s firstplace ranking by capitalization reflects the company’s strategy of concentrating investment in 24/7 gateway coastal markets, whereas MAA’s fourth place cap rank is an indication of a differentiated investment approach that focuses on geographic diversity.

RANK AND REFILE REIT RANKINGS CHANGE WHEN COMPANIES ARE MEASURED BY MARKET CAPITALIZATION VERSUS PORTFOLIO SIZE. Company

Apartments with Ownership Interest

Unit Rank Among REITs

Company Total Capitalization ($ billions)

Cap Rank Among REITs

Capitalization per Apartment

MAA

99,792

17.2

$172,580

Equity Residential

78,302

34.1

$435,947

AvalonBay Communities, Inc.

77,614

31.6

$407,528

Essex Property Trust, Inc.

60,681

23.2

$381,750

Camden Property Trust

53,033

11.0

$208,067

UDR, Inc.

47,284

14.8

$313,191

Apartment Investment and Management Company

43,802

11.8

$268,922

American Campus Communities

34,609

8.4

$244,038

Note: Company total capitalization (or enterprise value) sums: (1) market value of shares outstanding, including operating partnership units; (2) the value of perpetual preferred stock; and (3) the book value of total debt outstanding. Capitalization estimates for September 30, 2017, are provided by B. Riley FBR.

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BIGGER AND BETTER

Leading apartment managers continue to expand their portfolios, reflecting the growing sophistication of the third-party management business. > By Mark Obrinsky, Ph.D. The steady growth that has been the hallmark of the NMHC 50 management list is evident again this year. The number of apartments managed by the top 50 firms continued to swell, reaching a record share of 16.1 percent of all apartments in the nation. The combined portfolios of the top 50 management firms reached an all-time high of 3,282,557 apartments. This represented a pickup of 3.3 percent from last year and a gain of 18.0 percent over the last five years, the highest such growth rate since 2001. The mean (65,651) and median (49,470) also set new records, as did the cumulative unit counts for the top 10, top 25 and second 25 tiers. The minimum threshold for inclusion on the management NMHC 50 is now 30,453, another all-time high.

stability at the top, Lincoln Property Company (190,542 units) and Pinnacle (162,000 units) retained their No. 2 and No. 3 positions, respectively. Alliance Residential (110,712 units) moved up to the No. 4 slot, just ahead of FPI Management, Inc. (107,996 units) and Winn Companies (100,020 units). This is the first time that each of the top six firms had at least 100,000 apartments under management. And with 99,792 units under management, seventh-ranked MAA is knocking on that door. Rounding out the top 10 are Apartment Management Consultants, LLC (91,958 units), BH Management, LLC (79,990 units) and Equity Residential (78,302 units). Three firms—Lincoln Property, MAA and Equity Residential—made the top 10 lists of both owners and managers.

TOPLINE TAKEAWAYS Greystar Real Estate Partners remains the industry’s top dog—with 418,475 apartment units under its management belt; at that size, its portfolio is more than twice as big as the next two firms. Adding more

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DEEPER DIVES The sheer size of the big management portfolios at the top of the rankings obscures the tightness in the rankings further down. There

is almost a 12,000-unit difference between the No. 8 (Apartment Management Consultants, LLC) and No. 9 (BH Management, Inc.) firms. Exactly half the firms on the list manage more than 30,000 but less than 50,000 apartments. Five firms that were not on the list a year ago appear on this year’s NMHC 50 top managers list. Reflecting the strength of its purchase of Milestone Management (last year’s No. 21 firm), Starwood Capital Group debuts at No. 15. Related Companies returns to the list at No. 18. First Communities (No. 32), Harbor Group International, LLC (No. 43), and Carroll Organization (No. 48) are also first-timers in the rankings. However, also as a result of the Starwood purchase, Milestone Management drops off the NMHC 50 management list this year. Other members of last year’s top 50 that missed the list this year are Kettler, Bridge Investment Group Partners, The Lynd Company and US Residential.

MOVERS AND SHAKERS A total of 35 companies added to their portfolios, twice as many as the number that pared their management holdings (14 firms). The average pickup was 4,163 units, much larger than the average decrease of 3,071 units. BH Management, LLC (No. 9) had the biggest portfolio increase, adding 12,113 apartments to its holdings. Three other firms had 10,000-unit-plus portfolio increases: Avenue5 Residential, LLC (No. 30) with 11,997 units; Alliance Residential with 11,348 units; and Carroll Organization with 10,600 units. Not far behind were No. 12 The Bozzuto Group (+8,916 units), Harbor Group International, LLC (+8,670 units), and No. 28 Morgan Properties (+8,666 units). In some cases, this volume growth also shook up the rankings. Avenue5 Residential, LLC’s organic geographic expansion strategy not only grew its holdings nearly 38 percent but also shot the firm up 16 slots in the rankings to the No. 30 position—marking by far the biggest jump in this year’s rankings. Morgan Properties climbed nine slots, while ZRS Management (No. 37) and Edgewood Management Corporation (No. 45) each rose four slots. In contrast to these gains, some well-known firms cut back on their management portfolios. Pinnacle (No. 3) currently manages 10,000 apartments fewer than last year, while Bell Partners (No. 26) trimmed its portfolio by 9,665 units. Although the decrease left Pinnacle’s ranking unchanged, Bell Partners’ “right sizing” pushed the firm down 11 notches in the rankings. Also dropping 11 places is Pegasus Residential (No.49), which shed 5,179 units from its portfolio. Apartment Investment and Management Company (No. 33) slid seven slots, and Fairfield Residential (No. 31) fell six slots in the rankings.

MUCH ADO ABOUT SUPPLY Changing market conditions, especially the effects of new apartment supply on rents and property performance, are driving many of these portfolio fluctuations. For Patrick Appleby, president of WinnResidential, the property management arm of WinnCompanies, the continued increase in supply in core urban markets was the single biggest change from 2016 to 2017.

APARTMENT MANAGERS 14K

LARGEST PORTFOLIO GROWTH

12K 10K 8K 6K 4K 2K 0 ◾ ◾ ◾ ◾

BH MANAGEMENT, LLC (+12,113) AVENUE5 RESIDENTIAL, LLC (+11,997) ALLIANCE RESIDENTIAL (+11,348) CARROLL ORGANIZATION (+10,600)

◾ THE BOZZUTO GROUP (+8,916) ◾ HARBOR GROUP INTERNATIONAL, LLC (+8,670) ◾ MORGAN PROPERTIES (+8,666)

MOVING UP IN RANK 16 14 12 10 8 6 4 2 0 ◾ AVENUE5 RESIDENTIAL, LLC (+16) ◾ MORGAN PROPERTIES (+9)

◾ ZRS MANAGEMENT, LLC (+4) ◾ JMG REALTY, INC. (+4)

“Renters have more options and that means we have to stay on top of our game and continue to be nimble when it comes to marketing.” —Patrick Appleby, WinnResidential

APRIL 2018 | NMHC 50

NMHC 50 MANAGERS SUMMARY NUMBER OF APARTMENTS MANAGED 3.5M 3M 2.5M 2M 1.5M 1M ◾ ◾ ◾ ◾

500K 0

2011

2012

2013

2014

2015

2016

2017

TOP 50 TOP 25 SECOND 10 TOP 10

2018

PORTFOLIO SIZE MEASURES 500K

70K 60K

400K

50K 40K

300K

30K

200K

20K

◾ MEAN ◾ MEDIAN

10K 0

2011

2012

2013

2014

2015

2016

2017

2018

◾ NO. 1 FIRM ◾ NO. 50 FIRM

100K 0

2011

2012

2013

2014

2015

2016

2017

2018

“It’s created ongoing challenges to rent growth and triggered a return to concessions,” he says. “Renters have more options, and that means we have to stay on top of our game and continue to be nimble when it comes to marketing.” But he says it’s also precipitated his firm to rethink what growth means—and increasingly it’s less about volume. “We have made a conscious decision to focus on tactical growth and to position the resources of the organization to best serve our clients,” Appleby explains. “Our priority is quality performance, not quantity of units. We evaluate new business opportunities based on whether we believe we can deliver sustained success for the client, as well as our own margin. Using that lens, we have reduced the number of properties in our portfolio over the past year and aligned our key resources to best serve our clients and to pursue new strategic opportunities.” However, for other managers, the influx of new communities coming online has provided a platform for growth. “We haven’t seen the problem of overbuilding yet in our regions,”

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NMHC 50 MANAGERS SUMMARY

says Vanessa Siebern, a vice president with FPI Management, whose management portfolio grew 4,157 units in 2017. “The problem we are having is that [developers] can’t build them fast enough. The demand is there.” But in some markets, most notably high-barrier coastal markets, this growth in new supply is also having little effect on yet another underlying industry challenge: affordability. As a result of supply constraints and rising development costs, rents are outpacing wage growth, making apartment living increasingly less affordable to more people. “The affordability issue has become more pronounced in most markets,” says Lili Dunn, president of Bell Partners. “As a result, we are targeting properties that offer a rental price point that is affordable to a wider pool of renters.”

SHARE OF NATIONAL APARTMENT STOCK (%) 35% 30% 25% 20% 15% 10% 5% 0%

2011

2012

2013

◾ TOP 10

2014

2015

◾ TOP 25

2016

2017

2018

◾ SECOND 50

This story includes additional reporting by Bendix Anderson.

METHODOLOGY The National Multifamily Housing Council (NMHC) partnered with Kingsley Associates to handle the NMHC 50 survey process, although NMHC remains solely responsible for any errors. To compile the NMHC 50 lists, both organizations gather names of owners, syndicators, managers, developers and builders from as wide a range of sources as possible and contact staff from each firm that completes the survey online. Over the years, improved outreach and increased publicity associated with the rankings have resulted in more firms responding to the survey. For the purposes of this survey, investment fund managers are treated as owners only if they retain substantial equity in the apartment property or if they maintain effective responsibility and decision making over the investment property. When firms function strictly as advisers rather than investors, they are not regarded as owners. In the past, tax credit syndicators and franchisers were regarded as owners if they retained a fiduciary responsibility. In 2017, we introduced a new list just for syndicators. (See pg. 12 for this year’s syndicator rankings.) The rankings are unable to distinguish between partial and full ownership. Some firms own sizable apartment properties through joint ventures in which their share could range anywhere from 1 percent to 99 percent. Others are primarily the sole owners of their apartments. In principle, it would be desirable to account for partial ownership—treating 50 percent ownership of 100 apartments as equivalent to full ownership of 50 units, for example. 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

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included, although assisted living and congregate care facilities are not. Both student housing and military housing are included (measured by units, not beds). Finally, since industry concentration is measured by comparing the top 50 owners and managers against the nation’s entire apartment stock, only U.S. apartments are included. At times, a firm may debut on the NMHC 50 at a high level. Generally, this means the firm is responding to the survey for the first time, rather than an indication of an outsized portfolio gain— although that, too, happens on occasion. Nonetheless, despite many improvements and everyone’s best efforts, the process remains imperfect because it relies on both accurate reporting and surveying of the complete universe, both of which can be fraught with problems. There are two caveats in comparing the lists over time. First, beginning in 2017, syndicators are no longer considered owners, so that the owners list is not meaningfully comparable to those of years before 2017. This wasn’t the first time the definition of ownership has changed. In 2006, we also refined the definition to eliminate those investment fund managers with neither substantial equity nor effective control over the investment property. Neither of these changes affected the management list. 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. These adjustments affect the total number of apartments owned by the top 50 firms as well as other measures of concentration such as the mean and median portfolio size. For these reasons, year-to-year comparisons must be made with great care.

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THE SEARCH IS ON

Fueled by stronger renter and investor demand, today’s leading apartment developers continue to look for new deals despite growing challenges. > By Bendix Anderson The busiest apartment developer in the U.S. was a little less busy in 2017. “Our original plan was to start 26 projects in 2017 and we ended up starting 22,” says Scott Wise, executive managing director of development and construction services for Greystar Real Estate Partners, which was the No. 1 developer on this year’s rankings of top apartment developers. The Charleston, S.C.-based company started 5,651 new apartment units in 2017, a 26 percent decrease from the previous year but still enough volume to put the company at the top of the list for the second consecutive year. Top apartment developers like Greystar continue to build to meet strong renter and investor demand, even though many face challenges that can slow development down. The growing list of hurdles includes a shortage of sites, less available construction financing from banks and even a shortage of workers—all of which can delay the construction and delivery timeline. “Labor shortages continue to impact schedules, costs and returns,” says Wise. The company expects the four projects that were

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not started in 2017 will carry over to the first quarter of 2018. Despite these worries, strong investor appetite is still driving developers to look for opportunities to build. “We are always evaluating a pipeline of projects across all markets and different product types,” says Wise.

SCALING BACK Greystar was hardly alone in scaling back new development and construction activity for the year. Nearly half (12) of the nation’s leading apartment developers posted year-over-year declines in units started for the year. Alliance Residential was one firm that, like Greystar, experienced a significant pullback in new development activity. Its starts dropped 28 percent over the past year to 5,170, bringing its ranking down two slots to the No. 4 slot on the top developers list. Similarly, LMC, a Lennar Company experienced a 40 percent dropoff in new starts to 3,742 units, a decline that sent its ranking down four spots to No. 7.

Some executives expect these development declines to continue, despite strong renter demand and investor appetite for development deals. “I think there will be a persistent slowdown in construction starts,” says John Gray, head of investments for LMC. “It’s just more challenging to get deals.” Already the industry saw some larger scale scaling back in 2017 as overall industry starts were down 10.0 percent from the previous year, totaling 342,600. Permits also receded 2.6 percent year over year for a total of 410,300 in 2017. (For full data, see “Multifamily Permits, Starts and Completions” on page 28.) “We worked twice as hard to do three quarters as many projects,” says Gray, adding that what new projects LMC has been able to start have been mostly a mix of mid-rise and high-rise apartments, with a few garden apartment projects.

MEETING THE CHALLENGES The challenges to new development begin with financing. In 2017, senior lenders were more likely to pass on providing construction financing. “Construction lending is very much a kink in the hose,” says Gray. Rising construction costs have also put pressure on deals. “Construction costs have increased more than 5 percent a year in almost all markets,” says Gray. That’s significantly faster than the current rate of growth in apartment rents. Marc Padgett, CEO and president of Summit Contracting, says labor scarcity is a big factor in the rising costs. Summit is this year’s No. 1 third-party apartment builder. The Jacksonville, Fla.-based company started construction on 6,053 new apartments in 2017. “We are very conscious of what areas are short on labor and where we need to closer manage these areas and focus dollars to them,” says Padgett. These price sensitivities are also pushing new apartment development activities into specific areas. “We have seen more of a trend toward the larger markets and suburban areas in those markets where the rents can absorb the cost to develop new projects,” says Padgett.

RUNNING COUNTERTREND Like other leading developers, Dallas-based Mill Creek Residential had planned to build fewer new apartments in 2017. After starting 5,081 new apartments in 2016, executives anticipated starting construction on roughly 4,500 new apartments in 2017 and 4,000 in 2018. But plans change, and as other developers have scaled back, Mill Creek has scaled up. It started construction on 5,293 new apartments in 2017, which was just a slight increase from 2016 but enough volume to push up two slots to the No. 2 spot among top developers. For many companies, measured growth was the name of the game in 2017; but for others, the year was an opportunity to grow their project pipelines more aggressively. Atlanta-based Wood Partners, for example, grew its starts by nearly 50 percent in 2017. With 5,191 starts to its name for the year, the company climbed five places in the developer rankings to the No. 3 slot. Wood Partners was just one of four companies on the top developers list to log 1,000-plus unit start increases. StreetLights

Residential (No. 11) experienced a 1,711-unit increase in starts, while JPI (No. 9) and ZOM Living (No. 18) grew their starts by 1,189 units and 1,127 units, respectively. This volume of activity was enough to catapult all three companies onto the list for the first time.

ROOM TO GROW Developers like these are encouraged by strong demand for apartments from renters who have continued to fill up their new apartments. Vacancy rates have crept higher but are still relatively healthy in most markets. Rents continue to grow in most markets, though not as quickly as earlier in the cycle. “We would have thought the cycle would have started to tick down even more by now,” says Jay Hiemenz, president and chief operating officer for Alliance Residential. Despite his company’s relatively slow year for development in 2017, Hiemenz says the outlook for apartments is actually improving rather than worsening. That’s because, while the U.S. economy has continued to grow, apartment developers started construction on fewer units in 2017.

APARTMENT DEVELOPERS BIGGEST INCREASES 1.8K 1.5K 1.2K 900 600 300 0 ◾ WOOD PARTNERS (+1,723) ◾ STREETLIGHTS RESIDENTIAL (+1,711) ◾ JPI (+1,189)

◾ ZOM LIVING (+1,127) ◾ LDG DEVELOPMENT (+905)

BIGGEST DECLINES 0 -500 -1K -1.5K -2K -2.5K -3K ◾ LMC, A LENNAR COMPANY (-2,502) ◾ GREYSTAR REAL ESTATE PARTNERS (-2,022) ◾ ALLIANCE RESIDENTIAL (-1,934)

◾ HANOVER (-789) ◾ THE MICHAELS ORGANIZATION (-675) ◾ TRAMMELL CROW RESIDENTIAL (-654)

APRIL 2018 | NMHC 50

“The peak year was 2016 for construction starts for apartments,” says Hiemenz. That creates an opportunity for developers who start new projects now that are likely to open in two years or so with less competition. “We have a business plan to start construction on 7,000 new apartments in 2018,” says Hiemenz. However, he expects rising construction costs and a shortage of labor and sites to slow deals down, so volumes could be closer to 6,000 new starts.

“Our motivation to develop has been driven by the large investor appetite for multifamily exposure. We have not seen any decrease in that appetite.” —Scott Wise, Greystar

SHIFTING STRATEGIES But even with the national economy sending strong vibes, Hiemenz says the projects in planning are moving forward with resiliency in mind in case of an economic u-turn. “We are trying not to get involved in long entitlement deals, and we are financing our projects conservatively,” says Hiemenz. “When the inevitable cycle occurs, we just hold it.” That means that Alliance is less focused on luxury high-rise developments. “Would I start a new high-rise today? That would be hard,” he says. Alliance continues to favor suburban development, where there is generally less competition for new construction. Like other developers, Alliance is also looking for opportunities to build more garden apartments, to help fill the need for less expensive apartments. “All of us would like to do more garden suburban apartments,” says Hiemenz. However, few large sites are available at a price that would support garden apartment construction. Greystar’s Wise agrees. “We would love to do more garden deals, but it is getting harder and harder to find those type of sites,” he says.

For the most part, Greystar is largely building mid-rise properties or high-rise towers in walkable, urban neighborhoods. “Year over year, the projects continue to get more dense and more complex,” he says. As deals grow more complicated, Wise expects production to be affected. “Maybe 6,000 starts would be a 2018 target,” he says. Regardless of the challenges, most developers still see strong investor demand for new apartment deals. “Our motivation to develop has been driven by the large investor appetite for multifamily exposure,” says Wise. “We have not seen any decrease in that appetite.” These buyers are willing to pay high prices for apartment communities, relative to the income from the properties, even as interest rates rise and acquisition financing becomes more expensive. “Apartments are viewed as a natural hedge against inflation, which may explain why there has been little change to multifamily cap rates so far, in spite of rising interest rates,” he says.

U.S. MULTIFAMILY PERMITS, STARTS AND COMPLETIONS (in 000s) 500 450 400 350 300 250 200 150 ◾ PERMITS ◾ STARTS ◾ COMPLETIONS

100 50 0 1990

1995

2000

2005

2010

2015

*Two companies did not report starts for last year.

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2018 NMHC OFFICERS

CHAIRWOMAN

VICE CHAIRMAN

TREASURER

SECRETARY

PRESIDENT

Susan Ansel Gables Residential Dallas, TX

David R. Schwartz Waterton Chicago, IL

Kenneth J. Valach Trammell Crow Residential Houston, TX

James H. Schloemer Continental Properties Milwaukee, WI

Douglas M. Bibby National Multifamily Housing Council Washington, DC

IMMEDIATE PAST CHAIRMAN

Robert E. DeWitt GID Boston, MA

FORMER CHAIRMEN Kelley A. Bergstrom C. Preston Butcher Thomas S. Bozzuto Ric Campo Daryl J. Carter

Douglas Crocker, II Allen Cymrot Peter F. Donovan William H. Elliott Richard L. Fore

Randolph G. Hawthorne Gary T. Kachadurian Mary Ann King Duncan L. Matteson, Sr. Richard L. Michaux

Robert Sheridan Geoffrey L. Stack Leonard W. Wood

EXECUTIVE COMMITTEE*

Patti Fielding Aimco Denver, CO

Patti Shwayder Aimco Denver, CO

Jay Hiemenz Alliance Residential Company Phoenix, AZ

James M. Krohn Alliance Residential Company Phoenix, AZ

Joel L. Altman The Altman Companies Boca Raton, FL

Jeffery A. Roberts The Altman Companies Boca Raton, FL

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

William W. Talbot American Campus Communities Austin, TX

Marc E. deBaptiste ARA, A Newmark Company Boca Raton, FL

Blake Okland ARA, A Newmark Company Charlotte, NC

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

Leo S. Horey AvalonBay Communities, Inc. Arlington, VA

Daryl J. Carter Avanath Capital Management Irvine, CA

John Williams Avanath Capital Management Irvine, CA

Tom Keady The Bainbridge Companies Cary, NC

Richard Schechter The Bainbridge Companies Wellington, FL

Jonathan D. Bell Bell Partners Greensboro, NC

Lili F. Dunn Bell Partners Alexandria, VA

Frank Lutz Berkadia Ambler, PA

Justin R. Wheeler Berkadia New York, NY

Alan King Berkshire Group Alpharetta, GA

*AS OF JANUARY 1, 2018

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EXECUTIVE COMMITTEE

David J. Olney Berkshire Group Boston, MA

Thomas S. Bozzuto The Bozzuto Group Greenbelt, MD

Toby Bozzuto The Bozzuto Group Greenbelt, MD

Laurie A. Baker Camden Property Trust Houston, TX

Keith Oden Camden Property Trust Houston, TX

Ron Zeff Carmel Partners, Inc. San Francisco, CA

Peter F. Donovan CBRE Boston, MA

Brian F. Stoffers CBRE Houston, TX

Edward Carey 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

Daniel J. Epstein The ConAm Group San Diego, CA

Rob Singh The ConAm Group San Diego, CA

James H. Schloemer Continental Properties Company, Inc. Menomonee Falls, WI

Paul G. Kerr Davlyn Investments San Diego, CA

Jon D. Williams Davlyn Investments San Diego, CA

Randy Churchey EdR Memphis, TN

Thomas Trubiana EdR Memphis, TN

Alan W. George Equity Residential Chicago, IL

Mark J. Parrell Equity Residential Chicago, IL

Adam Berry Essex Property Trust, Inc. San Mateo, CA

Lynwood D. Brewer Fannie Mae Austin, TX

Manuel Menendez Fannie Mae Washington, DC

Ronald A. Ratner Forest City Realty Trust Cleveland, OH

Deborah RatnerSalzberg Forest City Realty Trust Washington, DC

Gregory A. Fowler FPA Multifamily San Francisco, CA

Daniel Kaplan FPA Multifamily San Francisco, CA

David Brickman Freddie Mac McLean, VA

John M. Cannon Freddie Mac New York, NY

Susan Ansel Gables Residential Dallas, TX

Dawn Severt Gables Residential Trust Atlanta, GA

Robert E. DeWitt GID Boston, MA

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

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

APRIL 2018 | NMHC 50

EXECUTIVE COMMITTEE

Billy Posey Greystone Servicing Corporation, Inc. Memphis, TN

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

Clyde P. Holland Holland Partner Group Vancouver, WA

William T. Hyman Hunt Mortgage Group New York, NY

John Larson Hunt Mortgage Group Dallas, TX

Ray Barrows The Irvine Company Apartment Communities ‘IAC’ Irvine, CA

Jeff Price JLL Capital Markets Dallas, TX

Usha Chaudhary Kettler McLean, VA

Robert C. Kettler Kettler McLean, VA

Dan Baker KeyBank Real Estate Capital Chicago, IL

Pamela K. Wild KeyBank Real Estate Capital Dallas, TX

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

Guy K. Hays Legacy Partners Foster City, CA

W. Dean Henry Legacy Partners Foster City, CA

Margette G. Hepfner Lincoln Property Company Dallas, TX

Charles O. Shallat Lincoln Property Company Duluth, GA

Albert M. Campbell, III MAA Memphis, TN

David C. Ward MAA Addison, TX

Hessam Nadji Marcus & Millichap Calabasas, CA

John S. Sebree Marcus & Millichap Chicago, IL

Steven T. Lamberti Milestone Management Dallas, TX

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

Kerry R. French NorthMarq Capital, Inc. Houston, TX

Eduardo Padilla NorthMarq Capital, Inc. Minneapolis, MN

Arthur J. Cole Pacific Urban Residential Palo Alto, CA

Alfred V. Pace Pacific Urban Residential Palo Alto, CA

Gary Goodman Passco Companies, LLC Irvine, CA

Larry Sullivan Passco Companies, LLC Irvine, CA

David Durning PGIM Real Estate Finance Chicago, IL

Larry Goodman Pinnacle Addison, TX

Rick Graf Pinnacle Addison, TX

Marc S. Pollack Pollack Shores Real Estate Group Atlanta, GA

Steven L. Shores Pollack Shores Real Estate Group Atlanta, GA

SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

RELATIONSHIPS I COLLABORATION I RESULTS

The CEI philosophy is simple - to gain the FRQÀ GHQFH RI RXU FOLHQWV ZLWK KRQHVW\ DQG SHUIRUPDQFH DQG ZLWK D SDUWQHUVKLS DWWLWXGH DQG WKLV LV WKH DSSURDFK ZH WDNH WRZDUG HDFK QHZ RSSRUWXQLW\.

CONSTRUCTION ENTERPRISES, INC. 2179 Edward Curd Lane, Suite 100, Franklin TN 37067 WŚŽŶĞ ϲϭϱ ϯϯϮ Ϭ ǁǁǁ ĐŽŶƐƚƌƵĐƟ ŽŶĞŶƚĞƌƉƌŝƐĞƐ ĐŽŵ

EXECUTIVE COMMITTEE

Donna Preiss The Preiss Company Raleigh, NC

John Preiss The Preiss Company Raleigh, NC

Jeffrey Brodsky Related Management Company LP New York, NY

Frank Monterisi Related Management Company LP New York, NY

Michael Bissell SARES REGIS Group Irvine, CA

Chris Payne SARES REGIS Group Irvine, CA

James Kane Starwood Capital Group Atlanta, GA

Kenneth J. Valach Trammell Crow Residential Dallas, TX

Leonard Wood, Jr. Trammell Crow Residential Atlanta, GA

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

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

Diane Batayeh Village Green Farmington Hills, MI

David R. Schwartz Waterton Chicago, IL

Jack Oâ&#x20AC;&#x2122;Connor Weidner Apartment Homes Kirkland, WA

W. Dean Weidner Weidner Apartment Homes Kirkland, WA

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

Alan Wiener Wells Fargo Multifamily Capital New York, NY

Jerry LaPointe Western National Group Irvine, CA

Patrick Appleby WinnCompanies Boston, MA

Lawrence H. Curtis WinnCompanies Boston, MA

EXECUTIVE COMMITTEE NOT PICTURED Jeff Lee Capital One Multifamily Finance Bethesda, MD

Sean P. Deasy HFF Newport Beach, CA

Daniel J. Minahan Continental Properties Company, Inc. Menomonee Falls, WI

Judy Schneider Holland Partner Group Vancouver, WA

Eli Su Essex Property Trust, Inc. San Mateo, CA

Derrick Bloom JLL Capital Markets Atlanta, GA

Lydia Hays Greystone Servicing Corporation, Inc. New York, NY

SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

Kristen Klingbeil-Weis Klingbeil Capital Management/ American Apartment Communities Santa Barbara, CA Peter W. Evans Moran & Company Chicago, IL David C. Martin Moran & Company Denver, CO

Michael K. Hayde Western National Group Irvine, CA Joseph J. Keough Wood Partners, LLC Atlanta, GA Patrick Trask Wood Partners, LLC Houston, TX

Deﬁning Multifamily Development Bonnie Hochman Rothell Partner 202.216.4801 bhrothell@mmmlaw.com

From initial investment and ﬁnancing to construction and ongoing management, our team works with leading syndicators, lenders, apartment managers, developers and contractors on the developments deﬁning the multifamily industry across the country. Atlanta

Raleigh-Durham Follow us:

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Washington, DC

www.mmmlaw.com

Tap, Tap, Tour View and book tours instantly. Accessible from your property’s existing home page, simple step-by-step prompts guide prospects to select their perfect tour date. Available 24/7, there’s no need to wait to get in contact with a leasing agent. Anyone Home’s easy-to-use Self-Scheduling Widget results in 2x higher lead-to-lease conversions over traditional marketing efforts. Communicate, manage productivity, and take the QH[W VWHS DOO LQ RQH VHDPOHVV ZRUN³ RZ ZLWK $Q\RQH Home’s suite of highly engaging solutions. Visit mfe.anyonehome.com/self-tour Call 888-228-2093

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BOARD OF DIRECTORS*

Mark Ellsworth Hertz AIG Global Real Estate Investment Corp. New York, NY

Jill BrooksGarnett Alden Torch Financial LLC Denver, CO

Tim L. Myers Allied Orion Group Houston, TX

Ricardo Rivas Allied Orion Group Houston, TX

Michael H. Godwin Ambling Management Company LLC Valdosta, GA

Gregory T. Mutz AMLI Residential Properties, L.P. Chicago, IL

John Kobs Apartment List San Francisco, CA

Matthew Woods Apartment List San Francisco, CA

Neil T. Brown ArchCo Residential Atlanta, GA

Steven Wolf Ares Management New York, NY

Thuy Woodall AT&T Connected Communities Milton, GA

Walt Smith Avenue5 Residential, Inc. Seattle, WA

Rachel Ridley Avesta Communities Tampa, FL

BJ Rosow AZUMA Leasing Austin, TX

Lisa Dailey Balfour Beatty Communities Tampa, FL

James P. Cooke Ballard Spahr Washington, DC

Mary Jo George Ballard Spahr Washington, DC

Ed Hurley Barings Multifamily Capital LLC Plano, TX

John K. Powell, Jr. Bellwether Enterprise Real Estate Capital, LLC Chicago, IL

Deborah Rogan Bellwether Enterprise Real Estate Capital, LLC Cleveland, OH

Ernest F. Katai Berkadia Southfield, MI

Keith T. Misner Berkadia Bethesda, MD

Jeffrey C. Day Berkeley Point Capital LLC Bethesda, MD

Mike C. May Berkeley Point Capital LLC Bethesda, MD

Harry Bookey BH Equities, LLC Des Moines, IA

Jack Boarman BKV Group Minneapolis, MN

Michael Krych BKV Group Minneapolis, MN

Mark W. Dunne Boston Capital Corporation Boston, MA

John P. Manning Boston Capital Corporation Boston, MA

David R. Minnick Bridge Investment Group Sandy, UT

Danuel R. Stanger Bridge Investment Group Sandy, UT

Bradley B. Chambers Buckingham Companies Indianapolis, IN

David J. Adelman Campus Apartments Philadelphia, PA

Miles H. Orth, III Campus Apartments Philadelphia, PA

Anthony Orso Cantor Commercial Real Estate (CCRE) New York, NY

*AS OF JANUARY 1, 2018

SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

HANDS-ON INVOLVEMENT IN EACH ASSET

Streamlined processes Approaches that reflect client business plans Strategies that evolve with client goals

People and partnerships first

THE AVENUE5 DIFFERENCE 901 5th Avenue, Suite 3000 | Seattle, WA 98164 206.582.3333 | hello@avenue5.com | avenue5.com

BOARD OF DIRECTORS

Ernest L. Heymann CAPREIT, Inc. Rockville, MD

Andrew Kadish CAPREIT, Inc. Philadelphia, PA

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

Tyler Anderson CBRE Phoenix, AZ

Ian Bingham CF Real Estate Services LLC Atlanta, GA

Jonathan Holtzman City Club Apartments Farmington, MI

Jerel Klue Citymark Capital Cleveland, OH

Daniel P. Walsh, Jr. Citymark Capital Cleveland, OH

David A. Kessler CohnReznick LLP Bethesda, MD

Will Matthews Colliers International Atlanta, GA

Karen Whitt Colliers International Washington, DC

Patrick Nugent Commercial Insurance Solutions Group Dallas, TX

Jerry Davis Conservice Utility Management & Billing Logan, UT

Stewart Hsu Conti Organization Addison, TX

Carlos P. Vaz Conti Organization Addison, TX

Jason Rosa Continental Realty Advisors, Ltd. Littleton, CO

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

Ari C. Abramson Continental Realty Corporation Baltimore, MD

Lauren A. Brockman Convergence Multifamily Real Estate Group Denver, CO

Steven DeFrancis Cortland Partners, LLC Atlanta, GA

Marc D. Goldstein Covington Development, LLC St. Louis, MO

James M. Cauley Crescent Communities Greenwood Village, CO

Benjamin Collins Crescent Communities Charlotte, NC

James Curran Crescent Communities Atlanta, GA

Brian Natwick Crescent Communities Charlotte, NC

Dodge Carter Crow Holdings Capital Partners, LLC Dallas, TX

Marc G. Robinson Cushman & Wakefield Charlotte, NC

John Caltagirone The Dinerstein Companies Houston, TX

Brian L. Dinerstein The Dinerstein Companies Houston, TX

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

David Luski DRA Advisors, LLC New York, NY

Wendy Drucker Drucker & Falk, LLC Newport News, VA

Kellie J. Falk Drucker & Falk, LLC Raleigh, NC

SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

BOARD OF DIRECTORS

Dave Nachison Eastdil Secured, LLC Washington, DC

Seth Greenberg ECI Group, Inc. Atlanta, GA

Michael Edward Gorman Edward Rose & Sons Carmel, IN

Warren Rose Edward Rose & Sons Bloomfield Hills, MI

Joseph Lubeck Electra America Lake Park, FL

Trey Embrey Embrey Partners, Ltd. San Antonio, TX

Tyler Christiansen Entrata Lehi, UT

Chase Harrington Entrata Lehi, UT

Kathleen Felderman EPIC San Francisco, CA

Jonathan Griffiths EPIC San Francisco, CA

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

Michele M. Evans Fannie Mae Washington, DC

Jeffery R. Hayward Fannie Mae Washington, DC

Mitch Harrison First Communities Atlanta, GA

Robert L. Johnston First Communities Atlanta, GA

Mark A. Fogelman Fogelman Properties Memphis, TN

Richard L. Fogelman Fogelman Properties Memphis, TN

CJ Edmonds G5 Bend, OR

Linda Zeller Gerson Bakar & Associates San Francisco, CA

Richard Oller GoldOller Real Estate Investments Philadelphia, PA

David Birnbaum Griffis Residential LLC Greenwood Village, CO

Ian Griffis Griffis Residential LLC Greenwood Village, CO

Matthew Fiascone The Habitat Company Chicago, IL

John Nash Hanover Company Houston, TX

Jordan E. Slone Harbor Group International Norfolk, VA

James M. Bachner Heitman Chicago, IL

John O. Moore, Jr. Highland Commercial Mortgage, LLC Birmingham, AL

Lynn Calkins Holland & Knight, LLP Washington, DC

Greg Faulkner Humphreys & Partners Architects, L.P. Dallas, TX

Mark Humphreys Humphreys & Partners Architects, L.P. Dallas, TX

Tracy Simonton Legg Hunter Warfield, Inc. Denver, CO

Todd Wahl Hunter Warfield, Inc. Tampa, FL

Kevin George InfoTycoon Roswell, GA

Peggy Robinson InfoTycoon Roswell, GA

David Kapiloff Insgroup, Inc. Houston, TX

APRIL 2018 | NMHC 50

BOARD OF DIRECTORS

Will Balthrope Institutional Property Advisors, a Division of Marcus & Millichap Dallas, TX

Peter Katz Institutional Property Advisors, a Division of Marcus & Millichap Phoenix, AZ

Mark O. Decker, Jr. IRET Minot, ND

Allina Boohoff J.P. Morgan Asset Management New York, NY

Wayne A. Comer J.P. Morgan Asset Management New York, NY

Jamie B. May JBM Tampa, FL

Eddie Yang JBM Tampa, FL

James A. Butz Jefferson Apartment Group McLean, VA

Gregory G. Lamb Jefferson Apartment Group McLean, VA

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

Brandon Kearse Jonathan Rose Companies New York, NY

Jonathan F.P. Rose Jonathan Rose Companies New York, NY

James V. Madary, II JVM Realty Corporation Oak Brook, IL

Michael J. Lynd, Jr. Kairoi Residential San Antonio, TX

Jennings D. Glenn Kane Realty Corporation Raleigh, NC

Bonnie D. Moser Kane Realty Corporation Raleigh, NC

Kimberly Byrum Kennedy Wilson Dallas, TX

Kurt Zech Kennedy Wilson San Francisco, CA

John Falco Kingsley Associates Atlanta, GA

Rohit Anand KTGY Group Inc. Vienna, VA

Mike Kingsley KTGY Group Inc. Vienna, VA

Matthew Jordan LaSalle Investment Management, Inc. New York, NY

Peter P. DiLullo, Jr. LCOR Incorporated Berwyn, PA

Ian Asselstine Ledcor Properties Inc. Vancouver, BC, Canada

Pat Patterson Ledcor Properties Inc. Irvine, CA

Jay J. Eisner LEM Capital, L.P. Philadelphia, PA

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

Christopher Finlay Lloyd Jones Capital Miami, FL

John Gray LMC, A Lennar Company Charlotte, NC

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

Charles M. McDaniel Lockton Companies, LLC Denver, CO

Chris Green Macquarie Capital New York, NY

Eric Wurtzebach Macquarie Capital New York, NY

Raul Ramirez Lloyd Jones Capital Miami, FL

Todd M. Farrell LMC, A Lennar Company Charlotte, NC

SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

BOARD OF DIRECTORS

Jeffery Lowry Madera Equity Lubbock, TX

Charles Young Madera Equity Lubbock, TX

Joseph F. Mullen Madison Apartment Group Philadelphia, PA

Nicholas Michael Ryan The Marquette Companies Naperville, IL

Darren R. Sloniger The Marquette Companies Naperville, IL

Gerald J. Haak MAXX Properties Harrison, NY

Andrew R. Wiener MAXX Properties Harrison, NY

Daniel T. McCaffery McCaffery Interests Chicago, IL

Kenneth Lee McDowell Properties New York, NY

W. Patrick McDowell McDowell Properties Miami, FL

Melanie Morrison MEB Management Services Tucson, AZ

Jodi Sheahan MEB Management Services Phoenix, AZ

Alasdair Cripps Mesirow Financial Chicago, IL

Charles Kendrick Mesirow Financial Chicago, IL

Mark Gleiberman MG Properties San Diego, CA

Paul Kaseburg MG Properties San Diego, CA

Christopher C. Finlay Middleburg Capital Fairfax, VA

Jeffrey Goldberg The Milestone Group New York, NY

Alexandra Jackiw Milhaus Indianapolis, IN

Tadd Miller Milhaus Indianapolis, IN

Paul Harris Moran & Company Dallas, TX

James J. McGinley, III MORE Residential Frisco, TX

Jonathan R. Morgan Morgan Properties King of Prussia, PA

Mitchell L. Morgan Morgan Properties King of Prussia, PA

Casey K. Brennan NALS Apartment Homes Santa Barbara, CA

Michael R. Schell NALS Apartment Homes Scottsdale, AZ

James Kuhn Newmark Knight Frank New York, NY

Thomas Runyon Nexus Systems Falls Church, VA

Richard Burns The NHP Foundation New York, NY

G. Niles Bolton Niles Bolton Associates, Inc. Atlanta, GA

Ray Kimsey Niles Bolton Associates, Inc. Atlanta, GA

Jayson F. Donaldson NorthMarq Capital Finance Washington, DC

Scott G. Suttle NorthMarq Capital Finance Washington, DC

Gene R. Blevins Orion Real Estate Services Houston, TX

Ian Douglas Orion Real Estate Services Houston, TX

SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

BOARD OF DIRECTORS

Hyung Kim Pacific Life Insurance Company Newport Beach, CA

T. Anthony Premer Pacific Life Insurance Company Newport Beach, CA

Georgianna W. Oliver Package Concierge, Inc. Medfield, MA

Stanley W. Sloter Paradigm Development Company Arlington, VA

Joe Fraiman Parallel San Francisco, CA

Zach Merritt Parallel San Francisco, CA

Nick Killebrew Parse Capital Scottsdale, AZ

David Onanian PAS Purchasing Solutions Houston, TX

Randall M. Paulson PAS Purchasing Solutions Plano, TX

Susan M. Mello PGIM Real Estate Madison, NJ

David R. Picerne Picerne Real Estate Group Phoenix, AZ

Rondetta Troutman Picerne Real Estate Group Phoenix, AZ

D. Scott Bassin PNC Real Estate Pittsburgh, PA

Thomas Booher PNC Real Estate San Francisco, CA

Sam Foster PRG Real Estate Philadelphia, PA

Seth Martin Pritzker Realty Group, LLC Chicago, IL

John D. Millham Prometheus Walnut Creek, CA

Bruce LaMotte Providence Management Company, L.L.C. Glenview, IL

Alan Pollack Providence Management Company, L.L.C. Glenview, IL

Kenneth J. Bacon RailField Realty Partners Bethesda, MD

Adam Ducker RCLCO Bethesda, MD

Charles A. Hewlett RCLCO Bethesda, MD

Phillip McCorkle RealFoundations Dallas, TX

David W. Stanford RealFoundations Dallas, TX

Ashley Chaffin Glover RealPage, Inc. Richardson, TX

Stephen T. Winn RealPage, Inc. Carrollton, TX

Edward J. Meylor Red Mortgage Capital, LLC Columbus, OH

Todd A. Rodenberg Red Mortgage Capital, LLC Dallas, TX

Russell L. Dixon RedHill Realty Investors, LP San Diego, CA

Gus J. Colessides Renters Legal Liability LLC Salt Lake City, UT

Arlene Mayfield RentPath Atlanta, GA

Alan Feldman Resource Real Estate, Inc. Philadelphia, PA

Yvana Rizzo Resource Real Estate, Inc. Philadelphia, PA

Greg Hunter Rise Real Estate Company Valdosta, GA

Jay H. Massirman Rivergate KW Management Miami, FL

APRIL 2018 | NMHC 50

BOARD OF DIRECTORS

Marcie Williams Rivergate KW Management Charlotte, NC

J. Brian Peters Rose Associates, Inc. New York, NY

Amy Rose Rose Associates, Inc. New York, NY

David Evemy Sarofim Realty Advisors Dallas, TX

W. Scott Robinson Sarofim Realty Advisors Dallas, TX

Avi Lewittes The Scion Group Chicago, IL

James D. Scully Jr. Scully Company Jenkintown, PA

Michael A. Scully Scully Company Jenkintown, PA

Colm Macken Shea Properties Aliso Viejo, CA

Yunmi Martin Shea Properties Aliso Viejo, CA

J. Robert Love Simpson Housing LLLP Atlanta, GA

Ella Neyland Steadfast Companies Irvine, CA

William Stoll Steadfast Companies Irvine, CA

Drew Gray Stellar Capital Partners Lubbock, TX

Michael Katz Sterling American Property Inc. Great Neck, NY

Thomas B. Bakewell StreetLights Residential Dallas, TX

Alan P. Dean Terwilliger Pappas Multifamily Atlanta, GA

James G. Martha TH Real Estate Hartford, CT

AJ Richard TH Real Estate Hartford, CT

Brian J. Tusa Trinsic Residential Group Dallas, TX

Greg Campbell TruAmerica Multifamily Los Angeles, CA

Robert E. Hart TruAmerica Multifamily Sherman Oaks, CA

Russell A. Vandenburg TVO North America El Paso, TX

Wayne A. Vandenburg TVO Groupe LLC Chicago, IL

Stephanie Brock US Residential Group LLC Plano, TX

Laurie Lyons US Residential Group LLC Dallas, TX

David J. Ingram UBS Realty Investors LLC Hartford, CT

Jeffrey G. Maguire UBS Realty Investors LLC Hartford, CT

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

Shawn Handrahan Valet Living Tampa, FL

Syd McDonald Valet Living Tampa, FL

Brendan Coleman Walker & Dunlop Bethesda, MD

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

Kris Mikkelsen Walker & Dunlop Investment Sales Atlanta, GA

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

SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

BOARD OF DIRECTORS

Jeffrey W. Adler Yardi Systems, Inc. Centennial, CO

Kristin Glascock Zillow Group Seattle, WA

BOARD OF DIRECTORS NOT PICTURED Alan Fair Alden Torch Financial LLC Denver, CO

Michael C. May Cantor Commercial Real Estate (CCRE) Bethesda, MD

Thomas Walsh Demmon Partners Redwood City, CA

Phil Payonk Hawthorne Residential Partners Greensboro, NC

Glen Weisberg American Realty Advisors Glendale, CA

Harris Haston Carter Haston Holdings, LLC Nashville, TN

Jimmy Baugnon ECI Group, Inc. Atlanta, GA

Lawson Brown HD Supply Atlanta, GA

Douglas Scott Schuster ARA, A Newmark Company Las Vegas, NV

Keith Anderson CBG Building Company Arlington, VA

Jay Jacobson Eden Multifamily Miami, FL

Jay Lopeman HD Supply San Diego, CA

Alexis Gessner Arbor Uniondale, NY

Tyler Anderson CBRE Global Investors, LLC Boston, MA

Phyllis F. Klein Fannie Mae Washington, DC

Howard Edelman Heitman Chicago, IL

Bonnie Habyan Arbor Uniondale, NY

Robert Platt City Club Apartments Farmington, MI

Dan Hobin G5 Bend, OR

Jennifer Massey Highland Commercial Mortgage, LLC Birmingham, AL

Emily Chin AT&T Connected Communities Milton, GA

Cliff Alsberg CohnReznick LLP Atlanta, GA

Stephen LoPresti Gerson Bakar & Associates San Francisco, CA

John Favreau Hines Newport Beach, CA

Stephen Davis Avenue5 Residential LLC Seattle, WA

Justin Trail Commercial Insurance Solutions Group Dallas, TX, USA

Katie Bloom Goldman Sachs Irving, TX

Maleah Preston Hines Houston, TX

Bert De Alejo Avesta Communities Tampa, FL

Antonio Marquez Comunidad Partners San Diego, CA

James W. Huckaby, Jr. Goldman Sachs Irving, TX

John M. Gibson Invitation Homes Dallas, TX

Dean A. Dulchinos Barings Multifamily Capital LLC Hartford, CT

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

Jake S. Hollinger GoldOller Real Estate Investments Philadelphia, PA

Bruce Lavine Invitation Homes Bellevue, WA

Tony Soldi Barings Multifamily Capital LLC Hartford, CT

Brian Battaglia CoreLogic Rental Property Solutions Irving, TX

Orli Perez Google Fiber Mountain View, CA

Kevin Filter JLL Capital Markets Saint Paul, MN

Corinna Bennett Berkadia Phoenix, AZ

Jeremy Thomason CoreLogic Rental Property Solutions Irving, TX

Ben Waltzer Google Fiber Mountain View, CA

David A. Williams JLL Capital Markets Saint Paul, MN

John Rhoades Berkadia Phoenix, AZ

Marcia Bollinger CoStar Group Atlanta, GA

Dru Armstrong Grace Hill, Inc. Augusta, GA

Sam J. Kasparek Kairoi Residential Denver, CO

Scott Sladek Buckingham Companies Indianapolis, IN

Patrick Dodson CoStar Group Atlanta, GA

Gina Rayson Grace Hill, Inc. Augusta, GA

Jeffrey Elowe The Laramar Group, LLC Chicago, IL

Jeffrey Cagan Cagan Management Group, Inc. Skokie, IL

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

Edward M. Harrington Hawthorne Residential Partners Greensboro, NC

Bennett Neuman The Laramar Group, LLC Chicago, IL

SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

79% of prospective residents are inﬂuenced by online content and reviews during their apartment search. - 2017 NMHC/Kingsley Renter Preferences Report

ELEVATE YOUR ONLINE REPUTATION WITH KINGSLEY.

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Real estate leaders turn to Kingsley Associates for actionable intelligence through tailored survey programs and proprietary industry benchmarks. Our suite of survey programs identify what matters most to prospective and existing residents, employees, and clients. Use Kingsley insights and tools to improve your online reputation, operations, resident retention, and employee engagement.

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Proud partner on the NMHC 50

BOARD OF DIRECTORS NOT PICTURED Summit S. Walia LaSalle Investment Management, Inc. El Segundo, CA

Kenneth W. Outcalt The NRP Group Cleveland, OH

Sandi Jenkins RentPath Atlanta, GA

Ronald V. Granville Woodmont Real Estate Services Belmont, CA

Anthony Barsanti LCOR Incorporated New York, NY

Beverly A. Svenson The NRP Group Cleveland, OH

Ryan Holmes Rise Real Estate Company Valdosta, GA

Brigitta Eggleston Yardi Systems, Inc. Santa Barbara, CA

Sarah Saglam LeaseHawk Scottsdale, AZ

Kristen Hall Package Concierge, Inc. Medfield, MA

Adam Ray Spectrum Community Solutions Stamford, CT

Samuel C. Stephens, III ZOM Living Orlando, FL

Dennis G. Dench Lessard Design Inc. Vienna, VA

W. Clark Ewart Paradigm Development Company Arlington, VA

Joseph Varello Spectrum Community Solutions Stamford, CT

Greg West ZOM Living Fort Lauderdale, FL

Christian Lessard Lessard Design Inc. Vienna, VA

Robert Jeans PGIM Real Estate Madison, NJ

Becca Wilson Spherexx.com Tulsa, OK

Steven K. Buck ZRS Management, LLC Orlando, FL

Adam David Lynd LYND San Antonio, TX

John H. Stewart Prescient Co. Durham, NC

Paul Stell Stellar Capital Partners Lubbock, TX

Scott Gilpatrick Madison Apartment Group Philadelphia, PA

Keith Stocker Prescient Co. Hillsborough, NC

Douglas G. Chesnut StreetLights Residential Dallas, TX

Pierre Melhado McCaffery Interests Chicago, IL

Brett J. Gomes PRG Real Estate Philadelphia, PA

Manny Brown SunTrust/Pillar Chicago, IL

Jonathan Stern Meridian Capital Group, LLC New York, NY

Michael A. Sullivan Pritzker Realty Group, LLC Chicago, IL

Anand Gajjar SunTrust/Pillar New York, NY

Robert D. Lazaroff The Michelson Organization Saint Louis, MO

Justin Halada Prometheus San Mateo, CA

Lesley Andrews Ten-X, LLC San Mateo, CA

Bruce V. Michelson, Jr. The Michelson Organization Saint Louis, MO

Rachel Fraychineaud realtor.com rentals Westlake Village, CA

Shari McKoin TransUnion Rental Screening Solutions Greenwood Village, CO

Robert Landin The Milestone Group Dallas, TX

Shawn Sullivan realtor.com rentals Westlake Village, CA

Robert H. West TriBridge Residential LLC Atlanta, GA

Stuart Zook Monument Capital Management Miami, FL

Jonathan Needell Redwood-Kairos Real Estate Partners Rancho Santa Margarita, CA

Gregory L. Engler Walker & Dunlop Investment Sales Atlanta, GA

Mark Alfieri MORE Residential Frisco, TX

Justin Salvato Redwood-Kairos Real Estate Partners Rancho Santa Margarita, CA

Eric Hade Waypoint Residential Atlanta, GA

Stanley D. Levy The Morgan Group, Inc. Houston, TX

Troy Marek Regions Bank Birmingham, AL

Scott J. Lawlor Waypoint Residential Stamford, CT

John Zielke Regions Bank Atlanta, GA

Evan J. Griffiths Westdale Asset Management Dallas, TX

Paul J. Kaliades Renters Legal Liability LLC Salt Lake City, UT

Timothy J. Connelly Whiteco Residential LLC Merrillville, IN

Justin Alanis Rentlytics, Inc. San Francisco, CA

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

Joseph Beaudin Rentlytics, Inc. San Francisco, CA

Greg M. Galli Woodmont Real Estate Services Belmont, CA

Alan Patton The Morgan Group, Inc. Houston, TX Maury E. Zanoff Newmark Knight Frank Washington, DC Thomas L. Coolidge Nexus Systems Falls Church, VA

SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

V I C K I E R O D G E R S , C O X S I G N AT U R E COMMUNITIES

Cox Quick Connect Vickie Rodgers Executive Director Corporate MDU Sales & Strategy As part of the Residential Sales and Operations leadership team, Vickie is responsible for MDU strategy, Sales and Operations driving revenue growth in our $2.1B MDU segment. This includes targeting revenue growth opportunities, leveraging industry best practices and improving the overall customer experience. Previous to her role at Cox, Vickie spent the last two years with the former Time Warner Cable as Vice President of New Market Development leading all resources in Sales and Sales support for a $1.8B MDU revenue segment for the East region.

? How are MDU Property Owners

managing their businesses more efficiently with your product/service?

In 2017, Cox was trying to understand property owner needs. We found that the two most compelling needs were helping owners to drive both occupancy and rent. We conducted research at the resident level with 1,000 potential residents across the country to better understand how technology solutions factor into property choice decisions. Our intent was not to understand why residents would choose Cox services, but rather to determine what combinations of solutions would make them willing to spend more on rent and what properties they would choose as a result. The research findings have allowed us to determine the specific technology solutions at the property level that could garner a 5 percent to 8 percent uplift

in rent, and also what causes a property to be selected as the property of choice against others in close proximity. do residents benefit from your ? How latest offerings? Cox Quick Connect provides new residents with broadband connectivity immediately upon moving in to their new home. Common Area WiFi also provides residents with Internet service on any device at any time on the property. advice would you give owners ? What on how to prioritize their technology needs in the current environment of robust rent growth? Or in markets where occupancy might be softening? According to the latest National Multifamily Housing Council research on top amenities, high speed broadband is the No. 1 amenity out of the top fifty that attract residents. To that end, Cox is continuing to rollout DOCSIS 3.1 technology. We now have gigabit speeds available to 40% of customers and almost 90% of our footprint will have access to Gigabit speeds by the end of the year. This is part of Cox’s plan to invest $10 billion in infrastructure over the next five years to help create smarter properties and cities of the future.

markets such as home healthcare, telecom infrastructure, and IoT. We also partner closely with Techstars to foster new tech startup companies. we are anticipating a ? Since significant increase in renovation and construction activity in the coming months do you have any products geared towards streamlining this part of the multifamily business? One of the benefits of DOCSIS 3.1 technology is that it allows owners to offer 1 gigabit service to all residents without the more complex construction process associated with other infrastructure deployments. In addition, our Cox Signature 2 solutions not only allow 1 gigabit speeds, but also Common Area WiFi and broadband service in minutes to a property without tearing down walls to provide it. To modernize any property, we are trialing Quick Connect which enables movers to have a frictionless move experience. Quick Connect provides “always on” internet to new residents to remove a critical item from their “move to-do list.” Along with the benefits of Cox Signature 2, Cox Homelife offers advanced security and automation to round out the amenities for the future-proofed property that will enable a frictionless move journey for new residents.

is innovation fostered within ? How your firm? Cox looks at innovation from several perspectives. We have a separate product roadmap with our customers that is specific to the MDU segment and we typically have 3–5 innovation trials in different phases of progression at any given time. As testament to the focus on innovation, Cox was one of the first ISPs to launch gigabit speeds. Across the enterprise we continue to invest in new

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