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

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                                                        The Nation’s 50
                                                        Largest Apartment
                                                        Owners and 50
                                                        Largest Apartment
         A boutique brokerage platform dedicated
          to serving the needs of institutional and
            major private multifamily investors.

                                 A Sampling of Marquee Closed Transactions

            NoHo 14                       Parkside Apartment Homes           The Varsity (Student Housing)
     North Hollywood, CA                        Sunnyvale, CA                     College Park, MD
       Price: $73,905,000                      Price: Confidential                  Price: Confidential
           Units: 180                              Units: 192                          Units: 258

Manzanita Gate Apartment Homes               The Mark Pasadena                 Town Place Apartments
            Reno, NV                           Pasadena, CA                       Middletown, CT
        Price: Confidential                    Price: $21,000,000                  Price: $18,600,000
            Units: 324                             Units: 84                          Units: 166

    Retreat at Chelsea Park                   Mar Lago Village                 Toledo Club Apartments
            Selma, TX                          Plantation, FL                       North Port, FL
        Price: Confidential                    Price: $26,500,000                   Price: Confidential
            Units: 324                            Units: 216                           Units: 346

                              ExPErIENCE       ExPErtISE              ExECutIoN

Delivered through a leading
team of Institutional
Apartment Advisors

STANFoRD W. JoNeS                          WiLL bALTHRoPe
Northern California                        texas
(650) 391-1774                             (972) 755-5160                

Northern California
(650) 391-1796                             STeVe b. WiTTeN                     Northeast/Mid-Atlantic
                                           (203) 672-3320

Northern California
(650) 391-1797                     ViCToR W. NoLLeTTi
                                           (203) 672-3321
Southern California
(310) 706-4407
                                           JAMie b. MAy
                                           Central, North and West Florida
                                           (813) 387-4860
RoNALD Z. HARRiS                 
Southern California
(213) 943-1900

                                           eVAN P. KRiSToL
                                           South Florida
STeWART i. WeSToN                          (954) 245-3459
Southern California              
(562) 257-1270

PeTeR K. KATZ                              STiLL HuNTeR, iii
Phoenix                                    South Florida
(602) 687-6775                             (954) 245-3502                 

                                  NATIONAL REAL ESTATE INVESTOR is pleased to present the 22nd annual
                                  NMHC 50, the National Multi Housing Council’s authoritative ranking of the nation’s
                                  50 largest apartment owners and 50 largest apartment managers. For more than two
                                  decades, the NMHC 50 has been a key resource for industry observers. The top owner
                                  and manager lists, and the analysis that accompanies them, have provided the only
                                  historical benchmark against which to measure industry trends and concentration.

                                  Based in Washington, D.C., the National Multi Housing Council provides leadership
                                  for the apartment industry. NMHC’s members are the principal officers of the larger
                                  and more prominent apartment firms and include owners, developers, managers,
                                  financiers and service providers.

                                  The Council focuses on the four key areas of federal advocacy, strategic business
                                  information, industry research and public affairs. Through its federal advocacy pro-
                                  gram, the Council targets such issues as capital markets, housing policy, energy and
                                  environmental affairs, tax policy, fair housing, building codes, technology, human
                                  resources, rent control and more.

                                  For those interested in joining the apartment industry’s leadership, NMHC welcomes
                                  inquiries to its Washington office at (202) 974-2300, or you can visit NMHC’s web site

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

                                     2012 Apartment Ownership ............................................................. 4

                                     2012 Apartment Management .......................................................... 6

                                     Top Apartment Firms Strategically Pursue Surging Rental Market ...... 8

                                     The Anatomy of a Brand Strategy .................................................. 16
327 rental units at luxury           Show Me the Money Managers....................................................... 19
apartment community
Gables Tanglewood,                   On a Path of Growth ...................................................................... 22
40 San Felipe Street,
Houston, Texas, will be
                                     NMHC Officers .............................................................................. 28
ready for occupancy in
                                     NMHC Board of Directors Executive Committee.............................. 28
                                     NMHC Board of Directors .............................................................. 32

                                     NMHC Advisory Board ................................................................... 42

2 NMHC 50                                                                                                            APRIL 2012

2012 Apartment Ownership
(50 Largest U.S. Apartment Owners as of January 1, 2012)

                                                     UNITS       UNITS
2012   2011                                          OWNED       OWNED       CORPORATE
RANK   RANK    COMPANY                               2012        2011        OFFICER                    HQ CITY         STATE

1       1      Boston Capital                        157,423     158,947     Jack Manning                Boston          MA

2       2      Centerline Capital Group              150,000     152,600     Rob Levy                   New York         NY

               Boston Financial Investment
3       3      Management, LP                        140,077     145,454     Ken Cutillo                 Boston          MA

               SunAmerica Affordable Housing
4       4      Partners Inc.                         134,882     141,113     Douglas S. Tymins        Los Angeles        CA

5       6      PNC Real Estate                       126,260     123,462     Todd Crow                  Portland         OR

6       5      Equity Residential                    119,743     129,604     David J. Neithercut        Chicago           IL

7      14      Hunt Companies, Inc.                  114,712      62,109     Woody Hunt                  El Paso         TX

8       8      National Equity Fund, Inc.            106,772     107,138     Joseph Hagan               Chicago           IL

               The Richman Group Affordable
9      10      Housing Corporation                    98,770      94,925     Richard Paul Richman      Greenwich         CT

               Enterprise Community
10      9      Investment, Inc.                       97,822      96,195     Charles R. Werhane         Columbia         MD

11      7      Aimco                                  93,630     110,943     Terry Considine             Denver          CO

12     11      Archstone                              73,955      81,613     R. Scot Sellers           Englewood         CO

13     12      Alliant Capital, Ltd.                  71,220      65,245     Brian Goldberg          Woodland Hills      CA

14     13      Camden Property Trust                  66,997      63,316     Richard J. Campo           Houston          TX

15     15      UDR, Inc.                              57,743      58,796     Thomas W. Toomey        Highlands Ranch     CO

16     18      AvalonBay Communities, Inc.            57,426      54,579     Tim Naughton               Arlington         VA

17     16      Edward Rose & Sons                     56,385      56,025     Warren Rose             Farmington Hills     MI

18     17      Pinnacle Family of Companies           52,655      55,932     Stan Harrelson               Dallas         TX

19     20      WNC & Associates, Inc.                 51,224      52,134     Wilfred N Cooper, Jr.        Irvine         CA

20     21      Invesco Real Estate                    51,125      50,567     Michael Kirby                Dallas         TX

21     24      MAA                                    49,407      46,306     H. Eric Bolton, Jr.        Memphis          TN

22     33      The Related Companies                  48,967      35,637     Jeff Blau                  New York         NY

23     22      Forest City Residential Group, Inc.   48,482       47,384     Ronald A. Ratner           Cleveland        OH

24     19      J.P. Morgan Asset Management           47,587      52,000     Jean Anderson              New York         NY

25     25      JRK Property Holdings, Inc.            47,398      43,912     Jim Lippman              Los Angeles        CA

4    NMHC 50                                                                                                        APRIL 2012
                                              A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INvESTOR

                                                                    UNITS      UNITS
2012        2011                                                    OWNED      OWNED       CORPORATE
RANK        RANK          COMPANY                                   2012       2011        OFFICER                  HQ CITY        STATE

 26          23              Lincoln Property Company                47,245     46,507     Tim Byrne                  Dallas       TX

                             Raymond James Tax Credit
 27          29              Funds, Inc.                            46,572      43,035     Ronald Diner           St. Petersburg    FL

 28 Newcomer                 TIAA-CREF                              46,489         NA*     Thomas Garbutt           New York       NY

 29          27              Michaels Development Company           45,425      44,843     Robert J. Greer           Marlton       NJ

                                                                                           Steven D. Bell and
 30          28              Bell Partners Inc.                     44,931      43,265     Jonathan D. Bell        Greensboro      NC

                             Irvine Company Apartment
 31          26              Communities                            44,545       43,791    Kevin Baldridge            Irvine       CA

 32          31              DRA Advisors LLC                       42,515       41,111    David Luski              New York       NY

 33          32              Home Properties, Inc.                   41,951     38,861     Edward J. Pettinella     Rochester      NY

                             Holiday Retirement Corp./
 34 Newcomer                 Colson & Colson                         37,076     36,859     Jack Callison             Salem         OR

 35          36              Lindsey Management Co., Inc.           35,628      34,088     James E. Lindsey        Fayetteville    AR

 36          37              Colonial Properties Trust              33,975      33,569     Thomas H. Lowder        Birmingham      AL

 37          45              Berkshire Property Advisors            33,847       27,906    Frank Apeseche            Boston        MA

 38          34              Sentinel Real Estate Corporation       33,500      35,000     John H. Streicker        New York       NY

 39          40              BH Equities LLC                        33,205       30,172    Harry Bookey            Des Moines       IA

 40          41              UBS Realty Investors LLC               32,983       27,452    Matthew Lynch            Hartford       CT

 41          42              Essex Property Trust, Inc.             32,753       29,146    Michael Schall           Palo Alto      CA

 42          39              Concord Management Limited             32,467       32,313    Edward O. Wood, Jr.      Maitland        FL

                             Westdale Real Estate Investment
 43          38              & Management                           32,296      32,592     Joseph G. Beard            Dallas       TX

 44 Newcomer                 Weidner Apartment Homes                31,551      20,508     Jack O’Connor             Kirkland      WA

 45 Newcomer                 Heitman LLC                            26,490       21,941    Maury Tognarelli          Chicago        IL

 46          48              Highridge Costa Investors, LLC         26,416      26,335     Michael A. Costa         Gardena        CA

 47          35              Empire American Holdings, LLC          25,859      34,939     Eli Feller               Montvale       NJ

 48          49              BRE Properties, Inc.                   25,192       25,174    Constance B. Moore     San Francisco    CA

 49          46              AEW Capital Management, LP             24,891       27,556    Jeffrey Furber            Boston        MA

 50          43              The Bascom Group, LLC                  24,877      28,851     Jerome Fink                Irvine       CA

 *TIAA-CREF did not provide 2011 unit data.

APRIL 2012                                                                                                                 NMHC 50       5
                                                        A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

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

                                                                                             UNITS                UNITS
2012             2011                                                                        MaNaged              MaNaged              CORPORaTe
RaNK             RaNK           COMPaNY                                                      2012                 2011                 OFFICeR                                 HQ CITY               STaTe

    1            1              Greystar Real Estate Partners LLC                           192,711              187,360             Robert A. Faith                         Charleston                SC

    2            2              Riverstone Residential Group                                170,341              162,182             Walt Smith                                  Dallas                TX

    3            4              Lincoln Property Company                                    144,033             133,425              Tim Byrne                                   Dallas                TX

    4            3              Pinnacle Family of Companies                               138,638               151,367             Stan Harrelson                              Dallas                TX

    5            5              Equity Residential                                          119,743             129,604              David J. Neithercut                       Chicago                  IL

    6            7              WinnCompanies                                                 91,920              84,817             Samuel Ross                                Boston                MA

    7            6              Aimco                                                        88,530              116,491             Terry Considine                            Denver                CO

    8            8              Archstone                                                     77,997               81,613            R. Scot Sellers                         Englewood                CO

    9            9              Camden Property Trust                                         67,217              63,536             Richard J. Campo                          Houston                 TX

                                                                                                                                     Steven D. Bell and
    10          10              Bell Partners Inc.                                           65,205               60,182             Jonathan D. Bell                       Greensboro                NC

    11          11              FPI Management Inc.                                          63,002               58,604             Dennis Treadaway                           Folsom                 CA

                                Apartment Management
    12 Newcomer                 Consultants, LLC                                             59,856               52,059             Greg Wiseman                              Midvale                 UT

    13          12              UDR, Inc.                                                     57,743              58,340             Thomas W. Toomey                    Highlands Ranch              CO

    14          14              AvalonBay Communities, Inc.                                   57,426              54,579             Tim Naughton                             Arlington                VA

    15          15              Alliance Residential Company                                 56,952               48,520             Bruce Ward                                Phoenix                 AZ

    16          13              Edward Rose & Sons                                           56,385               56,025             Warren Rose                         Farmington Hills               MI

    17 Newcomer*                Hunt Companies, Inc.                                          51,281              34,792             Woody Hunt                                El Paso                 TX

    18          18              MAA                                                           49,407              46,306             H. Eric Bolton, Jr.                      Memphis                  TN

    19          17              Fairfield Residential Company LLC                            49,053               46,851             Chris Hashioka                          San Diego                 CA

    20          16              The ConAm Group of Companies                                 46,700               47,400             Brad Forrester                          San Diego                 CA

    21          23              BH Management Services, Inc.                                 45,907                41,641            Nicholas H. Roby                       Des Moines                  IA

    22          22              JRK Property Holdings, Inc.                                  45,422               41,934             Jim Lippman                            Los Angeles                CA

    23          36              The Related Companies                                        44,289               34,439             Jeff Blau                                New York                 NY

                                Westdale Real Estate Investment
    24          20              & Management                                                 43,883               44,765             Joseph G. Beard                             Dallas                TX
    *Due to changes in reporting, Hunt Companies, Inc. appears for the first time on the top managers list; however, Hunt subsidiary LEDIC Management Group, Inc. ranked No. 48 on the 2011 managers list.

6        NMHC 50                                                                                                                                                                           APRIL 2012

                                                      UNITS     UNITS
 2012   2011                                          MaNaged   MaNaged     CORPORaTe
 RaNK   RaNK    COMPaNY                               2012      2011        OFFICeR                  HQ CITY        STaTe

  25    27      Home Properties, Inc.                 41,951    38,861     Edward J. Pettinella     Rochester       NY

  26    26      Michaels Development Company          41,597    39,575     Robert J. Greer           Marlton         NJ

  27    24      The Laramar Group, LLC                41,235    40,521     Thomas Klaess              Denver        CO

  28    25      Village Green                         39,500    40,000     Jonathan Holtzman      Detroit/Chicago    MI

  29    31      Multifamily Management Services       39,100    35,800     Jeffrey Goldstein          Suffern       NY

                Irvine Company Apartment
  30    28      Communities                           38,914    38,220     Kevin Baldridge             Irvine       CA

  31    29      Gables Residential                    36,896    38,105     David D. Fitch             Atlanta       GA

  32    37      Forest City Residential Group, Inc.   36,053    34,096     Ronald A. Ratner          Cleveland      OH

  33    35      Lindsey Management Co., Inc.          35,980    34,440     James E. Lindsey         Fayetteville     AR

  34    40      The Lynd Company                      35,095    32,875     A. David Lynd           San Antonio       TX

  35    39      Colonial Properties Trust             34,681    34,275     Thomas H. Lowder        Birmingham        AL

  36    19      Milestone Management, L.P.            34,439    45,896     Steve Lamberti             Dallas         TX

  37    38      McKinley, Inc.                        34,056    33,922     Albert M. Berriz         Ann Arbor        MI

  38    46      Essex Property Trust Inc.             33,924    30,317     Michael Schall            Palo Alto      CA

  39    32      Sentinel Real Estate Corporation      33,500    35,000     John H. Streicker         New York       NY

  40    50      Berkshire Property Advisors           32,536    28,085     Frank Apeseche             Boston        MA

  41    41      Concord Management Limited            32,467    32,313     Edward O. Wood, Jr.       Maitland        FL

  42    34      Asset Plus Companies                  32,302    34,887     Michael S. McGrath        Houston         TX

  43 Newcomer   Weidner Apartment Homes               31,551    20,508     Jack O’Connor             Kirkland       WA

  44    30      Capstone Real Estate Services, Inc.   31,044    36,884     James W. Berkey            Austin         TX

  45    45      The John Stewart Company              30,637    30,534     Jack D. Gardner        San Francisco     CA

  46    47      The Bozzuto Group                     30,529    32,276     Thomas S. Bozzuto        Greenbelt       MD

  47    42      CAPREIT, Inc.                         30,040    31,000     Dick Kadish               Rockville      MD

  48 Newcomer   Harbor Group International            28,686    22,000     Jordan Slone               Norfolk        VA

  49    44      Morgan Properties                     28,118    30,625     Mitchell L. Morgan     King of Prussia    PA

  50 Newcomer   Orion Real Estate Services, Inc.      27,573    26,570     Kirk Tate                 Houston         TX

APRIL 2012                                                                                               NMHC 50      7
                                     A sPECIAL suPPLEMENt tO NAtIONAL REAL EstAtE INVEstOR

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

                                                                NMHC 50 PROFilE 2012
Apartment Market
Demand for apartment residences continued to surge              Portfolio Size:
in 2011 as more households decided that renting was             No. of Apartments Owned                               3,003,341
a better fit for their lifestyles, needs and budgets than       No. of Apartments Managed                             2,776,045
owning. Overall, the renter share of households rose to
34.0 percent at year-end, the highest level in almost           Minimum Entry Threshold:
14 years. Net absorption among investment-grade                 No. of Apartments Owned                                  24,877
apartments posted the best back-to-back years since             No. of Apartments Managed                                27,573
the boom of 1999-2000, while the occupancy rate

                                                                                       rose 110 basis points (bps) from the fourth
                                                                                       quarter of last year to almost 95 percent,
                                                                                       an indication of solid recovery from the
                                                                                       Great Recession.
                                                                                           New supply remained sparse. The his-
                                                                                       torically low level of multifamily starts in
                                                                                       2009 and 2010 led to low completions in
                                                                                       2011. However, starts rebounded signifi-
                                                                                       cantly, suggesting completions should ramp
                                                                                       up in 2012, with stronger deliveries likely for
                                                                                       2013 and beyond. Even so, the level of new
                                                                                       multifamily construction in 2011 was bare-
                                                                                       ly half of the average annual pace from 1997
                                                                                       to 2006. NMHC’s most recent Quarterly
                                                                                       Survey of Apartment Market Conditions
                                                                                       showed that although new development
                                                                                       activity was widespread, starts lagged—
                                                                                       only one-fifth of respondents indicated that
                                                                                       groundbreaking had accelerated. What’s
                                                                                       more, almost half of respondents indicated
                                                                                       that new development was considerably
                                                                                       below demand. New construction financ-
                          American Campus Communities is a $4.5 billion real
                                                                                       ing remained an obstacle in many markets,
                          estate investment trust (REIT) traded on the NYSE
                                                                                       along with outdated zoning codes, unneces-
                          (symbol: ACC). Since 1993 we have structured and             sary regulations and “NIMBY” groups.
closed more than $6 billion of student housing transactions. With business expertise       The boom in renters combined with
in project design and development, asset acquisition, and management services,         the near-bust in supply led to strong
we are the nation’s premier owner and operator of quality student housing.             rent growth. Same-store asking rents

                                                                                                                        APRIL 2012
                         Working together.

$13,860,000                          $25,700,000                         $15,700,000
Branchwood Towers                    Monterra Apartments                 Waterview Apartments
Clinton, MD                          Cooper City, FL                     Benicia, CA
Freddie Mac Affordable               Freddie Mac Affordable              Freddie Mac CME
Refinance                            Construction                        Refinance

$10,680,000                          $24,750,000                         $5,800,000
Carrollton Oaks                      Pembrook Club                       Towers on Greenwood
Carrollton, TX                       Gurnee, IL                          Seattle, WA
Fannie Mae DUS                       Fannie Mae DUS                      Life Company
Acquisition                          Acquisition                         Refinance

With diverse expertise encompassing all components of               For more information, contact:
the real estate capital structure, CW differentiates itself         Ellen Kantrowitz | FHA
                                                                    781.707.9309 | ekantrowitz
by harnessing its vast resources to develop the most
                                                                    Donald King | Fannie Mae & Freddie Mac
successful, client specific solutions.                               781.707.9494 | dking

                                                                    C WC A P I TA L .CO M

                  Fannie Mae – Freddie Mac – FHA – Life Co – Bridge – Conduit – Mezz
                                      A SPECIAL SuPPLEMENT To NATIoNAL REAL ESTATE INvESToR

                                                            TOp 10 ApArTMeNT OwNer FirMs
                                                            rank/Company                                                                   No. of
were up by almost five percent in 2011 nation-                                                                                           Apartments
ally, surpassing the previous peak. Adjusted                1       Boston Capital                                                               157,423
for inflation, however, real rents were still               2       Centerline Capital Group                                                    150,000
seven percent below the level of 4Q2006.
                                                            3       Boston Financial Investment Management, LP                                   140,077
    Apartment transaction volume continued to
                                                            4       SunAmerica Affordable Housing Partners, Inc.                                134,882
grow in 2011, climbing 54 percent higher than
2010 and more than tripling 2009 levels. Indeed,            5       PNC Real Estate                                                             126,260
at nearly $54 billion, volume surpassed 2004                6       Equity Residential                                                           119,743
levels, the last year before the condo conversion-          7       Hunt Companies, Inc.                                                         114,712
fueled boom. Apartment prices have risen sharply            8       National Equity Fund, Inc.                                                   106,772
since the trough—the national average is up
                                                            9       The Richman Group Affordable Housing Corporation                              98,770
25 percent to 35 percent by most measures—
                                                            10      Enterprise Community Investment, Inc.                                          97,822
and recent transactions show that many class-A
properties in prime locations have even surpassed
their previous peak. Cap rates eased a bit further
last year to 6.5 percent, around 50 bps lower than          NMHC 50 OwNers* Overview
the peak two years earlier.                                 Number of Apartments Owned
                                                            Top 10                                                                           1,246,461
Top 50 Owners and Managers                                  Second 10                                                                          632,360
The total number of apartments owned by firms               Top 25                                                                           2,120,662
in the NMHC 50 owners list is 8.2 percent greater           Second 25                                                                          882,679
than the number managed by the Top 50 manag-                Top 50                                                                           3,003,341
ers, the largest difference in six years. In line with
the previous three years, the mean and median
                                                            portfolio size Measures
                                                            Mean                                                                                 60,067
portfolios among apartment owners are also
                                                            Median                                                                               47,322
larger than the mean and median management
                                                            No. 1 firm                                                                          157,423
portfolios. But once again, the top management
                                                            No. 50 firm                                                                          24,877
firm has a larger portfolio than the top owner
firm, and the entry threshold for NMHC 50                   share of National Apartment stock
managers is higher than that for the NMHC 50                Top 10                                                                                  7.1%
owners. Most firms are bunched together in a                Top 25                                                                                 12.1%
relatively small band: 30 of the top management             Top 50                                                                                 17.1%
firms have between 30,000 and 50,000 apart-
                                                           * Changes in ownership definition and company response make historical comparisons difficult.
ments, as do 24 firms on the owners list.

Apartment Ownership                                               Partners Inc. PNC Real Estate moved up a notch to round out
Boston Capital topped the NMHC 50 owners                          the top five, while Equity Residential moved down one spot to
list for the third consecutive year. (The firm                    No. 6. Hunt Companies, Inc. appears in the Top 10 list for the first
also marked its 21st straight year among the                      time, coming in at No. 7. Rounding out the Top 10 this year are the
Top 10 owners.) The next three spots were                         same firms from last year, although The Richman Group Affordable
unchanged as well: Centerline Capital Group,                      Housing Corporation and Enterprise Community Investment Inc.
Boston Financial Investment Management                            swapped order.
LP and SunAmerica Affordable Housing                                 Four of the Top 10 owner firms increased their portfolios in

     ApArTMeNT OwNers
     Largest portfolio Growth                    Apartments                 Moving Up in rank                                                      slots
     Hunt Companies, Inc.                                + 52,603           The Related Companies                                                   + 11
     The Related Companies                               + 13,330           Berkshire Property Advisors                                              +8
     Weidner Apartment Homes                             + 11,043           Hunt Companies, Inc.                                                     +7
     Camden Property Trust                                + 5,975           MAA                                                                      +3
     Berkshire Property Advisors                          + 5,941

10     NMHC 50                                                                                                                                    APRIL 2012
                                                                                              GrandMarc at
                                                                                             Westberry Place
                                                                                                Fort Worth, TX
                                                                                             Student Housing
                                                                                              Investment Sale

                                   360 West Hubbard
                                             Chicago, IL
                                            Equity Raise/
                                  Construction Financing

                                                            The Alexander
                                                            Alexandria City, VA
                                                            Investment Sale

                                         H191 Portfolio
                                           Seattle Metro
                                            Freddie Mac
                                    Fixed Rate Financing

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

*Source: Real Capital Analytics

CBRE Multi-Housing Group
Market Insight. Capital Access. Execution.
                                     A SPECIAL SUPPLEMENT To NATIoNAL REAL ESTATE INvESToR

2011. Hunt Companies, Inc. had the biggest net                         TOp 10 ApARTMENT MANAGEMENT FIRMS
gain with a pickup of 52,603 apartments, largely
                                                                       Rank/Company                                          No. of
a result of the purchase of Capmark Financial                                                                             Apartments
Group’s affordable housing portfolio. Equity                                                                               Managed
Residential shed the largest number of apart-                          1    Greystar Real Estate Partners, LLC              192,711
ments, downsizing their holdings to the tune of
                                                                       2    Riverstone Residential Group                    170,341
9,861 units. Thirty-two of the 2012 NMHC 50
owner firms were net acquirers last year, adding                       3    Lincoln Property Company                        144,033
a total of 143,200 apartments to their portfolios.                     4    Pinnacle Family of Companies                   138,638
By contrast, 17 were net sellers, dropping 78,098                      5    Equity Residential                              119,743
units.* On balance, these firms grew by a com-                         6    WinnCompanies                                    91,920
bined total of 65,102 units.                                           7    Aimco                                            88,530
    This year’s 50 largest firms own 2.4 percent more
                                                                       8    Archstone                                        77,997
apartments than last year’s Top 50, a growth rate
right in line with the average for the past five years.                9    Camden Property Trust                            67,217
For the second year in a row, Hunt Companies, Inc.                     10   Bell Partners Inc.                               65,205
posted the biggest increase, which moved them
into the Top 10 for the first time. The Related Companies                      Top 10 for the first time since 1997.
made the biggest jump up the rankings list, shooting up 11                         Roughly eight out of 10 Top 50 owners have market-rate
places to the No. 22 slot. For the fourth straight year, Aimco                 apartments in their portfolios while exactly half own tax-
remains the biggest net seller, trimming its portfolio by                      credit properties or other subsidized properties. Eighteen
17,313 units—a strategy that moved the company out of the                      firms have senior housing apartments; of those, five have
                                                                               more than 20,000 senior apartments. The NMHC 50 owners
*Totals do not add up to 50; TIAA-CREF did not provide 2011 unit data.         are geographically diversified: 90 percent have properties

REITs in the Rankings

        he number of REITs on the 2012 NMHC 50           ApARTMENT REIT SIzE ANd RANk
        owners list is unchanged from the previous
        two years. Total apartment holdings by REITs                                                               Rank     Total     Cap Rank
in the NMHC 50 decreased for the ninth consecu-                                                      Units        Among Capitalization Among
                                                                                                    Owned          REITs ($ millions)   REITs
tive year. At 1.6 percent, however, it was the small-
est decline since 2006. As in past years, the drop         Equity Residential                      119,743           1         26,424             1
had more to do with company-specific strategies            Aimco                                    93,630           2           8,221            4
than with the character of the REIT model. In fact,        Camden Property Trust                    66,997           3           7,028            6
seven REITs grew their portfolios, but this was out-
                                                           UDR, Inc.                                 57,743          4           9,680            3
weighed by downsizing at Aimco, Equity Residential
and, to a much lesser extent, UDR, Inc.                    AvalonBay Communities, Inc.              57,426           5         16,218             2
    In principle, apartment owners could be ranked         MAA                                      49,407           6           4,075            9
not only by the number of apartments owned                 Home Properties, Inc.                    41,951           7           5,893            7
but also by the value of those apartments.
                                                           Colonial Properties Trust                33,975           8           3,656            10
While capturing such data is impractical, there
is an alternative measure available for public             Essex Property Trust, Inc.               32,753           9           7,368            5
companies, namely total capitalization. While not          BRE Properties, Inc.                     25,192          10           5,521            8
perfect—ownership of non-apartment assets can
substantially affect overall firm value—it provides     Note: Company total capitalization sums (1) market value of shares outstanding, including
                                                        operating partnership units; (2) the value of perpetual preferred stock; and (3) the book value of
a useful perspective on relative size among apart-      total debt outstanding. Capitalization estimates for December 31, 2011, were provided by Stifel
ment firms.                                             Nicolaus & Company, Inc.

12     NMHC 50                                                                                                                          APRIL 2012
                                                               A sPECIAL sUPPLEmEnT To nATIonAL REAL EsTATE InvEsToR

                     ApArtMeNt MANAGeMeNt by tier

                                     Top 10                                                                                Hunt Companies, Inc. registered the larg-
                                     Top 25                                                                            est portfolio gain, adding 16,489 units. Five
                                     Top 50                                                                            other firms also had portfolio gains of more
                                                                                                                       than 8,000 units. The Related Companies
Units (thousands)

                    2,000                                                                                   1,925.6
                                                                                                                       made the biggest jump in the rankings, up 13
                    2,000                                                                                              slots to No. 23. Berkshire Property Advisors
                                                                                                            1,156.3    also made a double-digit move, climbing
                    1,500                                                                                              10 places to the No. 40 position. Overall,
                                                                                                                       firms on this year’s management list added a
                                                                                                                       combined 61,628 apartments to their portfo-
                     500                                                                                               lios, as 34 companies grew compared to the
                            1990   1992   1994   1996   1998    2000   2002   2004    2006 2008   2010 2012            16 firms that shed assets.
                                                                                                                           The total number of apartments man-
                                                                                                                       aged by the Top 50 companies is the
                                                                                                                       highest on record. The share of the entire
 in the South Atlantic region and 64 percent have properties                                       apartment stock under management by the NMHC 50 rose
 in New England while each of the other seven regions has                                          to 15.8 percent, also a new high. Both the mean and the
 properties owned by 78 percent to 86 percent of the firms on                                      median rose and set new all-time highs. The minimum size
 the NMHC 50 ownership list.                                                                       needed to make it into the Top 50 edged down a bit from last
                                                                                                   year’s record, but at 27,573 units is still the second-highest
 Apartment Managers                                                                                threshold since the rankings began.
 Stability was the theme at the top of the NMHC manage-                                                Concentration trends were mixed last year. The port-
 ment list. For the fourth consecutive year, the same firms                                        folios of the 10 largest firms make up 41.7 percent of the
 made up the Top 10. Greystar Real Estate Partners LLC                                             Top 50, down from 43 percent last year—the group’s lowest share
 remains in the top spot for the second straight year, while                                       in 18 years. Apartments managed by the next 10 firms (No.
 Riverstone Residential Group kept its second place ranking.                                       11 through No. 20 in the rankings) rose to 19.7 percent from
 Lincoln Property Company (No. 3) and Pinnacle Family                                              18.6 percent a year ago. The percentage marks a sizable share but
 of Companies (No. 4) switched places—the only ranking                                             is below 2005’s high-water mark of 20.8 percent.
 change among the Top 10.                                                                              All of the Top 50 firms manage market-rate apartments.
    There were five new firms on the management list                                               In addition, 32 companies have Low-Income Housing Tax
 this year, two of which debuted in the Top 20. Apartment                                          Credit (LIHTC) properties in their portfolios—and of those,
 Management Consultants LLC (No. 12) was a first-time                                              19 also manage non-LIHTC affordable properties. Eighteen
 survey respondent, while Hunt Companies, Inc. (No. 17)                                            firms have senior housing apartments under management,
 consolidated its reporting, including former Top 50 manager                                       although only Pinnacle Family of Companies has more than
 LEDIC under its umbrella this year. The other newcom-                                             20,000 such units. The South Atlantic region is home to proper-
 ers—Weidner Apartment Homes (No. 43), Harbor Group                                                ties from 44 of the Top 50 managers, the most of any region. At
 International (No. 48) and Orion Real Estate Services Inc.                                        the other end of the spectrum, 23 of the Top 50 manage proper-
 (No. 50)—rode portfolio increases to a Top 50 ranking.                                            ties in the New England region.

                      ApArtMeNt MANAGers
                      Largest portfolio Growth                                Apartments            Moving Up in rank                                     slots
                      Hunt Companies, Inc.                                           + 16,489       The Related Companies                                  + 13
                      Weidner Apartment Homes                                        + 11,043       Berkshire Property Advisors                            + 10
                      Lincoln Property Company                                       + 10,608       Essex Property Trust, Inc.                              +8
                      The Related Companies                                           + 9,850       The Lynd Company                                        +6
                      Alliance Residential Company                                    + 8,432       Forest City Residential Group, Inc.                     +5
                      Riverstone Residential Group                                    + 8,159

    14                  NMHC 50                                                                                                                       APRIL 2012
                                    A SpeciAl SuppleMeNT To NATioNAl reAl eSTATe iNveSTor

 NMHC 50 MaNagers
 Number of apartments
 Managed             2012                        2011              2010            2009              2008            2007              2006
 Top 10          1,156,335                   1,171,167         1,195,881       1,224,042         1,194,108       1,106,880         1,051,603
 Second 10         547,805                    505,197            496,740         487,528           523,614         498,472           469,786
 Top 25          1,925,592                  1,885,014          1,890,933       1,915,170         1,930,162       1,810,315         1,703,865
 Second 25         850,453                    837,880            798,786         754,002           797,946         770,885           680,091
 Top 50          2,776,045                  2,722,894          2,689,719       2,669,172         2,728,108       2,581,200         2,383,956

 Portfolio size Measures
 Mean                55,521                    54,458             53,794           53,383          54,562            51,624           47,679
 Median               41,774                   39,788             37,767           37,871          40,578            40,010           33,150
 No. 1 firm         192,711                   187,360            183,877          185,219         195,888           209,412          197,774
 No. 50 firm          27,573                   28,085             26,845           23,730          25,852            25,277          22,500

 share of National apartment stock
 Top 10                6.6%         6.7%                            6.9%             7.0%             6.9%             6.4%            6.0%
 Top 25               11.0%        10.8%                           10.9%            11.0%            11.1%            10.4%            9.7%
 Top 50               15.8%        15.6%                           15.5%            15.3%            15.7%            14.8%           13.6%

 The National Multi Housing Council (NMHC) partnered with Kingsley Associates to handle the NMHC 50 survey process (though
 NMHC remains solely responsible for any errors). To compile the NMHC 50 lists, both organizations gather names of owners and
 managers from as wide a range of sources as possible, and staff from each firm complete the survey online. Over the years, improved
 outreach and increased publicity associated with the rankings have resulted in more firms responding to the survey.
     For the purposes of this survey, investment fund managers are treated as owners only if they retain substantial equity in the apart-
 ment property or if they maintain effective responsibility and decision-making over the investment property. Similarly, tax credit
 syndicators and franchisers are regarded as owners only if they retain a fiduciary responsibility. (When firms function strictly as
 advisers rather than investors, they are not regarded as owners.)
     The rankings do not distinguish between partial and full ownership. Some firms own sizable apartment properties through joint
 ventures in which their share could range anywhere from 1 to 99 percent. Others are primarily the sole owners of their apartments.
 In principle, it would be desirable to account for partial ownership—treating 50 percent ownership of 100 apartments as equivalent
 to full ownership of 50 units, for example. In practice, it is not feasible to make such distinctions.
     The survey excludes condominiums, cooperatives, hotel rooms, nursing homes, hospital rooms, mobile homes and houses with
 rental units. Rental housing for seniors (age-restricted apartments) is included, although assisted living and congregate care facilities
 are not. Finally, since we measure industry concentration by comparing the Top 50 owners and managers against the nation’s entire
 apartment stock, only U.S. apartments are included.
     At times, a firm may debut on the NMHC 50 at a high level. Generally, this means the firm is responding to the survey for the first
 time, rather than an indication of an outsized portfolio gain—although that, too, happens on occasion. Nonetheless, despite many
 improvements and everyone’s best efforts, the process remains imperfect: It relies on both accurate reporting and surveying of the
 complete universe, both of which can be fraught with problems.
     There are two caveats in comparing the lists over time. First, the definition was refined in 2006 to eliminate those investment fund
 managers with neither substantial equity nor effective control over the investment property. Second, occasionally firms that have
 previously been among the Top 50 owners or managers have not responded to the NMHC survey. When that occurs, companies
 appear on the list that otherwise might not have been large enough. In addition, this affects the total number of apartments owned
 by the Top 50 firms, as well as other measures of concentration such as the mean and median portfolio size. (Note that this did not
 affect the management list.) For these reasons, year-to-year comparisons must be made with great care.

 Note: In some cases, newly introduced policies prohibited firms from sharing the kind of information needed for these rankings.

April 2012                                                                                                                         NMHC 50     15
                               A sPeCIAL suPPLement to nAtIonAL ReAL estAte InVestoR

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

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

  16   nMHC 50                                                                                             APRIL 2012
                               A speciAl supplement to nAtionAl reAl estAte investor
                                     A speciAl supplement to nAtionAl reAl estAte investor

as well as units more conducive to roommate living.
   Conway points to a new AVA community under construc-
                                                                  “[We’re] focusing on the best
tion in the H-Street district of Washington, D.C., as repre-
sentative of the new brand. Situated in an emerging youthful,
                                                                  performing markets and
walkable neighborhood, the property offers Generation Y
residents ready access to transit, nightlife, galleries and res-
                                                                  submarkets in the u.s, and
taurants. Apartments range from 450 square feet for a studio
to 550- to 650-sq.-ft. one-bedrooms and roommate-friendly
                                                                  within these markets, we are
units in the 750- to 1,050-sq.-ft. range.
   While the brands are new for the company, which ranked
                                                                  putting the right product that
No. 16 on the NMHC 50 Owners list and No. 14 on the
NMHC 50 Managers list, the underlying strategy is really
                                                                  best matches customer needs.”
reflective of something the company’s been doing for the
past 25 years—investing in locations where people want
                                                                 — Kurt conway, AvalonBay communities, inc.
to live. “[We’re] focusing on the best performing markets
and submarkets in the U.S, and within these markets, we
are putting the right product that best matches customer
needs,” Conway says.                                             Properties. And even before them, the LeFrak Organization.
   But while some in the industry see new branding strate-          Holtzman’s take on the industry reflects his background; he
gies similar to AvalonBay’s as an extension of existing target   is the third generation of his family to run the company, which
marketing efforts, others disagree, arguing that the industry,   was founded by his grandfather in 1919. When the first wave
in general, has placed more emphasis on the transaction and      of branding and segmentation took place in the 1960s, he says,
the property than the end user, or resident.                     the apartment companies that bought in were asking the same
   Jonathan Holtzman, chairman and CEO of Farmington             question: “How can you call an urban high-rise building with
Hills, Mich.-based Village Green, which
ranked No. 28 on the NMHC 50 Managers

list, would agree that the apartment
industry, in general, has been behind the
curve in terms of consumer segmenta-

tion. However, he points out that some
companies’ strategies aimed at capturing
Generation Y’s attention aren’t so much
new as newly launched. As he explains it,
somewhat diplomatically, “The apartment
business has historically been behind the
                                                 BUILDS VALUE.
retail, hospitality and food industries. The
fact that some companies are now acting
                                                     Occupancy. Rent Values. Retention.
like this is a fresh idea is not respectful of       Regardless of your 2012 focus,
apartment firms that have had branding               ours continues to be delivering
since the 1960s.”                                    ROI through community.
   For example, Holtzman says Village
Green, which now owns or manages
approximately 40,000 apartments in
16 states, adopted a brand strategy after
witnessing the growth “of this com-
pany called Holiday Inn.” It was the
                                                                                             Check out the new
first branded chain of motels, and it                                              
grew, quickly, to a dominant position                                                      New Look, Same Focus.
in the industry. Along with Village
Green in the move to branding back
then, says Holzman, were Oakwood,
now Oakwood Worldwide, and Post
                                                  Call 877.785.2963 or visit
April 2012
                                         A SPecIAL SuPPLeMeNt to NAtIoNAL ReAL eStAte INveStoR

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

                                                                                                  18    NMHC 50                 APRIL 2012
                                A speciAl supplement to nAtionAl reAl estAte investor
                                      A speciAl supplement to nAtionAl reAl estAte investor

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

        he apartment rental business has long been a good place      Dan Fasulo, managing director at Real Capital Analytics
        to park money. Depending on economic conditions, of       in New York who tracks the commercial real estate sector,
        course, it usually offers steady returns on capital and   agrees. “Multifamily is in full-fledged recovery right now,” he
relatively stable asset value, which is a tough combination       reports, and, given that, says the increasing interest in the sec-
to match in, say, the stock markets. This continued stable        tor among investment managers “doesn’t surprise me. Real
performance is causing the rental business’ mix to change as      estate looks good versus some of the other alternatives; multi-
more investment management companies, attracted by the            family looks good versus other commercial property sectors.
potential yields, join the ranks of more traditional owners.      It looks awfully rosy versus the other prospects.”
   According to an analysis of data collected for the NMHC Top       New apartment construction is near historic lows.
50, investment management firms are an increasing presence
among the largest apartment owners in the U.S. The number
of such companies among the Top 50 has nearly doubled from        “there’s been this huge flight to
four in 2008 to seven this year, with TIAA-CREF, the financial
services and retirement giant that takes its abbreviated moni-    rental properties. the buzz in
ker from Teachers Insurance and Annuity Association (TIAA)
and College Retirement Equities Fund (CREF), making its first     the industry is apartments.”
appearance on the list. TIAA-CREF debuted on the Top 50
owners list at No. 28.                                            — paul michaels, invesco real estate
   To the investment management companies that have been
active in the industry for a while, this comes as no surprise,
especially given the nature of the recent recession and con-
comitant crash of the homeownership market.                       According to the Commerce Department, housing permits
   “The sector is attractive because there’s a good income        nationally for buildings with five or more units plunged from
return, it doesn’t have a long lead time to develop and it’s      359,000 in 2007 to 295,400 units in 2008 to 121,100 in 2009
attractive to a large number of investors,” says Jean Anderson,   before rising to 135,300 in 2010 and 176,400 last year. The
New York-based managing director for J.P. Morgan Asset            2009 and 2010 numbers were the lowest since the government
Management, which ranked No. 24 on the top owners list.           began tracking this type of data back in 1959.
“And it certainly has been a property type that’s rebounded          “The developers and lenders hit the brakes very early in
quickly from the recession.”                                      the cycle,” Fasulo explains. “Looking back, this is going to be
   “What has fueled the strength in the apartment rental          some of the slowest growth we’ve seen for multifamily con-
industry over the past three years is the housing crisis,” says   struction in the post-war period.”
Paul Michaels, managing director of No. 20-ranked Invesco            But then there’s that return. According to the National
Real Estate in Dallas. “There’s been this huge flight to rental   Council of Real Estate Investment Fiduciaries, which has
properties. The buzz in the industry is apartments.”              since 1984 been tracking what it calls a composite total rate
   Andrew McCulloch, an analyst who follows the apartment         of return on investment for apartments owned at least in part
sector for Green Street Advisors in Newport Beach, Calif.,        by tax-exempt, institutional investors, there have been only
cites the still-ailing market for single-family homes, demo-      eight quarters of negative returns through the end of 2011, six
graphic factors that signal strength in the rental market for     of them during the recession of 2008-2009. In 2011, average
years to come, a relative dearth of new supply owing to con-      annualized returns rose to 15.5 percent.
struction slowdowns during the recession and the relatively          The other primary driver of interest in multifamily is
low cost of debt as primary drivers of this interest.             demographics. The so-called Echo Boom generation, also
   “It’s easy to see why investment managers like apart-          known as Generation Y or the Millennial Generation, is enter-
ments,” he says.                                                  ing the prime rental market demographic of 18 to 30 years

April 2012                                                                                                        NMHC 50       19
                                   A sPecIAL suPPLeMenT To nATIonAL ReAL esTATe InvesToR

old, many of them carrying record levels of education debt,       “[The apartment sector]
which could keep them renting longer than previous gen-
erations. Add to that the millions of former homeowners           certainly has been a property
who have returned or will return to the rental market as the
national homeownership rate fell from a high of 69.4 percent      type that’s rebounded quickly
in 2004 to 66.0 percent in 2011, the biggest drop in that
metric since the Great Depression according to the Census         from the recession.”
Bureau. Coupled with the relative lack of new supply, these
factors continue to keep rents and renewals steady.               — Jean Anderson, J.P. Morgan Asset
   Still, investment management owners are keeping a wary         Management
eye on supply. “As long as supply remains in check, mul-
tifamily is going to be a great place to be,” says Invesco’s
   J. P. Morgan’s Anderson echoes that sentiment. “Overall,       or Southern California, where demand continues to outstrip
the trends are very positive,” she says, but then asks, “How      supply, in New York because of lack of developable land and
may units will be delivered two or three years from now?”         in Southern California due to the length and difficulty of the
   Invesco, for one, is turning cautious on some markets,         permitting process. Anderson is likewise optimistic on JP
among them Seattle, Austin and Washington, D.C., which,           Morgan markets, which are mostly gateway cities, including
not coincidentally, are areas that held up relatively well dur-   New York, San Francisco and the so-called Gold Coast on the
ing the housing bust. He also believes there could be a supply    Hudson River in New Jersey.
surge in Boston. “People have to start to look at [markets]          Still, that caution will hardly dampen interest in multi-
more closely,” says Michaels. “Two or three years from now,       family among investment managers, Michaels believes. “I
you might start to see supply exceeding demand.”                  think [the rental market] is so good that people are still look-
   However, he isn’t expecting to see that happen in New York     ing at the glass half full,” he says.

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On a Path of Growth
Top apartment firms outline strategies for making the most of a
promising market in 2012.
By Hortense Leon

        s the economy sidestepped a double dip and began to                          According to a January NMHC Quarterly Survey of apart-
        firm up through 2010, its measured recovery set the                          ment market conditions, 53 percent of respondents reported
        stage to make 2011 a turning point for the apartment                         a substantial pick-up in land acquisition and the lining up of
industry. Suddenly demand for rental units outpaced limited                          financing and securing of building permits, although actual
new supply and capital was flowing more freely to the sector.                        construction starts appeared to lag. An additional 20 percent
Market dynamics had shifted in such a way that apartment                             of respondents reported that developers had been breaking
firms saw rents climb rather substantially, a key signal that                        ground on new projects at a rapid clip.
the apartment market had indeed turned around.                                          “We have doubled our development pipeline this year,”
   “We expect to see 5 percent to 7 percent increases in net                         says Ric Campo, chairman and CEO of the Houston-based
rents in many markets [in 2012],” says Nicholas Roby, presi-                         Camden Property Trust (No. 14 on the owners’ list and No. 9
dent of BH Management Services (No. 21 on the NMHC 50                                on the managers’ list).
Manager’s list) and vice chair of the equities division of BH                           The company currently has about 2,300 apartments under
Equities (No. 39 on the NMHC 50 Owners list). “This is a big                         construction at a cost of about $400 million and another
improvement over the zero market rent growth and conces-                             520 units under construction, at a cost of $113 million, with
sions of a half a month’s free rent or more, that were common                        joint-venture partners. Campo says in the near term the
a couple of years ago.”
   With opportunity like that dangling
like a carrot in front of a hungry apart-
ment industry, apartment firms are try-
ing to come up with the best strategies to
capture as much of the demand growth                              Seattle
as they can, while it lasts. The industry’s
runway for growth could shorten in 2013                                                                                                                                Boston

and 2014, making 2012 a critical year for
NMHC 50 executives to continue to exe-
cute new initiatives and complete transac-
tions, better positioning their companies             San Francisco                              Denver

for longer-term success. But finding the                                          Las Vegas                                                            Charlotte

right strategy can be challenging in an                      Irvine                    Phoenix
                                                                                                                                             Atlanta         Charleston
improving market, as apartment firms                             San Diego                                                                              Corporate Headquarters
wrestle with which opportunities to pur-
                                                              Office Locations
sue—and which to let fall by the wayside.                     Greystar Presence
                                                                                                                 Austin                                   Orlando
                                                                                                          San Antonio                        Tampa
                                                                                                                                                             Ft. Lauderdale
Some Will Build
The economic and housing recession has
kept the apartment industry in a chronic
state of under-production. Through 2011,
there were 167,300 multifamily apart-
ments started (5+ unit properties), a little
more than half of the new units the indus-
try should produce a year.
   However, greater access to capital is
starting to accelerate new development.

APRIL 2012
                                      A sPecIAL suPPLement to nAtIonAL ReAL estAte InvestoR

   company plans to start construction on an additional 3,000                         “We have
   units in Tampa, Fla.; Orlando; Washington, D.C.; Denver and
   Southern California, among other locations.                                         doubled our
      “We felt that the fact that there hasn’t been any apartment
   development in the last several years [would result in] pent-                       development
   up demand,” he says.
      At Denver-based UDR, Inc. for example, president and                            pipeline this year.
   CEO Tom Toomey reports that his company (No. 15 on the
   owners’ list and No. 13 on the managers’ list) is currently                     We felt that the
   investing $1.1 billion in building about 3,000 apartment units
   and redeveloping another 3,000.                                   fact that there hasn’t been any
      Warren Rose, CEO of Farmington Hills, Michigan-based
   Edward Rose & Sons, is another apartment owner looking to         apartment development in the
   take advantage of burgeoning rental demand, an improving
   economy and more access to capital. His company (No. 17           last several years [would result
   on the owners’ list and No. 16 on the managers’ list) is on
   track to develop 800 to 1,000 new units this year. This is the    in] pent-up demand.”
   first significant development the company has done since the
   beginning of the recession in 2008, says Rose. And running        — Ric campo, camden Property trust
   counter to other expansion strategies at work in the market,
   which focus on only gateway markets on the East and West
   coasts, Rose says the new units will be in markets in Illinois,      For as much as a limited supply of new apartment product
   Indiana, Iowa, Michigan, Nebraska, Ohio, South Carolina           is driving new development, the acceleration in apartment
   and Wisconsin.                                                    construction also reflects anticipated demand as the almost
                                                                                       80 million-strong Generation Y comes of
                                                                                        age. Camden’s Campo says, “Of the 3.8

                        Financing America’s Future                                      million new jobs that have been created
                                                                                        since the bottom of the recession, two-
                                                                                        thirds have gone to people under 34 who
                                                                                        are mobile and more likely to be apart-
                                                                                        ment dwellers [than other generations].”
                                                                                           Ronald Ratner, president of the
                                                                                        Cleveland-based Forest City Residential
                                                                                        Group, Inc. (No. 23 on the owners’ list
                                                                                        and No. 32 on the managers’ list), says
                                                                                        the industry is building with that demo-
                                                                                        graphic in mind. “Everyone today is
                                                                                        looking at building smaller product,”
                                                                                        designed to appeal to the tastes and bud-
                                                                                        gets of a younger group of urban profes-
                                                                                        sionals, he says.

                                                                                       Others Will Buy
Tesora Apartments                                                                      But building a property from the ground
$20,874,000                                                                            up takes time—anywhere from 18 months
Las Vegas, NV                                                                          to 30 months in many markets—and some
                                                                                       apartment companies are wont to wait.
                                                                                       Consequently, many apartment compa-
                                                                                       nies seek to grow not only organically
                                                                                       through development but also through
Commercial Real Estate Finance                                                         acquisitions of both individual properties
                                                                                       and larger portfolios.
Atlanta | Bethesda | Chicago | Dallas | Irvine                                            In fact, 2011 was a hot year for
Nashville | New Orleans | New York | Walnut Creek
                                                                                                                      APRIL 2012
                                     A sPecIAL suPPLement to nAtIonAL ReAL estAte InvestoR

apartment trades, according to Real Capital Analytics. More                  “everyone today is
than 3,500 properties changed hands last year, represent-
ing a 49 percent increase in volume from 2010. Moreover,                     looking at building
appetite for portfolio deals also grew; roughly $9.6 billion
in assets traded in portfolio transactions in 2011, more than                smaller product,”
double the value of portfolio deals in 2010.
    Jack O’Connor, chief operating officer at Kirkland, Wash.-               designed to appeal
based Weidner Apartment Homes (No. 42 on the managers’
list and No. 44 on the owners’ list) says his company takes a                to the tastes and
balanced approach to growth. “We grow our business about
half through acquisition and half through new construc-                      budgets of a younger group of
tion,” he says. “We expect to have 10 percent to 15 percent
more units (between 3,000 and 5,000) completed and/or                        urban professionals.
acquired by the end of 2012. This is our yearly target, but
there can be bumps in the road.”                                                    — Ronald Ratner, Forest city Residential
    REITs UDR, Inc. and Equity Residential (No. 6 on the                                                                                  Group, Inc.
owners’ list and No. 5 on the managers’ list) have been two of
the most aggressive acquirers in recent years. UDR’s Toomey
says that, during the financial crisis, his company made few             units in its portfolio by nearly 10,000 units last year.
acquisitions but started buying more assets again in late                    Company president and CEO David Neithercut says, “We
2010, when UDR, Inc. purchased about $400 million worth                  continue to pursue a strategy of reducing capital commit-
of properties. In 2011, the company bought $1.8 billion in               ments to non-core ‘commodity’ markets, and investing in
apartment properties.                                                    more protected, high-barrier, high-density markets.”
    But bigger isn’t necessarily better when it comes to navigat-            The strategy is driving the company to sell more of
ing the next phase of the apartment cycle.
For as much as companies are pursuing
choice properties to add to their portfo-
lio, many are also strategically shedding                  Full Service Management, Worldwide Scope
other assets in an effort to optimize their
portfolios.                                                                                                                           •	 Full Service
    BH Equities, for one, is focusing on                                                                                                 Real Estate
acquiring relatively new product in the                                                                                                  Management Firm
Sunbelt and Chicago. At the same time,                                                                                                •	 Diversified Real
                                                                                                                                         Estate Investment
it is also trying to upgrade its portfolio by
selling its older properties, those built in
                                                                                                                                      •	 Successful Capital
the 1970s to early 1980s, says Roby.
    “We prefer properties built within the
                                                                                                                                      •	 Asset Management
last 20 years,” says Roby. “Older proper-                                                                                                Services
ties needed a lot of rehab,” he says. While
older properties may have higher cap                   Harbor Group Management Company is a full service property management
rates, newer apartment buildings are less              company. We manage more than 28,000 residential apartment units throughout
risky, he says.                                        the United States. Our experienced property management teams deliver superior
    At Chicago-based Equity Residential,
                                                       customer service and seek to establish mutually rewarding relationships with
while the company continues to develop
                                                       our residents, investors, owners and the local community.
new product—it expects to have $750
million worth of apartment starts this                        Simply put, Harbor Group Management Company delivers returns.
year, in addition to the $500 million in
apartments under construction at the
end of 2011—it is putting equal empha-                             w w w. m y h g m c . c o m                  w w w. h a r b o r g r o u p i n t . c o m
sis on acquisitions. The company was                    Connecticut | Florida | Georgia | Illinois | Indiana | Kentucky | Maryland | Minnesota | Nevada
a leading asset seller in 2011, both in                New Mexico | New York | North Carolina | Ohio | South Carolina | Tennessee | Texas | Virginia
terms of property and dollar volumes;
                                                                                 Contact Robert Friedman, President
the company reduced the number of
                                                                       | (757) 640-0800

APRIL 2012
                                                    A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

  Top 25 Apartment Buyers and Sellers in 2011 (by investment volume)
  NMHC 50 firms are some of the most active in asset trading.
                            BUYERS                                                                     SELLERS
                            UDR, Inc.                                                        Equity Residential
                    Equity Residential                                                           Bank of America
            AREA Property Partners                                                      Lehman Bros. Holdings
                           TIAA-CREF                                                             Tishman Speyer
             AvalonBay Communities                                                                         RREEF
              Camden Property Trust                                                                    GE Capital
           Greystar RE Partners LLC                                                                      UDR, Inc.
           Essex Property Trust, LLC                                                                     CalPERS
            Cornerstone RE Advisors                                                     AvalonBay Communities
               Home Properties, Inc.                                                         Zucker Organization
                     Praedium Group                                                            JPI Multifamily Inc.
                  Pantzer Properties                                                        Northwestern Mutual
                  Dune Capital Mgmt                                                             Crescent Heights
                     Kennedy Wilson                                             J.P. Morgan Asset Management
                      Angelo Gordon                                                              Carmel Partners
     J.P. Morgan Asset Management                                                                          Aimco
                 Invesco Real Estate                                           Forest City Residential Group Inc.
                Waterton Associates                                                           Fairfield Residential
           Harbor Group International                                                           Legacy Partners
                Phoenix Realty Group                                                               Moinian Group
                                   GID                                                        Verde Realty Group
                               Allianz                                                           BLDG Mgmt Co.
                     Kayne Anderson                                               Brookfield Asset Management
            Hartz Mountain Industries                                                     Dinerstein Companies
                    Mid-America APT                                                          Invesco Real Estate
                                         $0                $1             $2                                          $0                 $1              $2
                                         Billions                                                                     Billions

                                                                                                                                 Source: Real Capital Analytics

  Where Every Client is our
   Most Important Partner                                                                                                        its garden-style apartments in
                                                                                                                                 favor of buying more upscale
                                                                                                                                 urban apartments. “The assets
                                                                                                                                 we are selling are significantly
                                                                                                                                 smaller than the ones we are
                                                                                                                                 buying,” says Neithercut. In
                                                                                                                                 the case of the former, pric-
                                                                                                                                 es range from about $35 to
                                                                                                                                 $40 million, “which is the mid-
                                                                                                                                 dle of the fairway for Fannie
                                                                                                                                 Mae and Freddie Mac,” he says.
                                                                                                                                 “We are buying assets in the
                                                                                                                                 $100 to $150 million range.”
  Property Management • Development • Receiverships • Marketing and Lease Up                                                        In 2011, Equity Residential
                                                                                                                                 sold $1.48 billion worth of prop-
            Due Diligence • Construction Management • Renovations
                                                                                                                                 erties and bought $1.34 billion.
At Orion, we understand that each client has its own                                                                             This year, Neithercut expects
unique set of needs. That’s why our mission is to provide                                                                        the company to buy and sell a
                                                                                                                                 similar amount, roughly $1.25
personalized service and to do “whatever it takes” to
                                                                                                                                 billion. This works out well, he
ensure the success of every community! For more than
                                                                                                                                 says: “We are generating capital
25 years, Orion Real Estate Services, Inc. has provided                                                                          with the disposition process.”
management for all types of multi-family properties                                                           But while there are many
and has a growing portfolio of apartment homes under                                                                             means by which apartment firms
management throughout the nation.                                                   Contact:                                     are navigating the year ahead,
                                                                           Kirk Tate or Gene Blevins                             a single end seems assured for
Build a partnership with us today!                                              713-622-5844                                     most: a successful 2012.

                                                                                                                                                     APRIL 2012
                                Experience. Strength. Stability.

Retail                                 for more than 20 years, Cullinan Properties, Ltd. has been one
                                       of the premiere providers of commercial and mixed-use real
                                       estate services. We’ve built our reputation building strong
Office                                 relationships and successful projects and although the market has
                                       changed our commitment to excellence remains the same.
                                       At Cullinan we turn real estate into reality with more than $600
                                       million in successful real estate projects completed to date.
Multi Family                           BUILD ON OUR EXPERIENCE and REPUTATION

 OpEning May 2012                                            THE STREETS Of ST. CHARLES
                                                                         fOR MORE INfORMATION VISIT
                                                               W W W. S T R E E T S O f S T C H A R L E S . C O M

                                                             VISIT US AT “S341 Q STREET”
                                                                 DURING ICSC RECON
                                                                   MAY 20 - 23, 2012

                                                                    Turning real estate ideas into reality.
                                     A SPECIAL SuPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

 NMHC Officers 2012

     Chairman          Vice Chairman             Treasurer                Secretary               President
Thomas S. Bozzuto      Daryl J. Carter        Robert E. DeWitt         Susan M. Ansel          Douglas M. Bibby
 The Bozzuto Group      Avanath Capital             GID                Gables Residential        National Multi
   Greenbelt, MD       Management, LLC          Boston, MA                 Dallas, TX           Housing Council
                          Irvine, CA                                                            Washington, DC

 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. Hawthorne   Duncan L. Matteson, Sr.   Geoffrey L. Stack

 Executive Committee

  Patti Fielding       Patti Shwayder         James M. Krohn            Bruce C. Ward          Marc E. deBaptiste     Gary T. Kachadurian
      Aimco                 Aimco             Alliance Residential     Alliance Residential           ARA                     ARA
   Denver, CO            Denver, CO                 Company                  Company             Boca Raton, FL          Oak Brook, IL
                                                   Phoenix, AZ              Phoenix, AZ

Charles E. Mueller,    R. Scot Sellers         Sean J. Breslin       Timothy J. Naughton        Richard P. Giles      Richard Schechter
        Jr.               Archstone               AvalonBay               AvalonBay              The Bainbridge          The Bainbridge
    Archstone          Englewood, CO           Communities, Inc.       Communities, Inc.           Companies               Companies
  Englewood, CO                                  Arlington, VA           Arlington, VA         West Palm Beach, FL    West Palm Beach, FL

 Jonathan D. Bell        Lili F. Dunn          David J. Olney          Julie A. Smith          Stephen Dominiak       Constance B. Moore
   Bell Partners        Bell Partners         Berkshire Property     Bozzuto Management        BRE Properties, Inc.    BRE Properties, Inc.
  Greensboro, NC        Alexandria, VA            Advisors                Company                  Irvine, CA           San Francisco, CA
                                                 Boston, MA             Greenbelt, MD

28     NMHC 50                                                                                                             APRIL 2012

Executive Committee

 Laurie A. Baker          Ric Campo                Ron Zeff                Peter F. Donovan         Brian F. Stoffers      William T. Hyman
 Camden Property        Camden Property       Carmel Partners, Inc.              CBRE              CBRE Capital Markets    Centerline Capital
      Trust                  Trust             San Francisco, CA              Boston, MA               Houston, TX               Group
   Houston, TX            Houston, TX                                                                                        New York, NY

  John Larson          C. Stephen Cordes      Robert D. Greer, Jr.        Nathan S. Collier        J. Andrew Hogshead        Paul F. Earle
 Centerline Capital      Clarion Partners       Clarion Partners         The Collier Companies     The Collier Companies   Colonial Properties
      Group               New York, NY          Washington, DC               Gainesville, FL           Gainesville, FL            Trust
  New York, NY                                                                                                              Birmingham, AL

Edward T. Wright       Michael D. Berman       Donald P. King, III          Paul G. Kerr             Jon D. Williams        Alan W. George
Colonial Properties        CWCapital              CWCapital               Davlyn Investments        Davlyn Investments      Equity Residential
       Trust              Needham, MA            Needham, MA                San Diego, CA             San Diego, CA            Chicago, IL
 Birmingham, AL

David J. Neithercut      Susanne Hiegel         Deborah Ratner-           Ronald A. Ratner          David Brickman           David Fitch
 Equity Residential        Fannie Mae                Salzberg            Forest City Residential      Freddie Mac          Gables Residential
    Chicago, IL          Washington, DC       Forest City Enterprises,        Group, Inc.             Mc Lean, VA             Atlanta, GA
                                                        Inc.                 Cleveland, OH
                                                  Washington, DC

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

APRIL 2012                                                                                                                 NMHC 50         29
                                       A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

 Executive Committee

     Eli Hanacek          Clyde P. Holland         Guy K. Johnson           James H. Callard      C. Preston Butcher      W. Dean Henry
Holland Partner Group    Holland Partner Group     Johnson Capital           Klingbeil Capital      Legacy Partners       Legacy Partners
    Vancouver, WA            Vancouver, WA          Las Vegas, NV         Management/American        Foster City, CA      Residential, Inc.
                                                                          Apartment Communities                            Foster City, CA
                                                                              Annapolis, MD

   Brian C. Byrne          Jeff B. Franzen        H. Eric Bolton, Jr.      Albert M. Campbell       John J. Kerin          Hessam Nadji
   Lincoln Property        Lincoln Property              MAA                      MAA              Marcus & Millichap    Marcus & Millichap/
       Company                 Company               Memphis, TN               Memphis, TN          Calabasas, CA       Institutional Property
    Oak Brook, IL            Herndon, VA                                                                                       Advisors
                                                                                                                          Walnut Creek, CA

Charles R. Brindell,       Mary Ann King          Thomas F. Moran               Rick Graf          Stan J. Harrelson      David P. Stockert
          Jr.             Moran & Company         Moran & Company                Pinnacle               Pinnacle         Post Properties, Inc.
Mill Creek Residential       Irvine, CA              Chicago, IL               Addison, TX            Seattle, WA            Atlanta, GA
       Trust LLC
      Dallas, TX

    Jamie Teabo            David Durning           Dale H. Taysom           Jerome Ehlinger       Brian E. McAuliffe    Michael P. Bissell
 Post Properties, Inc.   Prudential Mortgage     Prudential Real Estate          RREEF                  RREEF           SARES*REGIS Group
     Atlanta, GA          Capital Company              Investors               Chicago, IL            Chicago, IL           Irvine, CA
                             Chicago, IL              Atlanta, GA

Geoffrey L. Stack        Kenneth J. Valach       Michael E. Tompkins       Thomas W. Toomey       Warren L. Troupe       David R. Schwartz
SARES*REGIS Group          Trammell Crow          TriBridge Residential          UDR, Inc.              UDR, Inc.        Waterton Associates,
    Irvine, CA               Residential                   LLC             Highlands Ranch, CO    Highlands Ranch, CO           L.L.C.
                            Houston, TX                Atlanta, GA                                                           Chicago, IL

 30      NMHC 50                                                                                                              APRIL 2012

 Executive Committee

Gregory J. Lozinak       Vincent R. Toye              Alan Wiener          Warren J. Durkin, Jr.     Jay Jacobson
Waterton Residential   Wells Fargo Multifamily   Wells Fargo Multifamily    Wood Partners, LLC     Wood Partners, LLC
    Chicago, IL                Capital                   Capital              Boca Raton, FL        Boca Raton, FL
                            New York, NY              New York, NY

                                   RED: Three simple letters.
                             One comprehensive capital provider.

                Reliability.                               Experience.                                 Delivered.
                   Consistently a                           Over 20 years in the                        Over $2.9 billion
                Top Ten Fannie Mae                          industry with nearly                           in capital
                  and FHA Lender                           $15 billion in servicing                     provided in 2011

     It’s your move, make it with RED.
     Learn more and sign up to receive email news and updates
     by visiting or call 800.837.5100.

     Kenneth H. Bowen
                                         A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

 Board of Directors

   Jeffery Daniels           Donald Huffner        Lauren A. Brockman             Tim L. Myers         Michael H. Godwin        William C. Bayless, Jr.
AIG Global Real Estate    AIG Global Real Estate   Allied Realty Services,   Allied Realty Services,   Ambling Management         American Campus
   Investment Corp.          Investment Corp.                Ltd.                      Ltd.               Company LLC                 Communities
     New York, NY              New York, NY              Denver, CO                Houston, TX            Valdosta, GA                 Austin, TX

   Rodrigo Lopez            Steve F. Hallsey         Gregory T. Mutz         Kimberly J. Sperry          Margette Getto             Kevin Doyle
AmeriSphere Multifamily     AMLI Management           AMLI Residential        Amstar Group, LLC          Apartment Guide 
     Finance, LLC               Company                Properties, LP            Denver, CO               Carrollton, TX             Chicago, IL
      Omaha, NE                Chicago, IL              Chicago, IL

   Blake Okland               Thomas P.             Roger H. Beless          William S. Robinson            Kevin Davis               Lin Atkinson
       ARA                    MacManus              Archon Residential        Archon Residential       Area Property Partners        AT&T Connected
   Charlotte, NC            ARA Finance, LLC            Irving, TX                 Irving, TX              New York, NY               Communities
                             Boca Raton, FL                                                                                            Atlanta, GA

   Thuy Woodall            Michael G. Miller        Phillip E. Bogucki         Robert S. Aisner            Mark Alfieri             Mark W. Dunne
  AT&T Connected                 AUM                 AZUMA Leasing             Behringer Harvard         Behringer Harvard           Boston Capital
    Communities               Lombard, IL                Austin, TX              Addison, TX               Addison, TX                Corporation
     Atlanta, GA                                                                                                                      Boston, MA

 John P. Manning             Barden Brown            Walter W. Miller        Alexandra S. Jackiw         Jerry Feldman              Mark Sadosky
  Boston Capital          Brown Realty Advisors    Brown Realty Advisors          Buckingham                CallSource                 CallSource
   Corporation                 Atlanta, GA             Atlanta, GA                Companies             Westlake Village, CA       Westlake Village, CA
    Boston, MA                                                                  Indianapolis, IN

 32     NMHC 50                                                                                                                          APRIL 2012

  Board of Directors

 David J. Adelman          Miles H. Orth            Richard Lyon            Richard L. Kadish       Stephen J. Zaleski           Steven Fayne
 Campus Apartments       Campus Apartments         Capital One Bank            CAPREIT, Inc.       CBRE Global Investors,   Citi Community Capital
   Philadelphia, PA        Philadelphia, PA         New York, NY               Rockville, MD               LLC                 San Francisco, CA
                                                                                                        Boston, MA

 Hal G. Kuykendall       Warren Dahlstrom           LaNitra Webb           David B. Woodward        Daniel J. Epstein       J. Bradley Forrester
Citi Community Capital   Colliers International   Colliers International      Compass Point        The ConAm Group of        The ConAm Group of
      Denver, CO           Washington, DC          USA Headquarters        Greenwood Village, CO       Companies                 Companies
                                                       Boston, MA                                     San Diego, CA             San Diego, CA

   Jerry Davis              Jason Rosa             David W. Snyder           James W. Harris           Brian Murdy          Richard K. Devaney
 Conservice Utility       Continental Realty       Continental Realty       CoreLogic SafeRent       Cornerstone Real        Crossbeam Capital
Management & Billing        Advisors, Ltd.           Advisors, Ltd.            Rockville, MD        Estate Advisers LLC             LLC
    Logan, UT               Littleton, CO            Littleton, CO                                     Hartford, CT            Bethesda, MD

   Dodge Carter            Byron L. Moger          Steven Weilbach         Brian L. Dinerstein      Anthony Schaffer         Andrew K. Dolben
Crow Holdings Capital    Cushman & Wakefield      Cushman & Wakefield         The Dinerstein             DIRECTV            The Dolben Company,
   Partners, LLC              Tampa, FL            San Francisco, CA           Companies             El Segundo, CA                 Inc.
     Dallas, TX                                                                Houston, TX                                      Woburn, MA

 Deane H. Dolben           Adam C. Breen           Wendy Drucker            Kellie Falk-Tillett       Miles Spencer           Randy Churchey
The Dolben Company,       DRA Advisors, LLC       Drucker & Falk, LLC       Drucker & Falk, LLC     Eastdil Secured, LLC    Education Realty Trust,
        Inc.                New York, NY          Newport News, VA             Raleigh, NC            Washington, DC                 Inc.
    Woburn, MA                                                                                                                  Memphis, TN

 APRIL 2012                                                                                                                  NMHC 50         33
                                         A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

  Board of Directors

  John M. O’Hara, Jr.         Warren Rose          Gregory L. Engler        Gina M. Dingman         Brannan Johnston       Christopher E. Hashioka
  Edward Rose & Sons       Edward Rose & Sons     Engler Financial Group,   Everest Real Estate     Experian RentBureau       Fairfield Residential
   Farmington Hills, MI    Farmington Hills, MI             LLC                  Advisors             Costa Mesa, CA             Company LLC
                                                      Alpharetta, GA         Minneapolis, MN                                     San Diego, CA

Gregory R. Pinkalla          Jonathan Cox         Richard N. Shinberg        Les Zimmerman          Robert L. Johnston        Mark A. Fogelman
 Fairfield Residential       The Federated         First Capital Realty,    First Capital Realty,    First Communities       Fogelman Management
    Company LLC                Companies                   Inc.                     Inc.                 Atlanta, GA                Group
    San Diego, CA               Miami, FL             Bethesda, MD             Bethesda, MD                                      Memphis, TN

Richard L. Fogelman       Wayne E. McDonald          Phillip Weber             Linda Zeller           Philip S. Payne          D. Scott Wilkerson
 Fogelman Properties       Forestar Group, Inc.    Forestar Group, Inc.       Gerson Bakar &         Ginkgo Residential         Ginkgo Residential
    Memphis, TN                Austin, TX              Austin, TX               Associates             Charlotte, NC              Charlotte, NC
                                                                             San Francisco, CA

 John J. Gray, III           Judy Viitanen        James M. Bachner            Mark Forrester          Don Hendricks               Alan Patton
Grayco Partners LLC        Happy Habitat, LLC        Heitman LLC            Hendricks & Partners    Hendricks & Partners             Hines
    Houston, TX                Laurel, MD             Chicago, IL               Phoenix, AZ             Phoenix, AZ               Houston, TX

  Scott A. Doyle          Edward J. Pettinella       David Kapiloff         Kevin A. Baldridge       Jean M. Anderson            James A. Butz
Home Properties, Inc.     Home Properties, Inc.       Insgroup, Inc.        The Irvine Company        J.P. Morgan Asset        Jefferson Apartment
   Rochester, NY             Rochester, NY             Houston, TX               Apartment               Management                   Group
                                                                             Communities ‘IAC’          New York, NY                McLean, VA
                                                                                 Irvine, CA

 34      NMHC 50                                                                                                                     APRIL 2012

Board of Directors

 Gregory G. Lamb        Richard J. High       Jeffrey T. Morris       Jubeen F. Vaghefi        John W. Bray        Faron G. Thompson
Jefferson Apartment    John M. Corcoran &     Jones Lang LaSalle      Jones Lang LaSalle     Jones Lang LaSalle     Jones Lang LaSalle
       Group                Company             Americas, Inc.          Americas, Inc.         Americas, Inc.         Americas, Inc.
     McLean, VA           Braintree, MA          Orlando, FL              Miami, FL              Atlanta, GA            Atlanta, GA

   Cindy Clare             John Falco         Peggy Robinson             Rohit Anand           Keith A. Harris         Tom Klaess
      Kettler          Kingsley Associates   Kingsley Associates        KTGY Group Inc.      The Laramar Group,     The Laramar Group,
   McLean, VA              Atlanta, GA           Atlanta, GA              Vienna, VA                 LLC                   LLC
                                                                                                 Chicago, IL       Greenwood Village, CO

 Peter P. DiLullo      Thomas J. O’Brien        Alan Arnold             Thomas Bacon        Thomas F. McCoy, Jr.   Charles M. McDaniel
LCOR Incorporated      LCOR Incorporated     The Lionstone Group      The Lionstone Group    Lockton Companies,     Lockton Companies,
   Berwyn, PA             Berwyn, PA             Houston, TX              Houston, TX                LLC                    LLC
                                                                                                 Denver, CO             Denver, CO

  Dean Holmes          Joseph F. Mullen            Peter Katz         Nicholas Michael        Cathy Bokman           Gerald J. Haak
Madison Apartment      Madison Apartment      Marcus & Millichap/           Ryan             Marriott ExecuStay      MAXX Properties
      Group                  Group           Institutional Property     The Marquette          Bethesda, MD           Harrison, NY
 Philadelphia, PA       Philadelphia, PA            Advisors              Companies
                                                   Phoenix, AZ           Naperville, IL

Andrew R. Wiener      Michael C. McDougal      Tristan Thoma             Kenneth Lee        W. Patrick McDowell       Albert Berriz
 MAXX Properties      McDougal Properties,   McDougal Properties,     McDowell Properties    McDowell Properties        McKinley
   Harrison, NY               L.C.                   L.C.              San Francisco, CA      San Francisco, CA       Ann Arbor, MI
                          Lubbock, TX            Lubbock, TX

APRIL 2012                                                                                                          NMHC 50        35

 Board of Directors

     Joe Colon              Alan Pollack            Bruce Barfield           Tammy Farley           Dirk D. Wakeham           Stephen T. Winn
Protection 1 Security    Providence Manage-            Rainmaker               Rainmaker              RealPage, Inc.            RealPage, Inc.
   Jacksonville, FL      ment Company, LLC           Alpharetta, GA          Alpharetta, GA           Carrollton, TX            Carrollton, TX
                             Chicago, IL

  Mark C. Beisler       Howard S. Primer           Terry S. Danner             Walt Smith           Kathryn Thompson          Daniel McNulty
Red Mortgage Capital,   RenaissancePG, LLC       Riverstone Residential   Riverstone Residential   Rockhall Funding Corp.   Rockwood Real Estate
        LLC                Knoxville, TN                 Group                    Group                 Dallas, TX               Advisors
     Reston, VA                                        Dallas, TX               Dallas, TX                                     New York, NY

   David Evemy          James D. Scully Jr.      Michael A. Scully         W. Steve Gilmore           Colm Macken              J. Robert Love
   Sarofim Realty         Scully Company         Scully Company             Shea Properties           Shea Properties       Simpson Housing LLLP
      Advisors            Jenkintown, PA         Jenkintown, PA              Aliso Viejo, CA           Aliso Viejo, CA            Atlanta, GA
     Dallas, TX

   Nancy Barton         David Schwartzberg          Michael Katz             Tarak Patolia            Scott Anderson          Dave Schwehm
Stellar Advisors, LLC    Stellar Advisors, LLC     Sterling American        Sterling American      TIAA-CREF Global Real     Time Warner Cable
    Rockville, MD            Rockville, MD           Property Inc.            Property Inc.               Estate                Herndon, VA
                                                    Great Neck, NY           Great Neck, NY         Newport Beach, CA

     Steve Roe              Wayne A.                 Russell A.           Jeffrey G. Maguire       Geoffrey C. Brown         Karen McCurdy
     TransUnion/           Vandenburg               Vandenburg            UBS Realty Investors     USA Properties Fund,     USA Properties Fund,
   CreditRetriever        TVO Groupe LLC          TVO North America               LLC                     Inc.                     Inc.
Greenwood Village, CO       Chicago, IL              El Paso, TX              Hartford, CT            Roseville, CA            Roseville, CA

 APRIL 2012                                                                                                                  NMHC 50       37

Board of Directors

    Eric D. Cevis       Jonathan Holtzman        George S. Quay, IV       Brendan Coleman       Howard W. Smith, III
   Verizon Enhanced         Village Green           Village Green          Walker & Dunlop        Walker & Dunlop
     Communities             Companies               Companies              Bethesda, MD           Bethesda, MD
   Basking Ridge, NJ     Farmington Hills, MI    Farmington Hills, MI

  Jack O’Connor         Michael K. Hayde            Charles W.           Phillip R. Deguire      Samuel Ross
  Weidner Property       Western National         Brammer, Jr.          The Wilkinson Group,     WinnCompanies
  Management LLC       Property Management      The Wilkinson Group,             Inc.              Boston, MA
    Kirkland, WA            Irvine, CA                   Inc.                Atlanta, GA
                                                    Atlanta, GA

  Lawrence H. Curtis    Ronald V. Granville      Brigitta Eggleston        Amy Gerritsen             Greg West
   WinnDevelopment      Woodmont Real Estate     Yardi Systems, Inc.      Yardi Systems, Inc.     ZOM Companies
      Boston, MA             Services             Santa Barbara, CA       Santa Barbara, CA      Fort Lauderdale, FL
                            Belmont, CA

Board of Directors                                                                      (not pictured)
ExECuTIVE COMMIT TEE               David Doerner                      Thomas Trubiana                   Mike Kingsley
                                   Bader Company                      Education Realty Trust, Inc.      KTGY Group Inc.
Alan King                          Indianapolis, IN                   Memphis, TN                       Vienna, VA
Berkshire Property Advisors
Boston, MA                         John Swift                         Patrick Jones                     Christine Akins
                                   Bader Company                      Engler Financial Group, LLC       LaSalle Investment Management,
Kristen Klingbeil-Weis             Indianapolis, IN                   Alpharetta, GA                    Inc.
Klingbeil Capital Management/                                                                           Chicago, IL
American Apartment Communities     Grace Huebscher                    Nicola Scheman
Santa Barbara, CA                  Beech Street Capital               Experian RentBureau               Will Balthrope
                                   Bethesda, MD                       Costa Mesa, CA                    Marcus & Millichap/Institutional
Timothy J. Hogan                                                                                        Property Advisors
Trammell Crow Residential          Jeff Lee                           Nick Wexler                       Dallas, TX
Dallas, TX                         Beech Street Capital               The Federated Companies
                                   Bethesda, MD                       Miami, FL                         Darren R. Sloniger
                                                                                                        The Marquette Companies
BOARD OF DIRECTORS                 Karl H. Reinlein                   Gregory A. Fowler                 Naperville, IL
                                   Berkadia                           FPA Multifamily
Simon Ziff                         Horsham, PA                        San Francisco, CA                 Adam Sherer
Ackman Ziff Real Estate Group,                                                                          Marriott ExecuStay
LLC                                Bradley B. Chambers                Holland Smith                     Bethesda, MD
New York, NY                       Buckingham Companies               FPA Multifamily
                                   Indianapolis, IN                   Dallas, TX                        Jacob Katz
Jay Blasberg                                                                                            Meridian Capital Group, LLC
Alliant Capital LLC                Ernest L. Heymann                  Edward Coco                       New York, NY
Tucson, AZ                         CAPREIT, Inc.                      GE Real Estate
                                   Rockville, MD                      Alpharetta, GA                    Israel Schubert
Toshi Matsushita                                                                                        Meridian Capital Group, LLC
Alliant Capital LLC                Tyler Anderson                     Stephen LoPresti                  Iselin, NJ
Tucson, AZ                         CB Richard Ellis, Inc.             Gerson Bakar & Associates
                                   Phoenix, AZ                        San Francisco, CA                 Robert D. Lazaroff
R. Ryan Holmes                                                                                          The Michelson Organization
Ambling Management Company         Nevel DeHart                       Sherwin Nelvis                    St. Louis, MO
LLC                                CoreLogic SafeRent                 Guggenheim Real Estate Finance,
Valdosta, GA                       Rockville, MD                      LLC                               Bruce V. Michelson, Jr.
                                                                      Vienna, VA                        The Michelson Organization
Jason Wills                        Mark Higgins                                                         St. Louis, MO
American Campus Communities        Cornerstone Real Estate Advisers   Alicia Cotton
Austin, TX                         LLC                                Guggenheim Real Estate Finance,   Carter Bechtol
                                   Hartford, CT                       LLC                               The Morgan Group, Inc.
Scott G. Suttle                                                       Vienna, VA                        Houston, TX
AmeriSphere Multifamily Finance,   William B. Blash
LLC                                Crossbeam Capital LLC              Philander P. Claxton              Michael S. Morgan
Bethesda, MD                       Bethesda, MD                       Happy Habitat, LLC                The Morgan Group, Inc.
                                                                      Laurel, MD                        Houston, TX
Arlene Mayfield                    Roy E. Demmon, III
Apartment Guide                    Demmon Partners                    Howard Edelman                    Jonathan Morgan
Norcross, GA                       Redwood City, CA                   Heitman LLC                       Morgan Properties
                                                                      Chicago, IL                       King of Prussia, PA
Jay Olander                        Thomas Walsh
Apartment Trust of America*        Demmon Partners                    Jennifer Doran                    Mitchell L. Morgan
Richmond, VA                       Redwood City, CA                   Highland Commercial Mortgage,     Morgan Properties
                                                                      LLC                               King of Prussia, PA
Gus Remppies                       John Caltagirone                   Birmingham, AL
Apartment Trust of America*        The Dinerstein Companies                                             Eric Gramberg
Richmond, VA                       Houston, TX                        John O. Moore, Jr.                Move
                                                                      Highland Commercial Mortgage,     Westlake Village, CA
Brad Long                          Robert Grosz                       LLC                     DISH Network                       Birmingham, AL                    Kevin Filter
Chicago, IL                        Englewood, CO                                                        Oak Grove Capital
                                                                      Laurel Howell                     St. Paul, MN
Brian Earle                        Brian Spencer                      Kettler
Area Property Partners             DISH Network                       McLean, VA                        Pam McGlashen
New York, NY                       Englewood, CO                                                        Orion Real Estate Services
                                                                      David G. Shillington              Houston, TX
BJ Rosow                           David Luski                        KeyBank Real Estate Capital
AZUMA Leasing                      DRA Advisors, LLC                  Dallas, TX                        W. Clark Ewart
Austin, TX                         New York, NY                                                         Paradigm Development Company
                                                                                                        Arlington, VA
                                   John H. Pringle
                                   E & S Ring Management
                                   Los Angeles, CA

40     NMHC 50                                                                                                                 APRIL 2012

Board of Directors                                                                                      (not pictured)
P. David Onanian                   David J. Ingram                                W. Dean Weidner
PAS Purchasing Solutions           UBS Realty Investors LLC                       Weidner Property Management LLC
Houston, TX                        Hartford, CT                                   Kirkland, WA

Larry Sullivan                     Michael Keyes Ferris                           Stephan T. Beck
Passco Companies, LLC              Valet Waste, LLC                               Whiteco Residential LLC
Irvine, CA                         Tampa, FL                                      Merrillville, IN

Douglas Crocker, II                Syd McDonald                                   Timothy J. Connelly
Pearlmark Real Estate Partners     Valet Waste, LLC                               Whiteco Residential LLC
Chicago, IL                        Tampa, FL                                      Merrillville, IN

Edward J. Ryder                    Patricia French                                Greg M. Galli
Pearlmark Real Estate Partners     Verizon Enhanced Communities                   Woodmont Companies
Chicago, IL                        St. Petersburg, FL                             Belmont, CA

Ronald G. Brock, Jr.               Eric Garrett                                   Samuel C. Stephens, III
Pierce-Eislen, Inc.                Watermark Residential                          ZOM Companies
Scottsdale, AZ                     Indianapolis, IN                               Orlando, FL

Seth Martin                        Paul Thrift
Pritzker Realty Group, LLC         Watermark Residential
Chicago, IL                        Indianapolis, IN

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

Melisa Colon
Protection 1 Security
Tampa, FL

Bruce LaMotte
Providence Manage-
ment Company, LLC
Chicago, IL

Thomas G. Smith
Prudential Real Estate Investors
Atlanta, GA

David L. Goodman
Red Mortgage Capital, LLC
Reston, VA

Wesley Hudson
Reznick Group
Atlanta, GA                                                 Mixed income.
Edward Lusk
Reznick Group
                                                            Shared success.
Atlanta, GA

Ralph Daruns
Rockhall Funding Corp.
Dallas, TX

W. Michael Doramus
Sarofim Realty Advisors                               From single-project transactions to portfolio-wide
Dallas, TX                                            solutions, Citi Community Capital combines unparalleled
                                                      community development expertise with industry-leading
Joanne Luger                                          capital markets capabilities to offer financial solutions to
Time Warner Cable
                                                      preserve and build stronger communities.
Herndon, VA
                                                      Citi. Your Community Development Partner.
Mike Mauseth
Greenwood Village, CO

                                                      2012 Citibank, N.A. All rights reserved.
                                                      Citi and Arc Design is a registered service mark of Citigroup Inc.

APRIL 2012

Advisory Committee
Advenir                       Arbor Commercial Mortgage,     Beztak Companies                  Captec Realty Capital
Taylor Rismiller              LLC                            Harold Beznos                     Patrick L. Beach
Aventura, FL                  Bonnie Habyan                  Farmington Hills, MI              Santa Barbara, CA
                              Uniondale, NY
AEW Capital Management L.P.                                  BH Equities, LLC                  Capture the Market
Julie Kittler                 Artemis Real Estate Partners   Harry Bookey                      Kimberly Scott
Boston, MA                    Richard Banjo                  Des Moines, IA                    Dallas, TX
                              Chevy Chase, MD
AFI Services, LLC                                            BlackRock Realty                  CARES By Apartment Life
James Fales                   The Ashley Group               Dale Gruen                        Kiley Haught
The Woodlands, TX             Stephen B. Ashley              San Francisco, CA                 Euless, TX
                              Rochester, NY
All Nation Renovation, Inc.                                  Blu SKY Restoration Contractors   Carter Haston Holdings, LLC
Ofer Manashe                  Associated Estates Realty      Timothy Babcock                   L. Marc Carter
Houston, TX                   Corporation                    Centennial, CO                    Nashville, TN
                              Jeffrey I. Friedman
Alliance Tax Advisors, LLC    Richmond Heights, OH           Blue Vista Capital Partners       Cassidy Turley
Tony J. Comparin                                             Robert G. Byron                   Christopher J. Doerr
Irving, TX                    Assurant Specialty Property    Chicago, IL                       Washington, DC
                              Brian Tribble
ALM - Real Estate Media       Miami, FL                      BofI Federal Bank                 Cassin & Cassin LLP
Michael G. Desiato                                           Morgan Ferris                     Amy Bernstein
New York, NY                  Axiometrics Inc.               San Diego, CA                     New York, NY
                              Ronald G. Johnsey
Altman Development            Dallas, TX                     Bonaventure Realty Group, LLC     CB Richard Ellis, Inc.
Corporation                                                  Dwight D. Dunton, III             Malcolm McComb, III
Joel L. Altman                Baker Tilly                    Arlington, VA                     Atlanta, GA
Boca Raton, FL                Donald Bernards
                              Chicago, IL                    Bridge Investment Group           CEL & Associates, Inc.
American Seniors Housing                                     Christian V. Young                Christopher Lee
Association                   Ballard Spahr Andrews &        Murray, UT                        Los Angeles, CA
David S. Schless              Ingersoll, LLP
Washington, DC                Allan R. Winn         LLC              CertainTeed Corporation
                              Washington, DC                 Zachary Kestenbaum                Eric S. Nilsson
AMI Capital                                                  New York, NY                      Valley Forge, PA
Michael Sullivan              Barker Apartments
Easton, MD                    David Barker                   Bury & Partners, Inc.             Chicago Title
                              Iowa City, IA                  James B. Knight                   Konrad J. Kaltenbach, II
AMSI, an Infor company                                       Dallas, TX                        Dallas, TX
George Landgrebe              The Bascom Group
Tampa, FL                     Scott R. McClave               Butler Burgher Group              CLP Systems
                              Irvine, CA                     B. Diane Butler                   Rich Clark
Aon Risk Services, Inc.                                      Dallas, TX                        Pelham, AL
Kevin J. Madden               BBVA Compass
New York, NY                  Jeffrey Journey                Buyers Access                     Coastal Apartment Advisors
                              Dallas, TX                     Peter Roden                       James Sewell
Apartment Association of                                     Denver, CO                        Hilton Head Island, SC
Greater Los Angeles           Beacon Communities
Jim Clarke                    Investments, LLC               The BYL Companies                 Columbia National Real Estate
Los Angeles, CA               Howard E. Cohen                Kristie Wetherbee                 Finance, LLC
                              Boston, MA                     West Chester, PA                  Roger Edwards
Apartment Association,                                                                         Washington, DC
California Southern Cities    Beecher Carlson                Cagan Management Group, Inc.
Nancy J. Ahlswede             Michael Stern                  Jeffrey Cagan                     Comcast Cable Communications
Long Beach, CA                Atlanta, GA                    Skokie, IL                        William F. Revell
                                                                                               Philadelphia, PA
Apartment Finder              Beekman Advisors, Inc.         CallMaX
Marcia Bollinger              Shekar Narasimhan              David Clarke                      Compliance Depot, a RealPage
Lawrenceville, GA             McLean, VA                     Acworth, GA                       Company
                                                                                               Lonnie Derden
The Apartment Group, Inc.     Bergstrom Investment           CalPERS                           Plano, TX
Jeffrey L. Price              Management, LLC                Cleon Pantell
Dallas, TX                    Kelley A. Bergstrom            Sacramento, CA                    Connexion Technologies
                              Kenilworth, IL                                                   Bobby DeSpain
ApexOne Investment Partners                                  Camp Construction Services        Cary, NC
Jim A. Hearn                  Berkshire Property Advisors,   Jeff Blevins
Houston, TX                   LLC                            Houston, TX                       Connexion Technologies
                              Eric Draeger                                                     Elizabeth Ray
ARA                           Boston, MA                     Campus Televideo                  Cary, NC
Lisa A. Robinson                                             Brian Benz
Atlanta, GA                   Berkshire Residential          Greenwich, CT                     CONNOR
                              Development                                                      Patrick T. Connor
                              Steve Wood                     CapitalSource                     Baltimore, MD
                              Boston, MA                     Chris Kelly
                                                             New York, NY

42     NMHC 50                                                                                                        APRIL 2012

Advisory Committee
The Connor Group                 The DZAP Group & LeaseLabs        Freeman Webb Inc.                  Goulston & Storrs
Lawrence S. Connor               Dana Zeff                         William H. Freeman                 Steven Schwartz
Centerville, OH                  San Diego, CA                     Nashville, TN                      Boston, MA

Continental Properties Company   ECI Capital Corp.                 Friedman Integrated Real Estate    Grace Hill, Inc.
James H. Schloemer               Seth Greenberg                    Solutions                          Joseph Bailey
Menomonee Falls, WI              Marietta, GA                      Barry Swatsenbarg                  Augusta, GA
                                                                   Farmington Hills, MI
Continental Realty Corporation   Edgewood Management                                                  Grand Peaks Properties
Joseph M. Schapiro, III          Corporation                       G5                                 Luke Simpson
Baltimore, MD                    A. Scott Jones                    Ilene Vogt                         Denver, CO
                                 Edgewater, MD                     Bend, OR
CORT                                                                                                  Grandbridge Real Estate Capital
Mark Koepsell                    Embrey Partners, Ltd.             Gallagher Evelius & Jones, LLP     LLC
Fairfax, VA                      Walter M. Embrey, Jr.             Stephen A. Goldberg                Thomas S. Dennard
                                 San Antonio, TX                   Baltimore, MD                      Charlotte, NC
Cortland Partners, LLC
Steven DeFrancis                 Enterprise Community              Gates, Hudson & Associates, Inc.   Gross Builders
Atlanta, GA                      Investment, Inc.                  Patricia J.M. Blackburn            Gary L. Gross
                                 C. Lamar Seats                    Fairfax, VA                        Cleveland, OH
Cox Communications               Columbia, MD
Shannon Boyle                                                      GDC Properties, LLC                Grubb & Ellis Company
Atlanta, GA                      Entrepreneurial Properties        William Ingraham                   Ernest L. Brown
                                 Corporation                       Hawthorne, NY                      San Antonio, TX
Cox, Castle & Nicholson LLP      Matthew V. Wherry
Amy H. Wells                     Newport Beach, CA                 GE Real Estate                     Guardian Management LLC
Los Angeles, CA                                                    Dan Earle                          Thomas B. Brenneke
                                 Equinox Search LLC                Norwalk, CT                        Portland, OR
Crescent Resources, LLC          Peter V. Hall
Brian Natwick                    San Francisco, CA                 Gene B. Glick Company, Inc.        The Habitat Company
Charlotte, NC                                                      David O. Barrett                   Daniel E. Levin
                                 Essex Property Trust, Inc.        Indianapolis, IN                   Chicago, IL
CRIO, Inc.                       Jeff Rowerdink
Dan Freudenthal                  Irvine, CA
West Palm Beach, FL
                                 Fair Collections & Outsourcing,
Criterion Brock                  Inc.
Kerri Silver                     Carol M. Bloom
Milwaukie, OR                    Beltsville, MD

Crown Advisors                   Falcone Group, LLC
John C. DiMare                   Arthur Falcone
North Barrington, IL             Boca Raton, FL

Crown Advisors, Inc.             Faulkner Design Group, Inc.
John Cigna                       Adrienne Faulkner
Pittsburgh, PA                   Dallas, TX

Cushman & Wakefield              FDC Management, Inc.
Marc D. Renard                   Patrick M. Kelly
Los Angeles, CA                  Anaheim, CA

CWS Apartment Homes              Foley & Lardner LLP
Steven J. Sherwood               Michael W. Hatch
Austin, TX                       Milwaukee, WI

Cypress Real Estate Advisors     Fore Property Company
John Burnham                     Richard L. Fore
Austin, TX                       Washington, DC

The Dermot Company               Fortune-Johnson, Inc.
Stephen Benjamin                 Brett Fortune
New York, NY                     Norcross, GA

Deutsche Bank Berkshire          FPL Advisory Group
Mortgage                         Michael A. Herzberg
Jeffrey C. Day                   Chicago, IL
Irvine, CA
                                 Franklin Capital Group
Dover/Paragon                    Joseph E. Resende
Terry B. Schwartz                Alexandria, VA
Bingham Farms, MI
                                 Franklin Street
                                 Darron Kattan
                                 Tampa, FL

APRIL 2012

Advisory Committee
Haley Real Estate Group      Helix Funds LLC              HIP/KET                           The ITEX Group, LLC
Daniel P. Clatanoff          David Helfand                Thomas B. Wilkinson, IV           K.T. Akbari
Omaha, NE                    Chicago, IL                  Houston, TX                       Port Arthur, TX

HandyTrac Systems            Hendersen-Webb, Inc.         Holland & Knight, LLP             J. Turner Research
John Lie-Nielsen             Pamela F. Newland            Christopher B. Hanback            Joseph Batdorf
Alpharetta, GA               Cockeysville, MD             Washington, DC                    Houston, TX

Hanley Wood                  Henderson Global Investors   Holland Development               J.I. Kislak, Inc.
Rob Britt                    James G. Martha              Tom Parsons                       Thomas Bartelmo
San Francisco, CA            Hartford, CT                 Seattle, WA                       Miami Lakes, FL

Harbor Group International   HFF                          Houlihan Lokey                    JMG Realty, Inc.
Jordan E. Slone              William Miller               Jonathan G. Geanakos              T. Karlton Jackson
Norfolk, VA                  Dallas, TX                   New York, NY                      Atlanta, GA

Hartford Investment          HFF                          Humphrey Development, Inc.        Johnson Development
Management                   G. Craig LaFollette          Bethany H. Hooper                 Associates, Inc.
John M. Maher                Houston, TX                  Columbia, MD                      David Benjamin Graves
Hartford, CT                                                                                Spartanburg, SC
                             HHHunt                       Humphreys & Partners
Hathaway Properties, Inc.    James R. King                Architects, LP                    Jones Lang LaSalle Americas,
W. Michael Muggridge         Blacksburg, VA               Mark Humphreys                    Inc.
Atlanta, GA                                               Dallas, TX                        Peter Nicoletti
                             Hills Property Management                                      Parsippany, NJ
HD Supply                    Russell Lykes                Hunt Companies
Aaron Baker                  Cincinnati, OH               Ryan W. Luxon                     JPI
San Diego, CA                                             El Paso, TX                       Benjamin H. Montgomery
                             Hillwood Multifamily, LP                                       Irving, TX
Hediger Enterprises Inc.     Mark McHenry                 Hunter Warfield, Inc.
Gary R. Hediger              Fort Worth, TX               Todd Wahl                         JPI
Greenville, SC                                            Tampa, FL                         Robert D. Page
                                                                                            Irving, TX
                                                          Hyperion Realty
                                                          Dan Hopkins                       JRK Investors
                                                          Dallas, TX                        Robert Lee
                                                                                            Los Angeles, CA
                                                          I.Q. Data International, Inc.
                                                          Kenneth Stumbo                    Jupiter Communities LLC - RAIT
                                                          Everett, WA                       Kellie Devilbiss
                                                                                            Chicago, IL
                                                          ibr Search
                                                          Wesley Easly                      Kaba Access Control
                                                          Pittsburgh, PA                    Dale Mathias
                                                                                            Laguna Niguel, CA
                                                          Ideal Realty Group
                                                          Allen Manesh                      Keystone Commercial Capital
                                                          Potomac, MD                       Charles Williams
                                                                                            Phoenix, AZ
                                                          Ingersoll Rand Residential
                                                          Solutions                         The Kirkland Company
                                                          Eric Elsmore                      William Kirkland
                                                          Carmel, IN                        Brentwood, TN

                                                          Inland American Apartment         The Kislak Company, Inc.
                                                          Management                        Nancy Jacques
                                                          Thomas P. McGuinness              Woodbridge, NJ
                                                          Oak Brook, IL
                                                                                            Korcett Holdings, Inc.
                                                          Instar Services Group             Lisa K. Cortes
                                                          Johnnie Smith                     Austin, TX
                                                          Troy, MI
                                                                                            Kroll Factual Data
                                                          Institutional Property Advisors   Damon Littlejohn
                                                          (A Marcus & Millichap Company)    Loveland, CO
                                                          Steve Witten
                                                          New Haven, CT                     L&B Realty Advisors, LLP
                                                                                            William L. Fulton
                                                          Investment Property Associates,   Dallas, TX
                                                          Jennifer Koster                   Lane Asset Management, LLC
                                                          Grand Haven, MI                   Eric Hade
                                                                                            Atlanta, GA
                                                          Amanda Holden
                                                          San Diego, CA

                                                                                                                 APRIL 2012

Advisory Committee
Langan Engineering and           Legend Management Group, LLC      LTVentures                         Mark-Taylor Residential, Inc.
Environmental Services           Ruth G. Eisenhauer                D. Scott Lee                       Dale Phillips
Mark Devaney                     McLean, VA                        Los Angeles, CA                    Scottsdale, AZ
Elmwood Park, NJ
                                 LEM Capital                       m-fishency                         Marvin F. Poer and Company
LBK Management Services          Jay J. Eisner                     Ward Katz                          William L. DuBois
James D. Alexander               Philadelphia, PA                  Kansas City, MO                    Dallas, TX
Irving, TX
                                 Lennar                            MAC Realty Advisors LLC            Masco Contractor Services, Inc.
LeaseStar, a Division of         Todd M. Farrell                   Bruce Levin                        Jerald Castaneda
RealPage, Inc.                   Charlotte, NC                     Washington, DC                     Daytona Beach, FL
Sina Shekou
Carrollton, TX                   Lerner Corporation                Mac-Gray Services, Inc.            The Matteson Companies
                                 Alan H. Gottlieb                  Kevin Fahey                        Duncan L. Matteson, Sr.
LeaseTerm Insurance Group LLC    Rockville, MD                     Waltham, MA                        San Mateo, CA
Roger Hilterbrandt
Atlanta, GA                      Lessard Design Inc.               Maintenance Supply                 Maxus Properties, Inc.
                                 Christian Lessard                 Headquarters                       Michael P. McRobert
LeasingDesk, a Division of       Vienna, VA                        Cary R. Wright                     Kansas City, MO
RealPage, Inc.                                                     Stafford, TX
David Carner                     Level One, a RealPage Company                                        Mayer Brown LLP
Carrollton, TX                   Ben Holbrook                      Manly & Stewart                    Keith J. Willner
                                 Greer, SC                         John C. Manly                      Washington, DC
LeCesse Development                                                Newport Beach, CA
Corporation                      LexisNexis Resident Screening                                        McCaffery Interests
Salvador F. Leccese              Pam Storm                         Marcus & Millichap Capital         Yvonne Jones
Altamonte Springs, FL            Alpharetta, GA                    Corporation                        Chicago, IL
                                                                   William Hughes
LEDIC Management Group           Love Funding Corporation          Irvine, CA                         Mercy Housing
Pierce Ledbetter                 Esther Cohen                                                         Brian Shuman
Memphis, TN                      St. Louis, MO                                                        Denver, CO

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

                                          Future Meeting Dates                          2012 NMHC Student Housing
                                                                                        Conference & Exposition
            If I had to pick one          2012 NMHC Research Forum                      October 1 & 2 • Phoenix, AZ
          trade association to            March 28 & 29 • Chicago, IL
      represent my interests,                                                           2012 NMHC Apartment Operations
         there’s no contest —             2012 NMHC Human Resources Forum               and Technology (OpTech) Conference
           NMHC has the best              March 28 & 29 • Chicago, IL                   & Exposition
      staff, provides the best                                                          November 12-14 • Dallas, TX
         information and puts
                                          2012 NMHC Apartment Strategies/
         on the best meetings
                                          Finance Conference                            2013 NMHC Apartment Strategies
       in multifamily housing.
                                          May 15 & 16 • Scottsdale, AZ                  Conference
                                                                                        January 22 • Palm Springs, CA
                   Daryl Carter
          Chief Executive Officer,        2012 NMHC Spring
                 Avanath Capital          Board of Directors Meeting                    2013 NMHC Annual Meeting
              Management, LLC             May 16 & 17 • Scottsdale, AZ                  January 22-24 • Palm Springs, CA

       JOIN TODAY!           visit • 202/974-2300 • 202/775-0112 (fax) •

Advisory Committee
Merion Realty Partners       Moen Incorporated                  Nationwide Energy Partners LLC   NWP Services Corporation
Richard T. Aljian            Aubri Mandelbaum                   Jeff Morrison                    Amanda Christensen
Wynnewood, PA                North Olmsted, OH                  Chicago, IL                      Lincoln, NE

Mesirow Financial            Morningside Equities Group, Inc.   NCC Business Services of         Ocius LLC
Alasdair Cripps              Brian Pawlik                       America, Inc.                    James Rabinowitz
Chicago, IL                  Chicago, IL                        Irv Pollan                       Chicago, IL
                                                                Jacksonville, FL
Metropolitan Properties of   Multi-Housing News                                        
America, Inc.                Diana Mosher                       Newport Venture Capital          Jake Harrington
Jeffrey J. Cohen             New York, NY                       Richard Harris                   Campbell, CA
Boston, MA                                                      Newport Beach, CA
                             Multifamily Executive/Hanley-                                       OpsTechnology, a Division of
Mike Seashols Consulting     Wood, LLC                          NNC Apartment Ventures           RealPage
Mike Seashols                John McManus                       John H. Nunn                     Mike Britti
Belmont, CA                  Washington, DC                     Long Beach, CA                   Carrollton, TX

Miles & Stockbridge P.C.     Multifamily Realty Advisors, LLC   Northland Investment             The P.B. Bell Companies
Justin C. Eller              Richard R. Cotton                  Corporation                      R. Chapin Bell
Baltimore, MD                Raleigh, NC                        Lawrence R. Gottesdiener         Scottsdale, AZ
                                                                Newton, MA
Minnesota Multi Housing      NAI Global Multifamily Group                                        Pacific Life Insurance Company
Association                  Jen Grimm                          NorthMarq Capital - San          John C. Mulvihill
Mary Rippe                   Princeton, NJ                      Francisco                        Newport Beach, CA
Bloomington, MN                                                 Jeffrey Weidell
                             National Foundation for            San Francisco, CA                Pacific Property Company
MM Properties                Affordable Housing Solutions,                                       Alfred V. Pace
Kenneth S. Moczulski         Inc.                               NTS Development Company          Palo Alto, CA
Fort Worth, TX               Martin C. Schwartzberg             Gregory G. McDearmon
                             Rockville, MD                      Louisville, KY                   Palladium (USA) International,
                                                                                                 Thomas E. Huth
                                                                                                 Dallas, TX

                                                                                                 Christopher J. Volgenau
                                                                                                 Mountain View, CA

                                                                                                 Penton Media Inc.
                                                                                                 Rich Santos
                                                                                                 New York, NY

                                                                                                 Phoenix Realty Group
                                                                                                 Alan Hirmes
                                                                                                 New York, NY

                                                                                                 PPG Architectural Coatings
                                                                                                 Clifford Carlson
                                                                                                 Louisville, KY

                                                                                                 Price Realty Corporation
                                                                                                 Michael J. Ochstein
                                                                                                 Addison, TX

                                                                                                 Property Solutions International,
                                                                                                 Benjamin Zimmer
                                                                                                 Provo, UT

                                                                                                 PropertyBridge, a MoneyGram
                                                                                                 Leslie Olsen
                                                                                                 Oakland, CA

                                                                                                 Prudential Multifamily
                                                                                                 Mortgage, Inc.
                                                                                                 Frank Guzikowski
                                                                                                 McLean, VA

                                                                                                 QBE First
                                                                                                 John Drennen
                                                                                                 Atlanta, GA

                                                                                                                     APRIL 2012

Advisory Committee
Radclift Capital Mortgage        RealPage, Inc.                   RentMineOnline                  Rockwood Capital LLC
Mark Dubrinsky                   Stacey Blackwell                 Ed Spiegel                      Joel A. Moody
New York, NY                     Carrollton, TX                   San Francisco, CA               Los Angeles, CA

Raia Properties Corporation      Realty Center Management, Inc.   RentPayment                     Sales, Inc.
Samuel A. Raia                   Curt Knabe                       Bill R. Evick                   Rick Burkhalter
Ramsey, NJ                       Los Angeles, CA                  Walnut Creek, CA                Duluth, GA

RCLCO                            RealtyCom Partners, LLC          Resident Gifts LLC              SatisFacts Research, LLC
Adam Ducker                      Annie Manfredi                   Gregory H. Smith                Douglas J. Miller, Sr.
Bethesda, MD                     Larkspur, CA                     Singer Island, FL               Lutherville, MD

Real Capital Markets             Recap Real Estate Advisors       ResidentCheck                   Sawyer Realty Holdings LLC
Stephen J. Alter                 Travis D’Amato                   Jorge Baldor                    Gregg Clickstein
Carlsbad, CA                     Boston, MA                       Dallas, TX                      Needham, MA

Real Estate Board of New York,   Recap Real Estate Advisors       Resite Online                   The Screening Pros, LLC
Inc.                             Todd Trehubenko                  Ann Padgett                     Gary Glucroft
Steven Spinola                   Boston, MA                       Norfolk, VA                     Chatsworth, CA
New York, NY
                                 Rent Stabilization Association   Resource Investments Limited,   Screening Reports, Inc.
Real Estate Equities, Inc.       Joseph Strasburg                 LLC                             Timothy Fortner
Terrence E. Troy                 New York, NY                     Steven Zalkind                  Wood Dale, IL
St. Paul, MN                                                      Pennsauken, NJ
                                                                                Seven Hills Commercial
Real Estate Media Lab, LLC       Robert Johnson                   Resource Real Estate, Inc.      Gary Guion
Michael J. Lapsley               Santa Monica, CA                 Yvana Melini                    Dallas, TX
West Bridgewater, MA                                              Philadelphia, PA
                                 Renters Legal Liability LLC                                      Sharp Laboratories of America
Realfacts/Meyers Apartment       Paul Kaliades                    RM Watson Co.                   Mick Grover
Data Advisors                    Salt Lake City, UT               Robert M. Watson                Camas, WA
Sarah L. Bridge                                                   Seattle, WA
Novato, CA

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

Advisory Committee
Shelter Corporation              Stratford Capital Group, LLC    The United Group of Companies,      Wilmar
Lynn Carlson Schell              John M. Nelson, IV              Inc.                                James Lashbrook
Minnetonka, MN                   Peabody, MA                     Walter F. Uccellini                 Houston, TX
                                                                 Troy, NY
The Shelter Group                Summit Contracting Group                                            Witten Advisors LLC
Marilynn K. Duker                Marc Padgett                    University Furnishings              G. Ronald Witten
Baltimore, MD                    Jacksonville, FL                Paul Dougan                         Dallas, TX
                                                                 Dallas, TX
Sherman Residential              Summit Housing Partners                                             The Wolff Company
Scott Gould                      Rainer Andrews                  Urdang & Associates Real Estate     Tim Wolff
Deerfield, IL                    Montgomery, AL                  Advisors, Inc.                      Scottsdale, AZ
                                                                 Mark B. Greco
The Sherwin-Williams Co.         SunAmerica Affordable Housing   Plymouth Meeting, PA                Womble Carlyle Sandridge &
William G. Rafie                 Partners, Inc.                                                      Rice, PLLC
Cleveland, OH                    Thomas A. Musante               USAA Real Estate Company            Pamela V. Rothenberg
                                 Los Angeles, CA                 Hailey Ghalib                       Washington, DC
Shutts & Bowen LLP                                               San Antonio, TX
Daniel T. O’Keefe                SureDeposit                                                         Worthing Southeast Corporation
Orlando, FL                      Richard F. Schreiber            Velocity, a Division of RealPage,   John A. Echols
                                 Chevy Chase, MD                 Inc.                                Atlanta, GA
Silver Capital                                                   William Chaney
Mark Ambach                      Terra Capital Partners          Carrollton, TX                      WRH Realty Services, Inc.
Boca Raton, FL                   Dan Cooperman                                                       J. Mark Rutledge
                                 New York, NY                    Veritas Investments Inc.            St. Petersburg, FL
Simmons Vedder Partners, Inc.                                    Yat-Pang Au
Wolf Vedder                      Terra Search Partners           San Francisco, CA                   YieldStar
Austin, TX                       Matthew B. Slepin                                                   Janine Steiner Jovanovic
                                 San Francisco, CA               Visa, Inc.                          Carrollton, TX
Southeast Apartment Partners,                                    David Weinshel
LLC                              TGM Associates L.P.             Wilmington, DE                      ZMG Construction, Inc.
Marc G. Robinson                 Thomas J. Gochberg                                                  Kevin L. Somers
Atlanta, GA                      New York, NY                    Waypoint Residential                Longwood, FL
                                                                 Scott J. Lawlor
Specialty Consultants Inc.       Timberland Partners             New York, NY                        ZRS Management, LLC
Thomas G. Williams               Robert L. Fransen                                                   Steven K. Buck
Pittsburgh, PA                   Minneapolis, MN                 Weingarten Realty                   Orlando, FL
                                                                 Kyle Kretsinger
Sperry Van Ness Nevada LLC       Towne Properties                Houston, TX
David Baird                      Neil K. Bortz
Las Vegas, NV                    Cincinnati, OH                  Westdale Asset Management
                                                                 Evan J. Griffiths
Spot On Networks                 Transwestern                    Dallas, TX
Richard Sherwin                  Jon Kleinberg
New Haven, CT                    Atlanta, GA                     Western National Realty
The Sterling Group, Inc.         Transwestern                    Rex F. DeLong
Lance A. Swank                   Steven E. Pumper                Irvine, CA
Mishawaka, IN                    Dallas, TX
Sterling Trust                   Trinsic Residential Group       David Brinkerhoff
Robert J. Thiebaut               Brian J. Tusa                   Kansas City, MO
Atlanta, GA                      Dallas, TX
                                                                 Williams Asset Management,
Stewart Title Guaranty           TRIO Properties LLC             LLC
Regina L. Fiegel                 Eileen Swenson, CPM             John A. Isakson
Charlotte, NC                    Glastonbury, CT                 Atlanta, GA

Stewart Title Guaranty Company   The Tuckerman Group             Willis
Tom Konkel                       Glen S. Weisberg                Ronald D. Tucker
Houston, TX                      Chicago, IL                     Columbia, MD

48    NMHC 50                                                                                                           APRIL 2012
                                               Grandbridge Real Estate Capital provides the vital link
                                               between complex market conditions and capital solutions.
                                               As a national full-service leader in commercial and
                                               multifamily finance, we combine our wide range of
                                               capital sources with a knowledgeable and experienced
                       Connecting              team to deliver results, deal after deal.
                                               Our scope of services includes:
                                               - Freddie Mac Program Plus®
                                                 Seniors Housing and Targeted Affordable Housing
                      capital and              - Fannie Mae DUS®
                                               - FHA-insured Loans | MAP and LEAN
                               clients.        - Nearly 50 Insurance Companies
                                               - CMBS | Institutional Investors | Pension Funds
                                               - Proprietary Lending Platform | Structured Finance
                                               - $25 Billion+ Loan Servicing Portfolio
                                               To find the lending professionals in your area, visit

OppOrtunities realized.
$144,432,200          $27,400,000           $5,200,000                       $16,000,000                 $17,500,000                             $10,500,000
tX, CO, az            West palm Beach, Fl   Charlotte, nC                    dublin, OH                  Virginia Beach, Va                      Houston, tX
MHC Credit Facility   Multifamily           Office                            Multifamily                 Hospitality                             Office/Retail
11 Communities        250 Units             64,637 Sq.Ft.                    238 Units                   160 Rooms                               49,461 Sq.Ft.
Acquisition           Refinance              Acquisition                      Refinance                    Refinance                                Refinance
Agency and CMBS       Agency                Insurance Company                Agency                      CMBS                                    CMBS

                                               Atlanta | Birmingham | Charleston | Charlotte | Columbus | Dallas | Ft. Lauderdale | Greenville | Houston
                                               Indianapolis | Jacksonville | Kansas City | Louisville | Madison | Milwaukee/Chicago | Minneapolis | Mobile
                                               Naples | Norfolk | Pittsburgh | Raleigh | Tampa | Washington, D.C.

                                                                                                  Loans are subject to credit approval.
                                                        Yardi Voyager                    SMART

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SMARTER                                      and the Yardi Multifamily Suite

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Description: The Nation’s 50 Largest Apartment Owners and 50 Largest Apartment Managers. Apartment Market Demand for apartment residences continued to surge in 2011 as more households decided that renting was a better fit for their lifestyles, needs and budgets than owning. Overall, the renter share of households rose to 34.0 percent at year-end, the highest level in almost 14 years. Net absorption among investment-grade apartments posted the best back-to-back years since the boom of 1999-2000, while the occupancy rate rose 110 basis points (bps) from the fourth quarter of last year to almost 95 percent, an indication of solid recovery from the Great Recession. New supply remained sparse. The his-torically low level of multifamily starts in 2009 and 2010 led to low completions in 2011. However, starts rebounded signifi-cantly, suggesting completions should ramp up in 2012, with stronger deliveries likely for 2013 and beyond. Even so, the level of new multifamily construction in 2011 was bare- ly half of the average annual pace from 1997 to 2006. NMHC’ s most recent Quarterly Survey of Apartment Market Conditions showed that although new development activity was widespread, starts lagged—only one-fifth of respondents indicated that groundbreaking had accelerated. What’ s more, almost half of respondents indicated that new development was considerably below demand. New construction financing remained an obstacle in many markets, along with outdated zoning codes, unnecessary regulations and “NIMBY” groups.