Rank
 Company
Headquarters / Contact Info
(P) = Public
 Top
Executive
 2011 Units Owned
(vs. ’10)
 2011 Revenue From MF Operations (in millions)
 What They Owned*
 Where They Owned*
1 Boston Capital
Boston, MA
Website		 Jack
Manning
 157,423
-1%		 N/A
 AFF, MR
 National
2 Centerline Capital
New York, NY
Website		 Robert L. Levy
 150,000
-2%		 N/A
 AFF, MR, IL
 National
3 Boston Financial Investment
Management
Boston, MA
Website		 Kenneth J. Cutillo
 140,077
-4%		 N/A
 AFF
 National
4 SunAmerica AFFordable Housing Partners (P)
Los Angeles, CA
Website		 Douglas Tymins
 134,882
-9%		 N/A
 AFF, MR, IL
 National
5 PNC Real Estate†
Portland, OR
Website		 Todd Crow
 126,260
2%		 N/A
 AFF
 National
6 Equity Residential (P)
Chicago, IL
Website		 David J. Neithercut
 121,974
-6%		 $1,989
 AFF, MR, MIL
 P, M, NE, MA, SA
7 Hunt Cos.
El Paso, TX
Website		 Woody L. Hunt
 114,762
46%		 $726
 AFF, MR, MIL, ST, IL
 National
8 National Equity Fund
Chicago, IL
Website		 Joseph S. Hagan
 105,272
3%		 N/A
 AFF, MR, IL, AL, CCRC
 National
9 The Richman Group Affordable Housing Corp.
Greenwich, CT
Website		 Richard P. Richman
 98,770
4%		 N/A
 AFF, MR
 National
10 Enterprise Community Investment†
Columbia, MD
Website		 Charles R. Werhane
 97,822
2%		 N/A
 AFF, MR, IL, AL
 P, WSC, NE, MA, ESC, GL, SA, M
11 Apartment Investment and
Management Co. (P)
Denver, CO
Website		 Terry Considine
 76,717
-45%		 $1,080
 AFF, MR, ST
 National
12 Alliant Capital
Woodland Hills, CA
Website		 Brian Goldberg
 63,350
-4%		 N/A
 AFF, IL
National
13 Edward Rose Building Enterprise
Farmington Hills, MI
Website		 Warren Rose
 56,385
1%		 $361
 MR
 PL, GL, SA
14 AvalonBay Communities (P)
Arlington, VA
Website		 Tim Naughton
 54,732
7%		 $989
 AFF, MR
 P, NE, MA, GL, SA
15 Pinnacle Family of Cos.
Addison, TX
Website		 Rick Graf
 52,655
-1%		 N/A
 AFF, MR, MIL, ST, IL
 P, PL, WSC, M, ESC, GL, SA
16 WNC & Associates
Irvine, CA
Website		 Wilfred N. Cooper Sr.
 51,224
5%		 $25
 AFF
 National
17 Invesco Real Estate† (P)
Dallas, TX
Website		 Scott Dennis
 51,125
1%		 N/A
 MR
 National
18 Archstone
Englewood, CO
Website		 R. Scot Sellers
 50,894
-13%		 N/A
 AFF, MR
 P, WSC, M, NE, MA, SA
19 Camden Property Trust (P)
Houston, TX
Website		 Richard J. Campo
 50,459
-2%		 $687
 MR
 P, WSC, M, MA, SA
20 MAA (P)
Memphis, TN
Website		 H. Eric Bolton Jr.
 49,133
6%		 $449
 MR
 WSC, M, ESC, GL, SA
21 UDR (P)
Highlands Ranch, CO
Website		 Thomas W. Toomey
 48,003
-1%		 $731
 MR
 P, WSC, M, NE, MA, ESC, SA
22 JRK Property Holdings
Los Angeles, CA
Website		 James Lippman
 47,398
0%
 N/A
 AFF, MR
 P, WSC, M, MA, ESC, GL, SA
23 Lincoln Property Co.
Dallas, TX
Website		 Tim Byrne
 47,245
2%		 $2,046
 MR, MIL
 P, PL, WSC, M, NE, MA, GL, SA
24 Raymond James Tax Credit Funds
St. Petersburg, FL
Website		 Ronald Diner
 46,572
6%		 N/A
 AFF
 National
25 TIAA-CREF†
New York, NY
Website		 Thomas Garbutt
 46,489
N/A
 N/A
 N/A
 N/A
26 The Michaels Development Co.
Marlton, NJ
Website		 Michael J. Levitt
 45,425
-2%		 $21
 AFF, MIL, IL
 National
27 Bell Partners
Greensboro, NC
Website		 Steven D. Bell
 44,993
-1%		 $597
 AFF, MR, MIL, IL, AL
 PL, WSC, NE, MA, ESC, SA
28 Irvine Co. Apartment Communities
Irvine, CA
Website		 Kevin Baldridge
 44,545
2%		 N/A
 AFF, MR
 P
29 DRA Advisors
New York, NY
Website		 David Luski
 42,515
3%		 N/A
 MR
 P, PL, WSC, M, ESC, GL, SA
30 Home Properties (P)
Rochester, NY
Website		 Edward J. Pettinella
 41,951
7%		 $580
 MR, IL
 NE, MA, GL, SA
31 Holiday Retirement
Salem, OR
Website		 Jack R. Callison Jr.
 37,073
N/A
 $1,000
 IL, AL
 National
32 Lindsey Management Co.
Fayetteville, AR
Website		 James E. Lindsey
 35,926
6%		 $260
 AFF, MR
 PL, WSC, ESC
33 Forest City Enterprises (P)
Cleveland, OH
Website		 David J. LaRue
 35,000
1%		 $1,177
 AFF, MR, MIL, IL
 P, WSC, M, NE, MA, GL, SA
34 Colonial Properties Trust (P)
Birmingham, AL
Website		 Thomas H. Lowder
 33,975
1%		 $372
 MR
 WSC, M, ESC, SA
35 Berkshire Property Advisors
Boston, MA
Website		 George Krupp
 33,847
8%		 $318
 MR
 P, WSC, M, NE, MA, GL, SA
36 Sentinel Real Estate Corp.
New York, NY
Website		 John H. Streicker
 33,500
-4%		 N/A
 MR
 National
37 BH Equities
Des Moines, IA
Website		 Harry Bookey
 33,205
N/A
 N/A
 AFF, MR, ST, IL
 P, PL, ESC, SA
38 UBS Realty Investors
Hartford, CT
Website		 Matthew Lynch
 32,983
17%		 N/A
 MR
 P, WSC, M, NE, MA, GL, SA
39 Essex Property Trust (P)
Palo Alto, CA
Website		 Michael J. Schall
 32,753
8%		 $476
 AFF, MR
 P
40 Concord Management
Maitland, FL
Website		 Edward O. Wood Jr.
 32,348
0%
 N/A
 AFF, MR, IL
 MA, ESC, GL, SA
41 Westdale Real Estate Investment & Management
Dallas, TX
Website		 Joseph G. Beard
 32,296
-1%		 N/A
 AFF, MR, ST
 PL, WSC, M, ESC, GL, SA
42 Weidner
Kirkland, WA
Website		 Jack O’Connor
 31,551
35%		 N/A
 M, P, WSC, Canada
 MR
43 AEW Capital Management
Boston, MA
Website		 Jeffrey D. Furber
 28,669
4%		 N/A
 MR, ST, IL, AL, CCRC
 P, PL, WSC, M, NE, MA, ESC, SA
44 Heitman†
Chicago, IL
Website		 Maury Tognarelli
 26,490
19%		 N/A
 N/A
 N/A
45 Highridge Costa Investors
Gardena, CA
Website		 Michael A. Costa
 26,419
N/A
 $23
 AFF, IL
 P, PL, WSC, M, MA, ESC, GL, SA
46 Empire American Holdings
Montvale, NJ
Website		 Eli Feller
 25,859
-23%		 N/A
 MR
 MA
47 The Bascom Group
Irvine, CA
Website		 David Kim
 25,472
-26%		 $266
 AFF, MR
 P, WSC, M, SA
48 American Campus Communities (P)
Austin, TX
Website		 Bill Bayless
 23,188
N/A
 $390
 ST
 P, PL, WSC, M, MA, ESC, GL, SA
49 Morgan Properties
King of Prussia, PA
Website		 Pat O’Grady
 21,835
-49%		 $280
 MR
 PL, MA, GL, SA
50 Post Properties (P)
Atlanta, GA
Website		 David P. Stockert
 21,658
N/A
 $305
 MR
 WSC, MA, SA
AFF= Affordable | AL= Assisted Living | CCRC= Continuing Care Retirement Community | IL= Independent Living | MIL= Military | MR= Market Rate | ST= Student Housing | ESC= East South Central | GL= Great Lakes | M= Mountain | MA= Mid-Atlantic | NE= New England | P= Pacific | PL = Plains | SA= South Atlantic | WSC= West South Central