2014

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

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*Total Capital Markets Multi-Housing Activity in the U.S. 1As reported by South Florida Business Journal Advertisement Property Management Companies and Their Renters Agree: Phony Reviews Stink Phony reviews are common on apartment ratings and review sites, but few sites have the ability or resources to authenticate them before they are posted. Prospective renters and property management companies agree that these fake reviews make nding the right apartment home difcult. That’s why some review sites, like Apartment Guide’s Certied Resident Ratings & ReviewsSM, are requiring reviews to be certied as being from an actual resident before being posted online.

Even community managers in the MFE/ National Multifamily Housing Council’s Top Real Reviews 50 companies will sometimes read a review and ask, “Who’s on rst?” Most review sites from Real Renters today allow people to post a review about apartment communities without having to In addition to providing a balanced identify themselves in any way other than a approach, the reviews were basic prole that can be easily falsied. instrumental in increasing leads at the community. GCI reports that That’s right. That review slamming any MFE/ NMHC Top 50 apartment community for poor leads at Crestmont at Ballantyne service, noise and maintenance mishaps increased 46% in November, the could have been written by anyone: an angry month after implementing competitor, a disgruntled former employee or Certied Resident Ratings & a vendor who just lost a service contract. Even Reviews, and have remained on review sites that require users to create a steadily up. And it occurred during prole, readers typically have no way of knowing the trough in the leasing cycle. whether that review is honest feedback. “We have found over the years with apartment ratings and review sites that you don’t even “We heard the frustrations of many apartment with Apartment Guide on the program, works know who those reviews are coming from,” owners and operators,” says Scott Asher, with the apartment community to develop a says Maria Perusich, marketing and employee vice president of marketing and operations for resident survey. The survey gives residents development for GCI Residential, a Charlotte, RentPath, Apartment Guide’s parent company. the option to write a short review on the NC, owner/operator of 25 apartment “Many of the online reviews were about community. The reviews are posted on the communities, which are located in Ohio, situations they weren’t aware of and couldn’t community’s listing on Apartment Guide Florida, North Carolina, South Carolina and conrm or exaggerations about incidents that only after being authenticated by a property Texas. “Are they really residents? Are they may or may not have happened.” manager via the Certied Resident Ratings & competitors putting reviews up there?” Reviews dashboard. Apartment Guide recognized that customers That concern was top of mind when online and businesses wanted reviews to be from “By polling our current residents and providing marketing solutions provider Apartment Guide real residents who offered an honest opinion them with a survey along with an optional embarked on the development of a ratings of the apartment community. The result written review, we were able to get honest, and reviews program for its apartment listings. was the creation of a unique certication quick feedback from a larger pool of residents, process: Apartment Guide Certied Resident many of whom are satised with our service,” Ratings & Reviews. says Kathryn Kaye, community manager “ Review sites have a duty to of GCI’s Crestmont at Ballantyne, which Put simply, every Certied Resident Rating & implemented Certied Resident Ratings & operators and customers Review on a community’s Apartment Guide Reviews in November 2013. listing must be certied by the community alike to authenticate reviews management team as being from an actual In addition, the GCI communities using before posting them online resident before it is posted on the site. Apartment Guide’s Certied Resident Ratings so customers can make & Reviews have a combined average rating of Companies and residents also benet 4 stars, compared with 2.8 on a competing decisions based on honest, from a balanced view of each community, ratings and reviews site. ” meaning the communities must have more accurate information. than just one review available on the site. –Scott Asher, V.P. of Marketing and Operations Before launching Certied Resident Ratings & Reviews, Kingsley Associates, which partnered MULTIFAMILY EXECUTIVE is pleased to present the 25th annual NMHC 50, the Table of Contents National Multifamily Housing Council’s authoritative ranking of the nation’s Introduction ...... 2 50 largest apartment owners and 50 largest apartment managers. For more than two decades, the NMHC 50 has been a key resource for industry 2014 Apartment Ownership ...... 4 observers. The top owner and manager lists, and the analysis that accompanies 2014 Apartment Management ....6 them, have provided the leading benchmark against which to measure industry trends and concentration. Shake, Rally, and Roll ...... 8 Based in Washington, D.C., NMHC provides leadership for the apartment industry. The Executive Roundtable ...... 16 NMHC’s members are the principal o icers of the larger and more prominent apartment firms and include owners, developers, managers, financiers and Ripple E ect ...... 20 service providers. AD Builders Make Up The Council focuses on four key areas: federal advocacy, strategic business For Lost Time ...... 24 information, industry research and public a airs. Through its federal advocacy program, the Council targets such issues as capital markets, housing policy, energy NMHC O icers ...... 30 and environmental a airs, tax policy, fair housing, building codes, technology, NMHC Executive Committee ....28 human resources and more.

NMHC Board of Directors ...... 31 For those interested in joining the apartment industry’s premier organization, NMHC welcomes inquiries to its Washington o ice at (202) 974-2300, or you NMHC Advisory Committee ...... 44 can visit NMHC’s web site at www.nmhc.org.

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Boom Photo: Icis, a Broadstone community Glendale, CA 2014 Apartment Ownership NATIONAL MULTIFAMILY HOUSING COUNCIL 50 (50 Largest U.S. Apartment Owners as of January 1, 2014)

Units Units Rank Rank Owned Owned HQ 2014 2013 Company Name 2014 2013 Corporate O icer HQ City State Hunt Companies/LEDIC Management 12Group A iliates 253,295 143,097 Woody Hunt El Paso TX 2 1 Boston Capital 153,515 155,521 Jack Manning Boston MA AIG A ordable Housing (formerly SunAmerica 34A ordable Housing Partners) 130,664 136,634 Douglas S. Tymins Los Angeles CA 4 6 PNC Real Estate 126,972 124,886 Todd Crow Portland OR

5 5 Boston Financial Investment Management, LP 124,720 130,895 Kenneth Cutillo Boston MA

6 7 Equity Residential 109,465 117,322 David J. Neithercut Chicago IL

7 8 The Richman Group A ordable Housing Corporation 102,098 104,572 Richard Paul Richman Greenwich CT

8 9 Enterprise Community Asset Management, Inc. 99,984 99,013 Charles R. Werhane Columbia MD

9 18 MAA 81,851 49,591 H. Eric Bolton, Jr. Memphis TN

10 12 AvalonBay Communities, Inc. 72,814 60,101 Timothy J. Naughton Arlington VA

11 10 Aimco 60,553 71,056 Terry Considine Denver CO

12 14 Alliant Capital, Ltd. 60,246 60,024 Brian Goldberg Woodland Hills CA

13 11 Camden Property Trust 59,899 65,337 Richard J. Campo Houston TX

14 15 Edward Rose Building Enterprise 58,319 57,132 Warren Rose Bloomfield Hills MI

15 20 JRK Property Holdings, Inc. 53,373 49,340 Jim Lippman Los Angeles CA

16 32 J.P. Morgan Asset Management 52,972 39,963 Allina Booho New York NY

17 28 Raymond James Tax Credit Funds, Inc. 52,799 46,699 Steve Kropf St. Petersburg FL

18 16 UDR, Inc. 51,588 51,129 Thomas W. Toomey Highlands Ranch CO

19 22 The Related Companies 51,320 48,901 Je Blau New York NY

20 19 WNC & Associates, Inc. 50,077 49,519 Wilfred N Cooper, Jr. Irvine CA

21 23 Forest City Residential Group, Inc. 48,201 48,180 Ronald A. Ratner Cleveland OH

22 27 Lincoln Property Company 47,918 46,968 Tim Byrne Dallas TX

23 17 Pinnacle Family of Companies 46,500 51,730 Rick Graf Dallas TX

24 29 The Michaels Organization 46,405 45,960 John J. O’Donnell Marlton NJ

25 34 Balfour Beatty Communities 43,971 38,332 Christopher Williams Newtown Square PA

4 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 5 Units Units Units Units Rank Rank Owned Owned HQ Rank Rank Owned Owned HQ 2014 2013 Company Name 2014 2013 Corporate O icer HQ City State 2014 2013 Company Name 2014 2013 Corporate O icer HQ City State Hunt Companies/LEDIC Management Steven D. Bell and 12Group A iliates 253,295 143,097 Woody Hunt El Paso TX 26 24 Bell Partners Inc. 43,966 48,127 Jonathan D. Bell Greensboro NC 2 1 Boston Capital 153,515 155,521 Jack Manning Boston MA 27 31 Home Properties, Inc. 42,170 42,635 Edward J. Pettinella Rochester NY AIG A ordable Housing (formerly SunAmerica 34A ordable Housing Partners) 130,664 136,634 Douglas S. Tymins Los Angeles CA 28 Greystar Real Estate Partners, LLC 40,544 20,124 Robert A. Faith Charleston SC 4 6 PNC Real Estate 126,972 124,886 Todd Crow Portland OR 29 35 BH Equities LLC 39,383 37,001 Harry Bookey Des Moines IA

5 5 Boston Financial Investment Management, LP 124,720 130,895 Kenneth Cutillo Boston MA 30 36 Weidner Apartment Homes 38,366 35,603 Jack O’Connor Kirkland WA

6 7 Equity Residential 109,465 117,322 David J. Neithercut Chicago IL 31 33 UBS Realty Investors LLC 37,959 39,058 Matthew Lynch Hartford CT

7 8 The Richman Group A ordable Housing Corporation 102,098 104,572 Richard Paul Richman Greenwich CT 32 30 DRA Advisors LLC 37,005 43,077 David Luski New York NY

8 9 Enterprise Community Asset Management, Inc. 99,984 99,013 Charles R. Werhane Columbia MD 33 Fairfield Residential Company LLC 36,130 20,849 Chris Hashioka San Diego CA

9 18 MAA 81,851 49,591 H. Eric Bolton, Jr. Memphis TN 34 37 Heitman LLC 36,111 35,390 Maury Tognarelli Chicago IL

10 12 AvalonBay Communities, Inc. 72,814 60,101 Timothy J. Naughton Arlington VA 35 Landmark Apartment Trust 34,000 23,000 Joe Lubeck Tampa FL

11 10 Aimco 60,553 71,056 Terry Considine Denver CO 36 41 Essex Property Trust, Inc. 33,560 33,770 Michael Schall Palo Alto CA

12 14 Alliant Capital, Ltd. 60,246 60,024 Brian Goldberg Woodland Hills CA 37 American Campus Communities 33,434 31,854 Bill Bayless Austin TX

13 11 Camden Property Trust 59,899 65,337 Richard J. Campo Houston TX 38 38 Westdale Real Estate Investment & Management 32,328 35,278 Joseph G. Beard Dallas TX

14 15 Edward Rose Building Enterprise 58,319 57,132 Warren Rose Bloomfield Hills MI 39 25 Invesco Real Estate 32,155 47,361 Michael Kirby Dallas TX

15 20 JRK Property Holdings, Inc. 53,373 49,340 Jim Lippman Los Angeles CA 40 42 Sentinel Real Estate Corporation 32,000 32,588 John H. Streicker New York NY

16 32 J.P. Morgan Asset Management 52,972 39,963 Allina Booho New York NY 41 45 Harbor Group International 30,489 27,909 Robert Friedman Norfolk VA

17 28 Raymond James Tax Credit Funds, Inc. 52,799 46,699 Steve Kropf St. Petersburg FL 42 43 Berkshire Property Advisors 28,893 31,659 Alan King Boston MA

18 16 UDR, Inc. 51,588 51,129 Thomas W. Toomey Highlands Ranch CO 43 48 Morgan Properties 27,488 25,842 Mitchell L. Morgan King of Prussia PA

19 22 The Related Companies 51,320 48,901 Je Blau New York NY 44 Prudential Real Estate Investors 26,729 24,958 Kevin R Smith Madison NJ

20 19 WNC & Associates, Inc. 50,077 49,519 Wilfred N Cooper, Jr. Irvine CA 45 Bridge Investment Group Partners 26,180 18,128 Christian V. Young Salt Lake City UT

21 23 Forest City Residential Group, Inc. 48,201 48,180 Ronald A. Ratner Cleveland OH 46 46 AEW Capital Management, L.P. 25,861 24,560 Je rey Furber Boston MA

22 27 Lincoln Property Company 47,918 46,968 Tim Byrne Dallas TX 47 Southern Management Corporation 25,116 25,116 David Hillman Vienna VA

23 17 Pinnacle Family of Companies 46,500 51,730 Rick Graf Dallas TX 48 47 Highridge Costa Investors, LLC 24,942 26,056 Michael A. Costa Gardena CA

24 29 The Michaels Organization 46,405 45,960 John J. O’Donnell Marlton NJ 49 49 Milestone Management 24,858 24,094 Steve Lamberti Dallas TX

25 34 Balfour Beatty Communities 43,971 38,332 Christopher Williams Newtown Square PA 50 Alliance Residential Company 23,133 20,125 Bruce Ward Phoenix AZ

4 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 5 2014 Apartment Management NATIONAL MULTIFAMILY HOUSING COUNCIL 50 (50 Largest U.S. Apartment Managers as of January 1, 2014)

Units Units Rank Rank Managed Managed HQ 2014 2013 Company Name 2014 2013 Corporate O icer HQ City State 1 1 Greystar Real Estate Partners, LLC 214,696 198,533 Robert A. Faith Charleston SC

2 2 Riverstone Residential Group 176,319 174,838 Terry Danner Dallas TX

3 3 Lincoln Property Company 153,445 144,542 Tim Byrne Dallas TX

4 4 Pinnacle Family of Companies 132,450 136,275 Rick Graf Dallas TX

5 5 Equity Residential 109,465 117,322 David J. Neithercut Chicago IL

6 6 WinnCompanies 87,542 92,988 Samuel Ross Boston MA

7 19 MAA 82,881 49,591 H. Eric Bolton, Jr. Memphis TN

8 14 AvalonBay Communities, Inc. 72,814 60,101 Timothy J. Naughton Arlington VA

9 10 Alliance Residential Company 71,972 65,116 Bruce Ward Phoenix AZ

10 12 FPI Management, Inc. 69,675 63,262 Dennis Treadaway Folsom CA Cottonwood 11 11 Apartment Management Consultants, LLC 64,421 64,246 Greg Wiseman Heights UT Steven D. Bell and 12 7 Bell Partners Inc. 63,832 69,112 Jonathan D. Bell Greensboro NC 13 9 Camden Property Trust 59,899 65,337 Richard J. Campo Houston TX

14 8 Aimco 59,135 66,732 Terry Considine Denver CO

15 15 Edward Rose Building Enterprise 58,319 57,132 Warren Rose Bloomfield Hills MI

16 18 Fairfield Residential Company LLC 55,629 52,454 Chris Hashioka San Diego CA

17 20 JRK Property Holdings, Inc. 53,373 49,340 Jim Lippman Los Angeles CA

18 17 UDR, Inc. 51,588 51,129 Thomas W. Toomey Highlands Ranch CO

19 21 BH Management Services, LLC 50,438 46,491 Harry Bookey Des Moines IA

20 23 The ConAm Group of Companies 50,000 44,100 Chaz Mueller San Diego CA

21 24 The Related Companies 47,901 43,739 Je Blau New York NY

22 25 The Michaels Organization 44,813 43,141 John J. O’Donnell Marlton NJ

23 29 Balfour Beatty Communities 44,554 39,534 Christopher Williams Newtown Square PA

24 34 Asset Plus Companies 44,462 35,488 Michael S. McGrath Houston TX

25 16 Hunt Companies/LEDIC Management Group A iliates 44,427 56,524 Woody Hunt El Paso TX

6 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 7 Units Units Units Units Rank Rank Managed Managed HQ Rank Rank Managed Managed HQ 2014 2013 Company Name 2014 2013 Corporate O icer HQ City State 2014 2013 Company Name 2014 2013 Corporate O icer HQ City State 1 1 Greystar Real Estate Partners, LLC 214,696 198,533 Robert A. Faith Charleston SC 26 American Campus Communities 43,989 40,946 Bill Bayless Austin TX

2 2 Riverstone Residential Group 176,319 174,838 Terry Danner Dallas TX 27 22 Westdale Real Estate Investment & Management 43,532 46,064 Joseph G. Beard Dallas TX

3 3 Lincoln Property Company 153,445 144,542 Tim Byrne Dallas TX 28 28 Village Green 42,500 41,138 Jonathan Holtzman Detroit/Chicago MI

4 4 Pinnacle Family of Companies 132,450 136,275 Rick Graf Dallas TX 29 26 Home Properties, Inc. 42,170 42,635 Edward J. Pettinella Rochester NY

5 5 Equity Residential 109,465 117,322 David J. Neithercut Chicago IL 30 40 The Bozzuto Group 40,450 33,418 Thomas S. Bozzuto Greenbelt MD

6 6 WinnCompanies 87,542 92,988 Samuel Ross Boston MA 31 33 Weidner Apartment Homes 38,366 35,603 Jack O’Connor Kirkland WA

7 19 MAA 82,881 49,591 H. Eric Bolton, Jr. Memphis TN 32 47 U.S. Residential Group LLC 38,347 30,319 Al Fenstermacher Dallas TX

8 14 AvalonBay Communities, Inc. 72,814 60,101 Timothy J. Naughton Arlington VA 33 31 Lindsey Management Co., Inc. 38,189 36,902 James E. Lindsey Fayetteville AR

9 10 Alliance Residential Company 71,972 65,116 Bruce Ward Phoenix AZ 34 CFLane, LLC 38,059 20,237 Dan Haefner Atlanta GA

10 12 FPI Management, Inc. 69,675 63,262 Dennis Treadaway Folsom CA 35 35 Gables Residential 36,081 35,180 Sue Ansel Atlanta GA Cottonwood 11 11 Apartment Management Consultants, LLC 64,421 64,246 Greg Wiseman Heights UT 36 32 Forest City Residential Group, Inc. 35,779 35,672 Ronald A. Ratner Cleveland OH Steven D. Bell and 12 7 Bell Partners Inc. 63,832 69,112 Jonathan D. Bell Greensboro NC 37 30 Milestone Management 35,547 37,345 Steve Lamberti Dallas TX 13 9 Camden Property Trust 59,899 65,337 Richard J. Campo Houston TX 38 38 McKinley, Inc. 35,398 34,177 Albert M. Berriz Ann Arbor MI

14 8 Aimco 59,135 66,732 Terry Considine Denver CO 39 CompassRock Real Estate LLC 34,288 27,723 David B. Woodward New York City NY

15 15 Edward Rose Building Enterprise 58,319 57,132 Warren Rose Bloomfield Hills MI 40 Landmark Apartment Trust 34,000 23,000 Joe Lubeck Tampa FL

16 18 Fairfield Residential Company LLC 55,629 52,454 Chris Hashioka San Diego CA 41 36 Essex Property Trust, Inc. 33,560 34,667 Michael Schall Palo Alto CA

17 20 JRK Property Holdings, Inc. 53,373 49,340 Jim Lippman Los Angeles CA 42 Cottonwood Residential 33,514 34,576 Chad Christensen Salt Lake City UT

18 17 UDR, Inc. 51,588 51,129 Thomas W. Toomey Highlands Ranch CO 43 46 The John Stewart Company 32,882 30,438 Jack D. Gardner San Francisco CA

19 21 BH Management Services, LLC 50,438 46,491 Harry Bookey Des Moines IA 44 43 Capstone Real Estate Services, Inc. 32,665 32,253 James W Berkey Austin TX

20 23 The ConAm Group of Companies 50,000 44,100 Chaz Mueller San Diego CA 45 42 Harbor Group International 32,009 32,334 Robert Friedman Norfolk VA

21 24 The Related Companies 47,901 43,739 Je Blau New York NY 46 41 Sentinel Real Estate Corporation 32,000 32,588 John H. Streicker New York NY

22 25 The Michaels Organization 44,813 43,141 John J. O’Donnell Marlton NJ 47 39 The Lynd Company 30,651 33,935 A. David Lynd San Antonio TX

23 29 Balfour Beatty Communities 44,554 39,534 Christopher Williams Newtown Square PA 48 44 Berkshire Property Advisors 29,272 31,009 Alan King Boston MA

24 34 Asset Plus Companies 44,462 35,488 Michael S. McGrath Houston TX 49 Orion Real Estate Services, Inc. 28,324 27,196 Kirk Tate Houston TX

25 16 Hunt Companies/LEDIC Management Group A iliates 44,427 56,524 Woody Hunt El Paso TX 50 Drucker & Falk 27,858 27,522 Kellie Falk-Tillett Newport News VA

6 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 7 Shake, Rally, and Roll A rockin’ apartment market creates opportunities for growth, leading to shake- ups among top apartment owners and ever-bigger management portfolios.

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

By most any account, 2013 was a very good year for the apartment added another $66.3 billion to the tally. Cap rates were largely industry. The economic recovery rolled on into its fifth year and the unchanged, with the national average remaining flat year over year at overall housing market rallied. 6.2 percent. With revenues up, these cap rates translated into higher Despite the improvement in the single-family housing market, the prices; by all measures, apartment prices are now solidly above their apartment exodus some expected as a result never materialized. In previous peak. fact, renting became more popular. The number of renter households As price tags escalated, so too did deal size: Larger portfolio deals grew for the ninth consecutive year, while the amount of homeowner and acquisitions characterized the year. Three major transactions households saw its third straight annual decline. were completed in 2013, and a fourth was announced late in the This shifting landscape caused the homeownership rate to settle year. (See “Ripple E ect” on page 20 for an inside look at the year’s back down to levels not seen since the mid-1990s–that is, before the biggest deals.) This hefty level of trading resulted in more than the madness of the housing boom and subsequent bust. usual degree of shake-up in the apartment industry in 2013, and, as Yet, even as rental demand continued climbing, new apartment a result, there are some notable changes in the 2014 rankings. supply still came up short. Multifamily completions (in buildings with five or more units) totaled 185,800, up 18 percent from 2012 but still a far cry from the level needed, according to research from the National Number of Apartments Owned Multifamily Housing Council (NMHC). The good news is, the pipeline looks quite a bit larger: Multifamily starts approached the pre-bust average level of 300,000, climbing 26 percent to 294,600, the highest Top 50 Top 25 Second 25 figure since 2005. 2,852,319 2,039,519 812,800 At the same time, annual absorptions of investment-grade 71.5% 28.5% apartments rose by almost a third in 2013, but ultimately remained constrained by new supply limitations. Providing further proof of this continued wave of demand, occupancy rates were unchanged at just over 95 percent and rent increases were only a little less than the 2012 average of 4 percent, according to MPF Research. Top 10 Second 10 1,255,378 551,146 These strong fundamentals naturally led to a leap in apartment 44% 19.3% transactions, coming close to setting a new record in 2013. With a fourth-quarter surge, total volume came to $104.5 billion, just 1 percent less than the all-time high recorded in 2007. But 2013 was a high-water mark in other ways: Sales of mid- and high-rise properties set a new record of $38 billion, 13 percent more For the first time since 2008, the number of apartments managed than the previous high (also in 2007). Garden apartment volume by the top 50 managers exceeded the number owned by the top 50 owners, albeit by only 1,161 units, the smallest di erence in the 25-year history of the NMHC rankings. By contrast, the largest owner 2014 NMHC 50 Profile had more apartments in its portfolio than did the top management Portfolio Size firm, the first time that’s happened in five years. No. of Apartments Owned 2,852,319 The median and mean portfolios for apartment managers were a No. of Apartments Managed 2,853,480 little larger than those for owners, and the minimum portfolio needed to appear on the management list was higher as well. On both lists, Minimum Entry Threshold most firms fit within a fairly narrow range: 31 owners and 35 managers No. of Apartments Owned 23,133 had portfolios of at least 30,000, but less than 61,000. This has long No. of Apartments Managed 27,858 been the “sweet spot” on the NMHC 50 lists.

8 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 9 300,000 300000

250,000 250000

200,000 200000

150,000 150000

100,000 100000

50,000 50000

0 0 Evolution of the Top Five Owners and Managers2011 2012 2013 2014 2014 2013 2012 2011

Owners Managers 300,000 300,000 300000 250000  Hunt Companies  Greystar Real Estate Partners, LLC  Boston Capital  Riverstone Residential Group  AIG A ordable Housing (Formerly SunAmerica)  Lincoln Property Company 250,000 250,000 250000  PNC Real Estate  Pinnacle Family Of Companies 200000  Boston Financial Investment Management, LP  Equity Residential

200,000 200,000 200000 150000

150,000 150,000 150000

100000 100,000 100,000 100000

50000 50,000 50,000 50000

0 0 0 0 2011 2012 2013 2014 2011 20142012 20132013 20122014 2011 2014 2013 2012 2011

In all, 31 of the NMHC 50 owners firms beefed up their portfolios, New300,000 Company Claims Top Owners Spot 250000 Hunt Companies/LEDIC Management Group A iliates rocketed adding a combined 266,539 apartments. Besides Hunt and MAA, to the top of the NMHC owners list this year on the strength of its the biggest gains were posted by Greystar Real Estate Partners, LLC acquisition250,000 of Centerline Capital Group, last year’s third largest owner. (20,420), Fairfield Residential Company LLC (15,821), and J.P. Morgan With a whopping 253,295 apartments under its wing, Hunt has Asset Management200000 (13,009). the biggest ownership portfolio since Aimco reigned supreme with On the flipside, 18 firms registered net decreases (a combined 309,000200,000 in 2003. In just four years, the Hunt portfolio has grown by fall of more than 80,000 units), led by Invesco Real Estate (down 216,259, a rate reminiscent of Aimco’s rapid growth in the late 1990s. 15,206), Aimco150000 (down 10,503), and Equity Residential (down 7,857). Last year’s leader, Boston Capital, slipped to the second spot The latter’s decline came in the same year the deal to acquire much in 150,000the rankings, while AIG A ordable Housing moved up a notch of Archstone’s portfolio closed. In contrast, AvalonBay, the other to third. PNC Real Estate jumped up two places, while Boston major player in the Archstone deal, posted the sixth largest portfolio Financial Investment Management, LP retained its No. 5 slot. increase 100000(12,713). Elsewhere100,000 on the top 10, Equity Residential, The Richman Group J.P. Morgan made the biggest jump in the rankings, vaulting up A ordable Housing Corporation and Enterprise Community Asset 16 spots to the No. 16 position. Raymond James Tax Credit Funds, Management, Inc. all moved up one position. Inc. moved50000 up 11 slots to No. 17, while MAA (No. 9) and Balfour Large50,000 deals continued to shake up the rankings further down the Beatty Communities (No. 25) each rose by nine rungs. In the other line. MAA made its first appearance in the top 10 due to its merger with direction, Invesco slid down 14 slots to No. 39, while Pinnacle Family Colonial Properties Trust, a once-perennial NMHC 50 owner. AvalonBay of Companies’ ranking fell by six to No. 23. 0 For the first0 time in the 25-year history of the top 50, this year’s Communities, Inc.2011 rounded out2012 the top 10, its2013 highest rank ever.2014 2014 2013 2012 2011

Owners on the Rise Largest Portfolio Growth Apartments Moving Up in Rank Slots

Hunt Companies/LEDIC Management Group A iliates +110,198 J.P. Morgan Asset Management +16 MAA +32,260 Raymond James Tax Credit Funds, Inc. +11 Greystar Real Estate Partners, LLC +20,420 MAA +9 Fairfield Residential Company LLC +15,281 Balfour Beatty Communities +9 J.P. Morgan Asset Management +13,009 Weidner Apartment Homes +6 BH Equities LLC +6

8 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 9 NMHC 50 Owners | 2014 Summary Numbers owners list includes a student housing specialist, American Campus Communities (ACC), with 33,434 apartments. And three top 50 firms–Balfour Beatty Communities, Hunt, and Lincoln Property 2014 Company–have substantial holdings of military housing. All of the Portfolio Size Measures top five owners are predominantly investors or holders of subsidized apartments (whether through the Low-Income Housing Tax Credit or Mean 57,046 other subsidies), while Equity Residential remains the largest market- rate owner. Median 43,969 Aside from ACC, this year’s list also welcomes an additional seven owners not found on last year’s rankings. Fairfield Residential, No. 1 firm 253,295 Prudential Real Estate Investors, and Southern Management Corporation were all top 50 owners at one time, but not recently. No. 50 firm 23,133 First-time entrants to the top 50 owner ranks include Greystar Real Estate Partners; Landmark Apartment Trust (although the company did make the top 50 manager’s list in 2011); Bridge Investment Group Share of National Apartment Stock (%) Partners; and Alliance Residential Company. Top 10 6.7% The eight firms that left the owners list include three that had all or a significant portion of their portfolios sold or merged into other Top 25 10.8% companies: Centerline, Archstone, and Colonial Properties Trust. Also missing from the list are Concord Management Limited and BRE Top 50 15.1% Properties, which had too few units to make this year’s cut, as well as Holiday Retirement Corp., TIAA-CREF, and Irvine Company Apartment AD REITs in the Rankings Apartment REIT Rankings (as of January 1, 2014) The number of REITs on this year’s owners list fell by Apartments Unit Company Cap one to nine, the fewest since 1996. As such, REITs’ total with Rank Total Rank apartment holdings in the NMHC 50 decreased for the 11th Ownership Among Capitalization Among consecutive year to 545,334, the lowest level since 1997. Company Interest REITs ($ millions) REITs Two REITs from last year’s list dropped o –BRE Equity Residential 109,465 1 28,740 1 Properties’ portfolio was not large enough this year, while Colonial Properties Trust merged with MAA. At the same MAA 81,851 2 6,352 8 time, one new REIT, student housing-owner American AvalonBay 72,814 3 19,109 2 Campus Communities, joined the group. Communities, Inc. Four of the nine REITs on the NMHC 50 list grew their portfolios, but that gain was o set by the other five Aimco 60,553 4 8,971 4 downsizing. MAA posted the biggest increase with 32,260 Camden 59,899 5 7,354 6 additional units, while AvalonBay also saw a sizable gain, Property Trust with a net pickup of 12,713. The largest pullback came from Aimco, whose holdings dropped by 10,503 units; Equity UDR, Inc. 51,588 6 9,374 3 Residential and Camden Property Trust oversaw net Home 42,170 7 6,492 7 declines of 7,857 and 5,438, respectively. Properties, Inc. In principle, apartment owners could be ranked not only Essex Property by the number of apartments owned but also by the value 33,560 8 8,376 5 Trust, Inc. of those apartments. Capturing such data for the entire list is impractical, but for public companies, total capitalization American Campus 33,434 9 5,849 9 o ers an alternative measure. While not perfect— Communities ownership of non-apartment assets can substantially Note: Company total capitalization sums: (1) market value of shares outstanding, including operating a ect overall firm value—it provides a useful perspective partnership units; (2) the value of perpetual preferred stock; and (3) the book value of total debt outstanding. on relative size among apartment firms, as rankings by Capitalization estimates for Dec. 31, 2013, are provided by Stifel Nicolaus & Company, Inc. capitalization vary dramatically from unit ownership counts. Case in point:The total capitalization of the top two firms ($47.8 billion) is almost as large as that of the other seven REITs ($52.8 billion). That is a much greater di erence than one finds when looking at units.

10 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 11 Think performance.

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Communities, which all declined to Apartments Managed By Tier (Thousands) respond to this year’s survey. Top 10 Top 25 Top 50 Top Apartment Managers Grow Portfolios This year’s NMHC 50 management list shows a continuation of two key trends from recent years: stability in the rankings and modestly increasing firm size. And those modest increases, when taken together, made for a banner year. Overall, the 50 largest managers had a combined portfolio of 2,853,480 apartments, an all-time high for this survey and 2.5 percent more than last year’s total. This represented 15.1 percent of the entire apartment stock (buildings with at least five units), up a bit from last year, but down from the high of 15.7 percent set in 2008. The median portfolio was also at a record high, growing 3.1 percent to 44,208. largest firm to top the list since 2005. The next five firms–Riverstone However, unit concentration among the top 50 managers has Residential Group, Lincoln Property Company, Pinnacle Family of AD declined a bit. The top 10 managers now have 41 percent of the total Companies, Equity Residential, and WinnCompanies–all retained their NMHC 50 management portfolios. That’s not much di erent from the top-tier positions for the third straight year. previous two years, but it’s down substantially from the 49.1 percent MAA, AvalonBay Communities, Inc., and FPI Management, Inc. each peak in 2000. Similarly, the top 25 firms have 68.8 percent of the total, made their first appearance among the top 10 on the strength of their down from 74.5 percent in 2003. net acquisitions. And with its increased portfolio, Alliance Residential This change partially reflects the fact that, at its 2000 peak, Aimco Company moved up one slot into the No. 9 position. managed 362,468 apartments, skewing the concentration measures Even so, there were seven firms on the 2014 NMHC top managers toward the top. But it also, significantly, reflects the increasing list that didn’t appear on the 2013 list. Three are making return size of firms in the bottom half of the NMHC 50. The average size appearances: Drucker & Falk, American Campus Communities, and of portfolios in the “second 25” has grown from a low of 19,348 Orion Real Estate Services, Inc. were previously among the top 50 apartments in 1990 to a high of 35,577 in 2014. in 2009, 2011, and 2012, respectively. True newcomers making their Another indication of this growing trend: A decade ago, the NMHC 50 debut are CFLane, LLC ; CompassRock Real Estate LLC; median size of the top 50 managers was 32,164, meaning that 25 Landmark Apartment Trust; and Cottonwood Residential. firms had more apartments than that. Today, 44 firms on the NMHC More than two-thirds (34 in all) of the top 50 firms increased management list are larger than that. their management portfolios over the past year. The average pickup Greystar Real Estate Partners, LLC sits atop the NMHC 50 was 5,587, which was about 35 percent smaller than the 8,598 management list for the fourth consecutive year. With its net increase average among top 50 owner firms that grew last year. Among the of 16,163 apartments, its portfolio grew to 214,696, making it the 16 managers that shed apartments, the mean decrease was 3,757,

Managers on the Rise Largest Portfolio Growth Apartments Moving Up in Rank Slots MAA +33,290 U.S. Residential Group LLC +15 CFLane, LLC +17,822 MAA +12 Greystar Real Estate Partners, LLC +16,163 Asset Plus Companies +10 AvalonBay Communities, Inc. +12,713 The Bozzuto Group +10 Landmark Apartment Trust +11,000 AvalonBay Communities, Inc. +6 Balfour Beatty Communities +6

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MAA moved up 12 places, while Median 44,208 42,888 Asset Plus Companies and The Bozzuto Group both went up 10 slots to No. 24 and No. 30, respectively. No. 1 firm 214,696 198,533 As with the NMHC owners list, both Archstone and Colonial Properties Trust exited the NMHC 50 management list. Other firms that made the 2013 rankings but not the 2014 list were Irvine Company No. 50 firm 27,858 28,400 Apartment Communities; Concord Management Limited; Morgan Properties; The Laramar Group, LLC; and CAPREIT, Inc. Share of National Apartment Stock (%) Overall, the changes on both the top apartment owners and managers lists reflect opportunities inherent in an industry firing on Top 10 6.2% 6.1% all cylinders. Demand continued to outpace supply in 2013, driving forward the industry’s post-Great Recession recovery and individual Top 25 10.4% 10.4% firms’ growth plans. And while the cyclical nature of the multifamily market suggests that, at some point, the industry may have to back o Top 50 15.1% 15.0% the accelerator a bit, for right now, the fundamentals remain strong and continued growth in the sector is expected. AD Survey Methodology The National Multifamily Housing Council (NMHC) partnered with rental units. Rental housing for seniors (age-restricted apartments) Kingsley Associates to handle the NMHC 50 survey process, although is included, although assisted living and congregate care facilities NMHC remains solely responsible for any errors. To compile the are not. Both student housing and military housing are included NMHC 50 lists, both organizations gather names of owners and (measured by units, not beds). Finally, since industry concentration managers from as wide a range of sources as possible and contact is measured by comparing the top 50 owners and managers against sta from each firm that completes the survey online. Over the years, the nation’s entire apartment stock, only U.S. apartments are included. improved outreach and increased publicity associated with the At times, a firm may debut on the NMHC 50 at a high level. rankings have resulted in more firms responding to the survey. Generally, this means the firm is responding to the survey for the For the purposes of this survey, investment fund managers first time, rather than an indication of an outsized portfolio gain— are treated as owners only if they retain substantial equity in the although that, too, happens on occasion. Nonetheless, despite many apartment property or if they maintain e ective responsibility and improvements and everyone’s best e orts, the process remains decision making over the investment property. Similarly, tax credit imperfect because it relies on both accurate reporting and surveying syndicators and franchisers are regarded as owners only if they retain of the complete universe, both of which can be fraught with problems. a fiduciary responsibility. When firms function strictly as advisors There are two caveats in comparing the lists over time. First, rather than investors, they are not regarded as owners. the definition of ownership was refined in 2006 to eliminate those The rankings are unable to distinguish between partial and full investment fund managers with neither substantial equity nor ownership. Some firms own sizable apartment properties through e ective control over the investment property. (Note: This change joint ventures in which their share could range anywhere from 1 did not a ect the management list.) Second, occasionally firms that percent to 99 percent. Others are primarily the sole owners of their have previously been among the top 50 owners or managers have apartments. In principle, it would be desirable to account for partial not responded to the NMHC survey.1 When that occurs, companies ownership—treating 50 percent ownership of 100 apartments as appear on the list that otherwise might not have been large enough. equivalent to full ownership of 50 units, for example. In practice, it is These adjustments a ect the total number of apartments owned by not feasible to make such distinctions. the top 50 firms, as well as other measures of concentration such as The survey excludes condominiums, cooperatives, hotel rooms, the mean and median portfolio size. For these reasons, year-to-year nursing homes, hospital rooms, mobile homes, and houses with comparisons must be made with great care.

This year, for example, both TIAA-CREF (#21 on last year’s NMHC owners list) and Irvine Community Apartment Communities (#26 on last year’s owners list and #27 on the managers list) chose not to participate in the survey.

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© 2014 Citigroup Global Markets Inc. Member SIPC. All rights reserved. Citi and Arc Design is a registered service mark of Citigroup, Inc. The Executive Roundtable A er a roaring 2013, what does the future hold for the multifamily industry?

> By Les Shaver

In 2013, the apartment business saw another year of sustained Ric Campo, CEO, Camden Property Trust: “The theme for 2014 growth, both in terms of fundamentals and transaction velocity. will be that while growth rates are moderating, our business is still While rents moderated a bit, apartment transactions (including growing at a rate above the long-term trend. Multifamily is still a good several massive mergers and acquisitions) and starts approached place to be. It’s looking like a solid year for 2014 and perhaps for 2015 levels that hadn’t been seen since the last boom period in the and 2016.” mid-2000s. Greg Mutz, CEO, AMLI Residential: “I think the new supply will be Though growth could continue to decelerate in 2014, top on everybody’s mind and part of every conversation this year. The apartment executives remain optimistic about the future. second thing people are talking about is whether some change with We recently sat down with some of the industry’s movers and the Federal Reserve policy or interest rates will trigger an upward shakers—including Terry Danner, Charles Brindell, Ric Campo, movement in cap rates. Cap rates have been compressing for roughly Greg Mutz, and Rick Graf—to get their perspectives on what lies 20 years. At some point, it’s likely that cap rate compression will ahead for the multifamily industry. bottom out, reverse itself, and tick up a basis point or two. The third thing people are talking about is the incredible upward What will the big stories in the industry be in spike in development costs. Land has gone up. Construction 2014? costs—both labor and material—are going up significantly in some Terry Danner, CEO, Riverstone Residential Group: “Our industry markets. There’s been an increase in the cost to develop such that is getting far more competitive and, for pretty much the first time in the advantage to develop versus the cost to buy has narrowed. This my 25 years in the business, there is really a much less commoditized reduction in development profit margins will tend to slow new supply. property management environment. I think the bigger companies We are currently very careful in teeing up any new deals or tying up will experience even more accelerated growth as a result. The REITs land. No question that at AMLI the bar has been raised.” have been able to do many of the things that fee managers would like to do, such as get rent collection o site, greatly automate invoice Large portfolio sales characterized 2013. Do you processing, and encourage their on-site associates to deliver the foresee more merger and acquisition activity type of service that maximizes residents’ perceived value of the this year? communities where they live. I think the rest of the industry will Danner: “I would love to see Riverstone find more opportunities to continue moving in that direction. combine forces. Our industry is changing so fast technologically; At Riverstone, we’re capitalizing on business intelligence tools, there are many suppliers that can assist, but the successful industry analysis and research, and resources that help us mine data implementation of technology can be resource-intensive. And that from our properties, customer base, and portfolios. The more data is what’s most di icult for the smaller organizations. We’re finding you have, the more useful it will be, and the ability to capture it in that most clients want services customized to their needs, so it’s real time and make decisions with it in real time will help to further di icult to outsource this work e ectively and still provide the di erentiate one company from another.” e iciency that keeps costs in check for clients. At Riverstone, we’ve Charles R. Brindell, Jr., CEO, Mill Creek Residential: “I think gained great e iciency as we’ve grown; as we’ve been able to build that there will likely be two surprises, to the upside. One, the scalable systems for technology, purchasing, human resources concern about apartment oversupply will prove to have been functions, and other areas. largely overblown; while there will be circumstantial examples of The conclusion here is really that there ought to be greater supply imbalance, they will prove to be relatively short-lived. The consolidation, but our industry is so fragmented because of the demand side of the picture is very compelling through the balance many entrepreneurs who want to run their own shop or control of this decade. Two, job growth may outperform expectations; if so, their own assets through self-management, that the lack of desire apartment demand will begin to overshadow the industry’s ability to to consolidate will likely keep our industry fragmented for quite provide new rental housing in many markets.” some time.”

16 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 17 CEO Spotlight

“I think the overbuilding concern receives more headline coverage than warranted. There will be short-term indigestion in markets like D.C., Austin, and Raleigh-Durham, but these markets are very dynamic and their longer term growth prospects are compelling.” — Charles Brindell, Jr., CEO, Mill Creek Residential Terry Danner, CEO, Riverstone Residential Group

Brindell: “That’s not likely until public REIT Are you concerned by the possibility share pricing recovers a good bit more. There of overbuilding? may be some private M&A activity involving recapitalization opportunities, but I don’t think Danner: “Overbuilding is always a concern. Some there will be much of that, at least if measured markets will see a little slowing, but that is likely by number of transactions.” to only be temporary. Some markets got a lot of product much earlier in the cycle, such as the Mutz: “There could possibly be another one or Washington, D.C., metro area in particular, but the Charles R. Brindell, Jr., CEO, Mill Creek Residential two [mergers]. Banks and financial institutions U.S. economy is gaining momentum, and sustained are getting bigger. My guess is apartment REITs job growth bodes well for our industry. Markets like will follow that trend. The mall REITs are just Los Angeles, Austin, and Chicago had some pockets gigantic. There are real advantages to scale, size, where deliveries are a little bit higher than the norm, and operating e iciencies that are available as but that doesn’t mean the product being delivered apartment REITs get increasingly larger.” won’t excel in the medium to longer term.” “It depends on whether management Campo: Brindell: “I think the overbuilding concern receives teams are ready to do something and if they are more headline coverage than warranted. There frustrated. That’s what happens. The only reason will be short-term indigestion in markets like D.C., to sell is you think you’ve done everything you can Austin, and Raleigh-Durham, but these markets do. If you’re a management team that has been are very dynamic and their longer term growth Ric Campo, CEO, Camden Property Trust through the ringer and you think the future is less prospects are compelling–imbalances, therefore, bright, maybe you would do something. will likely be temporary. I can’t say there will be zero mergers and Revenue growth has not kept pace with inflation acquisitions and privatizations because of the in the costs of construction and, when taken mindset issue. Management teams may still think together with a very disciplined approach to they can do something. It also won’t be rampant underwriting in the capital markets, this will temper because there aren’t that many targets. There are the supply side of the equation. When combined only 10 apartment companies [REITs] left. with a very consistent level of demand, which At the end of the day, being a $9 billion company is demographically driven, the supply/demand versus a $14 billion company is interesting, but it factors generally look very attractive to us for the doesn’t really make a di erence. What makes a foreseeable future.” di erence is the earnings potential and earnings Greg Mutz, CEO, AMLI Residential of the company. The merger math is hard to get to work. You have to be careful that it’s not just empire What sources of capital will flow building that you’re doing.” in and be dominant in 2014? Rick Graf, CEO, Pinnacle Family of Companies: Brindell: “2014 is likely to mirror 2013. Life “People are trying to figure out how they can companies have become increasingly competitive consolidate. Institutional clients want to do with the GSEs in providing permanent debt, business with larger companies. It’s safe. It has a and banks are more creative in providing term higher probability of success from a performance financing, beyond their traditional construction standpoint. Asset managers and portfolio managers expertise. There should be no shortage of have fiduciary obligations to their clients to go with institutional equity capital for development and Rick Graf, CEO, the best choice in a given market.” acquisition opportunities with strong sponsorship Pinnacle Family of Companies

16 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 17 “In reality the word ‘suburban’ is a misleading word. … Many suburban areas are to some extent much like urban areas with strong job, retail and transportation nodes and high walkability characteristics.” — Greg Mutz, CEO, AMLI Residential

and well-located real estate; however, those with marginal Mutz: “AMLI never exited the suburbs. We have flipped from being sponsorship, or physical or location challenges, may find access to predominately suburban, say, seven years ago to being roughly 70 capital more constrained—and the capital more expensive.” percent urban and 30 percent suburban in asset mix today. We intend to stay at about this level. Graf: “Lenders are still pretty aggressive. CMBS is back in vogue, the agency guys are active, and life companies are in the game. There is In reality, the word ‘suburban’ is a misleading word. AMLI has largely still plenty of equity for the right deal, but equity is a little pricier and avoided greenfield, exurbia-type development. Many suburban areas a little more aggressive. On the development side, equity is pulling are to some extent much like urban areas with strong job, retail and back a bit as we go through the cycle.” transportation nodes and high walkability characteristics. While these AD locations are not urban, central business district locations, they are active employment centers and, therefore, areas of growth. No one size fits Where do you expect to see the greatest rent all. We think we can do well and perform well in select, growth-oriented growth this year? suburban locations.” Danner: “The Pacific Northwest still looks strong, with Portland and Campo: “We have been developing in the suburbs as well as the urban Seattle seeing little signs of slowing despite a bit of new product. core. In Tampa and Orlando, we recently built garden-style apartments There are parts of the San Francisco Bay Area that remain in good and they were the best yielding assets and fastest lease-ups we ever had. shape. It’s hard to say how many areas of the country will be ‘hot’ So, building suburban assets is not something we changed strategies on.” in the year to come. Areas that seem to be rebounding, and which have good local economies, are getting an increase in supply that will suppress what would otherwise be a robust growth period. However, How competitive is the third-party management the supply is needed to meet the overall increase in apartment landscape? Is it more or less fierce then four or demand, and we are only just now returning to historic delivery levels five years ago? for new units.” Danner: “I think the competition is fiercer than it’s ever been. You now Brindell: “We believe that the San Francisco Bay Area will continue to have a number of larger companies who are battling to capture the lead the country in rental growth this year, Southern California should attention of clients and residents. Fifty-five percent of Riverstone’s come on strong and Seattle and the New York metro and Boston growth last year came from clients we have never done business with markets will also perform very well on a relative basis. Nationally, we before, so I have to believe that it’s getting a lot tougher for the smaller think rent growth could achieve 4 percent in 2014.” and mid-sized companies to compete. I don’t believe the larger companies think real estate is any less a local business than the small, niche players. What’s more favorable As urban areas grow increasingly competitive and is that the larger companies have the opportunity to provide more attract more new development, are you pursuing supportive resources, ancillary revenue opportunities, and a greater more suburban building opportunities? number of services for property owners. That kind of additional support Brindell: “We are always looking for good opportunities in allows regional managers and property managers to focus more closely suburban markets; we’ve never stopped. Currently, about 20 on the individual assets they manage.” percent of our activity is represented by suburban, garden Graf: “It has always been competitive. I think it always will be. The apartment communities. But, our interest is limited to great nature of the competition has changed. Markets are better, rents are locations/sites and the economics need to yield higher returns to up, occupancies are up, therefore, profits and margins are up. But I think our capital to justify an investment, because the barriers to new people are still fighting for those top-tier clients and trophy assets, supply are inherently lower in suburban markets.” trophy clients.”

18 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 19

Ripple Eff ect Last year bore witness to some of the largest transactions this industry has seen, as consolidation drove the 2013 storyline.

> By Les Shaver

In many ways, 2013 was a year in which the multifamily industry sales (tallying $3.2 billion), drove the volume, according to New York- lived large. based research firm Real Capital Analytics (RCA). As business boomed, so too did many companies’ appetite for In the depths of the downturn, opportunistic buyers began growth. And some of the industry’s hungriest companies set their amassing funds to chase distress. But as the market for value-add sights on climbing up the ranks, leapfrogging perennial top-seeded deals, stabilized assets, and dirt for new development heated up, players. The fuel for this race to the top: Some of the largest owners and investors sought new ways to drive returns. transactions this industry has ever seen. “Prices are at all-time highs, there’s not a lot more value that can Last year’s second-largest apartment owner, El Paso, Texas-based be squeezed out,” says Dan Fasulo, managing director for RCA. “If you Hunt Companies, emerged as leader of the pack with a staggering can reduce your operating costs significantly and throw economies 253,295 units after its acquisition of last year’s No. 3 owner, New York- of scale at a portfolio, all of a sudden you’re making money that way. based Centerline Holding Company. When cap rates get down to these all-time low levels, buying a bunch As Centerline departed, Memphis-based MAA and Arlington, Va.- of properties one by one doesn’t look like an attractive position.” based AvalonBay Communities (AVB) jockeyed for top-tier positions, But it remains to be seen if apartment owners will be as aggressive in surging into the ninth and 10th slots, respectively. 2014. Continued strong rental demand may embolden some, especially MAA’s jump into the top 10 owner ranks followed its merger with the bigger players, to pursue more merger and acquisition activity. Birmingham, Ala.-based Colonial Properties Trust, which brought more than 35,000 units into the MAA fold. Similarly, behind AVB’s The Next Evolution in Investing 12,000-plus unit growth was a deal that also involved Chicago-based The idea that “bigger is better” may only become more pervasive Equity Residential (EQR), the industry’s sixth-largest owner. Together, in 2014. they purchased Denver-based Archstone’s portfolio, carving up the The economies of scale for a large owner are evident when you company’s roughly 45,000 units between the two. consider how much of an asset’s total value is eaten up by overhead Those deals also had a ripple e ect on the NMHC 50 Managers costs. Greater scale allows big firms to spread out those costs and list, as MAA and AVB both broke into the top 10 ranks there as well. invest instead in strategic capabilities such as better technology or Indeed, apartment transactions recovered in 2013 to levels not call centers, for example. seen since the mid-2000s, topping $100 billion for the first time since That kind of thinking drove companies like AVB, EQR, MAA, and 2007. Owners traded $103.5 billion in assets during the year, an 18 Palo Alto, Calif.-based Essex Property Trust to fix their sights on percent improvement over 2012. large targets. A deeper dive into those numbers tells the tale. Despite the near- Essex was a little late to the M&A party in 2013, however. The record year, sales of individual apartment properties actually declined firm took 36th place with 33,560 units on this year’s top 50 owners in 2013. That means portfolio sales (totaling $37.4 billion) and entity list, but will likely be much higher next year after its purchase of San

Top 10 Portfolio Sales of 2013

1. $8.8 billion: Archstone Portfolio, 5. $1.5 billion, Equity Residential Portfolio, 8. $460 million: Inland American by Equity Residential, 21,196 units by Greystar Real Estate Partners, Apartment Portfolio, by Greystar, 7,788 units 4,371 units 2. $5.8 billion: Archstone Portfolio, by AvalonBay, 22,292 units 6. $1.1 billion: MileSouth Apartment 9. $414 million: Babcock Portfolio, by Portfolio LP, by Milestone Apartment Brookfield Asset Management/Fairfield 3. $2.17 billion, Colonial Properties Trust, REIT, 16,944 units Residential, 5,414 units by MAA, 35,181 units 7. $610 million: Westbrook Manhattan 10. $401 million, Aldyn & Ashley Portfolio, 4. $2.02 billion: GE Capital US Apartment Apartment Portfolio, by HFZ Capital by GID/OBO/CalPERS, 345 units Portfolio, by Blackstone, 30,000+ units Group/Fortress, 763 units Source: Real Capital Analytics

20 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 21 Francisco-based BRE Properties is recorded. Last year, BRE closed assets. That opens the door for private players to grow more than out the NMHC 50 Owners list with 23,688 units in its portfolio. they would have otherwise. We could see more deals like EQR Yet, while 2013 bore witness to some hot and heavy transaction and Greystar.” activity, we may only be getting warmed up. Bell Partners completed almost $1 billion in transaction activity in “I suspect this trend will continue within the REIT industry given 2013 with more than half of that in sales. In 2014, it expects a repeat the cost of capital and corporate capacity amongst the largest of that strategy. competitors,” says Lili Dunn, chief investment o icer for Greensboro, “Given aggressive pricing conditions, it can be an ideal time to N.C.-based Bell Partners, 26th on the owners list with 43,966 units. sell, particularly where there is a dislocation between cap rates and “I believe several of the smaller REITs are being considered for growth rates or where asset performance has peaked,” Dunn says. consolidation; however, given pricing conditions, we may see an But it wasn’t just market-rate owners capitalizing on today’s high uptick of privatizations versus public mergers.” price tags: There were net sellers as well on the a ordable housing RCA’s Fasulo eventually envisions private equity absorbing a big side. Boston-based Boston Capital saw its portfolio fall by about apartment operator, whether it’s privatizing a REIT or investing in a 2,000 units as it sold 171 properties that had reached maturity. private platform. “I see sovereigns and massive pension funds investing in operators Managing Growth and buying stakes in portfolios,” he says. “They would be infusing The $103.5 billion in apartment assets that changed hands in 2013 these players on the ground with capital [for external growth].” didn’t just a ect the owners list, it shook up the managers list as well. That could be the next evolution in the way institutional investors AVB and MAA cracked the top 10 on the strength of their portfolio harvest value from apartment acquisitions, a search for yield that deals, and one of the main reasons Greystar’s management portfolio moves from transactions to development to entity-level investment. grew by more than 15,000 units in 2013 was because its institutional “In the early stage, private equity bought existing properties, but clients were making a lot of buys. they got expensive” says Ron Witten, owner of Dallas-based research “When there are transactions, our service business grows,” says firm Witten Advisors. “Then you went into development, which got Faith. “A lot of clients are doing deals; we have clients taking down better returns. Going to the next level to get better returns is a development portfolios.” material investment in the entity: You get investment returns, but The top 10 managers claimed 1.17 million units in 2013, the largest still have some of the promote on the sponsor side, as well.” amount since the 2010 list when they were just under 1.19 million units. Trickle-Down Buying The big 2013 REIT deals not only shook up the top 10 owners and managers rankings, but they had a chain reaction further down the list, creating trickle-down buying opportunities for other players. For instance, as a result of its partial purchase of Archstone, EQR spun out a $1.5 billion portfolio of its own. And that portfolio sale gave Charleston, S.C.-based Greystar Real Estate Partners a chance to add more than 8,000 units. Greystar also teamed with Goldman, Sachs & Co. on another large deal last year, the $440 million recapitalization of a 1,640-unit portfolio located in Silicon Valley, Calif. Those transactions helped the firm more than double in size last year to over 40,000 units, allowing it to enter the top 50 owners rankings with a bullet at No. 28. Colonial Grand at Windermere, a 280-unit Class A community in “We will continue to be a net acquirer,” says Bob Faith, founder and Orlando, Fla., was one of the properties that came into the MAA CEO of Greystar. “We believe we are in the early stages of a demand- fold after its merger with Colonial Properties Trust. driven, long-term cycle for multifamily housing.” If larger owners didn’t make the big score in 2013, they were more likely to capitalize on a frothy dispositions market and sell their bottom-tier properties. For instance, both AVB and Camden Property Trust are planning to be net sellers this year to help fund their development pipelines. Camden is targeting sales of about $200 million this year, about the same level of dispositions in 2013, when it sold 30 properties. Other large owners, both public and private, could be sellers in 2014, as well. “We think the apartment REITs will be net sellers because their stocks are trading at wide discounts [to NAV],” says Dave Bragg, The 229-unit Alban Towers in Washington, D.C., a 1929-built property restored in 2001, was one of the communities Equity Residential managing director for Newport Beach, Calif.-based Green Street acquired through the massive Archstone deal. Advisors. “It would be dilutive for them to issue equity and buy

20 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 21 Clients buying and opening new properties helped fuel this growth, For many of these reasons, Dan Haefner, president and CEO of but that wasn’t the only factor. Many companies gained units as their CFLane, wants to take his place among the biggest players in own new developments opened. Consider Greenbelt, Md.-based The the business. Bozzuto Group, which moved up 10 spots to No. 30 by adding more “It’s very competitive; margins are thinner, but people expect than 7,000 units because of 31 new property openings (as well as 19 more for the same, or less. We would like to be in the top 10 management takeovers). because we think that puts us in a di erent category as far as And some companies picked up units by buying competitors or access to the most cost-e ective capital and opportunities to moving into new asset classes. Third-ranked manager, Dallas-based create additional ownership value, whether it’s in management, Lincoln Property Company, bought Dallas-based Grand Campus development, or acquisition,” he says. “We would like additional Living, helping it add 8,903 units during 2013. growth, but we won’t do it if it doesn’t make economic sense.” Further down the list, mergers also stimulated growth. When As big players grow bigger, cracking the top 10 managers ranks Atlanta-based Cocke Finkelstein Inc. (CFI) bought Atlanta-based is easier said than done. Lane Management, it created CFLane. That transaction played a main “There will always be opportunities for local and regional role in the firm gaining 18,000 units and appearing on the top 50 operators, but the big guys will continue to get bigger,” Faith says. managers list for the first time—at No. 34. “You’ll see the regional companies rotate in and out and some In today’s dog-eat-dog management world, scale is essential for may grow. The playing field is set for the national players. I will be growth. With more volume, managers can spread the overhead costs surprised to see a brand new national player emerge.” for these investments over a wider number of units. “All of us have to invest in a lot more infrastructure than we did But it’s certainly not impossible. The trick is to not get too far 10 years ago to be able to meet the demands of the multifamily ahead of yourself, to start humbly then gather momentum. market today,” says Julie Smith, president of Bozzuto Management “The challenge is getting the first deal,” says Scott Wilder, Services. “We have to have someone running social media, reputation executive vice president at Lincoln. “After you get the first deal, management, and sustainability. Our business solutions teams are you can get the second. Once you establish the bulkhead, have the growing by the day because of integrated software.” track record and have good local personnel—that’s how you grow.”

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Let Pinnacle help you achieve extraordinary performance. Call today - 214-891-7868. www.PinnacleFamily.com APRIL 2014 | NMHC 50 23 NMHC 2014 Meetings 6.75 x 4.625 AD.2_NMHC Meeting half Hori. 3/12/14 6:53 AM Page 1

Future Meeting Dates 2014 NMHC Research Forum April 29 & 30 • Washington, DC 2014 NMHC Apartment Strategies/Finance Conference May 12 & 13 • Boston, MA 2014 NMHC Spring Board of Directors Meeting NMHC provides us with May 13 & 14 • Boston, MA the opportunity to share ‘‘ 2014 NMHC Fall Board of Directors & Advisory Committee Meeting our ideas about what we September 16–18 • Washington, DC are doing as a company, 2014 NMHC Student Housing Conference & Exposition to have a voice in the September 30–October 2 • Chicago, IL legislative process and 2014 NMHC OpTech Conference & Exposition to make sure we know November 17–19 • Orlando, FL what’s going on. Our 2015 NMHC Apartment Strategies Outlook Conference voice is heard not only January 20 • Palm Springs, CA individually, but as part 2015 NMHC Annual Meeting January 20–22 • Palm Springs, CA of this industry. Rick Graf’’ Join Today! Go to www.nmhc.org/goto/join President, Pinnacle 202/974-2300 • 202/775-0112 (fax) • www.nmhc.org

22 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 23

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Make good decisions and avoid costly mistakes. Contact Axiometrics now at www.axiometrics.com or 214.953.2242 Builders Make Up For Lost Time As demand continues to grow, the industry is only now just starting to catch up to the need for more supply.

> By Les Shaver

Multifamily developers had a lot of catching up to do last year. Dynamic Demographic Duo Builders broke ground on 295,000 units in 2013, according to the The need to make up for lost time grows even more acute when you U.S. Census Bureau, continuing to backfill much of the supply lost consider the demographic demand drivers that will shape the next during the recession, as well as many of the units that should have, decade of multifamily housing. but never materialized. And that’s one gigantic hole to fill. Research Right now, the U.S. Census reports about 22.4 million echo from the National Multifamily Housing Council (NMHC) suggests boomers—those born between the early 1980s and early 2000s— that as many as 125,000 multifamily units vanish every year due to living with their parents. That figure is about 1 million to 1.5 million obsolescence, disrepair, disaster and the like. higher than it was before the downturn, meaning there’s some degree To meet demand, the industry needs at least 300,000 new of pent-up demand that will be unlocked when these kids finally apartments a year, the NMHC estimates. However, the last time starts strike out on their own. reached that level was 2005. In the absence of new building activity, “Supply and oversupply is way overblown,” Campo says. “When you the market developed a massive appetite for units, which is only now look at the demand side of the equation, especially from the echo beginning to be fed. boom generation, we still have a couple million [people] in pent-up “Broadly speaking, we would really view development activity demand either living at home or with roommates.” that’s happening as catching up with an undersupply,” says Ron As the multifamily industry awaits the echo boomer exodus from Witten, owner of Dallas-based apartment research and consultant their parents’ basements, many developers who have opened post- firm Witten Advisors. “We don’t have a widespread concern at all recession projects see a slightly surprising trend emerging—the about overbuilding.” parents and grandparents of these echo boomers are the ones filling The consensus seems to be that oversupply will only be a real up the units. According to NMHC research, in the past decade, just issue in certain select submarkets, though the jury is still out as to over half of new renter households were aged 45 to 64. which. To many developers across the nation, the current, growing pipeline is all about making up for lost time. During the recession, “multifamily demand was there, but no one built because they couldn’t get financing,” says Ric Campo, CEO of Hot Spots: Top 10 New Construction Metros of 2014 Houston-based REIT Camden, No. 13 in our top 50 owners ranking. “So, you had massive excess occupancy build-up during that period.” 2014 Scheduled Many developers are taking advantage of today’s healthy valuations to Completions fuel a growing amount of new construction. In some ways, this dynamic Washington, DC-VA-MD 19,279 represents a regeneration of the nation’s new apartment pipeline. Dallas, TX 14,496 Like other REITs, AvalonBay Communities (AVB) is seeing its stock trade at a discount to the actual value of its assets if they were sold Austin, TX 12,915 on the market. But the high prices these REITs are actually getting on Houston, TX 12,890 the transaction market is setting the stage for further investment, and New York, NY 11,416 the higher yields found, in today’s new development market. “The public market valuation would imply assets are in mid fives Los Angeles, CA 10,239 [cap rates], but the assets we sold last year were in the high fours; Denver/Boulder, CO 10,177 there’s a pretty big disconnect there,” says Matt Birenbaum, executive Seattle, WA 10,073 vice president of corporate strategy at Arlington, Va.-based AVB, the Raleigh/Durham, NC 8,388 nation’s 10th largest owner. “We’re an active developer seeing terrific development markets. For us, that’s a profitable trade to make. So, we Boston, MA-NH 6,546 will be selling some assets to fund our development pipeline.” Source: MPF Research

24 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 25 “When you look at the demand side of the equation, especially from the echo boom generation, we still have a couple million [people] in pent-up demand either living at home or with roommates.” Ric Campo, CEO, Camden

“The baby boomers are thinking more about urban living,” Campo A Lot of Catching Up to Do Completions Starts Permits says. “It may not be a downtown in an urban node, but in an area with Permits Completions Starts high concentrations of jobs and a 500 town center.” AVB is specifically courting this group with its AvalonBay Signature 400 Collection, which features higher finish amenities and service levels. 300 “The older renter has been neglected and I think there’s a bit

of an opportunity there,” says AVB’s 200 Birenbaum. “Some of those people don’t want the hassle of home ownership.” 100

Magnetic Markets Five years ago, Miami, Phoenix, and 0 Las Vegas represented ground zero 2000 2002 2004 2006 2008 2010 2012 Source: U.S. Census Bureau in the housing meltdown. And at Source: U.S. Census Bureau times, it felt like a generation might pass before anyone broke ground on “This year the suburban markets will have the best e ective new apartments in these markets. rent growth,” adds Denton. “That’s probably going to attract more “People have been scared to get in some of these [bubble] development.” markets,” says Jay Denton, vice president of research at Axiometrics. But Bob Faith, founder and CEO of Charleston, S.C.-based Greystar But all of that’s changing. (the nation’s 28th largest owner) doesn’t see a major change in strategy Campo has a formula for measuring demand in his markets: He’s for most builders: City centers are the place to be. looking for a ratio of five jobs for every unit. Only three markets fall “Renters want to be closer to public transit, jobs, and entertainment,” below the five-to-one threshold: Washington (4.5 to one), Austin he says. “The suburbs have been severely underserved, but the (four to one), and Raleigh (3.5 to one). Former bubble markets demand drivers will keep us focused on infill locations. That’s where Phoenix (14 to one), Las Vegas (13 to one), and Orange County, people want to live.” Calif. (10 to one) reveal the widest gaps. While these formerly distressed markets present opportunity, some Pressure Points market analysts and developers have a hard time identifying a “sexy In a surefire sign of optimism, some of the industry’s biggest six” market they like because there are so many other promising developers plan to increase their volume in 2014. secondary markets. Mill Creek Residential plans to jump from 4,500 units in 2013 However, a number of markets, including Atlanta, Austin, Dallas, to 5,400, while Ken Valach, CEO of Dallas-based Trammell Crow Denver, Houston, Seattle, and Washington, D.C., have seen starts pile Residential, expects his company to jump from 3,500 starts in 2013 to up since the recession. While most of these areas don’t seem to scare 5,000 in 2014. developers completely, some are beginning to alter their strategies For its part, AVB plans to start 4,500 units in 2014, after 3,700 in these markets. The prime post-recession sites have been gobbled starts in 2013. “Generally speaking, there’s a healthy spread between up—leading some to look out in the burbs for growth. asset values and replacement costs,” AVB’s Birenbaum says. “We still “In Houston, supply was concentrated,” Denton says. “You look see strong margins in our development platform.” in the suburbs, there’s not that much development going on and But others will begin to slow down. AMLI started 5,200 units in the suburbs have had some pretty phenomenal growth. Denver is 2013, but that number will fall to 4,100 units in 2014 and likely less fantastic overall, but, if you look downtown where new product is going forward. Like many developers, AMLI is getting hit with higher being delivered, it’s softer. construction costs, making it hard for deals to pencil out.

24 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 25 “Land has increased in value,” Mutz says. “Construction costs are Capital Markets going up significantly in some markets. There has been a spike in the Although finding land, materials, and labor for a new deal is harder than cost of developing such that the advantage to develop versus buy has it was a few years ago, securing construction loans is a little easier. significantly diminished.” Developers used to be lucky to secure 60 percent loan to cost. Beyond market dynamics such as the number of units in the Now, that number is up to 70 percent and even higher, according development pipeline and the availability of developable sites, the to MacDonald. cost of land is also driven by the cast of characters competing in “On the debt side, the loan-to-cost has gotten better for borrowers the multifamily realm. In addition to traditional apartment builders, over the past couple of years and spreads have come down,” he says. single-family homebuilders such as Miami-based Lennar Corp. and Yet, many developers say equity is more di icult to find. Horsham, Penn.-based Toll Brothers and o ice builders like Boston- According to NMHC’s most recent Quarterly Survey of Apartment based Boston Properties and Houston-based Hines are in the fray Conditions, 39 percent of respondents said debt financing was competing for dirt. widely available while equity was currently constrained for new Bill MacDonald, chief investment o icer of Dallas-based Mill Creek apartment development. This tightness in the equity markets could Residential, projects that land costs will continue to rise in virtually end up the variable that will dictate the number of new units. all of his markets. And he says the terms are getting more di icult. “The construction loans for well-capitalized, well-conceived deals For instance, he recently looked at a site in Huntington Beach, Calif., for strong balance-sheet developers are readily available,” Valach where the owners wanted more than $70 million and required due says. “The equity is more finicky. You have to work pretty hard to get diligence completed in 30 days and closing within a couple of weeks it and you’re talking to a lot of folks.” after that. But even with some areas of concern, developers seem to be “That’s not something we will compete on,” MacDonald says. planning on producing a steady amount of units in the coming year. “Asking for full retail price and a quick close is signaling things are Like many observers, Witten projects starts to hit 260,000 in 2014; out of hand. In 2014, we’ll be choosy about where we tie up new then in 2015, he expects numbers to drop to 245,000. opportunities and sites.” “2014 looks like a real healthy year,” he says.

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To learn more, visit TriBridgeResidential.com today. TRUST. VISION. EXPERIENCE. APRIL 2014 | NMHC 50 27 Daryl J. Carter Alma Maters: University of Michigan (B.S.) and Massachusetts Institute of Technology Q&A (M.B.A., M.Arch.) Hometown: Detroit, Mich. WITH Current City: Coto de Caza, Calif. Years in the Biz: Daryl J. 33 Little-Known Fact: I am a total math geek fascinated by statistics (including sports) and a rated Carter blackjack player. NMHC’s new chairman on his big plans for shaping the industry over the next two years. As the new chairman for the National Multifamily Housing Council there, many of whom are unaware product o erings and niche mar- (NMHC), Avanath Capital Management CEO Daryl J. Carter has some of the opportunities our industry kets present infinite potential for big shoes to fill. The leadership position has long been held by some o ers. We need to change that. We new business ideas. of the biggest names in the multifamily business. Lucky for Carter need to ensure there’s enough cul- that he’s 6-foot-seven and wears a size 14 shoe. tural bench depth so our industry Q: What challenges do you think the industry faces? can meet the needs and expecta- Q: How did you get started in Q: What’s your history with tions of our residents. DC: There are a number of factors the apartment business? NMHC? that apartment firms don’t directly Q: How has the apartment control that really a ect our ability DC: I began my career in the DC: I joined NMHC in 1996 industry evolved during your to do business. That’s why, as industry in the 1980s, as a junior because I felt that there were career? banking associate at Continental really good business opportuni- an industry, we need to be very DC: Apartments, in general, aware of the many legislative and Bank. I had a desk next to a ties that I could unlock by joining have been redefined. Where handful of other young trainees, the club. NMHC members are the regulatory developments in play people used to imagine tired, and also be involved in the pro- including Equity Residential’s David industry’s smart, strategic leaders old buildings, they now can see Neithercut, Moran and Company’s and every opportunity to engage cess, because no one is going to examples of beautiful design, advocate on our behalf otherwise. Mary Ann King, CBRE’s Peter with them helps me make more cutting-edge technology and Donovan and McKinley’s Albert informed business decisions. And that’s where NMHC does a walkable community development. great job, staying on top of all the Berriz. Funny that three of us also Even long-held stereotypes about would end up as chairs of NMHC. Q: Is this your fi rst leadership big issues on Capitol Hill. position at NMHC? a ordable housing communities have been challenged. And there’s Q: As NMHC chairman, what Q: What niche in the industry DC: No, I realized early on that more awareness of the economic do you plan to focus on during does your current company fi ll? the more involved I got, the more your tenure? benefit apartments bring to their DC: I started Avanath in 2008 with I’d get out of my membership. So, surrounding communities. Those DC: Entrepreneurship. It often oc- the idea of investing in opportu- I started serving on a number of types of benefits were a tough curs organically, but the industry nities in urban real estate and af- NMHC committees, including the sell to investors back in the early can help accelerate it with more fordable multifamily housing. The finance and diversity committees, 1990s, when I co-founded Capri structured support. I think we’ll demographics are strong within and then served on the leadership Capital, LP, with my childhood continue to see new ventures core urban markets and demand team for the past six years. friend Quintin Primo III. formed from long-time industry for a ordable multifamily housing veterans seeking new later-life is soaring. We can generate Q: What unique leadership qualities do you bring to the Q: What do you think is the challenges. At the same time, we attractive returns for our investors position? industry’s biggest opportunity need to find more ways to support through good management and area going forward? DC: Diversity is such an important our younger members in their new investment appreciation. DC: Our industry is ripe for all issue to me, so I am very proud to ventures by providing them with kinds of innovation, where people be one of the first African Ameri- better leadership access, educa- with a fresh start and fresh focus can chairmen of a major industry tion and networking opportunities. can create something new in our trade association. There are so space. The industry’s diverse many talented minorities out

26 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 27 2014 NMHC Offi cers

CHAIRMAN VICE CHAIRMAN TREASURER SECRETARY PRESIDENT IMMEDIATE PAST Daryl J. Carter Robert E. DeWitt Susan Ansel David R. Schwartz Douglas M. Bibby CHAIRMAN Avanath Capital GID Gables Residential Waterton National Multifamily Thomas S. Bozzuto Management Boston, MA Dallas, TX Associates, L.L.C. Housing Council The Bozzuto Group Irvine, CA Chicago, IL Washington, DC Greenbelt, MD Former Chairmen Kelley A. Bergstrom Douglas Crocker, II William H. Elliott Gary T. Kachadurian Richard L. Michaux C. Preston Butcher Allen Cymrot Richard L. Fore Mary Ann King Robert Sheridan Ric Campo Peter F. Donovan Randolph G. Hawthorn Duncan L. Matteson, Sr. Geo rey L. Stack Leonard W. Wood Executive Committee

Patti Fielding Patti Shwayder James M. Krohn Bruce C. Ward William C. Marc E. deBaptiste Gary T. Aimco Aimco Alliance Residential Alliance Residential Bayless, Jr. ARA Kachadurian Denver, CO Denver, CO Company Company American Campus Boca Raton, FL ARA Phoenix, AZ Phoenix, AZ Communities Hinsdale, IL Austin, TX

Sean J. Breslin Timothy J. Daryl J. Carter John Williams Richard Schechter Jonathan D. Bell Lili F. Dunn AvalonBay Naughton Avanath Capital Avanath Capital The Bainbridge Bell Partners Bell Partners Communities, Inc. AvalonBay Management Management Companies Greensboro, NC Alexandria, VA Arlington, VA Communities, Inc. Irvine, CA Irvine, CA Wellington, FL Arlington, VA

Alan King David J. Olney Thomas S. Bozzuto Julie A. Smith Laurie A. Baker Keith Oden Christopher Beda Berkshire Property Berkshire Property The Bozzuto Group Bozzuto Camden Property Camden Property Carmel Partners, Inc. Advisors Advisors Greenbelt, MD Management Trust Trust San Francisco, CA Alpharetta, GA Boston, MA Company Houston, TX Houston, TX Greenbelt, MD

28 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 29 Executive Committee

Ron Ze Peter F. Donovan Brian F. Sto ers William T. Hyman John Larson C. Stephen Cordes Robert D. Greer, Jr. Carmel Partners, Inc. CBRE CBRE Capital Centerline Capital Centerline Clarion Partners Clarion Partners San Francisco, CA Boston, MA Markets Group Capital Group New York, NY Washington, DC Houston, TX New York, NY Dallas, TX

Nathan S. Collier J. Andrew Paul G. Kerr Jon D. Williams Alan W. George David Santee Susanne Hiegel The Collier Hogshead Davlyn Investments Davlyn Investments Equity Residential Equity Residential Fannie Mae Companies The Collier San Diego, CA San Diego, CA Chicago, IL Chicago, IL Washington, DC Gainesville, FL Companies Gainesville, FL

Manuel Menendez Deborah Ratner- Ronald A. Ratner David Brickman John M. Cannon Susan Ansel Dawn Severt Fannie Mae Salzberg Forest City Freddie Mac Freddie Mac Gables Residential Gables Residential Washington, DC Forest City Residential Mc Lean, VA New York, NY Dallas, TX Trust Enterprises, Inc. Group, Inc. Atlanta, GA Washington, DC Cleveland, OH

Robert E. DeWitt Stacy G. Hunt William C. Maddux Laura A. Beuerlein Gary S. Farmer Mona Keeter Matthew Lawton GID Greystar Real Estate Greystar Real Estate Heritage Title Heritage Title Carlton HFF Boston, MA Partners, LLC Partners, LLC Company of Company of HFF Chicago, IL Houston, TX Charleston, SC Austin, Inc. Austin, Inc. Dallas, TX Austin, TX Austin, TX

Clyde P. Holland Hessam Nadji Guy K. Johnson Je rey T. Morris Jubeen F. Vaghefi James H. Callard Guy K. Hays Holland Partner Institutional Johnson Capital Jones Lang LaSalle Jones Lang LaSalle Klingbeil Capital Legacy Partners Group Property Advisors, Las Vegas, NV Americas, Inc. Americas, Inc. Management/ Foster City, CA Vancouver, WA a Marcus & Orlando, FL Miami, FL American Apartment Millichap Company Communities Walnut Creek, CA Annapolis, MD

28 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 29 Executive Committee

W. Dean Henry Brian C. Byrne Je B. Franzen H. Eric Bolton, Jr. Albert M. John J. Kerin Charles R. Legacy Partners Lincoln Property Lincoln Property MAA Campbell, III Marcus & Millichap Brindell, Jr. Residential, Inc. Company Company Memphis, TN MAA Calabasas, CA Mill Creek Residential Foster City, CA Oak Brook, IL Herndon, VA Memphis, TN Trust LLC Dallas, TX

Mary Ann King Thomas F. Moran Kerry R. French Eduardo Padilla Rick Graf Stan J. Harrelson David P. Stockert Moran & Company Moran & Company NorthMarq NorthMarq Pinnacle Pinnacle Post Properties, Inc. Irvine, CA Chicago, IL Capital, Inc. Capital, Inc. Addison, TX Seattle, WA Atlanta, GA Houston, TX Minneapolis, MN

Jamie Teabo David Durning Terry S. Danner Michael Bissell Geo rey L. Stack Timothy J. Hogan Kenneth J. Valach Post Properties, Inc. Prudential Riverstone SARES*REGIS SARES*REGIS Trammell Crow Trammell Crow Atlanta, GA Mortgage Capital Residential Group Group Group Residential Residential Company Dallas, TX Irvine, CA Irvine, CA Dallas, TX Houston, TX Chicago, IL

Michael E. Warren L. Troupe David R. Schwartz Gregory J. Lozinak Vincent R. Toye Alan Wiener Frank Middleton Tompkins UDR, Inc. Waterton Waterton Residential Wells Fargo Wells Fargo Wood Partners, LLC TriBridge Highlands Associates, L.L.C. Chicago, IL Multifamily Capital Multifamily Capital Mill Valley, CA Residential LLC. Ranch, CO Chicago, IL New York, NY New York, NY Atlanta, GA Executive Committee Not Pictured: Jason Wills Darren Lister Harry Alcock American Campus Communities Johnson Capital UDR, Inc. Austin, TX Las Vegas, NV Highlands Ranch, CO

Tom Keady Kristen Klingbeil-Weis Curtis W. Walker The Bainbridge Companies Klingbeil Capital Management/American Wood Partners, LLC Cary, NC Apartment Communities Atlanta, GA Santa Barbara, CA

30 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 31 Board of Directors

Jay Blasberg Je ery Daniels Donald Hu ner Tim L. Myers Michael H. Godwin Rodrigo Lopez Scott G. Suttle Acre Capital LLC AIG Global AIG Global Real Allied Realty Ambling AmeriSphere AmeriSphere Tucson, AZ Real Estate Estate Investment Houston, TX Management Multifamily Finance, Multifamily Finance, Investment Corp. Corp. Company LLC LLC LLC New York, NY New York, NY Valdosta, GA Omaha, NE Bethesda, MD

Steve F. Hallsey Gregory T. Mutz Kimberly J. Sperry Lauren A. Dick Burke Judy Bellack Arlene Mayfield AMLI Management AMLI Residential Amstar Group, LLC Brockman Apartments.com Apartment Guide Apartment Guide Company Properties, L.P. Denver, CO Anbrock, LLC Chicago, IL Boca Raton, FL Norcross, GA Chicago, IL Chicago, IL Denver, CO

Blake Okland Lisa A. Robinson Thomas P. Steven Wolf Morgan Anderson Jason A. Friedman Lin Atkinson ARA ARA MacManus Ares Management Arthur J. Gallagher Associated Estates AT&T Connected Charlotte, NC Atlanta, GA ARA Finance, LLC New York, NY & Co. Realty Corporation Communities Boca Raton, FL Irvine, CA Richmond Heights, Atlanta, GA OH

Thuy Woodall Michael G. Miller Scott Doyle BJ Rosow Phillip E. Bogucki Allan R. Winn Grace Huebscher AT&T Connected AUM Avesta Communities AZUMA Leasing AZUMA Leasing Ballard Spahr Beech Street Capital Communities Lombard, IL Tampa, FL Austin, TX Austin, TX Washington, DC Bethesda, MD Milton, GA

Michael Stern Robert S. Aisner Mark Alfieri Frank Lutz Karl H. Reinlein Je rey C. Day Dwight D. Beecher Carlson Behringer Harvard Behringer Harvard Berkadia Berkadia Berkeley Point Dunton, III Atlanta, GA Multifamily REIT I Multifamily REIT I Horsham, PA Horsham, PA Capital LLC Bonaventure Realty Addison, TX Addison, TX Bethesda, MD Group, LLC Arlington, VA

30 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 31 Board of Directors

Mark W. Dunne John P. Manning Danuel R. Stanger Christian V. Young Barden Brown Walter W. Miller Josh Mandell Boston Capital Boston Capital Bridge Investment Bridge Investment Brown Realty Brown Realty BSR Trust Corporation Corporation Group Partners Group Partners Advisors Advisors Little Rock, AR Boston, MA Boston, MA Murray, UT Murray, UT Atlanta, GA Atlanta, GA

Daniel M. Oberste B. Diane Butler David J. Adelman Miles H. Orth Ted Rollins Anthony Orso Michael May BSR Trust Butler Burgher Campus Apartments Campus Apartments Campus Crest Cantor Commercial Cantor Commercial Little Rock, AR Group Philadelphia, PA Philadelphia, PA Communities Real Estate (CCRE) Real Estate (CCRE) Dallas, TX Charlotte, NC New York, NY Bethesda, MD

Richard Lyon Ernest L. Heymann Richard L. Kadish L. Marc Carter Tyler Anderson Stephen J. Zaleski Richard Gerwitz Capital One Bank CAPREIT, Inc. CAPREIT, Inc. Carter Haston CBRE CBRE Global Citi Community New York, NY Rockville, MD Rockville, MD Holdings, LLC Phoenix, AZ Investors, LLC Capital Nashville, TN Boston, MA Los Angeles, CA

Rick Craig Cynthia Cooke Mark J. Feldman David B. Woodward Daniel J. Epstein Charles E. Jerry Davis CityStreet Colliers International Colliers CompassRock The ConAm Group Mueller, Jr. Conservice Utility Residential Partners Phoenix, AZ International Real Estate LLC of Companies The ConAm Group Management Houston, TX San Francisco, CA Denver, CO San Diego, CA of Companies & Billing San Diego, CA Prosper, TX

Stewart Hsu Carlos P. Vaz Jason Rosa David W. Snyder James W. Harris James Henderson Michael Cohen Conti Organization Conti Organization Continental Realty Continental Realty CoreLogic SafeRent Cornerstone Real CoStar Addison, TX Addison, TX Advisors, Ltd. Advisors, Ltd. Rockville, MD Estate Advisers LLC Boston, MA Littleton, CO Littleton, CO Hartford, CT

32 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 33 Board of Directors

Marc D. Goldstein Benjamin Collins Brian Natwick Dodge Carter Steven Weilbach Byron L. Moger Brian L. Dinerstein Covington Crescent Crescent Crow Holdings Cushman & Wakefield Cushman & The Dinerstein Development, LLC Communities Communities Capital San Francisco, CA Wakefield Companies Saint Louis, MO Charlotte, NC Charlotte, NC Partners, LLC Tampa, FL Houston, TX Dallas, TX

Andrew K. Dolben Deane H. Dolben Adam C. Breen David Luski Wendy Drucker Kellie J. Falk Miles Spencer The Dolben The Dolben DRA Advisors, LLC DRA Advisors, LLC Drucker & Falk, LLC Drucker & Falk, LLC Eastdil Secured, LLC Company, Inc. Company, Inc. New York, NY New York, NY Newport News, VA Raleigh, NC Washington, DC Woburn, MA Woburn, MA

Seth Greenberg Randy Churchey Thomas Trubiana John M. O’Hara, Jr. Warren Rose Trey Embrey Gregory L. Engler ECI Group, Inc. Education Realty Education Realty Edward Rose Edward Rose & Sons Embrey Engler Financial Atlanta, GA Trust, Inc. Trust, Inc. & Sons Bloomfield Hills, MI Partners, Ltd. Group, LLC Memphis, TN Memphis, TN Farmington Hills, MI San Antonio, TX Alpharetta, GA

Patrick Jones Kathleen Jonathan Gri iths Christopher E. Gregory R. Je ery R. Hayward George Fisher Engler Financial Felderman EPIC Hashioka Pinkalla Fannie Mae Ferguson Group, LLC EPIC San Francisco, CA Fairfield Residential Fairfield Residential Washington, DC Enterprises Alpharetta, GA San Francisco, CA Company LLC Company LLC Augusta, GA San Diego, CA San Diego, CA

Tom Kopfler Richard N. Les Zimmerman Robert L. Johnston Mark A. Fogelman Richard L. Wayne E. McDonald Ferguson Shinberg First Capital First Communities Fogelman Fogelman Forestar Group, Inc. Enterprises First Capital Realty, Inc. Atlanta, GA Management Group Fogelman Austin, TX Augusta, GA Realty, Inc. Bethesda, MD Memphis, TN Properties Bethesda, MD Memphis, TN

32 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 33 Board of Directors

Gregory A. Fowler CJ Edmonds Robert Dean Linda Zeller John J. Gray, III Billy Posey Joe Mosley FPA Multifamily G5 GE Real Estate Gerson Bakar & Grayco Partners Greystone Servicing Greystone Servicing San Francisco, CA Bend, OR Washington, DC Associates LLC Corporation, Inc. Corporation, Inc. San Francisco, CA Houston, TX Memphis, TN New York, NY

Kieran Quinn Jordan E. Slone Curt Hensel James M. Bachner Mark Forrester Don Hendricks Jim Dunlop Guggenheim Harbor Group HD Supply Heitman LLC Hendricks-Berkadia Hendricks-Berkadia Hines Commercial Real International San Diego, CA Chicago, IL Phoenix, AZ Phoenix, AZ Washington, DC Estate Finance, LLC Norfolk, VA Atlanta, GA

A SPECIAL ADVERTISING SECTION TO NATIONAL REAL ESTATE INVESTOR

Edward J. Greg Faulkner Mark Humphreys Kevin George David Kapilo Peter Katz Will Balthrope Pettinella Humphreys & Humphreys & InfoTycoon Insgroup, Inc. Institutional Institutional Home Partners Partners Atlanta, GA Houston, TX Property Advisors, a Property Advisors, a Properties,Board Inc. Architects, L.P. ofArchitects, Directors L.P. Marcus & Millichap Marcus & Millichap Rochester, NY Dallas, TX Dallas, TX Phoenix, AZ Company Dallas, TX

Kevin A. Baldridge Allina Booho Ti any Butcher Kai Reynolds James A. Butz Gregory G. Lamb Richard J. High The Irvine CompanyJames A. ButzJ.P. Morgan AssetGregory TheG. Lamb JBG CompaniesRichardThe J. JBG High Companies John W.Je Bray erson Faron G.Je Thompson erson JohnCindy M. CorcoranClare ApartmentJefferson ApartmentManagement Jefferson ApartmentChevy Chase, MDJohn M. CorcoranChevy Chase, & MD Jones LangApartment LaSalle Group JonesApartment Lang LaSalle Group & CompanyKettler Communities ‘IAC’Group New York, NY Group Company Americas,Mc Lean,Inc. VA Americas,Mc Lean, Inc. VA Braintree,McLean, VAMA Irvine, CA McLean, VA McLean, VA Braintree, MA Atlanta, GA Atlanta, GA

Faron G. Cindy Clare Angela Mago Katie Thompson John Falco Peggy Robinson Jay Olander ThompsonAngela Mago Kettler Katie ThompsonKeyBank Real John FalcoKeyBank Real PeggyKingsley Robinson Associates KingsleyRohit Anand Associates JayLandmark Olander Jones LangKeyBank LaSalle Real EstateMc Lean, VAKeyBank Real Estate CapitalKingsley AssociatesEstate Capital Kingsley AssociatesAtlanta, GA KTGYAtlanta, Group GAInc. LandmarkApartment Apartment Trust Americas, Inc. Capital CapitalCleveland, OH Atlanta, GADallas, TX Atlanta, GA Vienna, VA Trust of America,of America, Inc. Inc. Atlanta, GACleveland, OH Dallas, TX Richmond,Richmond, VA VA

34 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 35

Keith A. Harris Tom Klaess Peter P. DiLullo, Jr. Thomas J. O’Brien Michael E. Mueller Thomas F. McCoy, Jr. The Laramar Group, The Laramar Group, LCOR Incorporated LCOR Incorporated LeaseHawk Lockton Companies, LLC LLC Berwyn, PA Berwyn, PA Scottsdale, AZ LLC Chicago, IL Greenwood Village, CO Denver, CO

Charles M. McDaniel Sam J. Kasparek Adam David Lynd Dean Holmes Joseph F. Mullen Nicholas Michael Lockton Companies, The Lynd Company The Lynd Company Madison Apartment Madison Apartment Ryan LLC Denver, CO San Antonio, TX Group Group The Marquette Denver, CO Philadelphia, PA Philadelphia, PA Companies Naperville, IL

Darren R. Sloniger Gerald J. Haak Andrew R. Wiener Michael C. McDougal Tristan Thoma Kenneth Lee The Marquette MAXX Properties MAXX Properties McDougal Properties, McDougal Properties, McDowell Properties Companies Harrison, NY Harrison, NY L.C. L.C. San Francisco, CA Naperville, IL Lubbock, TX Lubbock, TX

38 NMHC 50 APRIL 2013 Board of Directors

Keith A. Harris Tom Klaess Christine Akins Peter P. DiLullo, Jr. Thomas J. O’Brien Michael E. Mueller Thomas F. The Laramar The Laramar LaSalle Investment LCOR Incorporated LCOR Incorporated LeaseHawk McCoy, Jr. Group, LLC Group, LLC Management, Inc. Berwyn, PA Berwyn, PA Scottsdale, AZ Lockton Chicago, IL Greenwood Chicago, IL Companies, LLC Village, CO Denver, CO

Charles M. Dean Holmes Joseph F. Mullen Darren R. Sloniger Nicholas Andrew R. Wiener Gerald J. Haak McDaniel Madison Madison The Marquette Michael Ryan MAXX Properties MAXX Properties Lockton Apartment Group Apartment Group Companies The Marquette Harrison, NY Harrison, NY Companies, LLC Philadelphia, PA Philadelphia, PA Naperville, IL Companies Denver, CO Naperville, IL

Yvonne Jones Dan McCa ery Michael C. McDougal Tristan Thoma Kenneth Lee W. Patrick Albert Berriz McCa ery McCa ery McDougal McDougal McDowell McDowell McKinley Interests Interests, Inc. Properties, L.C. Properties, L.C. Properties McDowell Properties Ann Arbor, MI Chicago, IL Chicago, IL Lubbock, TX Lubbock, TX San Francisco, CA Miami, FL

Ken Polsinelli Alasdair Cripps Charles Kendrick Mark Gleiberman Rob Singh Je rey Goldberg Steven T. Lamberti McKinley Mesirow Financial Mesirow Financial MG Properties MG Properties Milestone Group Milestone Ann Arbor, MI Chicago, IL Chicago, IL San Diego, CA San Diego, CA New York, NY Management Dallas, TX

Paul Harris Alan Patton Michael S. Morgan Mitchell L. Morgan Melanie Morrison Jodi Sheahan David Post Moran & Company The Morgan The Morgan Morgan Properties Morrison, Ekre & Morrison, Ekre & MRI Software Dallas, TX Group, Inc. Group, Inc. King of Prussia, PA Bart Management Bart Management Solon, OH Houston, TX Houston, TX Services, Inc. Services, Inc. Tucson, AZ Phoenix, AZ

34 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 35 Board of Directors

Joshua Goldfarb Marc G. Robinson Gina M. Dingman Richard Burns Kyle Lovelady Michael D. Radice Robert A. Esposito Multi Housing Multi Housing NAI Everest The NHP The NRP Group NWP Services NWP Services Advisors Advisors Minneapolis, MN Foundation San Antonio, TX Corporation Corporation Atlanta, GA Charlotte, NC New York, NY Costa Mesa, CA Pembroke Pines, FL

Kevin Filter Gene R. Blevins Pam McGlashen Alfred V. Pace Arthur J. Cole Stanley W. Sloter Randall M. Paulson Oak Grove Capital Orion Real Estate Orion Real Estate Pacific Urban Pacific Urban Paradigm PAS Purchasing Saint Paul, MN Services Services Residential Residential Development Solutions Houston, TX Houston, TX Palo Alto, CA Palo Alto, CA Company Plano, TX Arlington, VA AD

David Onanian Gary Goodman Larry Sullivan David R. Picerne Ronald G. D. Scott Bassin William Thomas PAS Purchasing Passco Passco Picerne Real Brock, Sr. PNC Real Estate Booher Solutions Companies, LLC Companies, LLC Estate Group Pierce-Eislen, Inc. Pittsburgh, PA PNC Real Estate Houston, TX Irvine, CA Irvine, CA Phoenix, AZ Scottsdale, AZ San Francisco, CA

Marc S. Pollack Steven L. Shores Donna Preiss John Preiss Seth Martin John D. Millham Benjamin Zimmer Pollack Shores Real Pollack Shores Real The Preiss The Preiss Company Pritzker Realty Prometheus Property Solutions Estate Group Estate Group Company Raleigh, NC Group, LLC Walnut Creek, CA Lehi, UT Atlanta, GA Atlanta, GA Raleigh, NC Chicago, IL

David Bateman Bruce LaMotte Alan Pollack Thomas G. Smith Bruce Barfield Tammy Farley Adam Ducker Property Solutions Providence Providence Prudential Real Rainmaker LRO Rainmaker LRO RCLCO Lehi, UT Management Management Estate Investors Alpharetta, GA Alpharetta, GA Bethesda, MD Company, L.L.C. Company, L.L.C. Atlanta, GA Glenview, IL Glenview, IL

36 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 37

Board of Directors

Charles A. Hewlett Stephen T. Winn David L. Goodman J. Brian Peters Adam R. Rose David Evemy W. Michael RCLCO RealPage, Inc. Red Mortgage Rose Associates, Inc. Rose Associates, Inc. Sarofim Realty Doramus Bethesda, MD Carrollton, TX Capital, LLC New York, NY New York, NY Advisors Sarofim Realty Reston, VA Dallas, TX Advisors Dallas, TX

James D. Scully Jr. Michael A. Scully W. Steve Gilmore Colm Macken J. Robert Love Ella Neyland Michael Katz Scully Company Scully Company Shea Properties Shea Properties Simpson Steadfast Sterling American Jenkintown, PA Jenkintown, PA Aliso Viejo, CA Aliso Viejo, CA Housing LLLP Income REIT Property Inc. Atlanta, GA Irvine, CA Great Neck, NY AD

Tarak Patolia Jay Jacobson Scott Anderson Shari McKoin Robert E. Hart Wayne A. Russell A. Vandenburg Sterling American Stiles Residential TIAA-CREF Global TransUnion Rental TruAmerica Vandenburg TVO North America Property Inc. Group Real Estate Screening Solutions Multifamily TVO Groupe LLC El Paso, TX Great Neck, NY Ft Lauderdale, FL Newport Beach, CA Greenwood Sherman Oaks, CA Chicago, IL Village, CO

David J. Ingram Je rey G. Maguire Peter E. Baccile Geo rey C. Brown Karen McCurdy Michael Keyes Syd McDonald UBS Realty UBS Realty UBS Securities, LLC USA Properties USA Properties Ferris Valet Waste, LLC Investors LLC Investors LLC New York, NY Fund, Inc. Fund, Inc. Valet Waste, LLC Tampa, FL Hartford, CT Hartford, CT Roseville, CA Roseville, CA Tampa, FL

Jonathan Brendan Coleman Howard W. Raymond D. Jack O’Connor W. Dean Weidner Michael K. Hayde Holtzman Walker & Dunlop Smith, III Barrows Weidner Property Weidner Property Western National Village Green Bethesda, MD Walker & Dunlop Waypoint Management LLC Management LLC Property Companies Bethesda, MD Residential Kirkland, WA Kirkland, WA Management Farmington Hills, MI Atlanta, GA Irvine, CA

38 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 39 SPECIALIZING IN MULTIFAMILY CONSTRUCTION Apartments | Mixed Use | Senior Living | Student Housing

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Grant McCaleb | 205.443.3800 | [email protected] www.dosterconstruction.com

CONVERT VACANCY INTO PROFIT

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FOLLOW US ON: www.facebook.com/CARESProgram www.twitter.com/CARESProgramORG blog.caresprogram.org YWh[ifhe]hWc$eh] Board of Directors

Charles W. Phillip R. Deguire Samuel Ross Lawrence H. Curtis Ronald V. Granville Brigitta Eggleston Brammer, Jr. The Wilkinson WinnCompanies WinnDevelopment Woodmont Real Yardi Systems, Inc. The Wilkinson Group, Inc. Boston, MA Boston, MA Estate Services Santa Barbara, CA Group, Inc. Atlanta, GA Belmont, CA Atlanta, GA

Brad Stetser Samuel C. Greg West Yardi Systems, Inc. Stephens, III ZOM Companies Santa Barbara, CA ZOM Companies Fort Lauderdale, FL Orlando, FL

Board of Directors Not Pictured AD

Toshi Matsushita Je rey I. Friedman Kyle Lewallen Josh McCabe Acre Capital LLC Associated Estates Realty Butler Burgher Group CohnReznick LLP Tucson, AZ Corporation Austin, TX Atlanta, GA Richmond Heights, OH Ricardo Rivas Je rey Cagan Patrick Nugent Allied Realty David Carpenter Cagan Management Group, Inc. Commercial Insurance Solutions Houston, TX AUM Skokie, IL Group Elmhurst, IL Dallas, TX Joel L. Altman Michael Hartnett Altman Development Corporation Denise Morales Campus Crest Communities Justin Trail Boca Raton, FL Avesta Communities Charlotte, NC Commercial Insurance Solutions Tampa, FL Group Je ery A. Roberts Harris Haston Dallas, TX Altman Development Corporation Morton P. Fisher, Jr. Carter Haston Holdings, LLC Boca Raton, FL Ballard Spahr Nashville, TN Pam Storm Baltimore, MD CoreLogic SafeRent Brad Long DeAnna Thomas Norcross, GA Apartments.com Je Lee CBRE Global Investors, LLC Chicago, IL Beech Street Capital Boston, MA Mark Klionsky Bethesda, MD CoStar Bonnie Habyan Brooks Castellaw Washington, DC Arbor Commercial Mortgage, LLC Bob Lane CF Lane LLC Uniondale, NY Beecher Carlson Atlanta, GA Roy E. Demmon, III Atlanta, GA Demmon Partners Erica Mileo Dan Haefner Redwood City, CA Arbor Commercial Mortgage, LLC Jim McDevitt CF Lane LLC Uniondale, NY Berkeley Point Capital LLC Atlanta, GA Thomas Walsh Bethesda, MD Demmon Partners Brian Earle John Cutrer Redwood City, CA Ares Management James B. Knight CityStreet Residential Partners New York, NY Bury+Partners, Inc. Houston, TX John Caltagirone Dallas, TX The Dinerstein Companies Alexandra Glickman David A. Kessler Houston, TX Arthur J. Gallagher & Co. Nick Moulinet CohnReznick LLP Glendale, CA Bury+Partners, Inc. Atlanta, GA Robert Grosz Dallas, TX Dish Network Englewood, CO

40 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 41 It’s your move. Make it with RED. MULTIFAMILY · AFFORDABLE · SENIORS HOUSING & HEALTH CARE PRINCIPAL LENDING · LOAN SERVICING & ASSET MANAGEMENT

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CAPREIT is pleased to be a Member

of NMHC for the past twenty years.

CAPREIT Inc. Suite 100 11200 Rockville Pike Rockville, MD 20852 Board of Directors Not Pictured

Brian Spencer Jon Wood Casey Brennan Kenneth J. Bacon Dish Network Hines NALS Apartment Homes RailField Realty Partners Englewood, CO Winter Park, FL Santa Barbara, CA Bethesda, MD

Dana David James Davis Michael Lewbel Mike Sabbatis E & S Ring Management InfoTycoon NALS Apartment Homes RealPage, Inc. Corporation Atlanta, GA Santa Barbara, CA Carrollton, TX Los Angeles, CA Denny St. Romain Alan Scott Emily Kaplan Michele M. Evans Jones Lang LaSalle Americas, Inc. The NRP Group realtor.com rentals Fannie Mae Fort Lauderdale, FL San Antonio, TX Westlake Village, CA Washington, DC Laurel Howell Je Patton Shawn Sullivan Tom Etheredge Kettler Oak Grove Capital realtor.com rentals Forestar Group, Inc. Mc Lean, VA Birmingham, AL Westlake Village, CA Austin, TX Gus Remppies Jake Harrington Jorge Baldor Daniel Kaplan Landmark Apartment Trust of On-Site.com ResidentCheck FPA Multifamily America, Inc. Campbell, CA Dallas, TX San Francisco, CA Richmond, VA Monte Jones Alan Feldman Dan Hobin Jen Ambrosius On-Site.com Resource Real Estate, Inc. G5 LeaseHawk Campbell, CA Philadelphia, PA Bend, OR Scottsdale, AZ W. Clark Ewart Yvana Rizzo Edward Coco Jay J. Eisner Paradigm Development Company Resource Real Estate, Inc. GE Real Estate LEM Capital, L.P. Arlington, VA Philadelphia, PA Alpharetta, GA Philadelphia, PA Nicholas Killebrew William Stoll Stephen LoPresti Herbert L. Miller, Jr. Parse Capital Steadfast Income REIT Gerson Bakar & Associates LEM Capital, L.P. Laguna Beach, CA Irvine, CA San Francisco, CA Philadelphia, PA Ronald G. Brock, Jr. Brian J. Tusa Katie Bloom Charles Young Pierce-Eislen, Inc. Trinsic Residential Group Goldman Sachs Madera Equity Scottsdale, AZ Dallas, TX Irving, TX Lubbock, TX Anand Gajjar Greg Campbell James W. Huckaby, Jr. Daniel Heumann Pillar Multifamily, LLC TruAmerica Multifamily Goldman Sachs Meridian Capital Group, LLC New York, NY Sherman Oaks, CA Irving, TX New York, NY Mark P. Kingston Diane Batayeh Justin Ginsberg Jonathan Stern PIX Village Green Companies Guggenheim Commercial Real Meridian Capital Group, LLC Missouri City, TX Farmington Hills, MI Estate Finance, LLC New York, NY New York, NY Theodore Stratis, Jr. Scott J. Lawlor Robert D. Lazaro PIX Waypoint Residential Paula Presenkowski The Michelson Organization Wayne, NJ Greenwich, CT HD Supply Saint Louis, MO San Diego, CA Steven A. Berger Greg M. Galli Bruce V. Michelson, Jr. PRG Real Estate Management, Inc. Woodmont Companies Howard Edelman The Michelson Organization Philadelphia, PA Belmont, CA Heitman LLC Saint Louis, MO Chicago, IL Sam Foster Jonathan Morgan PRG Real Estate Management, Inc. Jennifer Massey Morgan Properties Philadelphia, PA Highland Commercial King of Prussia, PA Mortgage, LLC Michael A. Sullivan Birmingham, AL Elissa M. Courtright Pritzker Realty Group, LLC MRI Software Chicago, IL John O. Moore, Jr. Solon, OH Highland Commercial Darren R. Carrington Mortgage, LLC Caryn McVey Prometheus Birmingham, AL NAI Everest San Mateo, CA Minneapolis, MN

42 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 43 "
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For More Information Contact: AN INSTITUTIONAL MULTIFAMILY SPECIALIST JOHN GOCHBERG | 212.830.9312 | [email protected] WWW.TGMASSOCIATES.COM

TGM is An SEC-Registered Investment Advisor Advisory Committee

365 Connect, LLC Asset Essentials Beztak Companies CapitalSource Kerry W. Kirby Mandy Vallowe Harold Beznos Chris Kelly New Orleans, LA Tampa, FL Farmington Hills, MI New York, NY Abacus Capital Group, LLC Assurant Specialty Property BH Equities, LLC Capri Capital Partners Benjamin Friedman Steven Hein Harry Bookey Dori Nolan New York, NY Kennesaw, GA Des Moines, IA Chicago, IL Acacia Capital Corp. Atkinson Ferguson, LLC BlackRock Realty Capstone Apartment Partners Robert G. Leupold Chris Atkinson Dale Gruen Robert A. McIntosh San Mateo, CA Monroe, GA San Francisco, CA Charlotte, NC Ackman Zi Real Estate Group, LLC Atlantic Pacific Real Estate Group Blackstone Capture the Market Patrick Hanlon Gregory Ward Kevin W. Dinnie Kimberly Scott New York, NY Atlanta, GA New York, NY Dallas, TX Advenir Atlas Residential Management Blackstone Consulting LLC CARES By Apartment Life Taylor Rismiller Mark Copeland Scott D. Livingston Kiley Haught Aventura, FL Addison, TX Portland, ME Euless, TX AEW Capital Management L.P. Auction.com Blue Ridge Companies, LLC The Carlyle Group Julie Kittler Joseph Cuomo Tami Singleton Fossum Brian Nelsen Boston, MA Miami Beach, FL High Point, NC Washington, DC AIG Global Real Estate Axiometrics Inc. Blue Vista Capital Partners Cassidy Turley Mark Ellsworth Hertz Ronald G. Johnsey Robert G. Byron Christopher J. Doerr New York, NY Dallas, TX Chicago, IL Washington, DC Alliance Tax Advisors, LLC Bader Company BlueGate Partners LLC Cassin & Cassin LLP Tony J. Comparin Joshua Nicholson Mark DeLillo Amy Bernstein Irving, TX Indianapolis, IN New York, NY New York, NY Allianz Real Estate Balfour Beatty Construction BMO Capital Markets CBRE Paul Wolters Michael Flanigan Stephan Richford Malcolm McComb, III New York, NY Atlanta, GA Chicago, IL Atlanta, GA Allstate Investments, LLC Bank of America, N.A. Brack Capital CBRE New England Stella Pappas John Barker Kenneth Bodenstein Simon J. Butler Northbrook, IL New York, NY New York, NY Boston, MA ALM - Real Estate Media Barker Apartments Bradley Company CEL & Associates, Inc. Michael G. Desiato David Barker Bryson C. Toothaker Christopher Lee New York, NY Iowa City, IA South Bend, IN Los Angeles, CA Alpha-Barnes BBL Builders LP Brandenburg Properties Centennial Holding Company Michael D. Clark Chad Courty Lee H. Brandenburg William Porter Payne, Jr. Dallas, TX Dallas, TX San Jose, CA Atlanta, GA American Seniors Housing BBVA Compass Brasfield & Gorrie, LLC CenterSquare Investment Association Frederick L. Ruess Bill Steed Management, Inc. David S. Schless Denver, CO Birmingham, AL Mark B. Greco Washington, DC Beachwold Residential LLC BSB Design Plymouth Meeting, PA Aon Risk Services, Inc. Robert P. Rothenberg Kelly Osburn Chatham Financial Kevin J. Madden New York, NY Dallas, TX Joe Nowicki New York, NY Beacon Communities Buckingham Companies Littleton, CO Apartment Association of Greater Investments, LLC Bradley B. Chambers Chicago Title Los Angeles Howard E. Cohen Indianapolis, IN Sue Jacobson Jim Clarke Boston, MA Building and Land Technology Corp. Houston, TX Los Angeles, CA Beekman Advisors, Inc. Paul J. Kuehner Chicago Title Apartment Association, California Shekar Narasimhan Stamford, CT Konrad J. Kaltenbach, II Southern Cities Mc Lean, VA BuildingLink.com LLC Dallas, TX Terri Shea Bellwether Enterprise Real Estate Zachary Kestenbaum CIGNA Realty Investors Long Beach, CA Capital, LLC New York, NY John Clark Apartment Finder C. Lamar Seats Buyers Access Hartford, CT Marcia Bollinger Columbia, MD Peter Roden Citrin Cooperman Norcross, GA Benchmark Real Estate Advisors Denver, CO Mark Mindick Apartment List David Pepe C.F. Evans Construction New York, NY Kera Grace Zacuto Orlando, FL John Barr Coastal Apartment Advisors San Francisco, CA Bentall Kennedy Orangeburg, SC James Sewell Apex Construction Services, LLC Betsy Weingarten CalPERS Hilton Head Island, SC Gene A. Ritz Bethesda, MD Liya Cornelius Cohen Financial Morrison, TN Bergstrom Investment Sacramento, CA Peter C. Norrie ApexOne Investment Partners Management, LLC Camp Construction Services Portland, OR Jim A. Hearn Kelley A. Bergstrom Je Blevins Colliers International Northeast Houston, TX Key Colony Beach, FL Houston, TX Florida Arlington Properties, Inc. Berkeley Point Capital LLC Campus Televideo Douglas Blair James M. Dixon Steven B. Wendel Brian Benz Jacksonville, FL Birmingham, AL Boston, MA Stamford, CT Collins Enterprises, LLC Artemis Real Estate Partners Berkshire Property Advisors, LLC Candlewood Partners LLC Rona Siegel Richard Banjo Eric Draeger Steve Latkovic Stamford, CT Chevy Chase, MD Boston, MA Cleveland, OH Columbia National Real Estate Ashley Management Corporation Berkshire Residential Development Cantrell McCulloch, Inc. Finance, LLC Stephen B. Ashley Steve Wood Robert McCulloch Roger Edwards Rochester, NY Boston, MA Dallas, TX Washington, DC

44 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 45 Comcast Daniel Corporation Fair Collections & Outsourcing, Inc. GE Real Estate, North America Michael Slovin Dana Caudell Carol M. Bloom Lending Philadelphia, PA Birmingham, AL Beltsville, MD Jill McEntegart Commercial Wireless Systems DepositIQ Faulkner Design Group, Inc. Alpharetta, GA International, LLC Tom Schickel Adrienne Faulkner Gebroe-Hammer Associates Elizabeth Conha Denver, CO Dallas, TX Nancy Reilly Fort Lauderdale, FL The Dermot Company, Inc. Fidelity Investments Livingston, NJ Communityvibe, inc. Stephen Benjamin Neil Nabar Gene B. Glick Company, Inc. Kariithi Kilemi New York, NY Boston, MA David O. Barrett Pittsburgh, PA Deutsche Asset and Wealth Finfrock Indianapolis, IN CONNOR Management Alan Burcope Ginkgo Residential Patrick T. Connor Timothy Ellsworth Apopka, FL D. Scott Wilkerson Baltimore, MD Chicago, IL First Advantage Charlotte, NC The Connor Group Dominion Due Diligence Group Dax Kiefer GMH Capital Partners Lawrence S. Connor Jennifer H. Berger Alpharetta, GA David R. Forrest Centerville, OH Glen Allen, VA First American Title Insurance Newtown Square, PA Continental Properties Company Doster Construction Company, Inc. Company Goldstar Group James H. Schloemer Grant McCaleb Phillip Salomon Michael S. Brodsky Menomonee Falls, WI Birmingham, AL New York, NY Bethesda, MD Continental Realty Corporation Dougherty Mortgage LLC Flournoy Development Co., LLC Goodwin Procter LLP Joseph M. Schapiro, III Tim Larkin Thomas H. Flournoy Craig Todaro Baltimore, MD Minneapolis, MN Columbus, GA Boston, MA Core Construction Dover/Paragon Foley & Lardner LLP Goulston & Storrs Brian Jones Terry B. Schwartz Michael W. Hatch Steven Schwartz Sarasota, FL Bingham Farms, MI Milwaukee, WI Boston, MA Core Real Estate Capital LLC Drake Realty Group, LLC For Rent Media Solutions Grace Hill, Inc. Benjamin Horn Kyle N. Drake Amanda McCrowell Joe P. Bailey Columbus, OH Houston, TX Norfolk, VA Augusta, GA CORT Dwell Design Studio, LLC Fore Property Company Grand Peaks Properties Mark Koepsell Jason R. Shepard Richard L. Fore Luke Simpson Chantilly, VA Alpharetta, GA Washington, DC Denver, CO Cortland Partners, LLC E2M Partners, LLC Forest Properties Management, Inc. Grandbridge Real Estate Capital LLC Steven DeFrancis Robert R. Stone Je rey Libert Thomas S. Dennard Atlanta, GA Dallas, TX Cambridge, MA Charlotte, NC Cox Communications Eastdil Secured Fortune-Johnson, Inc. Granite Telecommunications Shannon Boyle Roland S. Merchant , Jr. Brett Fortune Larry Sylvain Atlanta, GA New York, NY Norcross, GA West Palm Beach, FL Cox, Castle & Nicholson LLP Eastham Capital FPL Advisory Group Green Bear Capital Amy H. Wells Eric Silverman Michael A. Herzberg Jonathan S. Greenspahn Los Angeles, CA Needham, MA Chicago, IL Chicago, IL Crescent Communities Eaton Vance Management Franklin Capital Group Green Street Advisors, Inc. James Curran Andrew Frenette Joseph E. Resende Andrew J. McCulloch Charlotte, NC Boston, MA Alexandria, VA Newport Beach, CA Criterion Brock Edgewood & Vantage Management Freeman Webb Inc. The Greysteel Company Kerri Silver Bradley Marson William H. Freeman John Mullen Milwaukie, OR Germantown, MD Nashville, TN Bethesda, MD Criterion Development Elad National Properties Friedman Integrated Real Estate Greystone Bridge Holdings, Inc. Partners, LLC Arik Bronfman Solutions Karen Marotta C. Christopher Harris Fort Lauderdale, FL Barry Swatsenbarg New York, NY Dallas, TX Ellis, Partners in Management Farmington, MI Greystone Funding Corporation Crown Advisors Solutions FSI Construction Claudia Schiepers John C. DiMare Joanna Ellis Tony Whitaker New York, NY North Barrington, IL Irving, TX Houston, TX Gri is/Blessing, Inc. Crown Advisors, Inc. Encore Housing Opportunity Fund Gallagher Evelius & Jones, LLP Gary Winegar John Cigna Joe DiCristina Stephen A. Goldberg Colorado Springs, CO Pittsburgh, PA Boca Raton, FL Baltimore, MD Gross Builders Cushman & Wakefield/Thalhimer Entrepreneurial Properties Gas South Gary L. Gross Allan Lynch Corporation Caroline Landis Cleveland, OH Raleigh, NC Matthew V. Wherry Atlanta, GA Guardian Management LLC Cushman & Wakefield Newport Beach, CA Gates, Hudson & Associates, Inc. Thomas B. Brenneke Andrew J. Merin Essex Property Trust, Inc. Patricia J.M. Blackburn Portland, OR East Rutherford, NJ Michael J. Schall Fairfax, VA The Habitat Company Cushman & Wakefield Palo Alto, CA GDC Properties, LLC Daniel E. Levin Marc D. Renard Evercore Partners William Ingraham Chicago, IL Los Angeles, CA Greg Brooks Hawthorne, NY Haley Real Estate Group CWS Apartment Homes New York, NY GE Asset Management Daniel P. Clatano Steven J. Sherwood Evergreen Devco, Inc. Pamela Beam Omaha, NE Austin, TX Je Wikstrom Stamford, CT HandyTrac Systems Cypress Real Estate Advisors Littleton, CO GE Real Estate John Lie-Nielsen John Burnham Experian RentBureau Dan Earle Alpharetta, GA Austin, TX Brannan Johnston Norwalk, CT Costa Mesa, CA

44 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 45 Advisory Committee

Hanley-Wood, LLC I.Q. Data International, Inc. KBKG The Lionstone Group Robert M. Britt d/b/a RentCollect Global Debt Gian Pazzia Thomas Bacon Mill Valley, CA Management Pasadena, CA Houston, TX Harborview Capital Partners Rose K. McMillen KC Venture Group, LLC LIV Companies Jonathan Kutner Yorba Linda, CA Peter Engelman Robert B. Crumpton, III Lawrence, NY ibr Search Leawood, KS Birmingham, AL Harbour Realty Partners, LLC Wesley Easly KeyBank Real Estate Capital LivCor, LLC Patrick L. Beach Pittsburgh, PA Deborah Newman Ralph Pickett Santa Barbara, CA Index Investment LLC Dallas, TX Chicago, IL Hartford Investment Management Bjarne E. Borg Keystone Commercial Capital Locke Lord LLP John M. Maher Jupiter, FL Charles Williams Michael P. Petersilia Hartford, CT Infor AMSI Scottsdale, AZ Dallas, TX Hathaway Development George Landgrebe The Kirkland Company Love Funding Corporation Partners, LLC Tampa, FL William Kirkland Esther Cohen W. Michael Muggridge Ingersoll Rand Residential Solutions Brentwood, TN Saint Louis, MO Atlanta, GA Megan McCluskey The Kislak Company, Inc. Lowe Enterprises HB Northwest Carmel, IN Nancy Jacques Alon Kraft Edward Hewson Institutional Property Advisors, a Woodbridge, NJ Los Angeles, CA Seattle, WA Marcus & Millichap Company Korcett Holdings, Inc. M&T Realty Capital Corporation Hediger Enterprises Inc. Steve Witten Forrest Faircloth Mark D. Gould Gary R. Hediger New Haven, CT Austin, TX Baltimore, MD Atlanta, GA Interwest Capital Corporation Korn/Ferry International M&T Realty Capital Corporation Hendersen-Webb, Inc. Alex Roudi Anthony J. LoPinto Thomas D. Knapp Pamela F. Newland La Jolla, CA New York, NY Baltimore, MD Cockeysville, MD INVESCO Real Estate Krooth & Altman LLP M3 Capital Partners Henderson Global Investors Paul S. Michaels Sameer Upadhya Sean Zasche James G. Martha Dallas, TX Washington, DC Chicago, IL Hartford, CT Investment Property Associates, L&B Realty Advisors, LLP Mac-Gray Services, Inc. Hendricks-Berkadia LLC William L. Fulton Kevin Fahey John Rhoades Jennifer Koster Dallas, TX Stamford, CT Grand Haven, MI Phoenix, AZ L’Arte Della Cucina Maintenance Supply Headquarters HFF ista Kimber McCa erty Cary R. Wright William Miller Amanda Holden Miami, FL Sta ord, TX San Diego, CA Dallas, TX LeaseLabs Manly & Stewart HFF Ivanhoé Cambridge Residential Dana Ze John C. Manly G. Craig LaFollette Sylvain Fortier San Diego, CA Irvine, CA Montreal, QC Houston, TX LeaseStar, a Division of RealPage, Marcus & Millichap Capital HHHunt J. Turner Research Inc. Corporation Janet L. Riddlebarger Joseph Batdorf Alex Chang William Hughes Blacksburg, VA Houston, TX Carrollton, TX Irvine, CA Hills Property Management J.I. Kislak, Inc. LeaseTerm Solutions Mark-Taylor Residential, Inc. Russell Lykes Thomas Bartelmo Richard Schreiber Dale Phillips Cincinnati, OH Miami Lakes, FL Chevy Chase, MD Scottsdale, AZ Hillwood Multifamily, L.P. Jackson Walker, L.L.P. LeasingDesk, a Division of Marsh, Inc. Mark McHenry Vytas A. Petrulis RealPage, Inc. Je Alpaugh Fort Worth, TX Houston, TX Debra Stockton Boston, MA HIP/KET Jevan Capital Carrollton, TX Marvin F. Poer and Company Thomas B. Wilkinson, IV Jason Buxbaum LeCesse Development Corporation William L. DuBois Houston, TX Phoenix, AZ Salvador F. Leccese Dallas, TX Holland & Knight, LLP JMG Realty, Inc. Altamonte Springs, FL Masco Cabinetry Christopher B. Hanback T. Karlton Jackson Legend Management Group, LLC Diana Adams Washington, DC Atlanta, GA Ruth G. Eisenhauer Tampa, FL Holland Development John Hancock Financial Services Mc Lean, VA Mason Joseph Company, Inc. Tom Parsons Robert Maulden Lennar Multifamily Investors David Joseph Seattle, WA Boston, MA Todd M. Farrell San Antonio, TX Honigman Miller Schwartz and Johnson Development Charlotte, NC The Matteson Companies Cohn LLP Associates, Inc. Lerner Corporation Duncan L. Matteson, Sr. Jonathan R. Borenstein David Benjamin Graves Alan H. Gottlieb San Mateo, CA Spartanburg, SC Bloomfield Hills, MI Rockville, MD Maxus Properties, Inc. The Howard Hughes Corporation Jones Lang LaSalle Americas, Inc. Lessard Design Inc. Michael P. McRobert Coy G. McKinney David Young Christian Lessard North Kansas City, MO Seattle, WA Dallas, TX Vienna, VA Mayer Brown LLP HSBC Bank USA N.A. Jones Lang LaSalle Operations, LLC LG Electronics Keith J. Willner Glenn Grimaldi John W. Bray Kevin Kim Washington, DC Atlanta, GA New York, NY Englewood Cli s, NJ McCann Realty Partners, LLC Hunt Companies JP Morgan Lincoln Financial Group D. Fleet Wallace Ryan W. Luxon Patrick J. Nash Nicholas R. Heinzelmann Richmond, VA Chicago, IL El Paso, TX Greensboro, NC MDX (Multifamily Data Exchange) Hunter Warfield, Inc. JRK Investors Lindquist & Vennum LLP Dom Beveridge Todd Wahl Robert Lee Laura Krenz Alpharetta, GA Tampa, FL Los Angeles, CA Minneapolis, MN

46 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 47 Mercy Housing Multifamily Realty Advisors, LLC One Eleven Partners, LLC Prudential Multifamily Chris Burckhardt Richard R. Cotton Chris Yeagle Mortgage, Inc. Denver, CO Raleigh, NC Mount Pleasant, SC Nicki DeCurtis Merion Realty Partners Muskin Commercial, LLC OpsTechnology, a Division of Arlington, VA Richard T. Aljian Ellen Muskin RealPage Prudential Real Estate Investors Wynnewood, PA Austin, TX William Chaney Barry L. Howell Mesa Capital Partners, LLC NAI Petrous Carrollton, TX Atlanta, GA Zach Schaumburg Raymond W. Lord The P.B. Bell Companies Prudential Real Estate Investors Atlanta, GA Tulsa, OK R. Chapin Bell Justin Gleason MetLife National Real Estate Advisors Scottsdale, AZ Madison, NJ Charles C. Davis, Jr. James D. Freko Pacific Life Insurance Company Prudential Real Estate Investors Tampa, FL Washington, DC Anthony Premer Robert Jeans Metropolitan Properties of Nationwide Energy Partners LLC Newport Beach, CA Madison, NJ America, Inc. Je Morrison Palladian Capital Advisors Q10 Kinghorn, Driver, Hough & Co. Je rey J. Cohen Chicago, IL R. Gregory Geletka Ray Driver, III Boston, MA Natixis Fort Pierce, FL Houston, TX Milan Insurance Partners Joseph Vassallo Palladium (USA) International, Inc. QBE Lee J. Maness New York, NY Thomas E. Huth John J. Drennen, II Brentwood, TN NCC Business Services of Dallas, TX Greensboro, NC Miles & Stockbridge PC America, Inc. Paragon Multifamily Raia Properties Corporation Justin C. Eller Irv Pollan Udi I. Umondak Samuel A. Raia Baltimore, MD Jacksonville, FL Dallas, TX Ramsey, NJ Minnesota Multi Housing Neal, Gerber & Eisenberg LLP Partner Engineering & Science, Inc. RAM Partners, LLC Association Douglas J. Lubelchek Summer Gell William F. Leseman Mary Rippe Chicago, IL Plano, TX Atlanta, GA Bloomington, MN Neighborhood Pay Services, LLC PayLease Real Capital Analytics Minol Richard D. Calmas Brendan Kane Robert M. White, Jr. Tammy Cragg Newton, MA San Diego, CA New York, NY Addison, TX Newmark Grubb Knight Frank PayLease Real Capital Markets MLV & Co. Ernest L. Brown Nate Taylor Stephen J. Alter Bryan Turley San Antonio, TX San Diego, CA Carlsbad, CA New York, NY Niles Bolton Associates, Inc. Pearlmark Real Estate Partners Real Estate Board of New York, Inc. MM Properties G. Niles Bolton Edward J. Ryder Steven Spinola Kenneth S. Moczulski Atlanta, GA Chicago, IL New York, NY Houston, TX NNC Apartment Ventures Penton Media Inc. Real Estate Equities, Inc. MMA Financial, LLC John H. Nunn Rich Santos Terrence E. Troy Earl W. Cole Long Beach, CA New York, NY Saint Paul, MN Baltimore, MD NorSouth Constructs Pepper Hamilton LLP Realty Center Management, Inc. Moen Incorporated Colin Edelstein Henry Liu Curt Knabe Deena Cave Atlanta, GA Washington, DC Culver City, CA North Olmsted, OH Northland Investment Corporation Perella Weinberg Partners RealtyCom Partners, LLC Momentum Fitness Solutions Steven Rosenthal Kevin Stahl Annie Manfredi Grant Moyer Newton, MA New York, NY San Rafael, CA League City, TX NorthMarq Capital - San Francisco Phoenix Realty Group Reis, Inc. Moody’s Corporation Je ery Weidell Alan Hirmes Victor Calanog Christopher A. Wimmer San Francisco, CA New York, NY New York, NY New York, NY NorthMarq Capital, Inc. PPG Architectural Coatings Relaborate Morgan Stanley Greg A. Duvall Cli ord Carlson Andy Boyer Haendel Emmanuel St. Juste Overland Park, KS Louisville, KY Seattle, WA New York, NY NorthMarq Capital, Inc. PPM Finance, Inc. Rent Stabilization Association Morgan Stanley Investment Robert W. Ranieri David L. Henderson Joseph Strasburg Management White Plains, NY Chicago, IL New York, NY James A. Cowan Notivus The Praedium Group Rent.com New York, NY Suzanne Lovelace Mark Lippmann Robert Johnson Morris Manning & Martin LLP Alpharetta, GA New York, NY Santa Monica, CA Bonnie Y. Hochman Rothell, Esq. Novogradac & Company LLP The Preston Partnership, LLC Renters Legal Liability LLC Washington, DC Michael J. Novogradac Robert N. Preston Paul J. Kaliades Moss Adams Capital, LLC San Francisco, CA Atlanta, GA Salt Lake City, UT Stephen J. Du y NTS Development Company Price Realty Corporation RentPayment Irvine, CA Gregory G. McDearmon Michael J. Ochstein Bill R. Evick MPF YieldStar, a Division of Louisville, KY Addison, TX Walnut Creek, CA RealPage NWP Services Corporation Prudential A ordable Mortgage Republic Title Janine Steiner Jovanovic Amanda Christensen Company John Wilson Carrollton, TX Lincoln, NE Paige Warren Dallas, TX MRP Realty Ocius LLC Arlington, VA ResiModel, LLC John M. Begert James Rabinowitz Prudential Huntoon Paige Michael D. Arabe Washington, DC Chicago, IL Patrick Kempton Potomac, MD Multi-Housing News Oldcastle, Inc. Chicago, IL Resite Online Marisa Boles Carolina Borges Cavalcante Ann Padgett Santa Barbara, CA Atlanta, GA Norfolk, VA

46 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 47 Advisory Committee

Resource Investments Limited, LLC Situs Towers Watson Data Services, Inc. WDG Architecture Steven Zalkind Steven L. Bean Marc M. McBrearty Frederick Hammann Pennsauken, NJ New York, NY White Plains, NY Washington, DC Restoration Systems, Inc. The Solomon Organization Towne Properties Westdale Asset Management Blaise Hilton Marc S. Solomon Neil K. Bortz Evan J. Gri iths Chicago, IL Summit, NJ Cincinnati, OH Dallas, TX RETC LP South City Partners, LLC Trade Street Residential Western National Properties David Martinez Mark W. Randall Ryan Hanks Rex F. DeLong Plano, TX Atlanta, GA Aventura, FL Irvine, CA Rittenhouse Realty Advisors SouthWood Corporation Transwestern Westrope Corey Lonberger Ernest H. Dwight Jon Kleinberg David Brinkerho Philadelphia, PA Charlotte, NC Atlanta, GA Kansas City, MO Robert W. Baird Specialty Consultants Inc. Transwestern Mid-Atlantic WhiteFence Paula J. Poskon Thomas G. Williams Multifamily Group Francisco J. Arbide Reston, VA Pittsburgh, PA Dean Sigmon Houston, TX Rockhall Funding Corp. Spectrum Properties Bethesda, MD Whitney Bank Eli Freiden Residential, Inc. Transwestern Dale St. John Jericho, NY Stephen McClure Steven E. Pumper New Orleans, LA Rockport Mortgage Corporation Charlotte, NC Dallas, TX Williams Asset Management, LLC Joseph J. Mueller Starwood Capital Group Troutman Sanders LLP John A. Isakson Gloucester, MA James Edward Kane Mark S. Shiembob Atlanta, GA Rockwood Capital LLC Atlanta, GA Richmond, VA Willis Joel A. Moody Stellar Advisors, LLC TSB Capital Advisors, LLC Ronald D. Tucker Los Angeles, CA David Schwartzberg Timothy Bradley Columbia, MD Rosen Consulting Group Rockville, MD Scottsdale, AZ Wilmar Nancy Toledo The Sterling Group, Inc. University Furnishings Chris Thompson Berkeley, CA Lance A. Swank Paul Dougan Jacksonville, FL Sage Law Practice Group Mishawaka, IN Dallas, TX Witten Advisors LLC Patrick R. Pettitt Sterling Risk Advisors USAA Real Estate Company G. Ronald Witten Hampton, VA Susannah F. Kinsey Hailey Ghalib Dallas, TX AD SatisFacts Research, a Division of Atlanta, GA San Antonio, TX The Wol Company Internet Brands, Inc. Stewart Title Guaranty Van Metre Companies Tim Wol Douglas J. Miller, Sr. Regina L. Fiegel Carissa Barry Scottsdale, AZ Lutherville, MD Charlotte, NC Fairfax, VA The Wol Company Savills LLC Stewart Title Guaranty Company Velocify Scott M. Bashaw Je rey Baker Tom Konkel Martin Lind Scottsdale, AZ New York, NY Denver, CO El Segundo, CA Womble Carlyle Sandridge & The Screening Pros, LLC The Strategic Solution Velocity, a Division of RealPage, Inc. Rice, PLLC Gary Glucroft Kendall Pretzer John Lis Pamela V. Rothenberg Chatsworth, CA Flower Mound, TX Carrollton, TX Washington, DC Screening Reports, Inc. Stratford Capital Group, LLC Verdek LLC Woodfield Development Timothy Fortner John M. Nelson, IV Rudy Garcia Gregory Bonifield Wood Dale, IL Peabody, MA Phoenix, AZ Mount Pleasant, SC Security Capital Research & Su olk Construction Company, Inc. Veritas Investments Inc. The Worthing Companies Management Rick Kolb Yat-Pang Au John A. Echols David A. Kleinerman Miami, FL San Francisco, CA Atlanta, GA Chicago, IL Sullivan Curtis Monroe Verizon WPC (Winter Park Construction) Seminole Financial Services, LLC Michael Isaacs Patricia French Je rey D. Forrest Robert J. Banks Irvine, CA St Petersburg, FL Maitland, FL Largo, FL Summit Contracting Group Wafra Investment Advisory Group, WRH Realty Services, Inc. The Sherwin-Williams Co. Marc Padgett Inc. J. Mark Rutledge William G. Rafie Jacksonville, FL Edward J. Ryan St Petersburg, FL Cleveland, OH SunAmerica A ordable Housing New York, NY Zillow The Shockey Precast Group Partners, Inc. Walchle Lear Multifamily Advisors Russ Pengelly Chris Grogan Douglas S. Tymins Bart Walchle Seattle, WA Winchester, VA Los Angeles, CA Jacksonville Beach, FL ZRS Management, LLC Shreve Land Constructors TDI Walker & Dunlop Steven K. Buck Cindy Stanley Benjamin H. Montgomery Frank M. Baldasare Orlando, FL Shreveport, LA Irving, TX Atlanta, GA Shutts & Bowen LLP TDI Walker & Dunlop Daniel T. O’Keefe Robert D. Page Trevor Fase Orlando, FL Irving, TX Westlake Village, CA Silver Capital Terra Search Partners Walker & Dunlop Mark Ambach Matthew Slepin Bryan L. Frazier Boca Raton, FL San Francisco, CA Irvine, CA Silvestri Craig Realtors TGM Associates L.P. WastePoint Ken D. Silvestri Michael Frazzetta David Kantor Lexington, KY New York, NY Columbus, OH Simpson Property Group LP Timberland Partners Waterton Associates Jody Kay Hersey Robert L. Fransen Carolyn Lagor Denver, CO Minneapolis, MN Chicago, IL

48 A SPECIAL ADVERTISING SECTION TO MULTIFAMILY EXECUTIVE APRIL 2014 | NMHC 50 3

McKinley specializes in solving complex real estate problems for its own portfolio, as well as a select clientele of institutional investors, private equity clients and special sservicerservicers ssinceince 11968.9

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