2015 NMHC 50 by National Multifamily Housing Council

NEW FOR 2015 The NMHC 25 Top Developers and NMHC 25 Top General Contractors

2015 The Nationâ&#x20AC;&#x2122;s 50 Largest Apartment Owners and 50 Largest Apartment Managers

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TABLE OF CONTENTS Introduction ................................. 2 2015 Apartment Ownership....... 4 2015 Apartment Management ... 6 Amping Up the Upturn ............... 8 2015 Top Developers ..................16 2015 Top General Contractors .................................17 NMHC Debuts Top 25 Developers and Top 25 Contractors Lists ....18 NMHC Officers ......................... 22 NMHC Executive Committee.. 22 NMHC Board of Directors ....... 26 NMHC Advisory Committee ...40

multifamily executive is pleased to present the 26th annual NMHC 50, the National Multifamily Housing Council’s authoritative ranking of the nation’s 50 largest apartment owners and 50 largest apartment managers. New this year, NMHC has added rankings for the nation’s top 25 developers and the top 25 general contractors. For more than two decades, the NMHC 50 has been a key resource for industry observers. The top owner and manager lists, and the analysis that accompanies them, have provided the leading benchmark against which to measure industry trends and concentration. The new developer and contractor lists supplement this information with insights into those sectors as well. Based in Washington, D.C., NMHC provides leadership for the $1.3 trillion apartment industry. It is where the industry’s best and the brightest come together to leverage smart decision making and collaborative action to shape a positive future for their businesses, the multifamily housing industry and the communities they help build. NMHC provides leadership for the apartment industry on legislative and regulatory matters, advances research and the exchange of strategic business information, and promotes the desirability of apartment living. For those interested in joining the apartment industry’s premier organization, NMHC welcomes inquiries to its Washington office at 202.974.2300, or you can visit NMHC’s web site at www.nmhc.org.

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

Owner Rank 2015

Owner Rank 2014

Units Owned 2015

Hunt Companies

244,451

Boston Capital

Units Owned 2014 Corporate Officer

HQ City

HQ State

253,295 Chris Hunt

El Paso

139,934

153,515 Jack Manning

Boston

PNC Real Estate

130,800

126,972 Todd Crow

Portland

Boston Financial Investment Management, LP

120,146

124,720 Kenneth Cutillo

Boston

AIG Affordable Housing (formerly SunAmerica Affordable Housing Partners)

116,247

130,664 Douglas S. Tymins

Los Angeles

Equity Residential

110,063

109,465 David J. Neithercut

Chicago

The Richman Group Affordable Housing Corporation

105,375

102,098 Richard Paul Richman

Greenwich

Enterprise Community Asset Management, Inc.

103,181

99,984 Charles R. Werhane

Columbia

MAA

82,268

82,611 H. Eric Bolton, Jr.

Memphis

AvalonBay Communities, Inc.

73,182

72,814 Timothy J. Naughton

Arlington

Alliant Capital, Ltd.

71,916

69,361 Brian Goldberg

Woodland Hills

Edward Rose Building Enterprise

59,264

58,319 Warren Rose

Bloomfield Hills

Raymond James Tax Credit Funds, Inc.

59,039

52,799 Steve Kropf

St. Petersburg

Camden Property Trust

58,948

59,899 Richard J. Campo

Houston

Essex Property Trust, Inc.

56,620

33,560 Michael J. Schall

Palo Alto

The Related Companies

53,727

51,320 Jeff Blau

New York

Aimco

52,336

60,553 Terry Considine

Denver

BH Equities LLC

52,044

39,383 Harry Bookey

Des Moines

WNC & Associates, Inc.

51,865

50,077 Wilfred N Cooper, Jr.

Irvine

J.P. Morgan Asset Management

51,416

52,972 Allina Boohoff

New York

UDR, Inc.

50,268

51,159 Thomas W. Toomey

Highlands Ranch CO

Lincoln Property Company

48,705

47,918 Tim Byrne

Dallas

Forest City Residential Group, Inc.

47,884

48,007 Ronald A. Ratner

Cleveland

The Michaels Organization

46,662

46,405 John J. O'Donnell

Marlton

Balfour Beatty Communities

44,797

43,971 Christopher Williams

Marvern

Company Name

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Owner Rank 2015

Owner Rank 2014

Company Name

Units Owned 2015

Units Owned 2014 Corporate Officer

HQ City

HQ State

Home Properties, Inc.

42,107

42,170 Edward J. Pettinella

Rochester

Weidner Apartment Homes

41,175

38,366 Jack O'Connor

Kirkland

UBS Realty Investors LLC

40,424

37,959 Matthew Lynch

Hartford

Greystar Real Estate Partners, LLC

39,637

40,544 Robert A. Faith

Charleston

Fairfield Residential Company LLC

37,095

36,130 Chris Hashioka

San Diego

Heitman LLC

34,111

36,111 Maury Tognarelli

Chicago

American Campus Communities

33,499

33,434 Bill Bayless

Austin

Invesco Real Estate

32,642

32,155 Michael Kirby

Dallas

Harbor Group International

32,000

30,489 Robert Friedman

Norfolk

JRK Property Holdings, Inc.

31,852

53,373 Jim Lippman

Los Angeles

Morgan Properties

31,500

27,488 Jonathan Morgan

King of Prussia

Westdale Real Estate Investment & Management

30,797

32,328 Joseph G. Beard

Dallas

Sentinel Real Estate Corporation

30,000

32,000 John H. Streicker

New York

Bridge Investment Group Partners

29,829

26,180 Christian V. Young

Salt Lake City

Steadfast Companies

28,709

25,024 Christopher Hilbert

Irvine

40 41

AEW Capital Management, L.P.

27,230

25,861 Jeffrey Furber

Boston

Milestone Management, LLC

25,359

24,858 Steve Lamberti

Dallas

Cortland Partners, LLC

25,358

18,785 Steven Defrancis

Atlanta

43 44

Southern Management Corporation

25,114

25,114 David Hillman

Vienna

Berkshire Property Advisors

23,466

28,893 Alan King

Boston

Alliance Residential Company

23,255

Ward and 23,133 Bruce V. Jay Hiemenz

Phoenix

Bell Partners Inc.

23,071

D. Bell and 43,966 Steven Jonathan D. Bell

Greensboro

Highridge Costa Investors, LLC

23,056

24,891 Michael A. Costa

Gardena

FPA Multifamily

22,800

20,982 Gregory A Fowler

San Francisco

GID

22,445

22,777 William H Roberts

Boston

APRIL 2015 | NMHC 50

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

Manager Rank 2015

Manager Rank 2014

Company Name

Units Managed 2015

Units Managed 2014 Corporate Officer

HQ City

HQ State

Greystar Real Estate Partners, LLC

393,079

214,696 Robert A. Faith

Charleston

Lincoln Property Company

164,416

153,445 Tim Byrne

Dallas

Pinnacle

131,790

132,450 Rick Graf

Dallas

Equity Residential

110,063

109,465 David J. Neithercut

Chicago

WinnCompanies

96,955

87,542 Gilbert Winn

Boston

MAA

82,268

82,582 H. Eric Bolton, Jr.

Memphis

Alliance Residential Company

82,123

Ward and 71,972 Bruce V. Jay Hiemenz

Phoenix

FPI Management, Inc.

76,500

69,675 Dennis Treadaway

Folsom

AvalonBay Communities, Inc.

72,564

71,734 Timothy J. Naughton

Arlington

Apartment Management Consultants, LLC

71,483

64,421 Greg Wiseman

Cottonwood Heights UT

Bell Partners Inc.

66,202

D. Bell and 63,832 Steven Jonathan D. Bell

Greensboro

BH Management Services, LLC

62,040

50,438 Harry Bookey

Des Moines

Edward Rose Building Enterprise

59,264

58,319 Warren Rose

Bloomfield Hills

Aimco

58,981

59,135 Terry Considine

Denver

Camden Property Trust

58,948

59,899 Richard J. Campo

Houston

Essex Property Trust, Inc.

56,620

33,560 Michael J. Schall

Palo Alto

Hunt/LEDIC Management Affiliates

54,113

Hunt and 44,427 Chris Pierce Ledbetter

El Paso

Fairfield Residential Company LLC

52,530

55,629 Chris Hashioka

San Diego

Asset Plus Companies

51,112

44,462 Michael S. McGrath

Houston

The ConAm Group of Companies

51,000

50,000 Chaz Mueller

San Diego

The Bozzuto Group

50,556

40,450 Thomas S. Bozzuto

Greenbelt

UDR, Inc.

50,268

51,159 Thomas W. Toomey

Highlands Ranch

The Related Companies

48,530

47,901 Jeff Blau

New York

CFLane, LLC

47,128

38,059 Byron Cocke

Atlanta

Balfour Beatty Communities

44,838

44,554 Christopher Williams

Marvern

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Manager Rank 2015

Manager Rank 2014

Units Managed 2015

The Michaels Organization

44,589

Home Properties, Inc.

Units Managed 2014 Corporate Officer

HQ City

HQ State

44,813 John J. O'Donnell

Marlton

42,107

42,170 Edward J. Pettinella

Rochester

Westdale Real Estate Investment & Management

41,491

43,532 Joseph G. Beard

Dallas

Weidner Apartment Homes

41,175

38,366 Jack O'Connor

Kirkland

American Campus Communities

41,045

43,072 Bill Bayless

Austin

U.S. Residential Group LLC

38,942

38,347 Al Fenstermacher

Dallas

Village Green

38,669

42,500 Jonathan Holtzman

Detroit/Chicago

Forest City Residential Group, Inc.

37,121

35,472 Ronald A. Ratner

Cleveland

Capstone Real Estate Services, Inc.

34,360

32,665 James W Berkey

Austin

Milestone Management, LLC

33,816

35,547 Steve Lamberti

Dallas

Gables Residential

33,440

36,081 Sue Ansel

Atlanta

Harbor Group International

33,235

32,009 Robert Friedman

Norfolk

The John Stewart Company

32,883

32,626 Jack D. Gardner

San Francisco

Bridge Investment Group Partners

32,155

27,628 Christian V. Young

Salt Lake City

JRK Property Holdings, Inc.

31,852

53,373 Jim Lippman

Los Angeles

Morgan Properties

31,500

27,488 Jonathan Morgan

King of Prussia

39 40

Company Name

CompassRock Real Estate LLC

30,188

34,288 David B. Woodward

New York

Drucker & Falk

30,075

27,858 Kellie Falk

Newport News

Sentinel Real Estate Corporation

30,000

32,000 John H. Streicker

New York

RAM Partners, LLC

29,224

23,859 Bill Leseman

Atlanta

LivCor, LLC

29,000

26,000 Ralph Pickett

Chicago

Edgewood Management Corporation

28,784

25,930 Cindy Sanquist

Germantown

Orion Real Estate Services, Inc.

28,214

28,324 Kirk Tate

Houston

Cottonwood Residential

27,711

33,514 Chad Christensen

Salt Lake City

The Lynd Company

26,992

30,651 Michael J. Lynd Jr

San Antonio

APRIL 2015 | NMHC 50

Amping Up the Upturn

As demand continued to outpace new supply, 2014 proved the bull market still had spring in its step. > By Mark Obrinsky, Senior Vice President of Research and Chief Economist, National Multifamily Housing Council Now entering its seventh year, one might expect the apartment industry expansion to be looking a little long in the tooth. Indeed, early in 2014 it looked like a slowdown was arriving. Instead, all indications point to renewed strength, and the key dynamic—rising demand is outstripping even the more rapid delivery of new supply—remains very much in place. Renter growth remains at historical highs. For the fourth time in the last five years, 2014 saw an increase of more than one million new renters. Over the last decade, the number of renters increased by more than eight million, the highest such figure on record (which goes back to the 1960s). Meanwhile, the homeownership rate dipped further, ending the year at 63.9% (the lowest in 20 years). Many of these new renters moved into small multifamily or single-family homes, in part because there weren’t more apartments

available. New construction did increase to meet this demand. Starts of larger multifamily homes (those in buildings with at least five units) rose to 344,000, the highest level since 1988. This amount also falls right in the middle of the range NMHC estimates is needed each year to keep up with new demand (and to replace units lost due to destruction and deterioration). Completions, which have recently lagged starts by an average of 18 months, increased to 253,500 last year, just below their level in 2009. Evidence of tight markets was widespread. Absorptions of investment-grade apartments rose by 51% to 251,745, the most since 2010 (and the second highest level since 2000). It would surely have been higher if more apartments had been delivered in 2014. The national occupancy rate edged up even further to 95.4%, 330 basis points higher than the low point in 2009. Even as new construction

NMHC 50 Profile 2015 Portfolio Size

Minimum Entry Threshold

2,787,669 2,941,939 22,445 No. of Apartments Owned

No. of Apartments Managed

No. of Apartments Owned

26,992

No. of Apartments Managed

Number of Apartments Owned

Top 50 2,787,669

Top 10 1,255,647

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Second 10 567,175

Top 25 2,031,138

Second 25 756,531

NMHC 50 Owners Portfolio Size Measures

55,753

Number of Apartments Owned

43,452

Mean

Top 10 6.3%

Median

244,451 22,445 No. 1 Firm

No. 50 Firm

Top 25 10.5%

Top 50 14.4%

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

Many Top Owners Reduced Their Portfolios

ramped up, same-store rents actually accelerated over the course of the year, finishing 2014 at an average 4.6% higher than in 4Q 2013. It’s hardly a surprise then that apartment transactions posted a new record level of $112 billion, 9% higher than in 2013. Over onethird of that volume, a record $41.5 billion, came from sales of midand high-rise buildings. With strong fundamentals and widespread availability of capital, it is likewise no surprise that prices for apartment properties also continued to rise. They are now 15-20% higher than their pre-recession peaks. And cap rates edged down further, averaging 6.1% nationally last year—and only 5.1% on mid- and highrise properties. These strong fundamentals permeated the NMHC 50, with a particular emphasis on the NMHC 50 managers. The number of apartments in the portfolios of the NMHC 50 managers rose to an all-time high, just short of three million. The combined portfolios of the managers were 154,270 more than the combined portfolios of the NMHC 50 owners, the largest such difference since 1998. The threshold for making the managers list was higher than the owners list, as were the median and mean portfolios for apartment managers. For the first time since 1998, all four measures (top firm, minimum threshold, mean and median) were larger for the managers than the owners. Two-thirds of the management firms had portfolios ranging between 30,000 and 60,000; just 54% of owners did. Finally, 12 managers (one more than last year) and 11 owners (same as last year) had portfolios larger than 60,000.

Many of the top NMHC 50 owners actually reduced their portfolios in 2014. A total of 20 companies in the NMHC 50 owned fewer apartment homes than a year ago, and the combined decrease came to 110,008 units. Hunt Companies retained the top spot on the NMHC 50 owners list for the second straight year, even with an 8,884-unit decrease in its portfolio. That decrease was a sharp change from the prior four years. In fact, between 2010 and 2014, Hunt increased its ownership portfolio by more than the entire portfolio owned by any other apartment firm in those years. Boston Capital stayed in the #2 slot despite cutting 13,581 units from its portfolio, while last year’s third-ranked firm, AIG Affordable Housing, slipped to #5 after dropping a net 14,417 units. As a result, PNC Real Estate and Boston Financial Investment Management, LP each moved up one slot. There were no ranking changes among the next five firms: Equity Residential; The Richman Affordable Housing Corporation; Enterprise Community Asset Management, Inc.; MAA; and AvalonBay Communities, Inc. Just outside the top 10 were some significant changes. Aimco shed 8,217 units from its portfolio, bringing its total to 52,336, the fewest it has owned since 1997 and a far cry from its high-water mark in 2004 of 278,657, the most ever owned by an apartment company. Its ranking slipped to #17, also the lowest for Aimco since 1997. Other notable portfolio decreases were JRK Property Holdings, Inc. (-21,521) and Bell Partners, Inc. (-20,895).

Apartment Owners On the Rise Largest Portfolio Growth (Apartments)

Moving Up in Rank (Slots) 25 25 25 20 20 20 15 15 15 10 10 10

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

10 5 0

5 ◾ Raymond James Tax Credit Funds, Inc. | +6,240 0 ◾ Morgan Properties | +4,012

Essex Property Trust, Inc. | +21

BH Equities LLC | +11

Morgan Properties | +7

Harbor Group International | +7 Milestone Management, LLC | +7

APRIL 2015 | NMHC 50

On the other side of the ledger, Essex’s purchase of BRE helped it add 23,060 units and shot up 21 spots, making it the 15th largest owner. The other big gainer was BH Equities, whose ownership portfolio rose by 12,661, putting the firm in the #18 slot. Three firms rose seven slots in the rankings even though their portfolio increases were not generally large: Harbor Group International (1,511 units to #34), Morgan Properties (4,012 units to #36), and Milestone Management (501 units to #42). In all, 29 apartment firms added a combined 92,825 homes to their portfolios. Four firms appear on this year’s list that weren’t on last year’s list. Two companies are true newcomers: Steadfast Companies (#40) and Cortland Partners, LLC (#43) have never been among the NMHC 50 owners, while FPA Multifamily (#49) and GID (#50) are returning after absences of 15 years and four years, respectively. Of the four firms that left the list, DRA Advisors LLC didn’t make the minimum threshold and Pinnacle has refocused to concentrate on property management. Neither Landmark Apartment Trust nor Prudential Real Estate Investors responded to the survey. Notably, all of the five biggest owners specialize in subsidized and low-income housing. That leaves Equity Residential as the largest market-rate apartment owner. MAA and AvalonBay Communities are the other large market-rate owners among the top 10 firms. Four firms own substantial portfolios of military housing: Balfour Beatty Communities, Hunt Companies, Lincoln Property Company and Forest City Residential Group, Inc. American Campus Communities is the only

REITS IN THE RANKINGS There were nine REITs among the top 50 owners, the same number (and the same firms) as in 2014. The most noteworthy change was the Essex Property Trust takeover of BRE Properties (an NMHC 50 owner as recently as 2013). That made it the fifth largest REIT measured by number of units (up from eighth largest last year). Equity Residential, MAA and AvalonBay Communities once again had the most units among REITs, while Camden Property Trust moved into fourth place, as Aimco’s downsizing resulted in its moving down to sixth among REITs. Apart from Essex and Aimco, portfolio changes among REITs in the NMHC 50 were small. While the NMHC 50 ranks firms by number of units owned, it is also useful to gauge their size by the value of those units. Capturing such data for most companies is impractical; however, public companies report enough information to measure total capitalization, which offers an alternative measure. Though this isn’t perfect—ownership of non-apartment assets can substantially affect overall firm value—it nonetheless gives a useful perspective on relative size among apartment firms, as rankings by capitalization vary dramatically from unit ownership rankings. In fact, the total capitalization of the top three firms ($90.5 billion) is almost 60% larger than that of the other six REITs ($56.7 billion). That is a much greater difference than one finds when looking at units. Among these REITs, AvalonBay has the highest total capitalization per apartment ($405,489), while MAA has the lowest ($119,577).

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

Manager Firms Increase to Record Levels

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

Apartment REIT Rankings (as of January 1, 2015)

Company

Equity Residential

Apartments with Ownership Interest

Unit Rank Among REITs

Company Total Capitalization ($ millions)

Cap Rank Among REITs

110,063

40,539

MAA

82,268

9,837

AvalonBay Communities, Inc.

73,182

29,675

Camden Property Trust

58,948

9,706

Essex Property Trust, Inc.

56,620

20,248

Aimco

52,336

10,356

UDR, Inc.

50,268

12,230

Home Properties, Inc.

42,107

7,315

American Campus Communities

33,499

7,226

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

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Apartment Managers Largest Portfolio Growth (Apartments)

◾ Greystar Real Estate Partners,5 LLC5 | +178,383 0 0 ◾ Essex Property Trust, Inc. | +23,060 ◾ BH Management Services, LLC | +11,602

Moving Up in Rank (Slots)

50000

Essex Property Trust, Inc. | +25

10 5 0

CFLane, LLC | +10

Capstone Real Estate Services, Inc. | +10

Hunt/LEDIC Mgmt Affiliates | +8

Harbor Group International |+8

15 10

◾ Lincoln Property Company | 5 +10,971 0 ◾ Alliance Residential Company | +10,151

100000

150000

Apartments Managed by Tier (thousands) 3,000

The Bozzuto Group | +9

200000

◾ Top 50 ◾ Top 25 ◾ Top 10

2,500

2,000

1,500

1,000

500

1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

The top of the NMHC 50 management list looks quite familiar— there was only one new firm among the largest 15 managers—but that masks some big developments. The biggest by far was the acquisition by Greystar Real Estate Partners, LLC (last year’s top management firm) of Riverstone Residential Group (last year’s #2 firm). That helped make Greystar the largest apartment management firm on record, with 393,079 apartment homes in its portfolio. Its portfolio increase of 178,383 was also the largest increase ever. With Riverstone gone, Lincoln Property Company, Pinnacle, Equity Residential and WinnCompanies all moved up one slot to round out the top five firms. The second biggest wave was the Essex acquisition of BRE, increasing its portfolio by 23,060 units and making it the #16 manager. Essex was also the biggest mover in the rankings, jumping up 25 slots. Other firms with large increases in their management portfolios were

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BH Management Services, LLC (11,602), Lincoln Property (10,971), Alliance Residential Company (10,151) and The Bozzuto Group (10,106). Besides Essex, the bigger gains in rankings were recorded by CFLane, LLC (up 10 slots to #24), Capstone Real Estate Services, LLC (up 10 slots to #34) and The Bozzuto Group (up 9 slots to #21). Overall, 31 firms increased the number of units under management, by a combined 329,840 units, an average of 10,640 each. (Excluding Greystar’s big gain, the average pickup was 5,049.) For the 19 firms that shed some management units, the total decrease was 55,820, for an average drop of 2,938. Unlike the top 50 owners list where affordable housing firms dominate the top rankings, they are more spread out in the managers list. Among the top 50 managers, those that managed the most subsidized and low-income housing were No. 5 WinnCompanies

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

(31,141), No. 8 FPI Management, Inc. (29,000), No. 17 Hunt/LEDIC Management Affiliates (28,182) and No. 3 Pinnacle (22,500). Balfour Beatty Communities managed the most military housing units (43,081), followed by WinnCompanies (40,779) and Lincoln Property (31,729). This year’s NMHC 50 management list features five firms that were not on the list last year. Bridge Investment Group Partners, with 32,155 apartment homes, debuts at #39. Morgan Properties, with

31,500 units, returns to the list after a one-year absence at #41. RAM Partners, LLC (#45) and Edgewood Management Corporation (#47) are both back among the top 50 managers after an absence of five years. LivCor LLC is making its first appearance at #46. Besides Riverstone Residential Group, four other firms exited the NMHC 50 management list. Both McKinley, Inc. and Berkshire Property Advisors pared their portfolios enough to miss the minimum threshold level. Neither Lindsey Management Co., Inc. nor Landmark Apartment Trust responded to the survey. In all, there were 23 firms that made the NMHC 50 management list but not the ownership list. Of those, 12 indicated they were not owners; the other 11 had ownership portfolios too small to rank among the top 50 owners. Similarly, 14 firms on the NMHC 50 ownership list indicated they do not undertake any property management, meaning that there are nine firms on the list with management portfolios, but not enough units under management to make the cutoff. ◾

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, managers, developers and general contractors from as wide a range of sources as possible and contact staff from each firm that completes the survey online. Over the years, improved outreach and increased publicity associated with the rankings have resulted in more firms responding to the survey. For the purposes of this survey, investment fund managers are treated as owners only if they retain substantial equity in the apartment property or if they maintain effective responsibility and decision-making over the investment property. Similarly, tax credit syndicators and franchisers are regarded as owners only if they retain a fiduciary responsibility. When firms function strictly as advisers rather than investors, they are not regarded as owners. The rankings are unable to distinguish between partial and full ownership. Some firms own sizable apartment properties through joint ventures in which their share could range anywhere from 1% to 99%. Others are primarily the sole owners of their apartments. In principle, it would be desirable to account for partial ownership—treating 50% ownership of 100 apartments as equivalent to full ownership of 50 units, for example. In practice, it is not feasible to make such distinctions. The survey excludes condominiums, cooperatives, hotel rooms, nursing homes, hospital rooms, mobile homes and houses with rental units. Rental housing for seniors (age-restricted apartments) is included,

although assisted living and congregate care facilities are not. Both student housing and military housing are included (measured by units, not beds). Finally, since industry concentration is measured by comparing the top 50 owners and managers against the nation’s entire apartment stock, only U.S. apartments are included. At times, a firm may debut on the NMHC 50 at a high level. Generally, this means the firm is responding to the survey for the first time, rather than an indication of an outsized portfolio gain—although that, too, happens on occasion. Nonetheless, despite many improvements and everyone’s best efforts, the process remains imperfect because it relies on both accurate reporting and surveying of the complete universe, both of which can be fraught with problems. There are two caveats in comparing the lists over time. First, the definition of ownership was refined in 2006 to eliminate those investment fund managers with neither substantial equity nor effective control over the investment property. (Note: This change did not affect the management list.) Second, occasionally firms that have previously been among the top 50 owners or managers have not responded to the NMHC survey1. When that occurs, companies appear on the list that otherwise might not have been large enough. These adjustments affect the total number of apartments owned by the top 50 firms as well as other measures of concentration, such as the mean and median portfolio size. For these reasons, year-to-year comparisons must be made with great care.

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

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

Developer Rank 2015

Units Started 2014

Company Name

Corporate Officer

HQ City

HQ State

7,500 Alliance Residential Company

Bruce Ward & V. Jay Hiemenz

Phoenix

5,397 Mill Creek Residential Trust LLC

Charles R. Brindell

Dallas

4,700 Wood Partners, LLC

Ryan Dearborn, Chairman CEO

Atlanta

4,593 Related Development, LLC

Steve Patterson

Miami

4,565 Lennar Multifamily Communities

Todd Farrell

Charlotte

4,044 AvalonBay Communities, Inc.

Timothy J. Naughton

Arlington

3,983 Trammell Crow Residential

Kenneth J. Valach

Dallas

3,896 Greystar Real Estate Partners, LLC

Robert A. Faith

Charleston

2,658 The NRP Group LLC

J. David Heller and T. Richard Bailey

Cleveland

2,557 Lincoln Property Company

Tim Byrne

Dallas

2,510 Carmel Partners

Ron Zeff

San Francisco

2,400 CAPREIT, Inc.

Dick Kadish

Rockville

2,267 Equity Residential

David J. Neithercut

Chicago

2,220 The Calida Group

Eric Cohen

Las Vegas

1,790 Holland Residential

Clyde Holland

Vancouver

1,766 The Michaels Organization

John J. O'Donnell

Marlton

1,610 StreetLights Residential

Tom Bakewell

Dallas

1,596 Forest City Residential Group, Inc.

Ronald A. Ratner

Cleveland

1,556 Flournoy Development Co., LLC

Thomas H. Flournoy

Columbus

1,525 AMLI Residential

Greg Mutz

Chicago

1,500 Prometheus Real Estate Group, Inc.

Jaclyn Safier

San Mateo

1,461 EdR

Randy Churchey

Memphis

1,458 The Dinerstein Companies

Brian Dinerstein

Houston

1,453 GID

William H Roberts

Boston

1,422 Woodfield Development

Greg Bonifield

Arlington

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

General Contractor Rank 2015

Units Started 2014

Company Name

Corporate Officer

HQ City

HQ State

3,781 Balfour Beatty Construction

Mark Layman

Dallas

3,189 Rampart Construction Company, LLC

Craig Cummings

Grapevine

3,014 Clark Builders Group

Keith Anderson

Arlington

2,635 Carocon Corporation

Ambrose W Dittloff

Charlotte

2,171 Fortune-Johnson, Inc.

Brett Fortune

Atlanta

2,075 Summit Contractors Group, Inc.

Michael Padgett

Jacksonville

1,940 Winter Park Construction (WPC)

Jeff Forrest, President

Maitland

1,750 Harkins Builders, Inc.

Richard M. Lombardo, CEO

Marriottsville

1,425 The Bozzuto Group

Thomas S. Bozzuto

Greenbelt

1,360 Village Green

Jonathan Holtzman

Detroit/Chicago

1,292 Galaxy Builders, Ltd

Neilesh Verma, President

San Antonio

1,259 Driver URBAN

Brian Chartrand

Irvine

1,250 KWA Construction

Keller Webster

Addison

1,236 C.F. Evans Construction

Johnny Evans

Orangeburg

1,200 Wermers Companies

CEO Thomas Wermers President Jeff Bunker

San Diego

1,123 CFC Construction, Inc.

EJ Olbright

Golden

1,097 Brown Construction Incorporated

Ron Brown

West Sacramento

1,047 BEACH Project Management LLC

Gary Bethel

Seguin

1,039 Jordan Foster Construction LLC

Roy Raines, COO

El Paso

1,025 NorSouth Constructs

Bill Johnston

Savannah

987 MKS Residential

Louis Kuntz

Solana Beach

984 Cobalt Construction Company

Darin Kruse

Simi Valley

900 Fincor Construction

Michael C Finn

Laurel

900 ZMG Construction, Inc.

Kevin Somers

Longwood

866 LandSouth Construction, LLC

James G Pyle

Jacksonville Beach

APRIL 2015 | NMHC 50

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

NMHC Debuts Top 25 Developers and Top 25 Contractors Lists Was 2014 a High-Water Mark for Development? > By Bendix Anderson The nation’s growing appetite for rental housing is keeping apartment developers and general contractors very busy. Bouncing back from the Great Recession-induced near shutdown of apartment construction, apartment starts have grown from 97,000 in 2009 to 341,800 in 2014. As the NMHC 50 celebrates its 26th year, we are expanding it to include the firms behind those starts. New this year, we are pleased to present the NMHC Top 25 Developers and the NMHC Top 25 General Contractors.

Alliance on top

Alliance Residential Company, No. 1 on the Top 25 Developers list, had a breakout year in 2014. “We finally surpassed the peak of the last cycle—2014 was our best year ever,” says Jay Hiemenz, president and COO of Alliance. The development company started construction on 7,500 units of multifamily housing in which the company had an ownership stake. That big number is up from 5,200 units the company started in 2013

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and is 2,000 more than its nearest competitor, Mill Creek Residential Trust, which took the No. 2 spot on the list. Alliance plans to stay very active in 2015—but is unlikely to break another record. “I think 2014 was the peak,” says Hiemenz. That’s partly because development sites are getting more expensive and difficult to find. “The easier sites or the best sites were done earlier in the cycle,” says Hiemenz. Office, retail and for-sale housing developers have begun to bid up prices of development sites. “Condominium developers are paying prices that we can’t approach,” says Hiemenz. “The competition is pretty fierce.” Mill Creek’s CEO Charles R. Brindell, Jr., agrees. “I do think that 2014 will represent the high-water mark in terms of annualized new apartment starts,” he says. Overall, he forecasts a 10,000 to 20,000 drop in total starts in 2015, but not because demand is falling. Mill Creek started 5,397 units of multifamily housing in 2014 in which the company had an ownership stake. That’s up slightly from 5,033 in 2013. “We are very comfortable with our current pace of starts,” says Brindell.

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

Labor shortage holds back development

A shortage of labor has already started to hold back new development. The list’s No. 8 firm, Greystar Real Estate Partners, LLC, actually reduced the number of units it started in 2014 because several 2014 projects were held over into 2015. In 2014, Greystar started construction on 3,896 units, down from 4,766 units in 2013. “We are going to have a really big 2015,” says Bob Faith, CEO of Greystar. But he concurs that “getting deals to pencil out takes a little more work.” Construction costs are rising quickly in many geographic markets, and developers face a shortage of labor. Many construction companies closed down during the recession, which forced a lot of construction workers to find other work. In the framing and drywall trades, many developers believe immigrant laborers left the U.S. to return to their home countries when their jobs disappeared. It used to be relatively easy to bring a framing crew of 80 workers to a construction project, said Faith. Today a typical framing crew has just 15 to 20 workers. Currently, low prices for commodities and construction materials, like concrete and steel, could help pro formas, but developers can’t count on them still being low when it’s time for them to buy. “Commodities are so volatile, low prices are hard to capitalize on at any given time,” says Alliance’s Hiemenz. Local officials are also taking longer to issue building permits. “Many cities and towns cut their staff. They don’t have many people to process entitlements,” says Hiemenz. “It is just taking longer to build.” All of this volatility and delays have narrowed risk-adjusted returns considerably over the past 24 months. With tighter margins, developers like Greystar now wait to start construction on new projects until all the costs have been completely negotiated. “The continued increase in construction costs and the likelihood of some marginal increase in interest rates during 2015 will dampen new development starts some, but not significantly,” says Mill Creek’s Brindell.

Powerful demand provides motivation to overcome construction challenges Despite the increasing challenges to new development, firms are committed to finding a way to keep building given the powerful demand fundamentals facing the country. Between 2009 and 2014, 4.17 million people joined the ranks of the 20- to 34-year-old age bracket, which has a homeownership rate of 35.9%. That should work out to 2.67 million new renters, according to data from research firm MPF Research. But developers only built 997,000 new apartments during that time: “a pretty staggering differential,” says John Gray, director of investments for Lennar Multifamily Communities, No. 5 on the list. While some of those new renters may have gone to singlefamily rentals, that still leaves a lot of people to help absorb all the new apartments developers are delivering. Certainly that’s what happened in 2014.

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

Developers diversify

While the development party is expected to continue for at least a few more years, the nature and location of the projects may be different from what we’ve seen in recent years. With core market sites harder to lock down at affordable prices, more developers are looking to the suburbs. “We are certainly seeing more suburban opportunities in 2015 than in 2014 and certainly 2013,” says Alliance’s Hiemenz. But as we heard at NMHC’s Annual Meeting in January, not all suburbs are created equal. Most of the suburban sites the Top 25 Developers are looking at are transit-oriented and located within walking distance of shopping and a commuter train station. Many of the largest developers in the country have also been growing their business by building niche property types. Alliance plans to begin developing seniors housing in 2015; the company has added a full-time seniors housing development expert to its staff. “We will hopefully see a few projects toward the end of 2015,” says Hiemenz. Seniors housing provided an unexpected opportunity for the company. “If you had asked me a year ago if I thought I would be in the seniors housing business, I probably wouldn’t have said yes,” he says. The strong performance of the seniors housing business throughout the recession and recovery, along with new, reliable data that shows that performance, has made the business much more attractive to developers like Hiemenz. The No. 9 developer in 2014, NRP Group, is planning to change its focus in 2015 to build more affordable housing. “In 2015, we plan to increase the affordable developments to around 10 developments

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

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

APRIL 2015 | NMHC 50

and decrease the market rate to four developments,” according to a spokesperson for NRP. That’s a sharp reversal for NRP. For the past four years, only about 30% of the firm’s starts were affordable housing, usually financed with federal low-income housing tax credits. “We are concerned in several of our key markets that some overbuilding may exist,” said their spokesperson. “We would rather be a little early to exit markets than be too late.” Michaels Development, No. 16 on the list, is growing its business by expanding into student housing, a new strategy for the firm, which has traditionally focused on affordable housing. In past years, Michaels has also stretched itself into the development of military housing communities. Another of the Top 25 Developers, EdR, coming in at No. 22, specializes in student housing; the firm started 1,461 units of such housing in 2014.

Top contractors grow their business

Many of the largest general contractors also grew quickly in 2014. Balfour Beatty Construction started work on 3,781 units of multifamily housing for developers in 2014, up from 2,549 in 2013, earning itself the No. 1 spot on the Top 25 Contractors list. Rampart Construction, No. 2, also had a busy 2014, starting construction on 3,189 units of multifamily housing, up from just 2,200 units in 2013. The firm expects to start a similar volume of work in 2015, “slowing slightly” from 2014. The shortage of workers is the biggest challenge these contractors face. “There are more opportunities to build than there are people to get it done,” says Brett Fortune, CEO of Fortune-Johnson General Contractors, No. 5, which started 2,171 apartments in 2014. To complete all these apartments on schedule, Fortune focuses on finding subcontractors that can provide skilled workers even

in a tight labor market. “We are uber-focused on picking the right subcontractors… with the right team we can maintain the schedule.” Top contractors are working with new techniques and technologies to respond to the shortage of labor. “We will also focus on prefabrication and other lean management techniques to increase efficiency on-site and work around the pending labor shortage,” according to Driver URBAN, which started construction on 1,259 units of multifamily housing for developers in 2014, earning itself the No. 11 spot on the Top Contractors list. Rising prices for materials are also challenging contractors. “Lumber prices are starting to tick back again. Sheetrock is going up,” says Fortune. “In addition to labor and pricing, we have seen the average size of projects grow, many in excess of 300 units,” says Marc Padgett, president of Summit Contracting Group, Inc., No. 6 with 2,075 units under construction in 2014. Contractors also must adapt to new regulations. “One of our biggest challenges is new building codes and interpretations of codes,” says Ambrose Dittloff, president of No. 4 Carocon Corp. New codes range from requirements to include more energy-saving insulation to requirements to include new safety technology. Several leading development companies also work as general contractors for other developers. For example, the Bozzuto Group, a leading developer, earned itself the No. 8 spot on the Top 25 Contractors list by starting construction for other developers on 1,425 units of multifamily housing in 2014. Village Green, the No. 10 contractor with 1,360 units, also has a long history in development. The company plans to expand both its development and contracting activity to new markets including Toronto, Canada; Louisville, Kentucky; Kansas City and Philadelphia. ◾

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

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2015 NMHC OFFICERS

CHAIRMAN

Daryl J. Carter Avanath Capital Management Irvine, CA

VICE CHAIRMAN

TREASURER

Robert E. DeWitt

GID Boston, MA

Gables Residential Dallas, TX

FORMER CHAIRMEN Kelley A. Bergstrom C. Preston Butcher Ric Campo Douglas Crocker, II

SECRETARY

Susan Ansel

Allen Cymrot Peter F. Donovan William H. Elliott

David R. Schwartz

Waterton Associates, L.L.C. Chicago, IL

Richard L. Fore Randolph G. Hawthorne Gary T. Kachadurian

PRESIDENT

Douglas M. Bibby

National Multifamily Housing Council Washington, DC

Mary Ann King Duncan L. Matteson, Sr. Richard L. Michaux

IMMEDIATE PAST CHAIRMAN

Thomas S. Bozzuto

The Bozzuto Group Greenbelt, MD

Robert Sheridan Geoffrey L. Stack Leonard W. Wood

EXECUTIVE COMMITTEE

Patti Fielding Aimco Denver, CO

Patti Shwayder Aimco Denver, CO

V. Jay Hiemenz Alliance Residential Company Phoenix, AZ

James M. Krohn Alliance Residential Company Phoenix, AZ

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

William W. Talbot American Campus Communities Austin, TX

Marc E. deBaptiste ARA Boca Raton, FL

Gary T. Kachadurian ARA Hinsdale, IL

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 Horsham, PA

Alan King Berkshire Property Advisors Alpharetta, GA

David J. Olney Berkshire Property Advisors Boston, MA

Thomas S. Bozzuto The Bozzuto Group Greenbelt, MD

Julie A. Smith Bozzuto Management Company Greenbelt, MD

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EXECUTIVE COMMITTEE

Laurie A. Baker Camden Property Trust Houston, TX

Keith Oden Camden Property Trust Houston, TX

Grace Huebscher Capital One Multifamily Finance Bethesda, MD

Christopher Beda Carmel Partners, Inc. San Francisco, CA

Ron Zeff Carmel Partners, Inc. San Francisco, CA

Peter F. Donovan CBRE Boston, MA

Brian F. Stoffers CBRE Capital Markets Houston, TX

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

Paul G. Kerr Davlyn Investments San Diego, CA

Jon D. Williams Davlyn Investments San Diego, CA

Alan W. George Equity Residential Chicago, IL

Adam Berry Essex Property Trust, Inc. Palo Alto, CA

Susanne Hiegel Fannie Mae Washington, DC

Manuel Menendez 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

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

Joe Mosley Greystone Servicing Corporation, Inc. New York, NY

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

Matthew Lawton HFF Chicago, IL

Clyde P. Holland Holland Partner Group Vancouver, WA

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

APRIL 2015 | NMHC 50

EXECUTIVE COMMITTEE

William T. Hyman Hunt Mortgage Group New York, NY

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

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

Dan Baker KeyBank Real Estate Capital Chicago, IL

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

Guy K. Hays Legacy Partners Foster City, CA

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

Brian C. Byrne Lincoln Property Company Oak Brook, IL

Margette G. Hepfner Lincoln Property Company Dallas, TX

H. Eric Bolton, Jr. MAA Memphis, TN

Albert M. Campbell, III MAA Memphis, TN

John J. Kerin Marcus & Millichap Calabasas, CA

Hessam Nadji Marcus & Millichap Company Walnut Creek, CA

Jeffrey Goldberg Milestone Group New York, NY

Steven T. Lamberti Milestone Management Dallas, TX

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

Mark Alfieri Monogram Residential Trust Plano, TX

Peggy Daly Monogram Residential Trust Plano, TX

Mary Ann King Moran & Company Irvine, CA

Thomas F. Moran Moran & Company Chicago, IL

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

Eduardo Padilla NorthMarq Capital, Inc. Minneapolis, MN

Gary Goodman Passco Companies, LLC Irvine, CA

Larry Sullivan Passco Companies, LLC Irvine, CA

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

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

Jamie Teabo Post Properties, Inc. Atlanta, GA

Donna Preiss The Preiss Company Raleigh, NC

David Durning Prudential Mortgage Capital Company Chicago, IL

Michael Bissell SARES*REGIS Group Irvine, CA

Geoffrey L. Stack SARES*REGIS Group Irvine, CA

Timothy J. Hogan Trammell Crow Residential Dallas, TX

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EXECUTIVE COMMITTEE

Kenneth J. Valach Trammell Crow Residential Houston, TX

Michael E. Tompkins TriBridge Residential LLC. Atlanta, GA

Frank Middleton Wood Partners, LLC Mill Valley, CA

Curtis W. Walker Wood Partners, LLC Atlanta, GA

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

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

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

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

Alan Wiener Wells Fargo Multifamily Capital New York, NY

EXECUTIVE COMMITTEE NOT PICTURED Ernest F. Katai Berkadia Southfield, MI

Mark J. Parrell Equity Residential Chicago, IL

Jeff Lee Capital One Multifamily Finance Bethesda, MD

Erik J. Alexander Essex Property Trust, Inc. Woodland Hills, CA

Edward Carey Clarion Partners New York, NY

Katie Thompson KeyBank Real Estate Capital Dallas, TX

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Kristen Klingbeil-Weis Klingbeil Capital Management/ American Apartment Communities Santa Barbara, CA John Preiss The Preiss Company Raleigh, NC

Jerry LaPointe Western National Properties Irvine, CA

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BOARD OF DIRECTORS

Ed Hurley Acre Capital LLC Plano, TX

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

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

Tim L. Myers Allied Realty Houston, TX

Ricardo Rivas Allied Orion Group Houston, TX Boca Raton, FL

Joel L. Altman Altman Development Corporation Boca Raton, FL

Michael H. Godwin Ambling Management Company LLC Valdosta, GA

Rodrigo Lopez AmeriSphere Multifamily Finance, LLC Omaha, NE

Scott G. Suttle AmeriSphere Multifamily Finance, LLC Bethesda, MD

Steve F. Hallsey AMLI Management Company Chicago, IL

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

Kimberly J. Sperry Amstar Group, LLC Denver, CO

Lauren A. Brockman Anbrock, LLC Denver, CO

Blake Okland ARA Charlotte, NC

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

Neil T. Brown ArchCo Residential Atlanta, GA

Steven Wolf Ares Management New York, NY

Morgan Anderson Arthur J. Gallagher & Co. Irvine, CA

Jason A. Friedman Associated Estates Realty Corporation Richmond Heights, OH

Lin Atkinson AT&T Connected Communities Atlanta, GA

Thuy Woodall AT&T Connected Communities Milton, GA

Leslie O. Andren Atlas Apartment Homes, LLC Chicago, IL

Michael G. Miller AUM Lombard, IL

Walt Smith Avenue5 Residential, Inc. Seattle, WA

Phillip E. Bogucki AZUMA Leasing Austin, TX

BJ Rosow AZUMA Leasing Austin, TX

James P. Cooke Ballard Spahr Washington, DC

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

Mark Forrester Berkadia Phoenix, AZ

David Oakley Berkadia Birmingham, AL

Jeffrey C. Day Berkeley Point Capital LLC Bethesda, MD

Harry Bookey BH Equities, LLC Des Moines, IA

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

Mark W. Dunne Boston Capital Corporation Boston, MA

John P. Manning Boston Capital Corporation Boston, MA

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BOARD OF DIRECTORS

David R. Minnick Bridge Investment Group Partners Murray, UT

Danuel R. Stanger Bridge Investment Group Partners Murray, UT

Bradley B. Chambers Buckingham Companies Indianapolis, IN

B. Diane Butler Butler Burgher Group Dallas, TX

David J. Adelman Campus Apartments Philadelphia, PA

Miles H. Orth Campus Apartments Philadelphia, PA

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

Ernest L. Heymann CAPREIT, Inc. Rockville, MD

Richard L. Kadish CAPREIT, Inc. Rockville, MD

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

Tyler Anderson CBRE Phoenix, AZ

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

Richard Gerwitz Citi Community Capital Los Angeles, CA

Rick Craig CityStreet Residential Partners Houston, TX

John Cutrer CityStreet Residential Partners Houston, TX

Mark J. Feldman Colliers International San Francisco, CA

Brian Ward Colliers International Seattle, WA

Patrick Nugent Commercial Insurance Solutions Group Dallas, TX

David B. Woodward CompassRock Real Estate LLC Denver, CO

Jerry Davis Conservice Utility Management & Billing Prosper, TX

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

James W. Harris CoreLogic SafeRent Rockville, MD

James Henderson Cornerstone Real Estate Advisers LLC Hartford, CT

Michael Cohen CoStar Boston, MA

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

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

Steven Weilbach Cushman & Wakefield San Francisco, CA

Byron L. Moger Cushman & Wakefield Tampa, FL

Paula J. Poskon D.A. Davidson & Company New York, NY

SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

BOARD OF DIRECTORS

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

Jeffrey Scott Eastdil Secured, LLC Washington, DC

Phil H. Carlock ECI Group, Inc. Atlanta, GA

Seth Greenberg ECI Group, Inc. Atlanta, GA

Randy Churchey Education Realty Trust, Inc. Memphis, TN

Thomas Trubiana Education Realty Trust, Inc. Memphis, TN

Michael Edward Gorman Edward Rose & Sons Carmel, IN

Warren Rose Edward Rose & Sons Bloomfield Hills, MI

Trey Embrey Embrey Partners, Ltd. San Antonio, TX

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

Patrick Jones Engler Financial Group, LLC Alpharetta, GA

Kathleen Felderman EPIC San Francisco, CA

Jonathan Griffiths EPIC San Francisco, CA

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

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

Jeffery R. Hayward Fannie Mae Washington, DC

Hilary Provinse Fannie Mae Washington, DC

George Fisher Ferguson Enterprises Augusta, GA

Tom Kopfler Ferguson Enterprises Augusta, GA

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

Tom Etheredge Forestar Group, Inc. Austin, TX

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

Gregory A. Fowler FPA Multifamily San Francisco, CA

CJ Edmonds G5 Bend, OR

Robert Dean GE Real Estate Washington, DC

APRIL 2015 | NMHC 50

BOARD OF DIRECTORS

Linda Zeller Gerson Bakar & Associates San Francisco, CA

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

Kieran Quinn Guggenheim Commercial Real Estate Finance, LLC Atlanta, GA

Jordan E. Slone Harbor Group International Norfolk, VA

Curt Hensel HD Supply San Diego, CA

Paula Presenkowski HD Supply San Diego, CA

James M. Bachner Heitman LLC Chicago, IL

Jim Dunlop Hines Washington, DC

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

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

John Larson Hunt Mortgage Group (formerly Centerline) Dallas, TX

Tracy Simonton Legg Hunter Warfield, Inc. Denver, CO

Todd Wahl Hunter Warfield, Inc. Tampa, FL

Kevin George InfoTycoon Atlanta, GA

Dave Brackett The Irvine Company Apartment Communities “IAC” Irvine, CA

Charles E. Mueller, Jr. The Irvine Company Apartment Communities “IAC” Irvine, CA

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

A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR

G. Joseph Cosenza The Inland Real Estate Group, Inc. Oak Brook, IL

David Kapiloff Insgroup, Inc. Houston, TX

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

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

Board of Directors

Jamie B. May James A. Butz Kai Reynolds Tiffany Butcher High Gregory JBM G. Lamb James A. Institutional Richard J.Jefferson TheButz JBG Companies The JBG Companies Corcoran Group & JeffersonMultifamily ApartmentAdvisorsJohn M.Apartment Apartment Chevy Chase, MD Chevy Chase, Jefferson MD Company Group Tampa, FL Group Mc Lean, VA Braintree, MA McLean, VA McLean, VA

Gregory G. Lamb John W. Bray Jefferson JonesApartment Lang LaSalle Group Americas, Inc. VA Mc Lean, Atlanta, GA

Richard J. High Faron G. M. Thompson John Corcoran Jones &Lang LaSalle Company Americas, Braintree,Inc. MA Atlanta, GA

Jennings D. Glenn John Falco Peggy Robinson Kurt Zech Cindy Clare Robinson John FalcoAssociates Peggy Kane Realty Angela Mago Kingsley Kingsley Associates Kennedy WilsonKatie Thompson Kettler Kingsley Atlanta, Associates Estate KeyBank Real Estate Corporation Atlanta, GA GA Company KeyBank RealMc Lean, VA Kingsley Associates Atlanta, GA Atlanta, GA Capital CapitalSan Francisco, CA Raleigh, NC Dallas, TX Cleveland, OH

Rohit Anand Rohit KTGY Anand Group Inc. KTGYVienna, Group VA Inc. Vienna, VA

SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

Faron G. Thompson Cindy Jones LangClare LaSalle Kettler Inc. Americas, McLean, VA Atlanta, GA

Jay Olander Jay Olander Landmark Apartment Landmark Apartment Trust Trust America, of of America, Inc.Inc. Richmond,VA VA Richmond,

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BOARD OF DIRECTORS

Tom Klaess The Laramar Group, LLC Greenwood Village, CO

Christine Akins LaSalle Investment Management, Inc. Chicago, IL

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

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

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

John Gray Lennar Multifamily Communities, LLC Charlotte, NC

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

Charles M. McDaniel Lockton Companies, LLC Denver, CO

Jeffery Lowry Madera Equity Lubbock, TX

Charles Young Madera Equity Lubbock, TX

Dean Holmes Madison Apartment Group Philadelphia, PA

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

Dan McCaffery McCaffery Interests, Inc. Chicago, IL

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 Miami, FL

Albert Berriz McKinley Ann Arbor, MI

Ken Polsinelli McKinley Ann Arbor, MI

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

Christopher C. Finlay Middleburg Capital Fairfax, VA

Alexandra Jackiw Milhaus Indianapolis, IN

Tadd Miller Milhaus Indianapolis, IN

Paul Harris Moran & Company Dallas, TX

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

Alan Patton The Morgan Group, Inc. Houston, TX

Jonathan Morgan Morgan Properties King of Prussia, PA

SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

BOARD OF DIRECTORS

Mitchell L. Morgan Morgan Properties King of Prussia, PA

Brian Zrimsek MRI Software Solon, OH

Joshua Goldfarb Multi Housing Advisors Atlanta, GA

Marc G. Robinson Multi Housing Advisors Charlotte, NC

Gina M. Dingman NAI Everest Minneapolis, MN

Henry M. Nevins NALS Apartment Homes Santa Barbara, CA

James Kuhn Newmark Grubb Knight Frank New York, NY

Richard Burns The NHP Foundation New York, NY

Kyle Lovelady The NRP Group San Antonio, TX

Robert A. Esposito NWP Services Corporation Pembroke Pines, FL

Kevin Filter Oak Grove Capital Saint Paul, MN

Jake Harrington On-Site.com Campbell, CA

Gene R. Blevins Orion Real Estate Services Houston, TX

Pam McGlashen Orion Real Estate Services Houston, TX

Arthur J. Cole Pacific Urban Residential Palo Alto, CA

Alfred V. Pace Pacific Urban Residential Palo Alto, CA

Stanley W. Sloter Paradigm Development Company Arlington, VA

David Onanian PAS Purchasing Solutions Houston, TX

Randall M. Paulson PAS Purchasing Solutions Plano, TX

David R. Picerne Picerne Real Estate Group Phoenix, AZ

Manny Brown Pillar Chicago, IL

D. Scott Bassin PNC Real Estate Pittsburgh, PA

William Thomas Booher PNC Real Estate San Francisco, CA

Steven A. Berger PRG Real Estate Philadelphia, PA

Sam Foster PRG Real Estate Philadelphia, PA

Seth Martin Pritzker Realty Group, LLC Chicago, IL

John D. Millham Prometheus Walnut Creek, CA

Benjamin Zimmer Property Solutions Lehi, UT

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

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

Martha Burrows Prudential Real Estate Investors Atlanta, GA

Susan M. Mello Prudential Real Estate Investors Madison, NJ

Bruce Barfield Rainmaker LRO Alpharetta, GA

Tammy Farley Rainmaker LRO Alpharetta, GA

Adam Ducker RCLCO Bethesda, MD

APRIL 2015 | NMHC 50

BOARD OF DIRECTORS

Charles A. Hewlett RCLCO Bethesda, MD

Stephen T. Winn RealPage, Inc. Carrollton, TX

Michael J. Moran Red Mortgage Capital, LLC Dallas, TX

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

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

Judy Bellack RentPath Boca Raton, FL

Arlene Mayfield RentPath Norcross, GA

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

W. Michael Doramus Sarofim Realty Advisors Dallas, TX

David Evemy Sarofim Realty Advisors Dallas, TX

Avi Lewittes The Scion Group Chicago, IL

Jason Taylor The Scion Group Chicago, IL

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

Ella Neyland Steadfast Income REIT Irvine, CA

Michael Katz Sterling American Property Inc. Great Neck, NY

Tarak Patolia Sterling American Property Inc. Great Neck, NY

Jay Jacobson Stiles Residential Group Ft Lauderdale, FL

Dan Oâ&#x20AC;&#x2122;Connell Time Warner Cable New York, NY

Shari McKoin TransUnion Rental Screening Solutions Greenwood Village, CO

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

David J. Ingram UBS Realty Investors LLC Hartford, CT

Jeffrey G. Maguire UBS Realty Investors LLC Hartford, CT

Peter E. Baccile UBS Securities, LLC New York, NY

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

Karen McCurdy USA Properties Fund, Inc. Roseville, CA

Michael Keyes Ferris Valet Waste, LLC Tampa, FL

Syd McDonald Valet Waste, LLC Tampa, FL

SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

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BOARD OF DIRECTORS

Jonathan Holtzman Village Green Companies Farmington Hills, MI

Brendan Coleman Walker & Dunlop Bethesda, MD

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

Raymond D. Barrows Waypoint Residential Atlanta, GA

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

W. Dean Weidner Weidner Property Management LLC Kirkland, WA

Timothy J. Connelly Whiteco Residential LLC Merrillville, IN

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

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

Lawrence H. Curtis WinnDevelopment Boston, MA

Ronald V. Granville Woodmont Real Estate Services Belmont, CA

Brigitta Eggleston Yardi Systems, Inc. Santa Barbara, CA

Brad Stetser Yardi Systems, Inc. Santa Barbara, CA

Samuel C. Stephens, III ZOM Companies Orlando, FL

Greg West ZOM Companies Fort Lauderdale, FL

BOARD OF DIRECTORS NOT PICTURED Jeffery A. Roberts Altman Development Corporation Boca Raton, FL

Steven Ivankovich Atlas Apartment Homes, LLC Chicago, IL

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

Mark Dean Citi Community Capital Seattle, WA

Brad Long Apartments.com Chicago, IL

David Carpenter AUM Elmhurst, IL

Nick Moulinet Bury+Partners, Inc. Dallas, TX

Cliff Alsberg CohnReznick LLP Atlanta, GA

Alexis Gessner Arbor Commercial Mortgage, LLC Uniondale, NY

Stephen Davis Avenue5 Residential, Inc. Seattle, WA

Kyle Lewallen Butler Burgher Group Austin, TX

Justin Trail Commercial Insurance Solutions Group Dallas, TX

Bonnie Habyan Arbor Commercial Mortgage, LLC Uniondale, NY

Dan French Avesta Communities Tampa, FL

Jeffrey Cagan Cagan Management Group, Inc. Skokie, IL

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

Alexandra Glickman Arthur J. Gallagher & Co. Irvine, CA

Rachel Ridley Avesta Communities Tampa, FL

Aaron Halfacre Campus Crest Communities Charlotte, NC

James H. Schloemer Continental Properties Company Menomonee Falls, WI

Nicole Kane Asset Essentials San Antonio, TX

Mary Jo George Ballard Spahr Washington, DC

Harris Haston Carter Haston Holdings, LLC Nashville, TN

Pam Storm CoreLogic SafeRent Norcross, GA

Chad McCaleb Asset Essentials San Antonio, TX

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

DeAnna Thomas CBRE Global Investors, LLC Boston, MA

Andrew Williams Cornerstone Real Estate Advisers LLC Hartford, CT

Brooks Castellaw CFLane, LLC Atlanta, GA

Mark Klionsky CoStar Washington, DC

Jeffrey I. Friedman Associated Estates Realty Corporation Richmond Heights, OH

Scott Sladek Buckingham Companies Indianapolis, IN

SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

MultiFamily_Masters-outlines.pdf

CMY

3/6/15

10:25 AM

BOARD OF DIRECTORS NOT PICTURED James M. Cauley Crescent Communities Charlotte, NC

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

Todd M. Farrell Lennar Multifamily Communities, LLC Charlotte, NC

Darren R. Carrington Prometheus San Mateo, CA

Keith Getter D.A. Davidson & Company Baltimore, MD

Justin Ginsberg Guggenheim Commercial Real Estate Finance, LLC New York, NY

Jonathan Stern Meridian Capital Group, LLC New York, NY

John Hanna Property Solutions Provo, UT

Robert D. Lazaroff The Michelson Organization Saint Louis, MO

Kenneth J. Bacon RailField Realty Partners Bethesda, MD

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

Mike Sabbatis RealPage, Inc. Carrollton, TX

Jeffrey A. Goldshine Middleburg Capital Fairfax, VA

Emily Kaplan realtor.com rentals Westlake Village, CA

Elissa M. Courtright MRI Software Solon, OH

Shawn Sullivan realtor.com rentals Westlake Village, CA

Caryn McVey NAI Global Minneapolis, MN

Adrienne Drummond Regions Bank Atlanta, GA

Casey K. Brennan NALS Apartment Homes Santa Barbara, CA

Joel Stephens Regions Bank Atlanta, GA

Douglas Scott Schuster Newmark Grubb Knight Frank Las Vegas, NV

Alan Feldman Resource Real Estate, Inc. Philadelphia, PA

Ron Reed NWP Services Corporation Costa Mesa, CA

Yvana Rizzo Resource Real Estate, Inc. Philadelphia, PA

Jeff Patton Oak Grove Capital Birmingham, AL

Jason Palmer TIAA-CREF Newport Beach, CA

Monte Jones On-Site.com Campbell, CA

Blaine Altaffer Time Warner Cable Herndon, VA

W. Clark Ewart Paradigm Development Company Arlington, VA

Diane Batayeh Village Green Farmington Hills, MI

Nicholas Killebrew Parse Capital Laguna Beach, CA

Scott J. Lawlor Waypoint Residential Boca Raton, FL

Rondetta Troutman Picerne Real Estate Group Phoenix, AZ

Deirdre Kuring Winn Companies Boston, MA

Jack Cohen Pillar Chicago, IL

Greg M. Galli Woodmont Companies Belmont, CA

Roy E. Demmon, III Demmon Partners Redwood City, CA Thomas Walsh Demmon Partners Redwood City, CA John Caltagirone The Dinerstein Companies Houston, TX Kristopher Hampton DIRECTV El Segundo, CA Grant McCaleb Doster Construction Company, Inc. Birmingham, AL Dana David E & S Ring Management Corporation Los Angeles, CA Michele M. Evans Fannie Mae Washington, DC Bob Simpson Fannie Mae Washington, DC Bob Simpson Fannie Mae Washington, DC Daniel Kaplan FPA Multifamily San Francisco, CA Daniel Tanner Full House Board Washington, DC Dan Hobin G5 Bend, OR Edward Coco GE Real Estate Alpharetta, GA Stephen LoPresti Gerson Bakar & Associates San Francisco, CA Katie Bloom Goldman Sachs Irving, TX

Howard Edelman Heitman Chicago, IL Jennifer Massey Highland Commercial Mortgage, LLC Birmingham, AL John O. Moore, Jr. Highland Commercial Mortgage, LLC Birmingham, AL Jon C. Wood Hines Winter Park, FL Birmingham, AL James Davis InfoTycoon Roswell, GA Mark Cosenza The Inland Real Estate Group, Inc. Oak Brook, IL Wayne A. Comer J.P. Morgan Investment Management, New York, NY Eddie Yang JBM Institutional Multifamily Advisors Orlando, FL Bonnie D. Moser Kane Realty Corporation Raleigh, NC Christina Cha Kennedy Wilson Beverly Hills, CA Laurel Howell Kettler Mc Lean, VA Mike Kingsley KTGY Group Inc. Vienna, VA Gus Remppies Landmark Apartment Trust, Inc. Richmond, VA Herbert L. Miller, Jr. LEM Capital, L.P. Philadelphia, PA

SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

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

Meet@ 6 NMHC’s meetings bring together senior executives from the nation’s leading multifamily frms for high-level networking, actionable business intelligence and thought-provoking discussions.

NMHC Industry Conferences Open to members and non-members. 2015 NMHC Student Housing Conference & Exposition September 28–30, 2015 • Phoenix, AZ

2015 NMHC OpTech Conference & Exposition November 17–19, 2015 • San Diego, CA

2016 NMHC Apartment Strategies Outlook Conference January 19, 2016 • Orlando, FL

NMHC’s Exclusive Meetings 2015 NMHC Fall Board of Directors and Advisory Committee Meeting Get the Insider’s Perspective on Capitol Hill September 15–17, 2015 • Washington, DC

2016 NMHC Annual Meeting Plan Your Strategy for the Year January 19–21, 2016 • Orlando, FL

2016 Spring Board of Directors Meeting Our Most Exclusive Meeting May 18–20, 2016 • Chicago, IL R

Learn more at www.nmhc.org/meetings R

NMHC 3.375x10_04.2015

ADVISORY COMMITTEE Abacus Capital Group, LLC Gregory Lyden New York, NY ABC Supply Company, Inc. Andrew W. Denick Merritt Island, FL Ackman Ziff Real Estate Group, LLC Patrick Hanlon New York, NY Adelante Capital Management Len Rittberg Oakland, CA Advenir Taylor Rismiller Aventura, FL AEW Capital Management L.P. Julie Kittler Boston, MA AIG Global Real Estate Mark Ellsworth Hertz New York, NY Alexander Investments International, Inc. Kyle D. Riva Winter Park, FL The Allen Morris Company W. Allen Morris Coral Gables, FL Alliance Tax Advisors, LLC Tony J. Comparin Irving, TX Alliant Insurance Services Inc. Sarah Schott Houston, TX Allianz Real Estate Paul Wolters New York, NY Allied World Insurance Company Kevin A. Maloney New York, NY Allstate Investments, LLC Stella Pappas Northbrook, IL ALM - Real Estate Media Michael G. Desiato New York, NY Alpha-Barnes Real Estate Services Michael D. Clark Dallas, TX Altus Group Michelle K. Rudd Sparks, MD ANYONE HOME INC. Todd Katler Lake Forest, CA Aon Risk Services, Inc. Kevin J. Madden New York, NY Apartment Association of Greater Los Angeles Jim Clarke Los Angeles, CA Apartment Association, California Southern Cities Terri Shea Long Beach, CA

Apartment Finder Marcia Bollinger Norcross, GA Apartment List Dennis Cogbill San Francisco, CA ApexOne Investment Partners Jim A. Hearn Houston, TX Apollo Global Real Estate Derek Sudan New York, NY ARA David K. Oelfke Houston, TX Argyle Residential John Burnham Austin, TX Arlington Properties, Inc. James M. Dixon Birmingham, AL Artemis Real Estate Partners Richard Banjo Chevy Chase, MD Ashley Management Corporation Stephen B. Ashley Rochester, NY Assurant Specialty Property Steven Hein Miami, FL Atkinson Ferguson, LLC Chris Atkinson Monroe, GA Atlantic Pacific Real Estate Group Gregory Ward Atlanta, GA Auction.com Joseph Cuomo Miami Beach, FL Aukum Management LLC Jason Fuchs Larkspur, CA Axiometrics Inc. Ronald G. Johnsey Dallas, TX B/K Funds Mark M. Beneke Dallas, TX Bader Company Joshua Nicholson Indianapolis, IN Balfour Beatty Construction Michael Flanigan Atlanta, GA Bank of America, N.A. John Barker New York, NY BankFinancial John G. Manos Burr Ridge, IL Barker Apartments David Barker Iowa City, IA The Bascom Group James Singleton Irvine, CA BBL Builders LP Chad Courty Dallas, TX

SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

BBVA Compass Frederick L. Ruess Denver, CO Beachwold Residential LLC Robert P. Rothenberg New York, NY Beacon Communities Investments, LLC Howard E. Cohen Boston, MA Beecher Carlson Marci Steiding Atlanta, GA Beekman Advisors, Inc. Shekar Narasimhan Mc Lean, VA Bel Air Internet Joel E. McIntyre Sherman Oaks, CA Benchmark Real Estate Advisors David Pepe Orlando, FL Benedict Canyon Equities, Inc. Ryan J. Somers Los Angeles, CA Bentall Kennedy Betsy Weingarten Bethesda, MD Bergstrom Investment Management, LLC Kelley A. Bergstrom Key Colony Beach, FL Berkadia John Rhoades Phoenix, AZ Berkeley Point Capital LLC Meaghan Martin Boston, MA Berkshire Group Eric Draeger Boston, MA Berkshire Residential Development Steve Wood Boston, MA Better NOI (formerly Screening Reports, Inc.) Timothy Fortner Wood Dale, IL Beztak Companies Harold Beznos Farmington Hills, MI BGO Architects Emily T. Keith Addison, TX BKV Group, Inc. Jack Boarman Minneapolis, MN BlackRock Realty Dale Gruen San Francisco, CA Blackstone Kevin W. Dinnie New York, NY Blackstone Consulting LLC Scott D. Livingston Portland, ME Blue Ridge Companies, LLC Tami Singleton Fossum Charlotte, NC

Blue Vista Capital Management Peter Stelian Chicago, IL BlueGate Partners LLC Mark DeLillo New York, NY BMO Capital Markets Stephan Richford Chicago, IL Brack Capital Kenneth Bodenstein New York, NY Bradford Allen Capital Charles N. Hoag Chicago, IL Bradley Company Bryson C. Toothaker South Bend, IN Brandenburg Properties Lee H. Brandenburg San Jose, CA Brasfield & Gorrie, LLC Roddy McCrory Kennesaw, GA Bright House Networks Patricia Bott Riverview, FL Brook Furniture Rental Kim Ashley Lake Forest, IL Brookfield Financial Thaine Carter Toronto, ON Brown Realty Advisors Barden Brown Atlanta, GA BSB Design Kelly Osburn Dallas, TX BSR Trust Scott Ray Little Rock, AR Building and Land Technology Corp. Paul J. Kuehner Stamford, CT BuildingLink.com LLC Zachary Kestenbaum New York, NY ButterflyMX Cyrus Claffey New York, NY Buyers Access Peter Roden Denver, CO C.F. Evans Construction John Barr Orangeburg, SC CA Student Living Sean Zasche Chicago, IL Callahan, Inc. Rajeev Bhangoo Bridgewater, MA CalPERS Liya Cornelius Sacramento, CA

Cambridge Management Co. Thomas M. Scott Santa Clara, CA Camp Construction Services Jeff Blevins Houston, TX Campus Televideo Brian Benz Stamford, CT Candlewood Partners LLC Steve Latkovic Cleveland, OH Cantor Commercial Real Estate (CCRE) Michael C. May Bethesda, MD Cantrell McCulloch, Inc. Robert McCulloch Dallas, TX Capital One Bank Richard Lyon New York, NY Capri Capital Partners Dori Nolan Chicago, IL Capstone Apartment Partners Robert A. McIntosh Charlotte, NC Capture the Market Kimberly Scott Dallas, TX CARES By Apartment Life Kiley Haught Euless, TX The Carlyle Group Brian Nelsen Washington, DC Cassidy Turley Christopher J. Doerr Washington, DC Cassin & Cassin LLP Amy Bernstein New York, NY CBRE Malcolm McComb, III Atlanta, GA CBRE New England Simon J. Butler Boston, MA The Cedarwood Companies Jeff Karlovec Akron, OH CEL & Associates, Inc. Christopher Lee Los Angeles, CA Centennial Holding Company William Porter Payne, Jr. Atlanta, GA CenterSquare Investment Management, Inc. Mark B. Greco Plymouth Meeting, PA Chapel Street Advisors Hillary B. Blevins Charleston, SC Charter Communications Scott McGee Chesterfield, MO

Chatham Financial Joe Nowicki Littleton, CO Chicago Title Holden Heil Dallas, TX Chicago Title Sue Jacobson Houston, TX CIGNA Realty Investors John Clark Hartford, CT Citrin Cooperman Mark Mindick New York, NY Cityscape Residential, LLC Brian K. Cranor Indianapolis, IN Clear Capital, LLC Greg Worchell Los Angeles, CA Coastal Apartment Advisors James Sewell Hilton Head Island, SC Colliers International Northeast Florida Douglas Blair Jacksonville, FL Collins Enterprises, LLC Rona Siegel Old Greenwich, CT ColumbiaNational Real Estate Finance, LLC Roger Edwards Washington, DC Comcast Michael Slovin Philadelphia, PA Commercial Risk Solutions Insurance Agency James J. Cincotta Stuart, FL Commercial Wireless Systems International, LLC Elizabeth Conha Fort Lauderdale, FL CondoInternet Amy K. Thompson Seattle, WA CONNOR Patrick T. Connor Baltimore, MD The Connor Group Lawrence S. Connor Centerville, OH Continental Realty Corporation Joseph M. Schapiro, III Baltimore, MD Core Real Estate Capital LLC Benjamin Horn Columbus, OH CORT Mark Koepsell Chantilly, VA Cortland Partners, LLC Steven DeFrancis Atlanta, GA Cox Communications Shannon Boyle Atlanta, GA

Cox, Castle & Nicholson LLP Amy H. Wells Los Angeles, CA Cozen Oâ&#x20AC;&#x2122;Connor Howard Grossman, Esq. Philadelphia, PA Credit Suisse LLC Jeremy Stoler New York, NY Crescent Communities Michael Blackwell Charlotte, NC Criterion Brock Kerri Silver Milwaukie, OR Crossbeam Concierge Theodore M. Kerr, Jr. Dallas, TX Crown Advisors John C. DiMare North Barrington, IL Crown Advisors, Inc. John Cigna Pittsburgh, PA Cube 3 Studio Architects, LLC Nicholas A. Middleton Lawrence, MA Curtin Property Company Chris M. Curtin Overland Park, KS Cushman & Wakefield Andrew J. Merin East Rutherford, NJ Cushman & Wakefield Marc D. Renard Los Angeles, CA CWS Apartment Homes Steven J. Sherwood Austin, TX Daniel Corporation Justin P. Weintraub Birmingham, AL DeNyse Companies Amy Baillie Douglasville, GA DepositIQ Tom Schickel Denver, CO The Dermot Company, Inc. Stephen Benjamin New York, NY Design Collective, Inc. Vanessa Zawodny Baltimore, MD Deutsche Asset and Wealth Management Timothy Ellsworth Chicago, IL Diamond Realty Investments Mitsunobu Nakamura Los Angeles, CA Dish Robert Grosz Englewood, CO DocuSign, Inc. Michael Pressnall Seattle, WA

Dogwood Capital Partners Parker Briley Irving, TX Dome Equities, LLC Eric D. Jones New York, NY Dougherty Mortgage LLC Tim Larkin Minneapolis, MN Dover Realty Advisors, LLC/ Paragon Properties, LLC Terry B. Schwartz Bingham Farms, MI Drake Realty Group, LLC Kyle N. Drake Houston, TX Draper and Kramer, Incorporated Michael T. Gilmartin Chicago, IL Dwell Design Studio, LLC Jason R. Shepard Alpharetta, GA Eastdil Secured Roland S. Merchant , Jr. New York, NY Eastern Union Funding Shlomie Milworm Howell, NJ Eastham Capital Eric Silverman Needham, MA Eaton Vance Management Andrew Frenette Boston, MA Ecologic Furniture Andy Holley Waukegan, IL Edgewood & Vantage Management Janine Lind Germantown, MD Elad National Properties Arik Bronfman Fort Lauderdale, FL Ellis, Partners in Management Solutions Joanna Ellis Irving, TX Encore Housing Opportunity Fund Joe DiCristina Boca Raton, FL Entrepreneurial Properties Corporation Matthew V. Wherry Newport Beach, CA Epoch Properties, Inc. Justin Sand Winter Park, FL ePremium Insurance Ann Padgett Mason, OH Ericsson Barry McLaren Plano, TX ESupply Systems Eric R. Broughton San Antonio, TX

APRIL 2015 | NMHC 50

ADVISORY COMMITTEE Evercore Partners Greg Brooks New York, NY Evergreen Devco, Inc. Jeff Wikstrom Littleton, CO Experian RentBureau Brannan Johnston Costa Mesa, CA Fair Collections & Outsourcing, Inc. Carol M. Bloom Beltsville, MD Fairfield Residential Company LLC Richard Boynton San Diego, CA Faulkner Design Group, Inc. Adrienne Faulkner Dallas, TX Federation of Rental Housing Providers of Ontario Mike Chopowick Toronto, ON Ferguson Partners, Ltd. William J. Ferguson Chicago, IL Fidelity Investments Neil Nabar Boston, MA Fidelity National Title-National Commercial Services Connie Mahoney Los Angeles, CA Fifth Third Bank Douglas J. Ward Chicago, IL First Advantage David Carner Carrollton, TX First American Title Insurance Co. Valerie Kolytiris Los Angeles, CA First American Title Insurance Company Phillip Salomon New York, NY First American Title Insurance Co.- NCS Randall l. Scott Santa Ana, CA Flournoy Development Co., LLC Thomas H. Flournoy Columbus, GA Foley & Lardner LLP Michael W. Hatch Milwaukee, WI For Rent Media Solutions Amanda McCrowell Norfolk, VA Fore Property Company Richard L. Fore Washington, DC Forest Properties Management, Inc. Jeffrey Libert Cambridge, MA Fortune-Johnson, Inc. Brett Fortune Norcross, GA Forum Real Estate Group Darren Fisk Glendale, CO

Fox Rothschild LLP Gina A. Hough Washington, DC Franklin Capital Group Joseph E. Resende Alexandria, VA Franklin Street Andrew Wright Tampa, FL Freedom Specialty Insurance Company John Lopes New York, NY Freeman Webb Inc. William H. Freeman Nashville, TN Friedman Integrated Real Estate Solutions Barry Swatsenbarg Farmington, MI Gallagher Evelius & Jones, LLP Stephen A. Goldberg Baltimore, MD Gas South Caroline Landis Atlanta, GA Gates, Hudson & Associates, Inc. Patricia J.M. Blackburn Fairfax, VA GDC Properties, LLC William Ingraham Hawthorne, NY GE Asset Management Pamela Beam Stamford, CT GE Real Estate Dan Earle Norwalk, CT GE Real Estate, North America Lending Jill McEntegart Alpharetta, GA Gebroe-Hammer Associates Nancy Reilly Livingston, NJ Gene B. Glick Company, Inc. David O. Barrett Indianapolis, IN Ginkgo Residential D. Scott Wilkerson Charlotte, NC GMH Capital Partners David R. Forrest Newtown Square, PA Golden Construction, LLC Geoffrey S. Golden Birmingham, AL Goodwin Procter LLP Craig Todaro Boston, MA Google Dexter Lau Mountain View, CA Goulston & Storrs Steven Schwartz Boston, MA Grace Hill, Inc. Joe P. Bailey Augusta, GA

SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

Grand Peaks Properties Luke Simpson Denver, CO Grandbridge Real Estate Capital LLC Thomas S. Dennard Charlotte, NC Granite Telecommunications Larry Sylvain West Palm Beach, FL Green Street Advisors, Inc. Dave Bragg Newport Beach, CA The Greysteel Company John Mullen Bethesda, MD Greystone Bridge Holdings, Inc. Karen Marotta New York, NY Greystone Funding Corporation Claudia Schiepers New York, NY Griffis/Blessing, Inc. Gary Winegar Colorado Springs, CO Gross Builders Gary L. Gross Cleveland, OH Guardian Management LLC Thomas B. Brenneke Portland, OR The Habitat Company Matthew Fiascone Chicago, IL Haley Real Estate Group Daniel P. Clatanoff Omaha, NE HandyTrac Systems John Lie-Nielsen Alpharetta, GA Hanley Wood Susan Piel San Francisco, CA Hanley-Wood, LLC Robert M. Britt Mill Valley, CA Harborview Capital Partners Jonathan Kutner Lawrence, NY Hartford Investment Management John M. Maher Hartford, CT Hathaway Development Partners, LLC W. Michael Muggridge Atlanta, GA HB Northwest Edward Hewson Seattle, WA Hediger Enterprises Inc. Gary R. Hediger Atlanta, GA Hendersen-Webb, Inc. Pamela F. Newland Cockeysville, MD Henry S. Miller Brokerage, LLC Lewis E. Wood Dallas, TX

Hentschel & Company Stephen Hentschel New York, NY HFF William Miller Dallas, TX HFF J. Todd Stewart Houston, TX HHHunt Janet L. Riddlebarger Blacksburg, VA Hills Property Management Russell Lykes Cincinnati, OH Hillwood Multifamily, L.P. Mark McHenry Fort Worth, TX Holland & Knight, LLP Lynn Calkins Washington, DC Holland Partner Group Tom Parsons Seattle, WA Honigman Miller Schwartz and Cohn LLP Jonathan R. Borenstein Bloomfield Hills, MI The Howard Hughes Corporation Coy G. McKinney Dallas, TX HSBC Bank USA N.A. Glenn Grimaldi New York, NY Hudson Capital Properties IV, LLC Frank Huttle, III East Rutherford, NJ Hunt Companies Ryan W. Luxon El Paso, TX ibr Search Wesley Easly Pittsburgh, PA Ideal Realty Group Allen Manesh Potomac, MD Index Investment LLC Bjarne E. Borg Jupiter, FL Institutional Property Advisors, a Marcus & Millichap Company Steve Witten New Haven, CT Insurent Agency Corporation Charles Schoenau New York, NY InterCapital Group, LLC Edward I. Biskind Chicago, IL Interwest Capital Corporation Alex Roudi La Jolla, CA INVESCO Real Estate Paul S. Michaels Dallas, TX Investment Property Associates, LLC Jennifer Koster Grand Haven, MI

ista Amanda Holden San Diego, CA Ivanhoé Cambridge Inc. Sylvain Fortier Montreal, PQ J. Turner Research Joseph Batdorf Houston, TX J.I. Kislak, Inc. Thomas Bartelmo Miami Lakes, FL Jackson Walker, L.L.P. Vytas A. Petrulis Houston, TX JB Matteson, Inc. Duncan L. Matteson, Sr. San Mateo, CA JHP Architecture / Urban Design Ronald Harwick Dallas, TX JMG Realty, Inc. T. Karlton Jackson Atlanta, GA John Hancock Financial Services Robert Maulden Boston, MA Johnson Development Associates, Inc. David Benjamin Graves Spartanburg, SC Jones Lang LaSalle Americas, Inc. David Young Seattle, WA Jones Lang LaSalle Operations, LLC John W. Bray Atlanta, GA JP Morgan Patrick J. Nash Chicago, IL JPI Benjamin H. Montgomery Irving, TX JPI Robert D. Page Irving, TX JRK Investors Robert Lee Los Angeles, CA Juniper Investment Group, Ltd. J. Douglas Rippeto, Jr. Houston, TX Kaba Access Control Dale Mathias Laguna Niguel, CA Kaplan Acquisitions LLC Geoff Simpson Houston, TX KBKG CJ Aberin Pasadena, CA KC Venture Group, LLC Peter Engelman Leawood, KS KET Enterprises, Inc. Thomas B. Wilkinson, IV Houston, TX

KeyBank Real Estate Capital John Manginelli New York, NY The Kirkland Company William Kirkland Nashville, TN Kiser Institutional Group LLC Lee Kiser Chicago, IL The Kislak Company, Inc. Demaris Casanovas Woodbridge, NJ Korcett Holdings, Inc. Forrest Faircloth Bee Cave, TX Korn/Ferry International Anthony J. LoPinto New York, NY Krooth & Altman LLP Sameer Upadhya Washington, DC KW Commercial Schuyler Williamson Austin, TX L&B Realty Advisors, LLP William L. Fulton Dallas, TX L’Arte Della Cucina Bruce Taylor Miami, FL LeaseHawk Michael E. Mueller Scottsdale, AZ LeaseLabs/DZAP Dana Zeff San Diego, CA LeaseStar, a Division of RealPage, Inc. Janine Steiner Jovanovic Carrollton, TX LeaseTerm Solutions Richard Schreiber Chevy Chase, MD LeasingDesk, a Division of RealPage, Inc. Debra Stockton Carrollton, TX LeCesse Development Corporation Salvador F. Leccese Altamonte Springs, FL Legend Management Group, LLC Ruth G. Eisenhauer Mc Lean, VA Leonardo247 Daniel Cunningham Redondo Beach, CA Lerner Corporation Alan H. Gottlieb Rockville, MD Lessard Design Inc. Christian Lessard Vienna, VA LG Electronics Kevin Kim Englewood Cliffs, NJ LGA Capital, LLC Jason Gerstein Rockville, MD

Lincoln Financial Group Nicholas R. Heinzelmann Greensboro, NC LIV Companies Robert B. Crumpton, III Birmingham, AL LivCor, LLC Ralph Pickett Chicago, IL Locke Lord LLP Michael P. Petersilia Dallas, TX Lord Aeck Sargent Mark Lange Atlanta, GA Lowe Enterprises Investors Andy Sands Los Angeles, CA M&T Realty Capital Corporation Mark D. Gould Baltimore, MD M&T Realty Capital Corporation Thomas D. Knapp Baltimore, MD Magellan Development Group, LLC Brian Gordon Chicago, IL Maintenance Supply Headquarters Cary R. Wright Stafford, TX Manly & Stewart John C. Manly Irvine, CA Marcus & Millichap Capital Corporation William Hughes Irvine, CA Mark-Taylor Residential, Inc. Dale Phillips Scottsdale, AZ Marsh & McLennan Jeffrey Alpaugh Boston, MA Marvin F. Poer and Company William L. DuBois Dallas, TX Mason Joseph Company, Inc. David Joseph San Antonio, TX MassHousing Monte J. Stanford Boston, MA Maxus Properties, Inc. Michael P. McRobert North Kansas City, MO Mayer Brown LLP Keith J. Willner Washington, DC MB Financial Bank Spencer Hellmuth Rosemont, IL McCann Realty Partners, LLC D. Fleet Wallace Richmond, VA MDX (Multifamily Data Exchange) Dom Beveridge Alpharetta, GA

Meridian Capital Group, LLC Dina Finnegan New York, NY Meridian Capital Group, LLC Adrienne Stephens New York, NY Merion Realty Partners Richard T. Aljian Wynnewood, PA MetLife Charles C. Davis, Jr. Tampa, FL Metropolitan Properties of America, Inc. Jeffrey J. Cohen Boston, MA Middle Street Partners, LLC Ryan Knapp Sullivans Island, SC Milan Insurance Partners Lee J. Maness Nashville, TN Minnesota Multi-Housing Association Mary Rippe Bloomington, MN Minol Teresa Lopez Addison, TX MLV & Co. Bryan Turley New York, NY Moen Incorporated Deena Cave North Olmsted, OH Momentous Insurance Brokerage Stephen Stromsborg Van Nuys, CA Moody’s Corporation Griselda Bisono New York, NY Morgan Stanley Haendel Emmanuel St. Juste New York, NY Morgan Stanley Investment Management James A. Cowan New York, NY Morgan, Lewis & Bockius LLP Richard Toelke Boston, MA Morris Manning & Martin LLP Bonnie Y. Hochman Rothell Washington, DC MPF YieldStar, a Division of RealPage Keith Dunkin Carrollton, TX MRP Realty John M. Begert Washington, DC Multi-Housing News Marisa Boles Santa Barbara, CA Multifamily Realty Advisors, LLC Richard R. Cotton Raleigh, NC Multifamily Risk Advisors Michael Ballew Atlanta, GA

APRIL 2015 | NMHC 50

ADVISORY COMMITTEE Muskin Commercial, LLC Ellen Muskin Austin, TX NAI Petrous Raymond W. Lord Tulsa, OK National Real Estate Advisors James D. Freko Washington, DC Nationwide Energy Partners LLC Brent Miller Columbus, OH Natixis Joseph Vassallo New York, NY Neal, Gerber & Eisenberg LLP Douglas J. Lubelchek Chicago, IL Niles Bolton Associates, Inc. G. Niles Bolton Atlanta, GA Nimes Capital Afshin Kateb Los Angeles, CA NNC Apartment Ventures John H. Nunn Long Beach, CA Northland Investment Corporation Steven Rosenthal Newton, MA NorthMarq Capital San Francisco Jeffery Weidell San Francisco, CA NorthMarq Capital, Inc. Greg A. Duvall Overland Park, KS NOVARE GROUP James Borders Atlanta, GA Novogradac & Company LLP Michael J. Novogradac San Francisco, CA NTS Development Company Gregory G. McDearmon Louisville, KY NWP Services Corporation Amanda Christensen Lincoln, NE Oakwood Worldwide Kristen Zimmerman Los Angeles, CA Ocius LLC James Rabinowitz Chicago, IL Oldcastle, Inc. Carolina Borges Cavalcante Saint Louis, MO Onicx Energy, LLC David J. Magrisso Tampa, FL OpsTechnology, a Division of RealPage William Chaney Carrollton, TX Overseas Student Living, Ltd. Luke J. Archer Nolan Hong Kong, China

The P.B. Bell Companies R. Chapin Bell Scottsdale, AZ Pacific Life Insurance Company Anthony Premer Newport Beach, CA Package Concierge, Inc. Georgianna W. Oliver Medfield, MA Palladian Capital Advisors R. Gregory Geletka Fort Pierce, FL Palladium (USA) International, Inc. Thomas E. Huth Dallas, TX Paramount Global LLC d/b/a Paramount Investments Roland Stewart Arlington, TX Parcel Pending Lori A. Torres Irvine, CA Partner Engineering & Science, Inc. Summer Gell Plano, TX PayLease Brendan Kane San Diego, CA PayNearMe Christopher J. Volgenau Denver, CO Pearlmark Real Estate Partners Edward J. Ryder Chicago, IL Pegasus Residential Shae Sims Alpharetta, GA PEM Real Estate Group Paul Mashni Scottsdale, AZ Pennybacker Capital, LLC Vincent P. Reyna Austin, TX Penton Media Inc. Rich Santos New York, NY Pepper Hamilton LLP Henry Liu Washington, DC Perella Weinberg Partners Kevin Stahl New York, NY Phoenix Realty Group Alan Hirmes New York, NY PPG Architectural Coatings Lori Mcwain Pensacola, FL PPM Finance, Inc. David L. Henderson Chicago, IL The Praedium Group Mark Lippmann New York, NY The Preston Partnership, LLC Robert N. Preston Atlanta, GA

SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

Price Realty Corporation Michael J. Ochstein Addison, TX Protection 1 Security Michael Keen Romeoville, IL Prudential Affordable Mortgage Company Sonya Hough Arlington, VA Prudential Huntoon Paige Patrick Kempton Chicago, IL Prudential Multifamily Mortgage, Inc. Sheri Thompson Arlington, VA Prudential Real Estate Investors Justin Gleason Madison, NJ Q10 Kinghorn, Driver, Hough & Co. Ray Driver, III Houston, TX QBE John J. Drennen, II Greensboro, NC RAM Partners, LLC William F. Leseman Atlanta, GA Real Capital Analytics Robert M. White, Jr. New York, NY Real Capital Markets Stephen J. Alter Carlsbad, CA Real Estate Board of New York, Inc. Steven Spinola New York, NY Real Estate Equities, Inc. Terrence E. Troy Saint Paul, MN Real Estate Investment Group George Diamond Portland, OR Realty Center Management, Inc. Curt Knabe Culver City, CA RealtyCom Partners, LLC Annie Manfredi San Rafael, CA Redwood Capital Group, LLC Mark A. Isaacson Chicago, IL Reis, Inc. Victor Calanog New York, NY Remotely by Rentbits Mike Branam Englewood, CO Rent Stabilization Association Joseph Strasburg New York, NY Rent.com Robert Johnson Los Angeles, CA RentCollect Global Rose K. McMillen Yorba Linda, CA

Renters Legal Liability LLC Paul J. Kaliades Salt Lake City, UT RentPayment Michael Denbeau Walnut Creek, CA Republic Title John Wilson Dallas, TX ResidentCheck Jorge Baldor Dallas, TX ResiModel, LLC Michael D. Arabe Potomac, MD Resource Investments Limited, LLC Steven Zalkind Pennsauken, NJ RETC LP David Martinez Plano, TX Rittenhouse Realty Advisors Corey Lonberger Philadelphia, PA Rivergate KW Management Jay H. Massirman Coconut Grove, FL Robert W. Baird James E. Oâ&#x20AC;&#x2122;Brien Washington, DC Rock Apartment Advisors, Inc. Robert Flurry Birmingham, AL Rockport Mortgage Corporation Joseph J. Mueller Gloucester, MA Rockwood Capital LLC Joel A. Moody Los Angeles, CA Roscoe Properties, Inc. Jason Berkowitz Austin, TX Rosen Consulting Group Nancy Toledo Berkeley, CA RT Specialty, LLC David Brinkerhoff Kansas City, MO Sabal Financial Group, L.P. Len Israel Newport Beach, CA Sage Law Practice Group Patrick R. Pettitt Hampton, VA SatisFacts Research, a Division of Internet Brands, Inc. Douglas J. Miller, Sr. Lutherville, MD Savills Studley Jeffrey Baker New York, NY The Screening Pros, LLC Gary Glucroft Chatsworth, CA Security Capital Research & Management David A. Kleinerman Chicago, IL

ADVISORY COMMITTEE Security Properties David M. Dufenhorst Seattle, WA Seminole Financial Services, LLC Robert J. Banks Belleair Bluffs, FL The Sherwin-Williams Co. William G. Rafie Cleveland, OH SightPlan Joseph Westlake Orlando, FL Silver Capital Mark Ambach Boca Raton, FL Silverpeak Real Estate Partners Chris S. Westfahl New York, NY Silvestri Craig Realtors Ken D. Silvestri Lexington, KY Simpson Property Group LP Jody Kay Hersey Denver, CO Situs Steven L. Bean New York, NY SlopeJet Craig Zeutzius Boulder, CO The Solomon Organization Marc S. Solomon Summit, NJ South City Partners, LLC Mark W. Randall Atlanta, GA SouthWood Corporation Ernest H. Dwight Charlotte, NC Specialized Real Estate Group Seth Mims Fayetteville, AR Specialty Consultants Inc. Thomas G. Williams Pittsburgh, PA Spectrum Properties Residential, Inc. Stephen McClure Charlotte, NC Spot On Networks Richard Sherwin New Haven, CT Starwood Capital Group James Edward Kane Atlanta, GA Stellar Advisors, LLC David Schwartzberg Rockville, MD The Sterling Group, Inc. Lance A. Swank Mishawaka, IN Sterling Risk Advisors Susannah F. Kinsey Atlanta, GA Stewart Title Guaranty Company Bruce Hawley New York, NY

Stewart Title Guaranty Company Tom Konkel Denver, CO Strata Equity Group David Carlos Michan San Diego, CA The Strategic Solution Kendall Pretzer Flower Mound, TX Stratford Capital Group, LLC John M. Nelson, IV Peabody, MA Stream Realty Partners Patricia Roberts Austin, TX StreetLights Residential Tom Bakewell Dallas, TX Suffolk Construction Company, Inc. Rick Kolb Miami, FL Sullivan Curtis Monroe Michael Isaacs Irvine, CA Summit Contracting Group Marc Padgett Jacksonville, FL Summit Equities LLC Evan Seiden New York, NY SunAmerica Affordable Housing Partners, Inc. Douglas S. Tymins Los Angeles, CA Sunrise Management Joe Greenblatt San Diego, CA Terra Search Partners Matthew Slepin San Francisco, CA TGM Associates L.P. Michael Frazzetta New York, NY Thomas Title & Escrow Frank W. Busch, III Dallas, TX TIAA-CREF James G. Martha Hartford, CT Timberland Partners Robert L. Fransen Minneapolis, MN Towers Watson Data Services, Inc. Tina Gay White Plains, NY Towne Properties Neil K. Bortz Cincinnati, OH Transwestern Jon Kleinberg Atlanta, GA Transwestern Mid-Atlantic Multifamily Group Dean Sigmon Bethesda, MD Transwestern Steven E. Pumper Dallas, TX

SPECIAL SUPPLEMENT BROUGHT TO YOU BY NMHC

Trinity Financial Patrick Lee Boston, MA Troutman Sanders LLP Mark S. Shiembob Richmond, VA TSB Capital Advisors, LLC Timothy Bradley Phoenix, AZ Union Bank Brian Raphel Walnut Creek, CA University Furnishings Paul Dougan Dallas, TX USAA Real Estate Company Hailey Ghalib San Antonio, TX Van Metre Companies Tim White Fairfax, VA Velocify Martin Lind El Segundo, CA Velocity, a Division of RealPage, Inc. Kimberly Lang Carrollton, TX Veritas Investments Inc. Yat-Pang Au San Francisco, CA Verizon Patricia French St Petersburg, FL VingCard Elsafe/Assa Abloy George Winker Richardson, TX Virginia Housing Development Authority Bennett Atwill Richmond, VA Wafra Investment Advisory Group, Inc. Edward J. Ryan New York, NY Walchle Lear Multifamily Advisors Bart Walchle Jacksonville Beach, FL Walker & Dunlop Trevor Fase Westlake Village, CA Walker & Dunlop Bryan L. Frazier Irvine, CA WallMasters Modular, Inc. Kevin Clement Winchester, KY Walsh Holdings LLC Daniel P. Walsh, Jr. Shaker Heights, OH Washington Gas Mary Doherty Springfield, VA WastePoint David Kantor Columbus, OH Waterton Associates Carolyn Lagor Chicago, IL

WDG Architecture Frederick Hammann Washington, DC Westdale Asset Management Evan J. Griffiths Dallas, TX Western National Properties Rex F. DeLong Irvine, CA White Point Partners Ryan Hanks Charlotte, NC WhiteFence Francisco J. Arbide Houston, TX Whitney Bank Lee Mitchell Houston, TX Williams Asset Management, LLC John A. Isakson Atlanta, GA Willis Ronald D. Tucker Hunt Valley, MD Wilmar Chris Thompson Jacksonville, FL Wingate Management Co., LLC Christopher Reilly Newton, MA Witten Advisors LLC G. Ronald Witten Dallas, TX The Wolff Company Tim Wolff Scottsdale, AZ The Wolff Company Scott M. Bashaw Scottsdale, AZ Womble Carlyle Sandridge & Rice, PLLC Pamela V. Rothenberg Washington, DC Woodfield Development Gregory Bonifield Mount Pleasant, SC Woodmont Properties, LLC David Trager Fairfield, NJ The Worthing Companies John A. Echols Atlanta, GA WPC (Winter Park Construction) Jeffrey D. Forrest Maitland, FL WRH Realty Services, Inc. J. Mark Rutledge St Petersburg, FL Zillow Russ Pengelly Seattle, WA ZRS Management, LLC Steven K. Buck Orlando, FL

Commercial Real Estate

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