Representing 178,000 units across 850 communities, Cushman & Wakefield’s multifamily property management team has seen a great start to 2023.

“We continue to see strong performance from our teams, and I am proud of the work that our teams do each day to serve our residents and our clients,” says Woody Stone, president of U.S. multifamily asset services.

Woody Stone, president of U.S. multifamily asset services, Cushman & Wakefield
Woody Stone, president of U.S. multifamily asset services, Cushman & Wakefield

Stone stepped into his role at the start of this year following the retirement of Rick Graf. For the better part of five years, Graf and Stone have been planning and collaborating for the transition. Stone says, “The last two years–with leadership support–Rick intentionally stepped back a bit from the day-to-day operations. That wasn’t easy for a leader that has served this industry for over 40 years, but he knew it was best for the organization. By doing so and to his credit, this transition was somewhat of a change/no change event. This humble and thoughtful approach served our teams and our clients well.”

The transition also created an opportunity for leaders to step forward and take on more responsibility—something Stone has been proud to see. “The markets today are certainly not what they were one year ago, and with that we have had to adapt and change. However, at our core, we are the same company that we have been for years. We are committed to creating a culture where we ‘Care First and Care Most’ for our clients, residents, and team members. This is what defines us.”

To take the best care of clients and residents, the firm is focused on discipline and achieving operating excellence as this year has brought challenges in inflationary pressures on clients’ assets and staffing. Stone and his team are committed to listening to both clients and team members while providing tools for success. The focus on operations begins with sourcing new talent and improving the experience of every team member.

“At Cushman & Wakefield, we are focused on opportunities around the property accounting function, leasing, and maintenance, which we are testing with a number of clients. For years, maybe decades, the promise of proptech has been greater efficiency at the property level, but that goal has been elusive. Often in our industry we still utilize the 1:100 benchmark to set staffing. Today’s staffing challenges, both in finding and retaining staff and in the escalating payroll costs, are pushing us to innovate.”

To combat escalating costs, Cushman & Wakefield is aiming to leverage the size and scale of a global company to provide the best in technology, and the best in pricing and services across vendor partners. While the firm does renovate and reposition assets, today it manages more Class A assets than any other class. “Throughout the country, we have built a team of professionals with the experience and passion to manage these high-end buildings,” Stone adds.

The team also manages over 90 lease-up buildings nationwide. When adding a new property to the portfolio, Stone says it’s always an exciting time that also represents challenges. “Care must be given to understanding the unique attributes of the asset and ensuring that thorough diligence is performed. Our approach is focused on supporting the local team with a centralized, dedicated transition team,” shares Stone. “Our transition team follows a rigorous methodology to manage the many takeover tasks. Having this team allows our local team to focus on onboarding the new members.”

Believing that a true leader fights for the good of others, Stone is committed to the company’s culture of always doing the right thing and showing kindness and humility. “This is the culture of the Cushman & Wakefield team. We are not perfect, but we are chasing these qualities,” Stone concludes. “This industry is a gift, and we are privileged to make a difference in our communities.”

1. Greystar Real Estate PartnersCharleston, SCRobert A. Faith726,826/698,2571
2. Lincoln Property CompanyDallas, TXTim Byrne213,900/210,0862
3. Asset LivingHouston, TXRyan McGrath172,145/169,3504
4. Cushman & WakefieldHouston, TXWoody Stone178,105/172,1453
5. FPI ManagementFolsom, CADennis Treadaway159,248/140,2104
6. RPM LivingAustin, TXJason Berkowitz148,603/112,8727
7. Apartment Management Consultants, LLCCottonwood Heights, UTBrenda Barrett130,776/113,7286
8. BHDes Moines, IAJoanna Zabriskie107,774/106,3538
9. WinnCompaniesBoston, MAGilbert Winn105,673/103,0646
10. Avenue5 ResidentialSeattle, WAWalt Smith100,805/86,9587
11. MAAGermantown, TNH. Eric Bolton Jr.99,676/100,00210
12. RangeWater Real EstateAtlanta, GASteven L. Shores97,072/78,38017
13. Morgan PropertiesKing of Prussia, PAMitchell L. Morgan95,594/96,10711
14. BozzutoGreenbelt, MDToby Bozzuto88,710/79,78913
15. CortlandKern, GASteven DeFrancis and Jason Kern83,654/76,381New
16. Equity ResidentialChicago, ILMark J. Parrell79,594/80,40716
17. AvalonBay Communities, Inc.Arlington, VABen Schall and Sean Breslin79,399/80,57314
18. Bell PartnersGreensboro, NCLili Dunn77,955/68,85518
19. ZRS Management, LLCOrlando, FLSteven Buck76,455/60,19327
20. Monarch Investment & Management GroupFranktown, COBob Nicolls71,661/66,89820
21. Edward Rose Building EnterpriseBloomfield Hills, MIWarren Rose69,567/68,37919
22. The Michaels OrganizationCamden, NJJohn J. O'Donnell67,444/57,83926
23. The Related Companies, LPNew York, NYJeff Blau66,902/65,72821
24. RAM Partners LLCAtlanta, GABill Leseman62,716/51,92632
25. Essex Property Trust, Inc.San Mateo, CAMichael Schall and Angela Kleiman62,147/62,29024
26. Camden Property TrustHouston, TXRichard J. Campo and D. Keith Oden58,702/58,30029
27. First CommunitiesAtlanta, GAMitch Harrison58,576/52,14731
28. Weidner Apartment HomesKirkland, WAW. Dean Weidner58,556/54,80725
29. UDR, Inc.Highlands Ranch, COTom Toomey58,374/57,48330
30. ConAm Management Corp.San Diego, CARob Singh56,165/51,74333
31. Harbor Group International, LLCAtlanta, GAJordan Slone55,997/56,63128
32. Bridge Investment GroupSandy, UTColin Apple and Matt DeGraw55,640/49,75534
33. Hawthorne Residential PartnersGreensboro, NCSamantha Davenport49,703/40,69840
34. Balfour BeattyMalvern, PAChristopher Williams46,733/48,15035
35. GoldOller Real Estate Investments, LLCDelray Beach, FLJake Hollinger45,531/40,67941
36. FPA MultifamilySan Francisco, CAGregory A. Fowler45,200/42,33539
37. Pegasus ResidentialAlpharetta, GALindy Ware45,063/43,20837
38. Village GreenSouthfield, MIDiane K. Batayeh43,619/38,00638
39. GIDAtlanta, GAGregory Bates42,876/39,73543
40. Fairfield Residential Company LLCSan Diego, CARichard Boynton42,256/40,29742
41. Cardinal Group ManagementDenver, COAlex O'Brien40,370/39,57044
42. Drucker + FalkNewport News, VAWendy Drucker, Kellie Falk, and David Falk39,843/37,71045
43. DominiumDallas, TXPaul Sween and Mark Moorhouse38,491/37,63146
44. Beztak CompaniesFarmington Hills, MISamuel Beznos37,757/36,94547
45. Berkshire Residential InvestmentsBoston, MADavid Olney and Alan King37,036/29,037New
46. United Apartment GroupSan Antonio, TXTim Settles and Carrie Girgus35,746/35,44049
47. Independence Realty TrustPhiladelphia, PAScott Schaeffer and Farrell Ender35,526/36,83148
48. The John Stewart CompanySan Francisco, CAJack Gardner and Noah Schwartz35,304/34,40250
49. American LandmarkTampa, FLJoe Lubeck34,128/33,303New
50. RKW ResidentialCharlotte, NCMarcie Williams33,887/28,559New