In 2015, the multifamily business hit a lot of historic, or at least post-recession, highs. Apartment transactions climbed to their greatest number recorded, and starts matched levels not seen since 1987. The companies that could effectively surf these high waters in 2015 were the ones that rose in the National Multifamily Housing Council’s (NMHC’s) rankings of the country’s biggest apartment owners, managers, developers, and general contractors.
Whether it was capitalizing on consolidation or simply finding labor to build apartments, it took tenacity to grow in 2015. A look at several of the firms who made the NMHC lists shows why.
Owners aren't the only ones who benefited from heavy transaction volume last year. The activity in 2015 created plenty of opportunity all around, for companies both large and small. We talked to FPI Management's Dennis Treadaway and his industry peers to find out how they made the most of it.
Consolidation and fervid transaction velocity in 2015 drive some new faces onto the NMHC 50 Owners list. Bob Nicolls of Monarch Investment, along with other newcomers to the list, talk about their fresh strategies for big growth.
High construction costs, tight lending requirements, and uncertain land availability strongly favored the established developer in 2015. Industry veterans like Jay Hiemenz at Alliance Residential share what got their companies to the top of the list.
The General Contractors
Thanks to a near 30-year high in multifamily starts, GCs had little worry about finding work last year. The hard part was finding the workers. We found out how companies like Summit Contracting, which doubled its units last year, conquer their challenges and overcome the odds.