The National Multifamily Housing Council (NMHC) released their 2022 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 (2021 ranking and change in number of units in parenthesis):
Starwood Capital Group with 115,056 units (2, +25,707 units)
MAA with 100,002 units (1, -488 units)
Morgan Properties with 94,107 units (3, +3,490 units)
AvalonBay Communities with 81,803 units (4, +1,709 units)
Greystar Real Estate Partners with 80,121 units (, -5,022 units)
For a list of all firms on the NMHC list of the top 50 owners, 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 (2021 ranking and change in number of units in parenthesis):
Greystar Real Estate Partners with 698,257 units (1, +29,120 units)
Lincoln Property Company with 210,086 units (2, -97 units)
Cushman & Wakefield with 172,145 units (3, +2,795 units)
Asset Living with 159,352 units (5, +56,289 units)
FPI Management with 140,271 units (4, +10,694 units)
For a list of all firms on the NMHC list of the top 50 managers, 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 2021. The top 5 builders are (2021 ranking and change in number of units in parenthesis):
Greystar Real Estate Partners with 11,301 units (6, +6,003 units)
Alliance Residential with 11,266 units (2, +3,538 units)
Summit Contracting Group with 10,569 units (1, +1,410 units)
OHT Partners (was Oden Hughes) with 10,532 units (4, +4,732 units)
The McShane Companies with 9,044 units (7, +3,794 units)
For a list of all firms on the NMHC list of the top 25 builders, 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 2021. The top 5 developers are (2021 ranking and change in number of units in parenthesis):
Greystar Real Estate Partners with 14,047 units (1, +5,522 units)
Alliance Residential with 11,739 units (2, +4,011 units)
Mill Creek Residential with 7,283 units (3, +1,528 units)
Wood Partners with 7,242 units (4, +2,064 units)
Trammel Crow Residential with 6,602 units (13, +3,502 units)
For a list of all firms on the NMHC list of the top 25 developers, 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 (2021 ranking and change in number of units in parenthesis):
Boston Financial Investment Management with 179,930 units (1, -6,855 units)
Raymond James Affordable Housing Investments with 141,458 units
(2, +9,190 units)
PNC Real Estate with 140,627 units (3, +15,340 units)
National Equity Fund with 115,921 units (4, +254 units)
Enterprise Housing Credit Investments with 114,747 units (5, +4,281 units)
For a list of all firms on the NMHC list of the top 10 syndicators, see here.