The National Multifamily Housing Council (NMHC) released their 2021 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.
Largest apartment owners
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 (2020 ranking and change in number of units in parenthesis):
MAA with 100,490 units (1, +459 units)
Morgan Properties with 90,617 units (5, +20,565 units)
Starwood Capital Group with 89,349 units (4, +13,940 units)
AvalonBay Communities with 80,094 units (3, +208 units)
Equity Residential with 78,568 units (2, -2,056 units)
For a list of all firms on the NMHC list of the top 50 owners, see here.
Largest apartment managers
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 (2020 ranking and change in number of units in parenthesis):
Greystar Real Estate Partners with 669,137 units (1, +176,170)
Lincoln Property Company with 210,183 units (2, +6,841 units)
Cushman & Wakefield (was Pinnacle) with 171,713 units (3, +2,711 units)
FPI Management with 130,508 units (5, +8,029 units)
Asset Living with 103,063 units (14, +31,384 units)
For a list of all firms on the NMHC list of the top 50 managers, see here.
Largest apartment builders
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 2020. The top 5 builders are (2020 ranking and change in number of units in parenthesis):
Summit Contracting Group with 9,159 units (1, +94 units)
Alliance Residential with 7,728 units (2, +125 units)
The NRP Group with 6,726 units (6, +1486 units)
Oden Hughes with 5,809units (10, +1,293 units)
Mill Creek Residential with 5,661 units (8, +712 units)
For a list of all firms on the NMHC list of the top 25 builders, see here.
Largest apartment developers
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 2020. The top 5 developers are (2020 ranking and change in number of units in parenthesis):
Greystar Real Estate Partners with 8,525 units (2, +1,515 units)
Alliance Residential with 7,728 units (1, -281 units)
Mill Creek Residential with 5,755 units (6, +806 units)
Wood Partners with 5,178 units (3, -1,579 units)
The NRP Group with 4,865 units (7, +704 units)
For a list of all firms on the NMHC list of the top 25 developers, see here.
Largest apartment syndicators
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 (2020 ranking and change in number of units in parenthesis):
Boston Financial Investment Management with 186,785 units (8, +92,209 units)
Raymond James Tax Credit Funds with 132,268 units (2, +7,076 units)
PNC Real Estate with 125,287 units (1, -6,892 units)
National Equity Fund with 115,667 units (3, +4,718 units)
Enterprise Community Investment with 110,466 units (4, +2,423 units)
For a list of all firms on the NMHC list of the top 10 syndicators, see here.
