2011 NMHC 50

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

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR

2011

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

2011 Apartment Ownership ............................................................ 4

2011 Apartment Management ........................................................ 6

NMHC 50: “The Great Recovery” Following “The Great Recession” .... 8

A Familiar Face Returns to Multifamily ......................................... 16

New Faces .................................................................................... 19

Revisiting the Number Ones ......................................................... 22

National Multi Housing Council:

Join the Who’s Who in the Apartment Industry ............................ 25

NMHC Officers ............................................................................. 26

NMHC Board of Directors Executive Committee ........................... 26

NMHC Board of Directors ............................................................. 32

Cover Photo: Fillmore Center in San Francisco, CA

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 apart-

ment 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 apart-

ment industry. NMHC’s members are the principal officers of the larger and more prominent

apartment firms and include owners, developers, managers, financiers and service providers.

The Council focuses on the four key areas of: federal advocacy; strategic business information;

industry research; and public affairs. Through its federal advocacy program, the Council targets

such issues as capital markets, housing policy, energy and environmental affairs, tax policy, fair

housing, building codes, technology, human resources, rent control and more.

For those interested in joining the apartment industry’s leadership, NMHC welcomes inquiries

to its Washington office at 202/974-2300, or you can visit NMHC’s web site at www.nmhc.org.

2 NMHC 50 APRIL 2011

Contents

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APARTMENTS WITH

2011 2010 CORPORATE OWNERSHIP INTEREST

RANK RANK COMPANY HEADQUARTERS OFFICER 2011 2010

NATIONAL MULTI HOUSING COUNCIL 50(50 Largest U.S. Apartment Owners as of January 1, 2011)

1 1 Boston Capital Boston, MA Jack Manning 158,947 162,677

2 Centerline Capital Group New York, NY Rob Levy 152,600 147,500

3 Boston Financial Investment Management, LP Boston, MA Ken Cutillo 145,454 144,907

4 2 SunAmerica Affordable Housing Partners, Inc. Los Angeles, CA Michael L. Fowler 141,113 147,087

5 3 Equity Residential Chicago, IL David J. Neithercut 129,604 136,843

6 5 PNC Tax Credit Capital Portland, OR Todd Crow 123,462 128,727

7 4 AIMCO Denver, CO Terry Considine 110,946 133,200

8 6 National Equity Fund, Inc. Chicago, IL Joseph Hagan 107,138 100,500

9 7 Enterprise Community Investment, Inc. Columbia, MD Charles R. Werhane 96,195 96,395

10 8 The Richman Group Affordable Housing Corporation Greenwich, CT Richard Paul Richman 94,925 90,346

11 9 Archstone Englewood, CO R. Scot Sellers 81,613 83,085

12 12 Alliant Capital, Ltd. Woodland Hills, CA Shawn Horwitz 65,245 60,258

13 11 Camden Property Trust Houston, TX Richard J. Campo 63,278 63,286

14 Hunt Companies, Inc. El Paso, TX Woody Hunt 62,109 37,036

15 15 UDR, Inc. Highlands Ranch, CO Thomas W. Toomey 58,796 51,320

16 13 Edward Rose & Sons Farmington Hills, MI Warren Rose 56,025 55,958

17 10 Pinnacle Family of Companies Dallas, TX Stan Harrelson 55,932 68,017

18 18 AvalonBay Communities, Inc. Arlington, VA Bryce Blair 52,490 48,924

19 J.P. Morgan Asset Management New York, NY Jean Anderson 52,304 52,754

20 17 WNC & Associates, Inc. Irvine, CA Wilfred N. Cooper, Jr. 52,134 50,332

21 20 Invesco Real Estate Dallas, TX Michael Kirby 50,567 47,340

22 19 Forest City Residential Group, Inc. Cleveland, OH Ronald A. Ratner 47,384 47,633

23 21 Lincoln Property Company Dallas, TX Tim Byrne 46,507 46,347

24 24 MAA Memphis, TN H. Eric Bolton, Jr. 46,306 43,604

25 31 JRK Property Holdings, Inc. Los Angeles, CA Jim Lippman 43,900 41,400


2011 Apartment Ownership


APARTMENTS WITH

2011 2010 CORPORATE OWNERSHIP INTEREST


26 26 Irvine Company Apartment Communities Irvine, CA Kevin Baldridge 43,791 42,764

27 22 Michaels Development Company Marlton, NJ Robert J. Greer 43,433 44,916

28 25 Bell Partners Inc.

Greensboro, NC

Steven D. Bell 43,265 43,160

and Jonathan D. Bell

29 23 Raymond James Tax Credit Funds, Inc. St. Petersburg, FL Ronald Diner 43,035 44,128

30 29 Picerne Real Estate Group Phoenix, AZ David R. Picerne 42,476 41,058

31 28 DRA Advisors LLC New York, NY David Luski 41,111 41,908

32 32 Home Properties, Inc. Rochester, NY Edward J. Pettinella 38,861 35,797

33 34 The Related Companies New York, NY Jeff Blau 35,637 35,578

34 33 Sentinel Real Estate Corporation New York, NY John H. Streicker 35,000 35,709

35 30 Empire American Holdings, LLC Montvale, NJ Eli Feller 34,939 40,776

36 39 Lindsey Management Co., Inc. Fayetteville, AR James E. Lindsey 34,088 33,293

37 37 Colonial Properties Trust Birmingham, AL Thomas H. Lowder 33,205 33,524

38 38 Westdale Real Estate Investment & Management Dallas, TX Joseph G. Beard 32,592 31,632

39 36 Concord Management Limited Maitland, FL Edward O. Wood, Jr. 32,313 32,022

40 44 BH Equities LLC Des Moines, IA Harry Bookey 30,172 28,165

41 43 UBS Realty Investors LLC Hartford, CT Matthew Lynch 29,310 28,433

42 47 Essex Property Trust, Inc. Palo Alto, CA Michael Schall 29,146 27,248

43 40 The Bascom Group, LLC Irvine, CA Jerome Fink 28,851 35,674

44 35 CNC Investments, Ltd. Houston, TX Charlie Yalamanchili 28,528 32,721

45 46 Berkshire Property Advisors Boston, MA Frank Apeseche 27,906 27,537

46 42 AEW Capital Management, L.P. Boston, MA Jeffrey Furber 27,556 28,650

47 CB Richard Ellis Investors, LLC Los Angeles, CA Stephen J. Zaleski 26,748 22,564

48 MCA Housing Partners, LLC Gardena, CA Michael A. Costa 26,335 25,824

49 48 BRE Properties, Inc. San Francisco, CA Constance B. Moore 25,398 25,325

50 GID Investment Advisers, LLC Boston, MA Robert E. DeWitt 25,002 12,247

APRIL 2011 NMHC 50 5


1 3 Greystar Real Estate Partners, LLC Charleston, SC Robert A. Faith 187,360 153,819

2 2 Riverstone Residential Group Dallas, TX Walt Smith 162,182 178,431

3 1 Pinnacle Family of Companies Dallas, TX Stan Harrelson 151,367 183,877

4 5 Lincoln Property Company Dallas, TX Tim Byrne 133,425 132,881

5 4 Equity Residential Chicago, IL David J. Neithercut 129,604 136,843

6 6 AIMCO Denver, CO Terry Considine 117,119 129,715

7 8 WinnCompanies Boston, MA Samuel Ross 84,817 73,302

8 7 Archstone Englewood, CO R. Scot Sellers 81,613 83,085

9 9 Camden Property Trust Houston, TX Richard J. Campo 63,498 63,506

10 10 Bell Partners Inc. Greensboro, NCSteven D. Bell

60,182 60,422and Jonathan D. Bell

11 11 FPI Management, Inc. Folsom, CA Dennis Treadaway 58,604 56,952

12 14 UDR, Inc. Highlands Ranch, CO Thomas W. Toomey 58,340 50,493

13 13 Edward Rose & Sons Farmington Hills, MI Warren Rose 56,025 55,958

14 16 AvalonBay Communities, Inc. Arlington, VA Bryce Blair 52,490 48,924

15 15 Alliance Residential Company Phoenix, AZ Bruce Ward 48,520 49,488

16 18 The ConAm Group of Companies San Diego, CA Brad Forrester 47,400 46,100

17 12 Fairfield Residential LLC San Diego, CA Chris Hashioka 46,851 53,641

18 20 MAA Memphis, TN H. Eric Bolton, Jr. 46,306 43,604

19 23 Milestone Management, L.P. Dallas, TX Steve Lamberti 45,896 36,408

20 17 Westdale Real Estate Investment & Management Dallas, TX Joseph G. Beard 44,765 46,682

21 19 Picerne Real Estate Group Phoenix, AZ David R. Picerne 44,588 44,927

22 30 JRK Property Holdings, Inc. Los Angeles, CA Jim Lippman 41,900 39,400

23 21 BH Management Services, Inc. Des Moines, IA Nicholas H. Roby 41,641 41,366

24 43 The Laramar Group, LLC Denver, CO David B. Woodward 40,521 29,508

25 26 Village Green Detroit, MI Jonathan Holtzman 40,000 35,000

2011 2010 CORPORATE APARTMENTS MANAGED


NATIONAL MULTI HOUSING COUNCIL 50(50 Largest U.S. Apartment Managers as of January 1, 2011)


2011 Apartment Management


2011 2010 CORPORATE APARTMENTS MANAGED


26 24 Michaels Development Company Marlton, NJ Robert J. Greer 39,575 38,236

27 29 Home Properties, Inc. Rochester, NY Edward J. Pettinella 38,861 36,947

28 28 Irvine Company Apartment Communities Irvine, CA Kevin Baldridge 38,220 37,193

29 25 Gables Residential Atlanta, GA David D. Fitch 38,105 37,842

30 27 Capstone Real Estate Services, Inc. Austin, TX James W. Berkey 36,884 37,675

31 Multifamily Management Services Suffern, NY Jeffrey Goldstein 35,800 35,000

32 31 Sentinel Real Estate Corporation New York, NY John H. Streicker 35,000 35,709

33 22 Empire American Holdings, LLC Montvale, NJ Eli Feller 34,939 40,776

34 38 Asset Plus Companies Houston, TX Michael S. McGrath 34,887 31,081

35 37 Lindsey Management Co., Inc. Fayetteville, AR James E. Lindsey 34,440 33,645

36 35 The Related Companies New York, NY Jeff Blau 34,439 33,155

37 32 Forest City Residential Group, Inc. Cleveland, OH Ronald A. Ratner 34,096 34,658

38 45 McKinley, Inc. Ann Arbor, MI Albert M. Berriz 33,922 28,358

39 33 Colonial Properties Trust Birmingham, AL Thomas H. Lowder 33,911 34,230

40 34 The Lynd Company San Antonio, TX A. David Lynd 32,875 33,471

41 36 Concord Management Limited Maitland, FL Edward O. Wood, Jr. 32,313 32,022

42 CAPREIT, Inc. Rockville, MD Dick Kadish 31,000 14,820

43 44 American Campus Communities, Inc. Austin, TX Bill Bayless 30,877 29,342

44 39 Morgan Properties King of Prussia, PA Mitchell L. Morgan 30,625 30,627

45 41 The John Stewart Company San Francisco, CA Jack D. Gardner 30,534 29,989

46 49 Essex Property Trust, Inc. Palo Alto, CA Michael Schall 30,317 27,218

47 40 The Bozzuto Group Greenbelt, MD Thomas S. Bozzuto 30,004 30,157

48 46 LEDIC Management Group, LLC

Memphis, TN

Scott P. “Pierce” 29,142 28,348

Ledbetter, Jr.

49 48 Ginkgo Residential, LLC Charlotte, NC Philip S. Payne 29,029 27,798

50 47 Berkshire Property Advisors Boston, MA Frank Apeseche 28,085 27,806



NMHC 50:

By Mark Obrinsky, Vice President of Research and Chief Economist, National Multi Housing Council


“The Great Recovery” Following “The Great Recession”OVERVIEW

Exactly one year ago, this article was titled “Apartment Industry Challenged by Great Recession.” What a difference a year makes. The apartment industry made a surprising recovery in 2010 from the aforementioned recession. Like all commercial real estate sectors, apartments have traditionally been

a lagging industry, and the rather modest improvement in the economy had suggested a more muted pickup in apartment demand. Instead, the popularity of renting increased to its highest level since 1998—with the share of households who rent rising to 33.4 percent by year-end—and occupancy rates rose across the country. Net absorptions were also strong and rents increased as well (though not yet enough to fully offset the previous decline). The modest improvement in employment led to some “un-coupling” of households, but demand was mainly fueled by new households being formed coupled with reduced resident turnover (especially move-outs to homeownership).

Meanwhile, starts of new multifamily buildings remained at historically low levels, while completions—which lag new starts—fell by 43 percent. They will likely set an all-time low in 2011. In large part this stems from the continued difficulty in obtaining construction financing. The combination of a demand surge and reduced new supply foreshadows further gains in occupancy and rents in the next two years. With other commercial real estate sectors not as far along in their recovery, equity capital has shown increasing inter-est in apartment investment; the Equity Financing Index in the January 2011 NMHC Quarterly Survey of Apartment Market Conditions rose to a record high of 74, with the highest percentage ever (52 percent) of respondents saying they had greater access to equity capital than late last year.

Transaction BoomNot surprisingly, transaction volume rebounded as well, more than doubling to $31 billion. While still

a far cry from the condo conversion-fueled boom of 2005-2007, it’s a strong gain in the context of tighter financing conditions. On the plus side, the debt finance markets also took a few steps toward a more normal-ized environment, as life insurance companies got back into the market and even the CMBS market showed signs of life. Still, the industry continues to rely heavily on the GSEs and FHA for support.

After being dragged down by 30 percent or more during the recession and financial crisis, apartment property prices recovered substantial ground in 2010. Correspondingly, cap rates on apartments have come down 50 basis points from the peak in mid-2009.

The total number of apartments owned by firms in the NMHC 50 owners list is 7.7 percent greater than the number managed by the top 50 managers. The mean and median portfolios among the owners are also larger than the mean and median management portfolios. Nonetheless, the top management firm has a larger portfolio than the top owner firm, and the entry threshold for NMHC 50 managers is higher than that for the NMHC 50 owners. Thirty-three firms on the management list have at least 30,000, but fewer than 50,000, apartments. By contrast, only 19 firms on the owners list are in that range.

NMHC 50 PROFILE 2011

Portfolio Size:

No. of Apartments Owned 2,933,672

No. of Apartments Managed 2,722,894

Minimum Entry Threshold:

No. of Apartments Owner 25,002

No. of Apartments Managed 28,085



APARTMENT OWNERSHIPFor the second straight year, Boston Capital headed up the NMHC 50 owners list. (It was also the 20th consecutive year the firm has been among the top ten owners.) Moving into the second and third slots are new incarnations of former top-ranked firms: Centerline Capital Group arose from the 2005 lead-er CharterMac, while Boston Financial Investment Management, LP replaces the 2009 top-ranked MMA Financial. As a result, SunAmerica Affordable Housing Partners, Inc. and Equity Residential both moved down two places to the No. 4 and No. 5 slots, respectively. Rounding out the top ten this year are last year’s No. 4 through No. 8 firms.

Six of the top ten firms decreased the size of their ownership portfolios, led by AIMCO’s net selloff of 22,254 units. By contrast, National Equity Fund, Inc., Centerline, and The Richman Group Affordable Housing Corporation all saw sizable net increases. Overall, 30 of the NMHC 50 owner firms (including newcomers) were net acquirers of apartments last year, while 20 were net sellers. The net sellers reduced their portfolios by 81,274, while net buyers added a total of 98,817 apart-ments.

The inclusion this year of some large firms that weren’t on the list last year led to a 7.2 percent increase in the over-all number of apartments owned by the top 50 firms in 2011. The biggest portfolio increase was recorded by Hunt Companies, Inc., which added 25,073 units, increasing its portfolio by more than two-thirds and putting it into the #14 position. Among top 50 firms for both 2010 and 2011, UDR had the biggest increase with a portfolio gain of 7,476.

This year’s survey asked some general questions about business type and geographic location of their apartments. Forty-two firms indicated they own market-rate apartments, 33 firms own tax credit or affordable units and 18 firms have senior housing apartments. The most popular region among top 50 owners is the South Atlantic, where all but four firms own apartments. Of course, the South Atlantic also has the most apartments.

TOP 10 APARTMENT OWNER FIRMS

Rank Company No. of

Apartments with

Ownership Interest

1 Boston Capital 158,947

2 Centerline Capital Group 152,600

3 Boston Financial Investment Management, LP 145,454

4 SunAmerica Affordable Housing Partners, Inc. 141,113

5 Equity Residential 129,604

6 PNC Tax Credit Capital 123,462

7 AIMCO 110,946

8 National Equity Fund, Inc. 107,138

9 Enterprise Community Investment, Inc. 96,195

10 The Richman Group Affordable Housing Corporation 94,925

NMHC 50 OWNERS*

Number of Apartments Owned 2011

Top 10 1,260,384

Second 10 599,926

Top 25 2,094,974

Second 25 838,698

Top 50 2,933,672

Portfolio Size Measures

Mean 58,673

Median 43,846

No. 1 firm 158,947

No. 50 firm 25,002

Share of National Apartment Stock

Top 10 7.2%

Top 25 12.0%

Top 50 16.9%

* After NMHC updated the ownership definition in 2006, CharterMac decided it no longer qualified

and did not complete the survey. MMA Financial chose not to participate last year. Changes in

participation affect comparisons with last year’s survey results. See “Methodology” section at end

for more information.

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

APARTMENT OWNERS

Largest Portfolio Growth Apartments

Hunt Companies, Inc. + 25,073

GID Investment Advisers, LLC + 12,755

UDR, Inc. + 7,476

National Equity Fund, Inc. + 6,638

Centerline Capital Group + 5,100

Moving Up in Rank Slots

JRK Property Holdings, Inc. + 6

Essex Property Trust, Inc. + 5

BH Equities LLC + 4

Lindsey Management Co., Inc. + 3

UBS Realty Investors LLC + 2


The 2011 NMHC 50 owners list includes 10 REITs, the same number as last year. The total apartment holdings by REITs in the NMHC 50 decreased, how-ever, and the REIT share of the overall market fell to 3.4 percent, the lowest

level since 1997, when it was 2.3 percent. This decline appears to be more company-specific than a consequence of the REIT model. In particular, AIMCO’s sizable paring of its portfolio outweighed substantial portfo-lio gains by UDR, AvalonBay, Home Properties, Mid-America Apartment Communities and Essex Property Trust.

In principle, apartment own-ers could be ranked not only by the number of apartments owned but also by the value of those apartments. While cap-turing such data is impractical, there is an alternative measure available for public companies, namely total capitalization. While not perfect—ownership of non-apartment assets can

substantially affect overall firm value—it provides a useful perspective on relative size among apartment firms.

APARTMENT REIT SIZE AND RANK BY TWO MEASURES

(as of January 1, 2011) Apartments Company

with Rank Total Cap rank

Ownership among Capitalization among

Interest REITs ($ millions) REITs

Equity Residential 129,604 1 25,882 1

AIMCO 110,946 2 9,566 3

Camden Property Trust 63,278 3 6,388 5

UDR, Inc. 58,796 4 7,984 4

AvalonBay Communities, Inc. 52,490 5 13,548 2

Mid-America Apartment Communities, Inc. 46,306 6 3,861 9

Home Properties, Inc. 38,861 7 5,326 7

Colonial Properties Trust 33,205 8 3,240 10

Essex Property Trust, Inc. 29,146 9 5,918 6

BRE Properties, Inc. 25,398 10 4,889 8

Note: Company total capitalization sums: (1) market value of shares outstanding, including operating partnership units;

(2) the value of perpetual preferred stock; and (3) the book value of total debt outstanding. Capitalization estimates for

December 31, 2010, are provided by Stifel Nicolaus & Company, Inc.


REITs in the Rankings



APARTMENT MANAGERSThere were fewer changes among the NMHC top 50 managers. Only two new firms made the list, and the same firms from last year’s top ten made up the 2011 top ten as well, albeit with some changed rankings. The biggest change was the new leader: on the strength of a sizable net increase in its management portfolio (a gain of 33,541 apartments), Greystar Real Estate Partners, LLC became the largest apartment manager in the country. Riverstone Residential Group remained in the No. 2 slot, with last year’s biggest manage-ment firm, Pinnacle Family of Companies, now ranked No. 3. Lincoln Property Company (No. 4) and Equity Residential (No. 5) switched places from last year, as did WinnCompanies (No. 7) and Archstone (No. 8).

Besides Greystar, the biggest portfolio gainers were newcomer CAPREIT, WinnCompanies and The Laramar Group, LLC. Laramar was also the biggest mover in the management rankings, mov-ing up 19 places to the No. 24 slot. JRK Property Holdings, Inc. and McKinley, Inc. also moved up the rankings ladder substantially.

One key characteristic of today’s apartment management landscape is the large number of similar-sized firms just outside the top ten. The No. 11 firm (FPI Management, Inc.) manages 58,604 apartments, while the No. 50 firm manages 28,085 apart-ments, a difference of 30,519. By comparison, the management portfolio of the top firm is 91,185 units larger than that of the No. 10 firm. Another measure of just how tightly bunched the middle of the rankings list is: Gables Residential increased the number of apartments under management (by 263 units), yet still fell in the rankings by 4 slots.

All but one firm among the 50 largest managers have market-rate apartments in their portfolios. Thirty-seven firms manage

NMHC 50 MANAGERS

Number of Apartments Managed 2011 2010 2009 2008 2007 2006

Top 10 1,171,167 1,195,881 1,224,042 1,194,108 1,106,880 1,051,603

Second 10 505,197 496,740 487,528 523,614 498,472 469,786

Top 25 1,885,014 1,890,933 1,915,170 1,930,162 1,810,315 1,703,865

Second 25 837,880 798,786 754,002 797,946 770,885 680,091

Top 50 2,722,894 2,689,719 2,669,172 2,728,108 2,581,200 2,383,956

Portfolio Size Measures

Mean 54,458 53,794 53,383 54,562 51,624 47,679

Median 39,788 37,767 37,871 40,578 40,010 33,150

No. 1 firm 187,360 183,877 185,219 195,888 209,412 197,774

No. 50 firm 28,085 26,845 23,730 25,852 25,277 22,500

Share of National Apartment Stock

Top 10 6.7% 6.9% 7.0% 6.9% 6.4% 6.0%

Top 25 10.8% 10.9% 11.0% 11.1% 10.4% 9.7%

Top 50 15.6% 15.5% 15.3% 15.7% 14.8% 13.6%

APARTMENT MANAGERS

Largest Portfolio Growth Apartments

Greystar Real Estate Partners, LLC + 33,541

CAPREIT, Inc. + 16,180

WinnCompanies + 11,515

The Laramar Group, LLC + 11,013

Milestone Management, L.P. + 9,488

UDR, Inc. + 7,847

Moving Up in Rank Slots

The Laramar Group, LLC + 19

JRK Property Holdings, Inc. + 8

McKinley, Inc. + 7

Milestone Management, L.P. + 4

Asset Plus Companies + 4

TOP 10 APARTMENT MANAGEMENT FIRMS

Rank Company No. of

Apartments Managed

1 Greystar Real Estate Partners, LLC 187,360

2 Riverstone Residential Group 162,182

3 Pinnacle Family of Companies 151,367

4 Lincoln Property Company 133,425

5 Equity Residential 129,604

6 AIMCO 117,119

7 WinnCompanies 84,817

8 Archstone 81,613

9 Camden Property Trust 63,498

10 Bell Partners Inc. 60,182


APARTMENT MANAGEMENT (by tier in thousands)

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APRIL 2011

tax credit/affordable properties and 12 firms manage senior housing. As with the top 50 owners, the South Atlantic has more top 50 managers than any other region.

The number of apartments included in the NMHC 50 manager list increased by 1.2 percent in 2011 to 2,722,894, the second-highest level in the sur-vey’s history (the highest was 2,728,108 in 2008). Seven of the top ten firms reduced their management portfo-lios, compared with only three that increased their portfolios. As a result, the apartments managed by the ten largest firms declined by 2.1 percent, the second straight decline. By contrast, apartments under management by the “second ten” firms rose by 1.7 percent. More significantly, the portfolios of the “second 25” firms rose by 4.9 percent to a record high of 837,880.

Both the mean (average) and the median rose and are close to their all-time highs. The minimum size needed to make it into the top 50 (28,085 apart-ments) set a new record, 1,240 more than the previous record set last year.

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For the second straight year, the National Multi Housing Council partnered with Kingsley Associates to handle the NMHC 50 survey pro-cess (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 contacts staff from each firm who complete the survey online. Over the years, improved outreach and increased publicity associated with the rankings has resulted in more firms responding to the survey.

For the purposes of this survey, investment fund managers are treated as owners only if they retain substantial equity in the apartment property or if they maintain effective responsibility and decision-making over the investment property. Similarly, tax credit syndicators and franchisers are regarded as owners only if they retain a fiduciary responsibility. (When firms function strictly as advisers rather than investors, they are not regarded as owners.)

The rankings do not distinguish between partial and full ownership. Some firms own sizable apartment properties through joint ventures in which their share could range anywhere from 1 to 99 percent. Others are primarily the sole owners of their apartments. In principle, it would be desirable to account for partial ownership—treating 50 percent ownership of 100 apartments as equivalent to full ownership of 50 units, for example. In practice, it is not feasible to make such distinctions.

The survey excludes condominiums, cooperatives, hotel rooms, nursing homes, hospital rooms, mobile homes and houses with rental units. Rental housing for seniors (age-restricted apartments) is included, although assisted living and congregate care facilities are not. Finally, since we measure industry concentration by comparing the top 50 owners and managers against the nation’s entire apartment stock, only U.S. apart-ments 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 invest-ment 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. This year, both Crow Holdings and GE Real Estate—firms that are likely large enough to make the ownership NMHC 50—declined to participate. As a result, two other 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 portfo-lio size. (Note that this did not affect the management list.) For these reasons, year-to-year comparisons must be made with great care. ______________________________________________________________________________

METHODOLOGY

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He’s back. March 8, 2010 was a landmark date for prominent real estate

investor Andrew L. Farkas — and arguably for the apartment sector as well. The day marked Farkas’ return to apartment investment a decade after selling his previous mega-portfolio.

Farkas’ return to the field was as splashy as his exit back in the late 1990s.

Affiliates of the Island Capital investment organization that Farkas heads on that day closed acquisitions of various assets of the struggling Centerline Holding Co. These include the commercial mortgage special servicing and mortgage-backed securities fund management divisions now operating under Island’s C-III Capital Partners unit. They also include a stake in fee-based multifamily finance originations and servicing, tax-credit equity fund manage-ment and related asset-management divisions still operating under the Centerline Capital Group name, which ranks No. 2 on the NMHC 50 Owners list.

In conjunction with the transaction, the Island Capital affiliate known as Anubis Advisors, made up of key Island brain-trusters, now acts as external management advisor to both Centerline and C-III.

As was the case with his Insignia Financial Group back in the late 1980s and early 1990s, Farkas now aims to build a large port-folio of apartments and other assets by exploiting opportunities related to financial distress in the income-property arena.

Farkas describes his re-entry into the multifamily field as repli-cating Insignia’s strategy adapted for the prevailing environment. But this time around he wants to gain control of assets by initially targeting the debt side rather than picking up ownership interests as he did back then.

TARGETING COLLATERAL ASSETSMore specifically, through C-III’s special servicing and CMBS fund management activities, he aims to take control of collateral assets underlying loans securitized mostly during the 2005-07 bubble years.

“The equity lives inside the securitization today,” says Farkas, who amassed some 350,000 apartments under the Insignia umbrel-la while still in his 30s. “Back then we acquired portfolios by acquiring controlling classes of the [corresponding] equity secu-rity:” general partner interests in limited partnerships, managing member positions in limited liability companies and the like.

But a decade into the new century — and now that he’s hit the half-century mark — Farkas and his longtime teammates want to “control the controlling classes of the debt security,” he explains. “The true ownership of equity is somewhere inside the CMBS stack.”

Can Farkas and company succeed in the prevailing environment

A Familiar Face Returns to Multifamily

Andrew L. Farkas Chairman and CEO of Island Capital


as they did in the ’90s? Even after a decade away from the domestic apartment sector — he’s been off acquiring yachting lifestyle des-tinations and marinas around the globe — Farkas commands no shortage of peer respect.

David Woodward, CEO of fast-growing apartment owner-oper-ator Laramar Group, points to other notable investors who have since emulated Farkas’ move by investing in large special servicers. For instance, Cerberus Capital Management, Oaktree Capital Management and Vornado Realty Trust helped recapitalize LNR Partners’ parent company, and Fortress Investment Group bought CWCapital.

“It seems everyone has their eye on Island as they’re determining how to proceed” when it comes to controlling real estate through special servicing rights and B-piece positions, Woodward adds. “Farkas is known as a savvy player, so if the opportunity is there, the thinking is he’ll find a way to make it work.”

The Centerline deal appears to give Farkas a promising combi-nation of assets and platforms.

C-III took on special servicing responsibilities covering some $110 billion in commercial mortgages held in 80-plus CMBS securitizations. The transaction also brought Centerline’s former position in subordinate “first loss” tranches, known as B-pieces, of those CMBS bond issues, with combined face values of about $3.1 billion.

GROWTH STRATEGYWhere it makes economic sense and is in the best interests of CMBS bond-holder trusts, the C-III team will look to convert control of those B-piece tranches into con-trol of financially distressed apart-ment properties and other real estate, Farkas is quick to acknowledge.

Indeed, a primary component of the near-term growth strategy entails securing and exercising special-ser-vicer options to acquire distressed assets at independently calculated “fair values” – but, again, just in select cases where that’s the best reso-lution for bond-holders.

“This gives us the opportunity to make investments in defaulted assets,” Farkas relates.

And it appears to be an attractive environment to pursue that strat-egy – again, given how far CMBS conduit lenders stretched in funding loans during the bubble years. A huge amount of conduit loans originated in 2005 through 2007 in particu-lar will likely be further underwater upon maturity than was typically the case with the over-leveraging seen back in the syndication- and S&L-driven ’80s, Farkas stresses.

APRIL 2011

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Initially launched with $5.5 million in investor capital Farkas arranged, the operation that became Insignia Financial leaped into prominence nationally when it acquired nearly all the assets of big apartment syn-dicator U.S. Shelter Corp. on the last day of 1990. Insignia went public the following year and ultimately evolved into one of the world’s biggest owner-operators with 350,000 apartment units.

When the economy was booming a couple of years before the dot-com bubble burst, Insignia sold most of that portfolio to public REIT Apartment Investment & Management Co. (AIMCO) for approximately $11 billion, including the combined capitalization of all the assets that traded hands. The rapid growth didn’t come without at least a bit of controversy, however: Insignia ultimately came to a settlement over alle-gations of improper fee-splitting arrangements covering HUD-financed apartments, agreeing to repay more than $7 million in management fees HUD had paid Insignia.

Looking forward, the Farkas team expects to devote considerable resources in executing C-III’s and Centerline’s various multifamily strate-gies in coming years.

TARGETING DISTRESSED PROPERTIESC-III began actively acquiring distressed properties through its special servicing activities in late 2010, with a handful closed by mid-February. “And we’ve got a bunch more teed up,” Farkas notes.

As C-III is now special servicer for CMBS deals with security interests in all sorts of commercial real estate collateral, the team expects to take control of office, retail and hospitality assets in addition to apartments. “We will look to aggregate significant portfolios of each and [when the timing is right] seek exit strategies.”

Apartments will be a primary thrust: “Obviously multifamily is an asset class in which we have some degree of comfort,” Farkas understates.

If some market participants have expressed concerns that C-III, as special servicer, will look to take control of assets rather than pursue mutually favorable workouts with borrowers, Farkas points to the rules of the game.

“We will always do what’s in the best interests of (CMBS) certificate holders; that’s our responsibility,” he stresses. “If it’s determined that the best-case outcome is through some liquidity strategy that involves sale of an asset, we’d look at that prospect.”

As for the recapitalized Centerline operations, the tax-credit syndica-tion operation – the nation’s second-largest apartment owner with inter-ests in some 152,600 units at year-end – in mid-February closed its latest nearly $120 million multi-investor fund. After a considerable dip in tax-credit equity raising during the 2008-09 period, that space is “returning from its lull” and becoming more competitive, Farkas observes.

He’s optimistic about Centerline’s affordable-housing financing origi-nations businesses as well, given that the Obama Administration isn’t about to pursue dramatic program cuts even while looking to rein in the federal deficit. “The form that affordable-housing financing might take may be up in air,” Farkas observes, “but it’s a certainty that it will be a public (function).”

There is, he says, inherent value in solid platforms for originating and servicing on behalf of Fannie and Freddie — or the entities that succeed them.



APRIL 2011

The 2011 NMHC 50 Managers roster features two firms that experi-enced exceptional portfolio growth last year. CAPREIT, Inc. made its splashy debut at No. 42 after more than doubling its portfolio to

31,000-some units. And Laramar Group moved up an impressive 19 slots to No. 24 as its portfolio grew by some 11,000 units to more than 40,500.

However, Laramar’s and CAPREIT’s growth came via contrasting strate-gies. Both reflect opportunities exploited by some of the savviest apartment operators in the prevailing market. While Laramar grew piecemeal mostly by taking over distressed properties for new clients, CAPREIT’s portfolio expansion came via a particularly transformative transaction.

Laramar’s big jump is in great part a result of its strategic initiative to handle more short-term apartment property management and related engagements at distressed assets on behalf of lenders and special servicers, explains David Woodward, the company’s Denver-based Managing Partner and CEO.

And the strategy senior executives adopted a couple of years back paid particularly large dividends in 2010. Laramar augmented its client roster with some household-name lenders, such as Wells Fargo and Citigroup, along with top-tier special servicers including LNR Partners, CWCapital, C-III Capital and Midland Loan Services.

Laramar can also offer these customers services such as receiverships, due diligence and the construction management frequently needed at REOs and otherwise distressed prop-erties. Indeed, Laramar is already act-ing as receiver for properties totaling upwards of 9,000 units in 12 states.

“And that part of the portfo-lio just continues to grow,” relates Woodward.

Of course, as Woodward and other Laramar executives were well aware, taking on management of distressed assets would involve challenges. As maintenance and related activities tend to get neglected at financially struggling properties, Laramar’s pro-fessionals have to direct quite a bit of basic fixing and cleaning as they strive to stabilize occupancies, expenses and income streams.

The initial wave of distressed prop-erties included plenty of “thinly under-written” D+ and C- assets, Woodward recalls. But the latest distressed addi-tions to Laramar’s portfolio are more often in the B quality range, many of them in reasonable operational shape but with owners unable to fully refi-nance maturing mortgages in the pre-vailing credit environment, he adds.

Fortunately, the firm was well pre-

New Faces

David WoodwardMananging Partner and CEO of the Laramar Group, LLC

Communities in: A L A B A M A | F L O R I D A | G E O R G I A | M A R Y L A N D | M I S S O U R I

N E VA D A | N O R T H C A R O L I N A | S O U T H C A R O L I N A | T E X A S | V I R G I N I A

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pared to take on these tough assignments, as Laramar has traditionally oper-ated properties across much of the quality and price-point spectrums.

Another challenge: given that these assignments typically culminate in preparing properties for dispositions or, in some cases, financial work-outs, they’re mostly short-term in nature. The trick is to make sure the new relationships last a lot longer than the distressed-asset engagements, Woodward stresses. And that’s clearly the case with CWCapital, for whom Laramar has become the servicer’s largest multifamily fee manager.

“We got in early with some of the big servicers, and now we’re one of their go-to managers,” Woodward relates. “We’re very happy with where we’re positioned with lenders and servicers; this gives us unique access to properties.”

Laramar has traditionally overseen apartment communities for long-term holders, including institutional investors such as Prudential Real Estate and Henderson Global. And the firm’s internal, fully invested fund, dubbed Laramar Multi-Family Value Fund, accounts for some 8,000 units under management (a follow-up fund is scheduled to close later this year).

A dozen or so new distressed-asset relationships would make Laramar’s management portfolio about as large as Woodward cares to see it. Concerned about potential “diseconomies” of a large-scale, multi-market operation, Woodward isn’t aiming to boost Laramar’s management portfo-lio beyond approximately 75,000 units in 30 markets.

“I’d say 50,000 to 75,000 units is the perfect size for us. You start getting larger than that and it can be hard to turn the ship” when market dynamics necessitate limber strategic responses, Woodward explains.

Laramar’s management portfolio is quickly approaching the 50,000-unit mark. That includes 8,000 units in the Bay Area alone, with 5,000 in San Francisco proper. While the firm usually sticks with communities of 100 or more units, success in a market like San Francisco can require a cluster of smaller projects.

Indeed, Laramar’s portfolio in the bayside city averages fewer than 40 apartments per property. Several are REOs previously controlled by Lembi Group interests.

Now, Woodward and company aim to replicate that portfolio growth strategy in New York City, where the company last year launched an opera-tion to serve clients, as well as in Boston and Philadelphia. Woodward and associates recruited veteran David Sorise from The Dermot Co. to head the new regional office.

ONE FELL SWOOPAs founder and owner Richard “Dick” Kadish explains, Rockville, Md.-based CAPREIT’s growth last year likewise reflects a strategy pursued for a couple of recession-rocked years. But in CAPREIT’s case, nearly the entire portfolio expansion came via a single transaction that ultimately took much of two years to complete.

A CAPREIT affiliate teamed with Morrison Grove Capital Advisors to take over management of Credit Suisse Group’s approximately 240-prop-erty, 15,000-plus-unit portfolio of tax-credit apartments. CAPREIT, which also part-owns and asset-manages other tax-credit, conventional and tax-exempt bond-financed properties, logically handles the hands-on

Dick Kadish President of CAPREIT, Inc.

Laramar Managed Fillmore Center in San Francisco, CA


APRIL 2011

property-level work, while Morrison Grove oversees the tax-credit investor relationships.

Kadish and his Morrison teammates were all too aware that their team was competing against 15 or so other qualified suitors for the portfolio. One key factor in securing the deal came when Credit Suisse engaged CAPREIT to asset manage a couple of the struggling properties.

“Fortunately, we were able to turn around distressed situations into money-making operations by employing standard real estate management techniques and concentrated efforts,” Kadish recalls.

One small property actually lacked a general partner, property manager and loan guarantor when CAPREIT took over. It also lacked tax-credit com-pliance approval for three years running. The new manager was able to resolve all those issues and boost occupancy from roughly 65 percent to completely full in just 63 days.

Still, it took well over a year to win the competition and several more months to close the deal – on the last day of 2010.

Doubling CAPREIT’s management portfolio in one fell swoop certainly presented challenges. But, fortunately, the CAPREIT/Morrison venture retained much of Credit Suisse’s professional team working on the portfolio. “So nothing was lost in transition,” as Kadish puts it.

Kadish cites CAPREIT’s extensive affordable-housing program compliance policies and procedures as instrumental to winning and closing the Credit Suisse deal. “Much to our benefit we had very good relationships with the housing finance agencies in the states where the portfolio properties are located.”

Kadish is now looking to further grow CAPREIT’s portfolio with addi-tional transactions along the lines of the Credit Suisse deal.

“Our biggest advocate, if you will, is the professionals on the Credit Suisse side who’ve seen us in action,” Kadish relates. “That’s the biggest recommen-dation we can make to (would-be sellers): go and ask these people how we’ve performed.”

CAPREIT’s portfolio is generally concentrated in the Southeast, Mid-Atlantic and Midwest regions along with some California properties.

The impeccable profile of CAPREIT’s capital partners on single-asset apartment property acquisition ventures also attests to the Kadish team’s capabilities. They include the likes of BlackRock Realty, Praedium Group and Apollo Real Estate, says Kadish. “These have been very reward-ing and successful relationships.”

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Not long ago, public REITs sought identity as consolidators, but two giants once topping the NMHC 50 Owners list have shrunk in recent years, although they remain in the top 10. Still, executives at both AIMCO and

Equity Residential are more optimistic about the profitability prospects ahead than they were when their portfolios exceeded 225,000 units.

AIMCO’s portfolio, now at about 111,000 (No. 7), is half the size it was a half-decade back. And Equity Residential, at just under 130,000 (No. 5), has shed roughly 100,000 units since its portfolio peak. Meanwhile, the recapitalized tax-credit syndicator now known as Centerline Capital Group has seen its portfolio shrink even further, from a peak of some 325,000 units down to 152,600 at year-end (but No. 2, nonetheless).

Some noteworthy trends, at least in part stemming from the recession, are apparently prompting some of the biggest publicly traded apartment owner-operators to right-size.

REITs, in particular, in recent years have generally concluded that efficiencies of scale have limits. Yes, bulk buying power can generate discounts on supplies and services, but it doesn’t improve profitability as much as a portfolio focused on product offerings and markets where management boasts competitive expertise.

“Over the past few years, we’ve significantly streamlined and refocused” the company and its portfolio, longtime AIMCO Chairman/CEO Terry Considine stressed during the company’s latest quarterly conference call. Like many other large apartment REITs, AIMCO has sold many of its communities with an eye toward focusing on its core markets and strongest properties, added Executive Vice President John Bezzant.

Likewise, Equity Residential’s portfolio continued shrinking last year in terms of units owned, but the quality improved via strategic dispositions and invest-ments, said CEO David Neithercut. Equity Residential acquired nearly 4,500 units for combined consideration of about $1.5 billion during the year, while also selling another 7,171 apartments — primarily non-strategic assets in non-core markets — for a total of $718.4 million.

As Neithercut also noted, many REITs facing large-scale secured and unsecured debt maturities sold properties to raise cash and shore up balance sheets during 2008 and 2009, particularly when credit markets were so dysfunctional.

While that became less of an issue for many REITs a year ago as credit condi-tions improved, the impact is that prior strategic moves improved balance sheets as portfolios shrank, as AIMCO’s Considine is quick to point out. “Recourse debt was largely eliminated, costs were lowered, near-term maturities were reduced, and liquidity and capacity were increased.”

The quest to deleverage was clearly more pronounced among public compa-nies and appears to have pulled many private tax-credit syndicators to the top of the nation’s roster of largest apartment owners, observes Jeff Goldstein, Executive Vice President and Chief Operating Officer of Boston Capital, the reigning top owner with just under 159,000 units.

Private syndicators just don’t face the kinds of shareholder pressures public REITs do to de-lever and meet quarterly financial targets through active disposi-tions, he adds: “We can be far more patient.”

Indeed, affordable-housing specialists, primarily tax-credit syndicators, now hold the top four slots, and six of the top eight.

SYNDICATORS DOMINATE TOP TIERSo even as the average size of the industry’s largest portfolios has generally become smaller in recent years, it’s no great surprise to Goldstein and other pros

Revisiting the Number Ones

David Neithercut President and CEO of Equity Residential

Jeff Goldstein Executive Vice President of Boston Capital


APRIL 2011

that syndicators have come to dominate the upper tier. Even though tax-credit equity raising fell off during the recession, it became about the most reliable source of capital amid the credit crunch.

Rounding out the leading quintet in addition to Equity Residential, Centerline and stalwart Boston Capital (this is the 20th straight year that Boston Capital has been in the top 10 of the NMHC 50 Owners) are No. 3 Boston Financial Investment Management, LP at about 144,500 and SunAmerica Affordable Housing, Inc. at a bit over 141,000.

Several other affordable specialists also ranked among the companies experiencing the strongest growth over the course of 2010. These include No. 8 National Equity Fund, Inc., whose portfolio grew by more than 6,600 units; No. 10 Richman Group Affordable Housing Corporation (growth of more than 4,500 units); and No. 12 Alliant Capital, Ltd. (growth of nearly 5,000 units).

Another reason so many syndicators top the NMHC 50 Owners list is that tax-credit compliance life-cycles tend to minimize rapid market-driven property and portfolio dispositions, notes Ken Cutillo, Boston Financial’s CEO. Investors seeking full compli-ance benefits need to stick with these investments for 15 years, he explains.

But compliance life-cycles during certain periods can likewise end up generating growth in syndicator portfolios – as is the case today, adds Goldstein. A lot of investors coming out of expiring compliance periods stemming from the deal-heavy mid-1990s are now looking to redeploy capital into new tax-credit ventures, he explains.

Despite the recessionary decline in tax-credit equity raising, capital has still flowed into affordable-housing ventures, Goldstein continues. Banks might be leery of real estate lending, but they’re still motivated by Community Reinvestment Act obliga-tions, he elaborates.

Boston Capital, Centerline Capital Group and Boston Financial Investment Management, LP have all been working on sizable new tax-credit equity funds, pro-ceeds of which will help them augment their respective portfolios. Boston Capital closed a $305 million fund last October, and Cutillo says Boston Financial is on track to raise another $250 million to $300 million this year. (Two years ago JEN Partners and Real Estate Capital Partners acquired Boston Financial, then known as MMA Financial, from troubled Municipal Mortgage & Equity.)

START-UP SYNDICATORS COMPETEMeanwhile, the recapitalized, publicly traded Centerline in mid-February closed its latest nearly $120 million multi-investor fund. The syndication arena is returning from its lull – and has attracted a few start-up syndicators adding to the competition for investors and qualifying investments, observes investor Andrew Farkas, who heads the group that acquired a 40 percent stake in Centerline last year.

Another hard-to-ignore trend emerging among the nation’s largest apartment owners: notwithstanding the portfolio shrinkage among the very largest players, holdings among the balance of the NMHC 50 have clearly

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been growing.Indeed, a half-decade back, only half the companies ranked No. 11 through

No. 20 could boast 50,000 or more units. Today they all can.Likewise, No. 21 through No. 30 owned roughly 33,000 to 43,000 apartments.

Today the comparables are 41,000 to 50,000. Nine of the 10 from No. 31 through No. 40 held 30,000 or fewer units five years ago; today nine of the 10 own 30,000 or more.

And none of the companies ranked No. 41 through No. 50 owned more than 23,000 apartments five years ago. Today they hold between 24,000 and 29,000, roughly.

As for those public REITs formerly holding the top slot, their respective leaders see more productive days ahead – but not necessarily larger portfolios.

Considine reiterated that AIMCO’s brain trust continues striving to squeeze better operating margins out of the right-sized portfolio.

“Our conventional same-store operating margin actually improved during the Great Recession to better than 61 percent,” he said.

Added Bezzant: “We are recycling capital through the portfolio, and we have aggressively focused (on) selling off the bottom of the portfolio.”

At Equity Residential, Neithercut stressed that as the company looks to grow again through offensive-minded development ventures and strategic acquisi-tions, the management team won’t hesitate to sell additional seasoned holdings if offers are compelling.

Dispositions, in fact, will likely exceed acquisitions this year: with guidance calling for some $1.25 billion of the former compared to $1 billion of the latter.

As for AIMCO’s plans: “We see more attractive investment opportunities within our existing portfolio,” concludes Considine.

AIMCO’s Greenspoint at Paridise Valley in Phoenix, AZ

APRIL 2011

Ken Cutillo Chief Executive Officer of Boston Financial

Terry Considine Chairman and CEO of AIMCO

Serving over 450 multi-familycommunities, nationwide

6 Faneuil Hall Marketplace, Boston, MAwww.winnco.com

Our employees are thesource of our success.We thank all 2,670 ofour team members andtheir families.Recognized as a Top 100 Employer, Boston Globe, 2010.Advancing careers in property management for 40 years.

The National Multi Housing Council provides leadership for the apartmentindustry on legislative and regulatory matters, advances research and the exchange ofstrategic business information, and promotes the desirability of apartment living. Since1978, the National Multi Housing Council has been the apartment industry’s leadingadvocate and strategic consultant.

NMHC members are engaged in all aspects of the rental housing business, including apartment ownership, management, development, brokerageand finance. Backed by one of the most competent and professional staffs in realestate, the Council focuses on the four key areas of federal advocacy, strategicinformation, industry research and public affairs.

WHY BECOME A MEMBER?� Issues Representation The Council is actively involved in forming national

housing policy and shaping the legislation and regulations that affect the industry.

� Industry Meetings NMHC hosts the industry’s most sought-after meetingsand conferences which are generally acknowledged to be the most stimulatingand thought-provoking gatherings of the nation’s senior apartment executives.

� Vital Information Resources Through its publications and forums, the Councilhighlights industry “best practices” and provides succinct, accurate, timely andcomprehensive information.

� Networking Tools In addition to our must-attend meetings, NMHC also offersmembers other opportunities to interact and exchange ideas through our Listservesand our online membership directory.

� NMHC Career Center NMHC’s Online Career Center allows members topost jobs and recruit interns. As part of the SelectLeaders Real Estate Job Network,postings on NMHC’s Career Center also appear on the web site job boards of nineother top real estate associations at no extra charge.

� Advocacy Tools NMHC offers members a number of resources to promoterenting over buying and to overcome NIMBY opposition to apartments. They includefree PowerPoint presentations, consumer brochures for your leasing office, pro-apartment ads and more.

� Expert Advice NMHC’s professional staff has solid expertise on the full spectrumof apartment issues. These professional resources are invaluable when membersprepare to interact with government, the media and others in the real estate industry.

NMHC tracks all the legislation and

regulations that affect our industry.

We are alwaysahead of the curve because of

strategic information the Council provides through e-newsletters,

white papers and debriefings.

Peter DonovanSr. Managing DirectorCB Richard Ellis, Inc.

NMHC advocates for us on the Hill,

their legislative team is the best

I’ve ever seen. They make sure our industry is

taken care of from a legislative andpolitical perspective. The networking

is absolutely superb at NMHC. It isdefinitely the best advocacy groupwe have in the apartment industry.

Ric CampoChairman & CEO

Camden Property Trust

The National MultiHousing Council

fosters an environ-ment in which we

are encouraged toshare. We are encouraged to meetpeople and interact, and talk about

our business – not just about where it is today, but where it is headed.

Tom ToomeyPresident & CEO

UDR, Inc.

FOR MORE INFORMATION OR TO APPLY, GO TO WWW.NMHC.ORG/GOTO/JOIN1850 M Street, NW, Suite 540, Washington, DC 20036 3 202/974-2300 3 www.nmhc.org 3 [email protected]


NMHC Officers 2011

Board of Directors

Executive Committee

President

Douglas M. Bibby

National Multi

Housing Council

Washington, DC

Membership lists current as of February 21, 2011.p y ,

Treasurer

Daryl J. Carter

Avanath Capital Partners

Irvine, CA

Vice Chairman

Thomas S. Bozzuto

The Bozzuto Group

Greenbelt, MD

Chairman

Peter F. Donovan

CB Richard Ellis

Boston, MA

R. Scot Sellers

Archstone

Englewood, CO

Sean J. Breslin

AvalonBay

Communities, Inc.

Arlington, VA

Timothy J. Naughton

AvalonBay

Communities, Inc.

Arlington, VA

David J. Olney

Berkshire Property

Advisors

Boston, MA

Thomas Shuler

Berkshire Property

Advisors

Roswell, GA

Julie A. Smith

Bozzuto Management

Company

Greenbelt, MD

Stephen Dominiak

BRE Properties, Inc.

Irvine, CA

Constance B. Moore

BRE Properties, Inc.

San Francisco, CA

Laurie A. Baker


Houston, TX

Ric Campo


Houston, TX

John R. Williams

Carmel Partners, Inc.

San Francisco, CA

Ron Zeff

Carmel Partners, Inc.

San Francisco, CA

Brian F. Stoffers

CBRE Capital Markets

Houston, TX

William T. Hyman

Centerline Capital Group

New York, NY

John Larson

Centerline Capital Group

New York, NY

Patti Fielding

AIMCO

Denver, CO

Patti Shwayder

AIMCO

Denver, CO

Marc E. deBaptiste

Apartment Realty

Advisors

Boca Raton, FL

Gary T. Kachadurian

Apartment Realty

Advisors

Oak Brook, IL

Charles E. Mueller, Jr.

Archstone

Englewood, CO

Former ChairmenKelley A. Bergstrom

C. Preston Butcher

Ric Campo

Douglas Crocker, II

Allen Cymrot

William H. Elliott

Richard L. Fore

Randolph G. Hawthorne

Gary T. Kachadurian

Mary Ann King

Duncan L. Matteson, Sr.

Richard L. Michaux

Robert Sheridan

Geoffrey L. Stack

Leonard W. Wood

Secretary

Robert E. DeWitt

GID Investment

Advisers LLC

Boston, MA


Board of Directors

Executive Committee

Michael F. McRoberts

Freddie Mac

McLean, VA

Susan Ansel

Gables Residential

Dallas, TX

David Fitch

Gables Residential

Atlanta, GA

Stacy G. Hunt

Greystar Real Estate

Partners, LLC

Houston, TX

William C. Maddux

Greystar Real Estate

Partners, LLC

Charleston, SC

Donald P. King, III

CWCapital

Needham, MA

Paul G. Kerr

Davlyn Investments

San Diego, CA

Jon D. Williams

Davlyn Investments

San Diego, CA

Alan W. George

Equity Residential

Chicago, IL

David J. Neithercut

Equity Residential

Chicago, IL

Nathan S. Collier

The Collier Companies

Gainesville, FL

J. Andrew Hogshead

The Collier Companies

Gainesville, FL

Paul F. Earle

Colonial Properties Trust

Birmingham, AL

Edward T. Wright

Colonial Properties Trust

Birmingham, AL

Michael D. Berman

CWCapital

Needham, MA

Laura A. Beuerlein

Heritage Title Company

of Austin, Inc.

Austin, TX

Gary S. Farmer

Heritage Title Company

of Austin, Inc.

Austin, TX

Mona Keeter Carlton

HFF

Dallas, TX

Matthew Lawton

HFF

Chicago, IL

Clyde P. Holland

Holland Partner Group

Vancouver, WA

Robert D. Greer, Jr.

ING Clarion

Washington, DC

C. Stephen Cordes

ING Clarion Partners

New York, NY

Guy K. Johnson

Johnson Capital

Irvine, CA

James H. CallardKlingbeil Capital

Management/American g pp

Apartment Communitiesgg

Annapolis, MD

C. Preston Butcher

Legacy Partners

Foster City, CA

Susanne Hiegel

Fannie Mae

Washington, DC

Heidi McKibben

Fannie Mae

Pasadena, CA

Deborah Ratner-Salzberg

Forest City

Enterprises, Inc.

Washington, DC

Ronald A. Ratner

Forest City Residential

Group, Inc.

Cleveland, OH

Michael May

Freddie Mac

McLean, VA

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTORA SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR


Board of Directors

Executive Committee


Brian E. McAuliffe

RREEF

Chicago, IL

Michael P. Bissell

SARES*REGIS Group

Irvine, CA

Geoffrey L. Stack

SARES*REGIS Group

Irvine, CA

Kenneth J. Valach

Trammell Crow

Residential

Houston, TX

David R. Schwartz

Waterton Associates,

L.L.C.

Chicago, IL

Charles R. Brindell, Jr.

Mill Creek Residential

Trust LLC

Dallas, TX

Mary Ann King

Moran & Company

Irvine, CA

Thomas F. Moran

Moran & Company

Chicago, IL

Rick Graf

Pinnacle

Dallas, TX

Stan J. Harrelson

Pinnacle

Seattle, WA

W. Dean Henry

Legacy Partners

Residential, Inc.

Foster City, CA

J. Timothy Byrne

Lincoln Property

Company

Dallas, TX

Jeff B. Franzen

Lincoln Property

Company

Herndon, VA

John J. Kerin

Marcus & Millichap

Encino, CA

Martin T. Lanigan

Mezz Cap

Short Hills, NJ

Gregory J. Lozinak

Waterton Residential

Chicago, IL

Vincent R. Toye

Wells Fargo Multifamily

Capital

New York, NY

Alan Wiener

Wells Fargo Multifamily

Capital

New York, NY

Warren J. Durkin, Jr.

Wood Partners, LLC

Boca Raton, FL

Jay Jacobson

Wood Partners, LLC

Boca Raton, FL

David P. Stockert

Post Properties, Inc.

Atlanta, GA

Jamie Teabo

Post Properties, Inc.

Atlanta, GA

David Durning

Prudential Mortgage

Capital Company

Chicago, IL

Dale H. Taysom

Prudential Real Estate

Investors

Atlanta, GA

Jerome Ehlinger

RREEF

Chicago, IL


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Board of Directors Membership lists current as of February 21, 2011. p y ,


Roger H. Beless

Archon Residential

Irving, TX

William S. Robinson

Archon Residential

Irving, TX

Lin Atkinson

AT&T Connected

Communities

Atlanta, GA

Thuy Woodall

AT&T Connected

Communities

Atlanta, GA

Michael G. Miller

AUM

Oak Brook, IL

R. Ryan Holmes

Ambling Companies, Inc.

Valdosta, GA

William C. Bayless, Jr.

American Campus

Communities

Austin, TX

Rodrigo Lopez

AmeriSphere Multifamily

Finance, LLC

Omaha, NE

Scott G. Suttle

AmeriSphere Multifamily

Finance, LLC

Bethesda, MD

Steve F. Hallsey

AMLI Management

Company

Chicago, IL

James M. Krohn

Alliance Residential

Company

Phoenix, AZ

Bruce C. Ward

Alliance Residential

Company

Phoenix, AZ

Lauren A. Brockman

Allied Realty

Services, Ltd.

Denver, CO

Tim L. Myers

Allied Realty

Services, Ltd.

Houston, TX

Michael H. Godwin

Ambling Companies, Inc.

Valdosta, GA

Daniel J. Roehl

AUM

Oak Brook, IL

Bj Rosow

AZUMA Leasing

Austin, TX

Richard Schechter

The Bainbridge

Companies

West Palm Beach, FL

Robert S. Aisner

Behringer Harvard

Addison, TX

Mark Alfieri

Behringer Harvard

Addison, TX

Jonathan D. Bell

Bell Partners

Greensboro, NC

Steven D. Bell

Bell Partners

Greensboro, NC

John M. Cannon

Berkadia Commercial

Mortgage

Horsham, PA

Mark W. Dunne

Boston Capital

Corporation

Boston, MA

John P. Manning

Boston Capital

Corporation

Boston, MA

Gregory T. Mutz

AMLI Residential

Properties, L.P.

Chicago, IL

Kimberly J. Sperry

Amstar Group, LLC

Denver, CO

Margette Getto

Apartment Guide

Carrollton, TX

Kevin Doyle

Apartments.com

Chicago, IL

Thomas P. MacManus

ARA Finance, LLC

Boca Raton, FL


Board of Directors


Barden Brown

Brown Realty Advisors

Atlanta, GA

Walter W. Miller

Brown Realty Advisors

Atlanta, GA

Alexandra S. Jackiw

Buckingham Companies

Indianapolis, IN

Jerry Feldman

CallSource

Westlake Village, CA

Mark Sadosky

CallSource


Daniel J. Epstein

The ConAm

Group of Companies

San Diego, CA

J. Bradley Forrester

The ConAm

Group of Companies

San Diego, CA

Jerry Davis

Conservice Utility

Management & Billing

Logan, UT

Jason Rosa

Continental Realty

Advisors, Ltd.

Littleton, CO

David W. Snyder

Continental Realty

Advisors, Ltd.

Littleton, CO

David J. Adelman

Campus Apartments

Philadelphia, PA

Miles H. Orth

Campus Apartments

Philadelphia, PA

Ernest L. Heymann

CAPREIT, Inc.

Rockville, MD

Richard L. Kadish

CAPREIT, Inc.

Rockville, MD

Tyler Anderson

CB Richard Ellis, Inc.

Phoenix, AZ

James W. Harris

CoreLogic SafeRent

Rockville, MD

Mark Higgins

Cornerstone Real Estate

Advisers LLC

Santa Monica, CA

Brian Murdy

Cornerstone Real Estate

Advisers LLC

Hartford, CT

William Bradford Blash

Crossbeam Capital LLC

Bethesda, MD

Richard K. Devaney

Crossbeam Capital LLC

Bethesda, MD

Dodge Carter

Crow Holdings

Dallas, TX

Byron L. Moger

Cushman & Wakefield

Tampa, FL

Brian L. Dinerstein

The Dinerstein

Companies

Houston, TX

Anthony Schaffer

DIRECTV

El Segundo, CA

Andrew K. Dolben

The Dolben

Company, Inc.

Woburn, MA

Stephen J. Zaleski

CB Richard Ellis

Investors, LLC

Boston, MA

Steven Fayne

Citi Community Capital

San Francisco, CA

Hal G. Kuykendall

Citi Community Capital

Denver, CO

Francis J. Coen

Clark Realty

Capital, L.L.C.

Monterey, CA

LaNitra Webb

Colliers International

USA Headquarters

Boston, MA


Board of Directors


Richard N. Shinberg

First Capital Realty, Inc.

Bethesda, MD

Les Zimmerman

First Capital Realty, Inc.

Bethesda, MD

Robert L. Johnston

First Communities

Atlanta, GA

Mark A. Fogelman

Fogelman

Management Group

Memphis, TN

Richard L. Fogelman

Fogelman Properties

Memphis, TN

Daniel Haefner

Drucker & Falk, LLC

Raleigh, NC

Miles Spencer

Eastdil Secured, LLC

Washington, DC

Randy Churchey

Education Realty

Trust, Inc.

Memphis, TN

John M. O’Hara, Jr.

Edward Rose & Sons

Farmington Hills, MI

Warren Rose

Edward Rose & Sons


Deane H. Dolben

The Dolben

Company, Inc.

Woburn, MA

Jack W. Safar

Dominium Group, Inc.

Plymouth, MN

Jon Segner

Dominium Group, Inc.

Plymouth, MN

Adam C. Breen

DRA Advisors, LLC

New York, NY

Kellie Falk-Tillett

Drucker & Falk, LLC

Raleigh, NC

Wayne E. McDonald

Forestar Group, Inc.

Austin, TX

Phillip Weber

Forestar Group, Inc.

Austin, TX

Gina M. Dingman

GDCRE, Inc.

Minneapolis, MN

Frank Marro

GE Real Estate

Alpharetta, GA

Linda Zeller

Gerson Bakar &

Associates

San Francisco, CA

Philip S. Payne

Ginkgo Residential

Charlotte, NC

D. Scott Wilkerson

Ginkgo Residential

Charlotte, NC

John J. Gray, III

Grayco Partners LLC

Houston, TX

James M. Bachner

Heitman LLC

Chicago, IL

Mark Forrester

Hendricks & Partners

Phoenix, AZ

Gregory L. Engler

Engler Financial

Group, LLC

Alpharetta, GA

Christopher E.

Hashioka

Fairfield Residential LLC

San Diego, CA

Gregory R. Pinkalla

Fairfield Residential LLC

San Diego, CA

Jonathan Cox

The Federated

Companies

Miami Beach, FL

Dung T. Lam

The Federated

Companies

Miami Beach, FL

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Pinnacle is your real estate solution, providing unmatched expertise and an

unwavering commitment to your success. Our wide array of customizable

services includes everything you need to maximize your investment.

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Board of Directors

NMHC 50

David KapiloffInsgroup, Inc.

p

Houston, TXg p,g p,

Peter KatzInstitutional PropertyAdvisors (A Marcus &

p yp y

Millichap Company)((

Phoenix, AZp pp p

Hessam NadjiInstitutional PropertyAdvisors (A Marcus &

p yp y

Millichap Company)((

Walnut Creek, CAp p yp p y

Kevin A. BaldridgeThe Irvine Company

Apartment Communities ‘IAC’

p

Irvine, CA

William N. Elam, III

The JBG Companies

Chevy Chase, MD

Don Hendricks

Hendricks & Partners

Phoenix, AZ

Alan Patton

Hines

Houston, TX

Jeffrey A. Hirschfeld

Hirschfeld

Properties LLC

New York, NY

Scott A. Doyle

Home Properties, Inc.

Rochester, NY

Edward J. Pettinella

Home Properties, Inc.

Rochester, NY

James A. Butz

Jefferson

Apartment Group

,McLean, VA

Gregory G. Lamb

Jefferson

Apartment Group

,McLean, VA

Richard J. High

John M. Corcoran

& Company

,Braintree, MA

Jeffrey T. Morris

Jones Lang LaSalle

Americas, Inc.

,Orlando, FL

Jubeen F. Vaghefi

Jones Lang LaSalle

Americas, Inc.

,Miami, FL

John K. Powell 312.453.7701 [email protected]

Anthony D. [email protected]

David L. Goodman 703.318.4202 [email protected]

For information, contact:

Mark C. [email protected]

©2011 RED CAPITAL GROUP (3/1/11) MEJ

Offices_Columbus, OH_Boston, MA_Charlotte, NC_Chicago, IL

Dallas, TX_Nashville, TN_Newport Beach, CA_Reston, VA_San Diego, CA

800.837.5100_www.redcapitalgroup.com

RED CAPITAL GROUP®OVER $1.95 BILLION OF CAPITAL PROVIDED IN 2010

$23,990,000NoHo Senior Arts Colony (CA)

FHA 221(d)(4) Financing

$16,694,500Courtyard Off Main (WA)

Fannie Mae MBS/DUS® Financing

$18,500,000The Mansions at the Cascades (TX)

Fannie Mae MBS/DUS® Financing

$24,263,655Vista Verde at Coconut Creek (FL)

FHA 223(a)(7) Financing

Capital Solutions for Multifamily Housing


Board of Directors

Peter P. DiLullo

LCOR Incorporated

Berwyn, PA

Thomas J. O’Brien

LCOR Incorporated

Berwyn, PA

Thomas Bacon

The Lionstone Group

Houston, TX

Alison Dimick

Malkhassian

The Lionstone Group

Houston, TX

Thomas F. McCoy, Jr.

Lockton Companies, LLC

Denver, CO

Cindy Clare

Kettler

McLean, VA

John Falco

Kingsley Associates

Atlanta, GA

Peggy Robinson

Kingsley Associates

Atlanta, GA

Keith A. Harris

The Laramar Group, LLC

Chicago, IL

David B. Woodward

The Laramar Group, LLC

Greenwood Village, CO

Charles M. McDaniel

Lockton Companies, LLC

Denver, CO

Joseph F. Mullen

Madison

Apartment Group

Philadelphia, PA

Nicholas Michael Ryan

The Marquette

Companies

Naperville, IL

Gerald J. Haak

MAXX Properties

Harrison, NY

Andrew R. Wiener

MAXX Properties

Harrison, NY

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GOLDENOPPORTUNITTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTTYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYYY


Board of Directors

NMHC 50

Michael C. McDougal

McDougal

Properties, L.C.

Lubbock, TX

Kenneth Lee

McDowell Properties

San Francisco, CA

W. Patrick McDowell

McDowell Properties

San Francisco, CA

Robert D. Lazaroff

The Michelson

Organization

St. Louis, MO

Bruce V. Michelson, Jr.

The Michelson

Organization

St. Louis, MO

H. Eric Bolton, Jr.

MAA

Memphis, TN

Richard Furr

Milestone Group

Dallas, TX

Steve T. Lamberti

Milestone Management

Dallas, TX

Paul Harris

Moran & Company

Dallas, TX

Jeffrey Williams

Moran & Company

Seattle, WA

Michael S. Morgan

The Morgan Group, Inc.

Houston, TX

Sharon Fay

MRI Software

Highland Hills, OH

John H. Helm

MyNewPlace

San Francisco, CA

Henry Nevins

Nevins*Adams*Lewbel*Schell

Santa Barbara, CA

Richard Burns

The NHP Foundation

New York, NY


Board of Directors

Kirk H. Tate, CPM

Orion Real Estate

Services, Inc.

Houston, TX

P. David Onanian

PAS Purchasing

Solutions

Houston, TX

Randall M. Paulson

PAS Purchasing

Solutions

Plano, TX

David R. Picerne

Picerne Real

Estate Group

Phoenix, AZ

Ronald G. Brock, Jr.

Pierce-Eislen, Inc.

Scottsdale, AZ

Kerry R. French

NorthMarq Capital, Inc.

Houston, TX

Edward Padilla

NorthMarq Capital, Inc.

Minneapolis, MN

Robert A. Esposito

NWP Services

Corporation

Pembroke Pines, FL

Mike Radice

NWP Services

Corporation

Irvine, CA

Gene R. Blevins

Orion Real Estate

Services

Houston, TX

Herman Bulls

Pillar Multifamily, LLC

Vienna, VA

D. Scott Bassin

PNC Real Estate

Pittsburgh, PA

William Thomas

Booher

PNC Real Estate

San Francisco, CA

Donna Preiss

The Preiss Company

Raleigh, NC

John W. Bray

Primary Capital

Advisors, LC

Atlanta, GA

National HUD Lender

Multifamily & Healthcare

PROVIDING FINANCING SOLUTIONS NATIONWIDE

17 Rogers Street

Gloucester, MA

www.rockportmortgage.com

P 978 675 2001

F 978 283 1227


Board of Directors


Alan Pollack

Providence Management

Company, L.L.C.

Chicago, IL

Bruce Barfield

The Rainmaker Group

Alpharetta, GA

Tammy Farley

The Rainmaker Group

Alpharetta, GA

Dirk D. Wakeham

RealPage, Inc.

Carrollton, TX

Stephen T. Winn

RealPage, Inc.

Carrollton, TX

Faron G. Thompson

Primary Capital

Advisors, LC

Atlanta, GA

John D. Millham

Prometheus

Walnut Creek, CA

Clayton A. Parker

Prometheus

San Mateo, CA

Joe Colon

Protection 1 Security

Jacksonville, FL

Bruce LaMotte

Providence Management

Company, L.L.C.

Chicago, IL

Mark C. Beisler

Red Mortgage

Capital, LLC

Reston, VA

Howard S. Primer

RenaissancePG, LLC

Knoxville, TN

Brannan Johnston

RentBureau,

A part of Experian

Costa Mesa, CA

Tamela M. Coval

Rentwiki.com

Atlanta, GA

Suzanne Lovelace

Rentwiki.com

Atlanta, GA

HELPING BUILD COMMUNITIES FOR MORE THAN 25 YEARS

© 2011 Fannie Mae. Fannie Mae®, DUS® and the Fannie Mae Logo are registered trademarks of Fannie Mae.

To learn how Fannie Mae’s Multifamily Mortgage Business

can help you, visit eFannieMae.com/mf

Through all market cycles, Fannie Mae has provided liquidity and financing to the multifamily market.

Our consistent leadership and experience delivers reliable, effective solutions that help lenders and

borrowers succeed. We bring significant, competitive advantages such as speed and certainty

of execution, flexible processes, competitive pricing, and strong credit risk management. Our DUS®

lender network, unique in the industry, offers responsive, reliable service in every market, every

day. In short, Fannie Mae always has been and always will be committed to the multifamily market.


Board of Directors


Terry S. Danner

Riverstone

Residential Group

Dallas, TX

Ralph Daruns

Rockhall Funding Corp.

Dallas, TX

Kathryn Thompson

Rockhall Funding Corp.

Dallas, TX

Daniel McNulty

Rockwood Real

Estate Advisors

New York, NY

David Evemy

Sarofim Realty Advisors

Dallas, TX

James D. Scully Jr.

Scully Company

Jenkintown, PA

Michael A. Scully

Scully Company

Jenkintown, PA

W. Steve Gilmore

Shea Properties

Aliso Viejo, CA

Colm Macken

Shea Properties

Aliso Viejo, CA

Jeffrey K. Hettleman

Shelter Development,

LLC

Baltimore, MD

Marilynn K. Duker

The Shelter Group

Baltimore, MD

K. Brad Broyhill

Simpson Housing LLLP

Denver, CO

J. Robert Love

Simpson Housing LLLP

Atlanta, GA

Nancy Barton

Stellar Advisors, LLC

Rockville, MD

David Schwartzberg

Stellar Advisors, LLC

Rockville, MD

Michael E. Tompkins

TriBridge

Residential LLC.

Atlanta, GA

Wayne A. Vandenburg

TVO Groupe LLC

Chicago, IL

Russell A. Vandenburg

TVO North America

El Paso, TX

David J. Ingram

UBS Realty

Investors LLC

Hartford, CT

Jeffrey G. Maguire

UBS Realty

Investors LLC

Hartford, CT

Michael Katz

Sterling American

Property Inc.

Great Neck, NY

Tarak Patolia

Sterling American

Property Inc.

Great Neck, NY

Dave Schwehm

Time Warner Cable

Herndon, VA

Edward J. RyderTranswestern

Investment Company, LLC

C cago,Chicago, ILp y,p y,

Douglas Crocker, IITranswesterng

Multifamily Partners, L.L.C.

yy

o t ye s,Fort Myers, FL,,

Thomas W. Toomey

UDR, Inc.

Highlands Ranch, CO

Warren L. Troupe

UDR, Inc.

Highlands Ranch, CO

Geoffrey C. Brown

USA Properties

Fund, Inc.

Roseville, CA

Karen McCurdy

USA Properties

Fund, Inc.

Roseville, CA

Eric D. Cevis

Verizon Enhanced

Communities

g gBasking Ridge, NJ

g , y ,


Board of Directors

NMHC 50

Jonathan Holtzman

Village Green Companies

Detroit, MI

George S. Quay, IV

Village Green Companies

Detroit, MI

Brendan Coleman

Walker & Dunlop

Bethesda, MD

Howard W. Smith, III

Walker & Dunlop

Bethesda, MD

Jack O’Connor

Weidner Property

Management LLC

Kirkland, WA

Tom P. Colich

Wesco Companies

Torrance, CA

Donald J. Pierce, II

Wesco Companies

Torrance, CA

Michael K. Hayde

Western National

Property Management

Irvine, CA

Stephan T. Beck

Whiteco Residential LLC

Merrillville, IN

Samuel Ross

WinnCompanies

Boston, MA

Lawrence H. Curtis

WinnDevelopment

Boston, MA

Jeff Bosshard

Woodmont Real

Estate Services

Belmont, CA

Ronald V. Granville

Woodmont Real

Estate Services

Belmont, CA

Amy Gerritsen

Yardi Systems, Inc.

Santa Barbara, CA

Greg West

ZOM Companies

Fort Lauderdale, FL

When your fair shareis neither fair

yy

nor your share.

P R O P E R T Y T A X E S

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Your property tax is based on mass appraisals. That often results in your paying anunfair share of taxes. Members of American Property Tax Counsel are recognized leaders in developing ways to reduce taxes, as well as expertly handling gthe reappraisal and tax reduction process from the administrativelevel through trials and appeals. Our national network of 100 of the nation’s top property tax lawyers has the local expertise to help ensure you don’t pay one penny more than your fair share. Contact us toll free at 1-877-TAX-APTC (829-2782) or www.APTCNET.com.

AMERICAN PROPERTY TY AXTT CCX OUNSEL


Board of Directors

APRIL 2011 NMHC 50

EXECUTIVE COMMITTEE

Eli Hanacek

Holland Partner Group

Vancouver, WA

Kristen Klingbeil-Weis

Klingbeil Capital Management/

American Apartment

Communities

Santa Barbara, CA

Timothy J. Hogan

Trammell Crow Residential

Dallas, TX

BOARD OF DIRECTORS

Simon Ziff

Ackman Ziff Real Estate

Group, LLC

New York, NY

Jeffery Daniels

AIG Global Real Estate

Investment Corp.

New York, NY

Donald Huffner

AIG Global Real Estate

Investment Corp.

New York, NY

Jason Wills

American Campus Communities

Austin, TX

Arlene Mayfield

Apartment Guide

Norcross, GA

Brad Long

Apartments.com

Chicago, IL

Phillip E. Bogucki

AZUMA Leasing

Austin, TX

David Doerner

Bader Company

Indianapolis, IN

John Swift

Bader Company

Indianapolis, IN

Tom Keady

The Bainbridge Companies

West Palm Beach, FL

Grace Huebscher

Beech Street Capital

Bethesda, MD

Jeff Lee

Beech Street Capital

Bethesda, MD

Michael D. Bryant

Berkadia Commercial Mortgage

Dallas, TX

Bradley B. Chambers

Buckingham Companies

Indianapolis, IN

DeAnna Thomas

CB Richard Ellis Investors, LLC

Boston, MA

Douglas R. Sandor

Clark Realty Capital, L.L.C.

Arlington, VA

Nevel DeHart

CoreLogic SafeRent

Rockville, MD

Simon J. Butler

Cushman & Wakefield

Boston, MA

John Caltagirone

The Dinerstein Companies

Houston, TX

David Luski

DRA Advisors, LLC

New York, NY

Thomas Trubiana

Education Realty

Trust, Inc.

Memphis, TN

Patrick Jones

Engler Financial

Group, LLC

Alpharetta, GA

Edward Coco

GE Real Estate

Alpharetta, GA

Stephen LoPresti

Gerson Bakar & Associates

San Francisco, CA

Howard Edelman

Heitman LLC

Chicago, IL

Laurel Howell

Kettler

McLean, VA

David G. Shillington

KeyBank Real

Estate Capital

Dallas, TX

Christine Akins

LaSalle Investment

Management, Inc.

Chicago, IL

Helen Angelo

Madison

Apartment Group

Philadelphia, PA

(not pictured)

Ancillary Income|Repositioning Programs Asset Appreciation Systems|Technology Innovator

Outperform Market In Rental Rates & Economic Occupancies Hiring/Training/Performance Standards/Lower Employee Turnover

Wellness Program|Cost Per Rental/Purchasing Power GREEN Initiatives|Socially Responsible

villagegreen.com or Smartphone

&

2009 & 2010 National

Multifamily Customer Service

Award Winner for Excellence

Who We Are&What Makes Us

different


Board of Directors


John Eifler

The Marquette Companies

Romeoville, IL

Tristan Thoma

McDougal

Properties, L.C.

Lubbock, TX

Albert M. Campbell

Mid-America Apartment

Communities, Inc.

Memphis, TN

Carter Bechtol

The Morgan Group, Inc.

Houston, TX

David Koffler

Morgan Properties

King of Prussia, PA

Eric Gramberg

Move


Bess Matuszewski

MRI Software

Highland Hills, OH

Michael R. Schell

Nevins*Adams*Lewbel*Schell

Scottsdale, AZ

Melisa Hutson

Protection 1 Security

Tampa, FL

Thomas G. Smith

Prudential Real

Estate Investors

Atlanta, GA

David L. Goodman

Red Mortgage

Capital, LLC

Reston, VA

Nicola Scheman

RentBureau,

A part of Experian

Costa Mesa, CA

W. Michael Doramus

Sarofim Realty Advisors

Dallas, TX

Robert Rosania

Stellar Management

New York, NY

Joanne Luger

Time Warner Cable

Herndon, VA

Mike Mauseth

TransUnion/CreditRetriever


Steve Roe

TransUnion/CreditRetriever


Thomas Nugent

Verizon Enhanced Communities

Basking Ridge, NJ

W. Dean Weidner

Weidner Property

Management LLC

Kirkland, WA

Charles W. Brammer, Jr.

The Wilkinson Group, Inc.

Atlanta, GA

Phillip R. Deguire

The Wilkinson Group, Inc.

Atlanta, GA

Brigitta Eggleston

Yardi Systems, Inc.

Santa Barbara, CA

Samuel C. Stephens, III

ZOM Companies

Orlando, FL

AEW Capital Management L.P.

Iphigenia Demetriades

Boston, MA

All Nation Renovation, Inc.

Ofer Manashe

Houston, TX

Alliance Tax Advisors, LLC

Tony J. Comparin

Irving, TX

ALM

Michael G. Desiato

New York, NY

Altman Development

Corporation

Joel L. Altman

Boca Raton, FL

American Seniors

Housing Association

David S. Schless

Washington, DC

AMSI, an Infor company

George Landgrebe

Tampa, FL

Aon Risk Services, Inc.

Kevin J. Madden

New York, NY

Apartment Association of

Greater Los Angeles

Charles A. Isham

Los Angeles, CA

Apartment Association,

California Southern Cities

Nancy J. Ahlswede

Long Beach, CA

Apartment Finder

Marcia Bollinger

Lawrenceville, GA

The Apartment Group, Inc.

Jeffrey L. Price

Dallas, TX

Apartment Realty Advisors

Richard P. Donnellan, Jr.

Boca Raton, FL

Apartment Realty Advisors

David K. Oelfke

Houston, TX

Apartment Trust of America

(Formerly Grubb & Ellis

Apartment REIT)

Jay Olander

Richmond, VA

Arbor Commercial

Mortgage, LLC

Bonnie Habyan

Uniondale, NY

Artemis Real Estate Partners

Richard Banjo

Chevy Chase, MD

Arthur J. Gallagher

David Hayth

Clearwater, FL

The Ashley Group

Stephen B. Ashley

Rochester, NY

Associated Estates Realty

Corporation

Jeffrey I. Friedman

Richmond Heights, OH

Assurant Specialty Property

Brian Tribble

Miami, FL

Axiometrics Inc.

Ronald G. Johnsey

Dallas, TX

Ballard Spahr Andrews

& Ingersoll, LLP

Allan R. Winn

Washington, DC

Barker Apartments

David Barker

Iowa City, IA

The Bascom Group

Scott R. McClave

Irvine, CA

BBVA Compass

Jeffrey Journey

Dallas, TX

Beacon Communities

Howard E. Cohen

Boston, MA

Beecher Carlson

Michael Stern

Atlanta, GA

Beekman Advisors, Inc.

Shekar Narasimhan

McLean, VA

Bergstrom Investment

Management, LLC

Kelley A. Bergstrom

Kenilworth, IL

Berkshire Property

Advisors, LLC

Kevin Mignogna

San Diego, CA

Berkshire Residential

Development

Steve Wood

Boston, MA

Beztak Companies

Harold Beznos


BH Equities, LLC

Harry Bookey

Des Moines, IA

BlackRock Realty

Dale Gruen

San Francisco, CA

Bridge Investment Group

Christian V. Young

Murray, UT

Advisory Committee

Board of Directors (not pictured)


Board of Directors


BuildingLink.com LLC

Zachary Kestenbaum

New York, NY

Bury & Partners, Inc.

James B. Knight

Austin, TX

Butler Burgher Group

B. Diane Butler

Dallas, TX

Buyers Access

James Sweeney

Denver, CO

Cagan Management

Group, Inc.

Jeffrey Cagan

Skokie, IL

CallMaX

David Clarke

Acworth, GA

CalPERS

Cleon Pantell

Sacramento, CA

Camp Construction Services

Jeff Blevins

Houston, TX

Campus Televideo

Brian Benz

Greenwich, CT

CapitalSource

Chris Kelly

New York, NY

Capstone Building Corp.

Charles Anthony Vick

Birmingham, AL

Captec Realty Capital

Patrick L. Beach

Santa Barbara, CA

CARES By Apartment Life

Kiley Haught

Euless, TX

Carter Haston Holdings, LLC

L. Marc Carter

Nashville, TN

Cassin & Cassin LLP

Joseph M. Cassin

New York, NY

CB Richard Ellis N.E.

Partners LP

Paul E. Donahue

Boston, MA

CB Richard Ellis, Inc.

Malcolm McComb, III

Atlanta, GA

CEL & Associates, Inc.

Christopher Lee

Los Angeles, CA

CertainTeed Corporation

Peter Dachowski

Valley Forge, PA

Chicago Title

Konrad J. Kaltenbach, II

Dallas, TX

CIBC World Markets Corp.

Andrew S. Fawer

New York, NY

CMS Companies

Richard T. Aljian

Wynnewood, PA

Coastal Apartment Advisors

James Sewell

Hilton Head Island, SC

Columbia National Real Estate

Finance, LLC

Roger Edwards

Washington, DC

Comcast Cable

Communications

William F. Revell

Philadelphia, PA

Compliance Depot

Lonnie Derden

Plano, TX

Connexion Technologies

Susan Knowles

Cary, NC

CONNOR

Patrick T. Connor

Baltimore, MD

The Connor Group

Lawrence S. Connor

Centerville, OH

Continental Properties

Company

James H. Schloemer

Menomonee Falls, WI

Continental Realty

Corporation

Joseph M. Schapiro, III

Baltimore, MD

Corcoran Jennison Companies

Marty Jones

Boston, MA

CORT

Mark Koepsell

Fairfax, VA

Cox Communications

Shannon Boyle

Atlanta, GA

Cox, Castle & Nicholson LLP

Amy H. Wells

Los Angeles, CA

Crescent Resources, LLC

Todd M. Farrell

Charlotte, NC

CRIO, Inc.

Dan Freudenthal

West Palm Beach, FL

Criterion Brock

Kerri Silver

Milwaukie, OR

Crown Advisors, Inc.

John Cigna

Pittsburgh, PA

Cushman & Wakefield

Marc D. Renard

Los Angeles, CA

CWS Apartment Homes

Steven J. Sherwood

Austin, TX

Demmon Partners

Roy E. Demmon, III

Palo Alto, CA

Deutsche Bank

Berkshire Mortgage

Jeffrey C. Day

Irvine, CA

The Distinguished

Programs Group

Christopher J. Volgenau


Dover Realty Advisors

Terry B. Schwartz

Bingham Farms, MI

The DZAP Group & LeaseLabs

Dana Zeff

San Diego, CA

E & S Ring

Management Corporation

John H. Pringle

Culver City, CA

ECI Group, Inc.

Phil H. Carlock

Marietta, GA

Edgewood Management

Corporation

A. Scott Jones

Germantown, MD

Embrey Partners, Ltd.

Walter M. Embrey, Jr.

San Antonio, TX

Entrepreneurial Properties

Corporation

Matthew V. Wherry

Newport Beach, CA

Equinox Search LLC

Peter V. Hall

San Francisco, CA

eREI, A RealPage Company

Jon Tull

Camarillo, CA

Essex Property Trust, Inc.

Jeff Rowerdink

Irvine, CA

Facebook Marketplace

Stephen Feltner

San Mateo, CA

Fair Collections &

Outsourcing, Inc.

Carol M. Bloom

Beltsville, MD

Faulkner Design Group, Inc.

Adrienne Faulkner

Dallas, TX

FDC Management, Inc.

Patrick M. Kelly

Anaheim, CA

First Centrum, LLC

Mark L. Weshinskey

Sterling, VA

Flournoy Development

Co., LLC

Thomas H. Flournoy

Columbus, GA

Foley & Lardner LLP

Michael W. Hatch

Milwaukee, WI

For Rent Media Solutions

Judith Gogol

Atlanta, GA

Fore Property Company

Richard L. Fore

Washington, DC

FPL Advisory Group

Michael A. Herzberg

Chicago, IL

Franklin Capital Group

Joseph E. Resende

Alexandria, VA

Franklin Street

Darron Kattan

Tampa, FL

Freeman Webb Inc.

William H. Freeman

Nashville, TN

G5

Bill Bliss

Bend, OR

Advisory Committee


Board of Directors


Gallagher Evelius

& Jones, LLP

Stephen A. Goldberg

Baltimore, MD

Gates, Hudson

& Associates, Inc.

Patricia J.M. Blackburn

Fairfax, VA

GDC Properties, LLC

Gregg Shapiro

Hawthorne, NY

GE Real Estate

Dan Earle

Norwalk, CT

Gene B. Glick Company, Inc.

David O. Barrett

Indianapolis, IN

Goulston & Storrs

Steven Schwartz

Boston, MA

Grace Hill, Inc.

Joseph Bailey

Augusta, GA

Grand Peaks Properties

Luke Simpson

Denver, CO

Grandbridge Real Estate

Capital LLC

Thomas S. Dennard

Charlotte, NC

Greystone Servicing

Corporation

Betsy Vartanian

New York, NY

Gross Builders

Gary L. Gross

Cleveland, OH

Grubb & Ellis Company

Ernest L. Brown

San Antonio, TX

Guardian Management LLC

Thomas B. Brenneke

Portland, OR

Haley Real Estate Group

Daniel P. Clatanoff

Omaha, NE

HandyTrac Systems

John Lie-Nielsen

Alpharetta, GA

Hanley Wood

Susan Piel

San Francisco, CA

Harbor Group International

Jordan E. Slone

Norfolk, VA

Hathaway Properties, Inc.

W. Michael Muggridge

Atlanta, GA

HD Supply

Michael J. Hendel

San Diego, CA

Heartland Payment Systems

Christopher Weiss

Plano, TX

Hediger Enterprises Inc.

Gary R. Hediger

Greenville, SC

Helix Funds LLC

David Helfand

Chicago, IL

Hendersen-Webb, Inc.

Pamela F. Newland

Cockeysville, MD

Henderson Global Investors

James G. Martha

Hartford, CT

HFF

William Miller

Dallas, TX

HFF

G. Craig LaFollette

Houston, TX

HHHunt

James R. King

Blacksburg, VA

Hills Property Management

Russell Lykes

Cincinnati, OH

Holland & Knight, LLP

Christopher B. Hanback

Washington, DC

Humphrey Development, Inc.

Bethany H. Hooper

Columbia, MD

Humphreys & Partners

Architects, L.P.

Mark Humphreys

Dallas, TX

Hunt Companies

Ryan W. Luxon

El Paso, TX

Hunter Warfield, Inc.

Todd Wahl

Tampa, FL

Hyperion Realty

Dan Hopkins

Dallas, TX

I.Q. Data International, Inc.

Kenneth Stumbo

Everett, WA

Ideal Realty Group

Allen Manesh

Potomac, MD

Ingersoll Rand

Residential Solutions

Eric Elsmore

Carmel, IN

Inland American

Apartments Management

Thomas P. McGuinness

Oak Brook, IL

Instar Services Group

Johnnie Smith

Troy, MI

Institutional Property

Advisors (A Marcus &

Millichap Company)

Will Balthrope

Dallas, TX

Investment Property

Associates, LLC

Jennifer Koster

Grand Haven, MI

ista

Amanda Holden

San Diego, CA

J. Turner Research

Joseph Batdorf

Houston, TX

J.P. Morgan Asset

Management

Jean M. Anderson

New York, NY

JMG Realty, Inc.

T. Karlton Jackson

Atlanta, GA

Johnson Development

Associates, Inc.

David Benjamin Graves

Spartanburg, SC

Jones Lang LaSalle

Americas, Inc.

Peter Nicoletti

Parsippany, NJ

JPI

Benjamin H. Montgomery

Irving, TX

JPI

Robert D. Page

Irving, TX

JRK Birchmont Advisors

Robert Lee

Los Angeles, CA

Jupiter Communities

LLC - RAIT

Kellie Devilbiss

Chicago, IL

KABA Multihousing

& Institutional

Dale Mathias

Laguna Niguel, CA

KET Enterprises

Thomas B. Wilkinson, IV

Houston, TX

The Kislak Company, Inc.

Nancy Jacques

Woodbridge, NJ

Korcett Holdings, Inc.

Lisa K. Cortes

Austin, TX

Kroll Factual Data

Damon Littlejohn

Loveland, CO

L&B Realty Advisors, LLP

William L. Fulton

Dallas, TX

Langan Engineering and

Environmental Services

Mark Devaney

Elmwood Park, NJ

LBK Management Services

James D. Alexander

Irving, TX

LeaseTerm Insurance

Group LLC

Walter D. Shealy, III

West Point, GA

LeasingDesk, a Division

of RealPage, Inc.

David Carner

Carrollton, TX

LeCesse Development

Corporation

Salvador F. Leccese

Altamonte Springs, FL

LEDIC Management Group

Pierce Ledbetter

Memphis, TN

Legend Management

Group, LLC

Ruth G. Eisenhauer

McLean, VA

LEM Mezzanine, Inc.

Jay J. Eisner

Philadelphia, PA

Lerner Corporation

Alan H. Gottlieb

Rockville, MD

Lessard Group, Inc.

John M. Jenkins

Vienna, VA

Advisory Committee

Advisory Committee



Level One, a

RealPage Company

Ben Holbrook

Greer, SC

LexisNexis Resident

Screening

Pam Storm

Alpharetta, GA

The Liberty Group

Kenneth J. Bohan

Houston, TX

LTVentures

D. Scott Lee

Los Angeles, CA

M/PF YieldStar

Janine Steiner Jovanovic

Carrollton, TX

MAC Realty Advisors LLC

Bruce Levin

Washington, DC

Mac-Gray Services, Inc.

Kevin Fahey

Waltham, MA

Maintenance Supply

Headquarters

Cary R. Wright

Stafford, TX

Manly & Stewart

John C. Manly

Newport Beach, CA

Marchex

Leigh McMillan

Seattle, WA

Mark-Taylor Residential, Inc.

Dale Phillips

Scottsdale, AZ

Marvin F. Poer and Company

William L. DuBois

Dallas, TX

The Matteson Companies

Duncan L. Matteson, Sr.

Palo Alto, CA

Maxus Properties, Inc.

Michael P. McRobert

Kansas City, MO

Mayer Brown LLP

Keith J. Willner

Washington, DC

Mercy Housing

Brian Shuman

Denver, CO

Meridian Capital Group, LLC

Israel Schubert

Iselin, NJ

Mesirow Financial

Alasdair Cripps

Chicago, IL

Metropolitan Properties

of America, Inc.

Jeffrey J. Cohen

Boston, MA

Miles & Stockbridge PC

Justin C. Eller

Baltimore, MD

Milstein Properties

Howard P. Milstein

New York, NY

Minnesota Multi

Housing Association

Mary Rippe

Bloomington, MN

Moen Incorporated

Aubri Mandelbaum

North Olmsted, OH

Morrison, Ekre & Bart

Management Services, Inc.

Jodi Bart

Phoenix, AZ

Multi-Housing News

Diana Mosher

New York, NY

Multifamily Executive/

Hanley-Wood, LLC

Shabnam Mogharabi

Washington, DC

Multifamily Realty

Advisors, LLC

Richard R. Cotton

Raleigh, NC

NAI Global Multifamily Group

Art Carll

Las Vegas, NV

National Foundation

for Affordable Housing

Solutions, Inc.

Martin C. Schwartzberg

Rockville, MD

NCC Business Services

of America, Inc.

Irv Pollan

Jacksonville, FL

Northland Investment

Corporation

Lawrence R. Gottesdiener

Newton, MA

NorthMarq Capital -

San Francisco

Jeffery Weidell

San Francisco, CA

NTS Development Company

Gregory G. McDearmon

Louisville, KY

Oak Grove Capital

Neil Cullen

Bethesda, MD

Ocius LLC

James Rabinowitz

Chicago, IL

On-Site.com

Jake Harrington

Mountain View, CA

OpsTechnology, a Division

of RealPage

Sukhi Singh

San Francisco, CA

The P.B. Bell Companies

R. Chapin Bell

Scottsdale, AZ

Pacific Life

Insurance Company

John C. Mulvihill

Newport Beach, CA

Pacific Property Company

Alfred V. Pace

Palo Alto, CA

Passco Companies, LLC

Gary Goodman

Irvine, CA

Penco, Inc.

Todd Pirtle

Austin, TX

Penton Media Inc.

Rich Santos

New York, NY

Phoenix Realty Group

Alan Hirmes

New York, NY

PPG Architectural Coatings

Amy Mercante

Pittsburgh, PA

Price Realty Corporation

Michael J. Ochstein

Addison, TX

Property Solutions

International, Inc.

Benjamin Zimmer

Provo, UT

PropertyBridge, a

MoneyGram Company

Leslie Olsen

Oakland, CA

Real Capital Markets

Stephen J. Alter

Carlsbad, CA

Real Estate Board

of New York, Inc.

Steven Spinola

New York, NY

Real Estate Equities, Inc.

Robert S. Bisanz

St. Paul, MN,

Realty Center

Management, Inc.

Curt Knabe

Los Angeles, CA

RealtyCom Partners, LLC

Annie Manfredi

Larkspur, CA

Recap Real Estate Advisors

Todd Trehubenko

Boston, MA

Rent Stabilization Association

Joseph Strasburg

New York, NY

Rent.com

Robert JohnsonR b t J h

Santa Monica, CA

RentGrow, Inc.

Michael J. Lapsley

Waltham, MA

RentPayment

Monte Jones

Santa Monica, CA

Resident Gifts LLC

Gregory H. Smith

Naperville, IL

ResidentCheck

Jorge Baldor

Dallas, TX,

Resite Online

Ann Padgett

Norfolk, VA

Resource Investments

Limited, LLC

Steven Zalkind

Pennsauken, NJ

Resource Real Estate, Inc.

Yvana Melini

Philadelphia, PA

Roberts Properties

Management, LLC

Charles S. Roberts

Atlanta, GA

Rockwood Capital LLC

Joel A. Moody

Los Angeles, CA

Sales, Inc.

Rick Burkhalter

Duluth, GA

SatisFacts Research, LLC

Douglas J. Miller, Sr.

Lutherville, MD

Sawyer Realty Holdings LLC

Gregg Clickstein

Needham, MA

The Screening Pros, LLC

Gary Glucroft

Chatsworth, CA

Screening Reports, Inc.

Timothy Fortner

Bensenville, IL

Shelter Corporation

Lynn Carlson Schell

Minnetonka, MN

Sherman Residential

Scott Gould

Deerfield, IL

The Sherwin-Williams Co.

William G. Rafie

Cleveland, OH

Southeast Apartment

Partners, LLC

Marc G. Robinson

Atlanta, GA

Sperry Van Ness Nevada LLC

David Baird

Las Vegas, NV

Sterling Trust

Robert J. Thiebaut

Atlanta, GA

Stewart Title Guaranty

Regina L. Fiegel

Charlotte, NC

Stratford Capital Group, LLC

John M. Nelson, IV

Peabody, MA

Summit Housing Partners

David P. Garcia

Montgomery, AL

SureDeposit

Stuart Litwin

Livingston, NJ

Terra Search Partners

Matthew B. Slepin

San Francisco, CA

TGM Associates L.P.

Thomas J. Gochberg

New York, NY

Timberland Partners

Robert L. Fransen

Minneapolis, MN

Towne Properties

Neil K. Bortz

Cincinnati, OH

Transwestern

Jon Kleinberg

Atlanta, GA

Transwestern

Steven E. Pumper

Dallas, TX

The Tuckerman Group/SSgA

Charles J. Lauckhardt

Rye Brook, NY

University Furnishings

Paul Dougan

Dallas, TX

Urdang & Associates Real

Estate Advisors, Inc.

Mark B. Greco

Plymouth Meeting, PA

USAA Real Estate Company

Hailey Ghalib

San Antonio, TX

Valet Waste, Inc.

David Magrisso

Tampa, FL

VARO, a BYL Company

Kristie Wetherbee

West Chester, PA

VaultWare

Michael E. Mueller

Scottsdale, AZ

Velocity, a Division of

RealPage, Inc.

Ashley Chaffin Glover

Carrollton, TX

Verizon Enhanced

Communities

Douglas A. Barton

Irving, TX

Visa, Inc.

David Weinshel

Wilmington, DE

Waller Lansden Dortch

& Davis, LLP

J. Steven Kirkham

Nashville, TN

Waypoint Residential

Scott J. Lawlor

New York, NY

Westdale Asset Management

Evan J. Griffiths

Dallas, TX

Western National

Realty Advisors

Rex F. DeLong

Irvine, CA

Westrope

David Brinkerhoff

Kansas City, MO

Williams Asset

Management, LLC

John A. Isakson

Atlanta, GA

Willis

Brian Ruane

New York, NY

Witten Advisors LLC

G. Ronald Witten

Dallas, TX

The Wolff Company

Tim Wolff

Scottsdale, AZ

Womble Carlyle Sandridge

& Rice, PLLC

Pamela V. Rothenberg

Washington, DC

Wonderlic, Inc.

Tom Bowman

Libertyville, IL

Worthing Southeast

Corporation

John A. Echols

Atlanta, GA

WRH Realty Services, Inc.

J. Mark Rutledge

Saint Petersburg, FL

Ygnition Networks

Brian Moorhead

Houston, TX


Advisory Committee


A speciAl supplement to nAtionAl reAl estAte investor

29 north707 management services, inc.A.G. spanos companiesAbacus capital Group, llcAcacia capital corp.Acumen real estateAdvenirAffordable Housing trust for columbus and Franklin countyAlco management, inc.Allegiant residentialAllen & o’Hara Development co. llcAllianz real estateAllison shelton real estate services, inc.Allstate investments, llcAlvarez & marsal real estate Advisory services, llcAmerican Group Advisors, llcAmerican land ventures, llcAmi capitalAngelo, Gordon & co.Apartment services, inc.Apex construction services, llcAppraisal research counselorsAragon HoldingsArcadian real estate GroupArea property partnersArgosy real estateArsenal real estate FundsAsentusAspen square managementAsset campus HousingAssurant Asset managementAvery construction companyAvr realty companyB&m management co. llcBanner property managementBarrett & stokely, inc.Beachwold residential llcBeacon place Apartments, llcBelgarde enterprisesBenchmark GroupBentall KennedyBH equities, llcBig rock partners llcBillingsley companyBlackstone consulting llcBlue ridge companies, llcBlue vista capital partners

BlueGate partners llcBluerock real estate, llcBmo capital marketsBonaventure realty Group, llcBranch properties, llcBridge real estate GroupBristol Development, llcBrook scott AssociatesBrookfield real estate opportunity GroupBryan cave llpBuchanan street partnersBuilding and land technology corp.Burr & Forman llpc.F. evans & company, inc.c.r.e.s. managementcaisse de depot et placement du Quebeccalifornia landmarkcalifornia state teachers’ retirement systemcambridge management co.camden property trustcampus Habitatcanadian Apartment properties reitcanyon partners llccapital strategies Advisory Group, llccapri capital partnersthe carlyle Groupcarter & Associatescascade Affordable Housingcase pomeroy propertiescentennial Holding companycentura capital, llcciGnA realty investorscirrus Asset management, inc.cityviewclK management corp.cms companiescohen Financialcollegiate Hall properties, llccolumbia partners llccommunity Housing improvement program inc.the compass Group, llcconcord management, ltd.connell real estate & Development co.consolidated investment Group llc

construction enterprises, inc.contravest, inc.copper Beechcortland partners, llccorum real estate Groupcostlow & Hubachercovenant capital Groupcox-scheppcrescent Heightscrestmarcthe crichton Groupcriterion Development partners, llccrosland, llccrown Advisors, inc.ctl managementcurry conduit services, inc.curtin property companycWcapital Asset management llccWcapital llcDavidon HomesDawn Homes management llcDeBartolo DevelopmentDeerfield commercial real estate, inc.the Dermot company, inc.Diamond realty investmentsDietz property Groupthe Dishnica company llcDomain communities, llcDominion Due Diligence GroupDoster construction company, inc.Dougherty mortgage llcDouglas DevelopmentDovetailDr. lynch FoundationDraper and Kramer, incorporatedDsF GroupDti investments, inc.eaerendil, llceaton vance managementeBsco industries, inc.edge principal Advisors llceF&A Funding, l.l.c.the effort trust companythe emmes Group of companiesempire American Holdings llcenhanced value strategies, inc.

enterprise community investment, inc.epoch management, inc.epoch properties, inc.equity exchangeequity residentialeverett realty services, inc.everGreen solutionsexecutive capital corporationFalcon southwestFaller management co. inc.Federal capital partnersFidelity investmentsFieldstone properties i, llcFifield companiesFinesa real estate GroupFirst American titleFirst capital corporationFlaherty & collins propertiesFlorida capital real estate Group inc.Fowler property AcquisitionsFowler, Hein, cheatwood & Williams, p.A.Francis property managementFriedkin realty Group, inc.Fsc realty, llcFulton property Group llcGarden HomesGe Asset managementGe real estate, north America lendingGebroe-Hammer AssociatesGFi capital resourcesGilbert campbell real estateGleacher & companyGlenwood student communitiesGlJ partnersGmH capital partnersGodfrey residential GroupGoodman real estateGrandbridge real estate capital llcGranite investment GroupGray Development GroupGrayco, inc.Great Atlantic management, llcGreat lakes management co.Green street Advisors, inc.Greenberg traurigGreenlandlady

April 2011 NMHC 50 49

Associate Members

Greystone Bankthe Greystone Group, inc.Greystone properties, llcGriffis/Blessing, inc.Grosvenor investment managementGssWGumenick propertiesGWl realty Advisors - multi-residentialH. l. libby corporationH.G. Fenton companyH3t legacy capital partners, llcthe Habitat companyHamilton Zanze & companyHanover companyHarbert management corporationHarrison street real estate capital llcHarvest equitiesHawthorne residential partnersthe Hayman companyHeartland realty investors inc.Hercules real estate services, inc.HFBe investment BankingHonigman miller schwartz and cohn llpHorn-Barlow companiesHsBc Bank usA n.A.impact community capitalimt residentialinG realty Group llcinnovative student Housingintegra land companyintegralinterlandinternacional realty, inc.invesco real estateirwin r. rose & companyisi GroupJackson Walker, l.l.p.Jane KerberJars residential properties llcJaymor managementthe JBG companiesJcm partners, llcJH real estate partners, inc.JlB partners, lp

the John Buck companyJohn Hancock realty Advisors, inc.Johnson DevelopmentJp morgan capital corporationJuniper investment Group, inc.Jvm realty corporationKA, inc.Kaiserman company, inc.Kaplan Acquisitions llcKc venture Group, llcKeefe, Bruyette & WoodsKennedy Wilson multifamilyKenney realty services, llcKensington realty Advisors, inc.Keybanc capital marketsKeyBank real estate capitalKeystone commercial capitalKirby sack properties, inc.Kirkpatrick management company, inc.Kotarides DevelopersKrooth & Altman llpKtGY Group inc.landcomlandings real estate Grouplandmark propertieslandmark residentiallane companylegacy Development partnerslegacy partners residential inc.legacy property management services, llclegend Asset management ii, llcleinbach companyleon capital Group, llclev investmentslevin realty Advisors, llclightner property Grouplmi capitallowe enterprisesthe lynd companylynd residential propertieslyon capital ventures, llcm&m realty partnersm&t realty capital corporationm3 capital partners

m3 multifamily

media managementmadison realty capitalmandel Group, inc.martin Fein interests, ltd.matthew t. maloneymc realty Advisers, llcmccann realty partners, llcmcGriff, seibels & WilliamsmcKinleymcshane Development companymcshea residential services, inc.the medve Group, inc.mercury investmentmG propertiesmGm enterprises, inc.michael stevens interests, inc.mid-peninsula Housing coalitionmiles realty co. inc.mmA Financial, llcmomentum real estate partnersmoody’s corporationmorgan communitiesmorgan stanleymorgan, lewis & Bockius llpmosaic residential, inc.moss Adams capital, llcmultifamily management services llcmultifamily solutions, inc.munsch, Hardt, Kopf & Harr, p.c.national church residencesnationwide life insurance companynevada H.A.n.D.newcastle limitednewman Development Group, llcnnc Apartment venturesnoneman real estate companynorthbrook partnersnorthmarq capital, inc.northwestern investment management companynovogradac & company llpnp Dodge management companythe nrp Groupo’connor capital partnersoak residential partners, llcoakbrook corporation

oakwood Worldwideoculus capital Group, llcoden Hughes l.l.cogden cAp propertiesolympic investorsolympus propertyopus Bankorion residential llcoriX capital marketosprey property Group llcovation Developmentpacific property companypacifica companiespalatine capital partners management, llcpalladium (usA) international, inc.palms Associatesparadigm Development companypennrose management companythe peterson companiesphillips management Groupphoenix capital partners, ltd.piedmont properties Group, llcplace propertiespollack partnerspost properties, inc.ppm Finance, inc.the praedium Groupthe preston partnership, llcprG real estate management, inc.priderock capital partners, llcprime Groupprime property investors, ltd.pritzker realty Group, llcproperty & portfolio research, inc.prudential multifamily mortgage, inc.prudential real estate investorsQuarles & Brady llpQuestar properties, inc.Qvt mount Auburn capital lpr.D. merrill company/merrill Gardens, llcraia properties corporationraintree partnersrAm partners, llcrAm realty servicesrBc capital markets

A speciAl supplement to nAtionAl reAl estAte investor

Associate Members

50 NMHC 50 April 2011

Associate MembersA speciAl supplement to nAtionAl reAl estAte investor

rclcoreal capital Analyticsreal estate capital partners, inc.redpeak properties llcregional management, inc.reis, inc.related management company lp.reznick GrouprGH venturesthe richdale Grouprichland communitiesrisk innovations, inc.robb Herringrobert sheridan & partnersrobert W. Bairdrock Apartment Advisors, inc.rock managementrockport mortgage corporationroseland property companyrosen consulting Groupross companiesroxbury properties, inc.rp management, inc.rpD catalyst, llcrusso Developmentsagebrush residential Holdings llcsalt river capital, inc.the sanctuary Group, llcsatteron enterprises llcschenk realty Group, llcsecurity capital research & managementsecurity propertiesseldin companysentinel real estate corporationsequoia equitiesseyfarth shaw llpshore to shore propertiesshowe management corporationsimmons vedder partners, inc.smG property management, inc.smith equities real estate investment AdvisorssnK realty Groupthe solomon organizationsomerset partners llc

southcap real estate partners, llc

southeast capital partners, inc.southern land companysovereign Bankstarpoint property management, llcstarwood capital Groupsteven scott management, inc.stoneleigh companies, llcstrategic capital partners, llcstuart corporationstudent Housing solutionssueba usA corporationsunrise managementtarantino properties inc.tate capitaltax credit Asset management, llctaymil partners llcteacher retirement systemteJ property managementtexona partnersthackeray partnerstodd & Associates, inc.toll management companytonti propertiestrecAp partnerstreesdale real estate partners, llctrilogy real estate Group, llctrinco real estate, llctrinitas venturestroutman sanders llpu.s. equities student Housingu.s. residential GroupuBs securities, llcuDr, inc.union Bankuniversal properties, inc.universe Holdingsvan metre companiesvantage properties, llcventerra realty management companyverde Apartment communitiesvirginia Housing Development Authorityvirtu investments, llcvornado/charles e. smithWafra investment Advisory Group, inc.

Walchle lear

multifamily AdvisorsWalton communities, llcWarmington capital partnersWashington real estate investment trustWatermark residentialWatt companiesWentwood capital Advisors, lpWestar HousingWestcorp management Group, llcWestwood residential co.White residential, inc.Willmax capital, inc.Wilshire enterprisesWilson, cribbs, & Goren, p.c.Winthrop managementthe Wishcamper companies, inc.Wnc & Associates, inc.the Wolff companyWpc (Winter park construction)Y-12 investments llcYork properties, inc.Zaremba residential companyZelman & AssociatesZrs management, llc

April 2011 NMHC 50 51

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2011 NMHC 50

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