The National Multifamily Housing Council (NMHC) released its list of the largest firms in the US multifamily housing industry. The firms are ranked by units in buildings with 5 or more units. The results are based on self-reported data provided in response to a survey conducted by Kingsley Associates and the NMHC. Separate categories are provided for owners, managers, builders, developers and syndicators.
Ownership can be full or partial. In partnerships, the owner is defined as the entity that “exercises effective control of the asset.” The top 5 owners are:
MAA with 100,031 units
Equity Residential with 80,624 units
AvalonBay Communities with 79,886 units
Starwood Capital Group with 75,409 units
Morgan Properties with 70,052 units
For a list of all firms on the NMHC top 50 owners list, see here.
The managing firm is defined as the one that performs the property management functions such as leasing and property maintenance. The top 5 managers are:
Greystar Real Estate Partners with 492,967 units
Lincoln Property Company with 203,342 units
Pinnacle with 169,002 units
Alliance Residential with 138,650 units
FPI Management with 122,479 units
For a list of all firms on the NMHC top 50 managers list, see here.
The builder is defined as the firm responsible for the physical construction of new multifamily properties. They are ranked by the number of units started in 2019. The top 5 builders are:
Summit Contracting Group with 9,065 units
Alliance Residential with 7,603 units
Wood Partners with 5,853 units
CBG Building Company with 5,688 units
Katerra with 5,675 units
For a list of all firms on the NMHC top 25 builders list, see here.
The developer is the firm that does the project planning, financing and marketing. The developer selects the builder and is the initial owner of the units once they are completed. Developers are ranked by the number of units started in 2019. The top 5 developers are:
Alliance Residential with 8,009 units
Greystar Real Estate Partners with 7,010 units
Wood Partners with 6,757 units
LMC, a Lennar Company with 6,726 units
Trammell Crow Residential with 5,011 units
For a list of all firms on the NMHC top 50 developers list, see here.
NMHC defines a syndicator as “a company that buys or syndicates tax credits to serve as a general partner with a minority ownership interest.” The top 5 syndicators are:
PNC Real Estate with 132,179 units
Raymond James Tax Credit Funds with 125,192 units
National Equity Fund with 110,949 units
Enterprise Community Investment with 108,043 units
Boston Capital with 107,986 units
For a list of all firms on the NMHC top 10 syndicators list, see here.