Owners

RANK + COMPANY HEADQUARTERS CORPORATE OFFICER UNITS OWNED 2020/2019 RANK 2019
1. MAA Germantown, TN H. Eric Bolton, Jr. 100,031/100,864 1
2. Equity Residential Chicago, IL Mark J. Parrell 80,624/79,260 2
3. AvalonBay Communities, Inc. Arlington, VA Timothy J. Naughton 79,886/78,549 3
4. Starwood Capital Group Miami, FL Barry S. Sternlicht 75,409/76,932 4
5. Morgan Properties King of Prussia, PA Mitchell L. Morgan 70,052/50,664 19
6. Related Companies New York, NY Jeff Blau 69,369/69,300 5
7. Edward Rose Building Enterprise Bloomfield Hills, MI Warren Rose 65,600/64,662 6
8. Greystar Real Estate Partners Charleston, SC Robert A. Faith 63,306/62,045 7
9. The Irvine Company Newport Beach, CA Jim Krohn 62,254/60,592 8
10. Essex Property Trust, Inc. San Mateo, CA Michael J. Schall 60,040/60,200 10
11. Hunt Companies, Inc. El Paso, TX Chris Hunt, CEO 58,340/60,217 9
12. Cortland Atlanta, GA Steven DeFrancis 58,033/50,955 18
13. Monarch Investment & Management Group Franktown, CO Bob Nicolls 56,633/49,788 20
14. Weidner Apartment Homes Kirkland, WA Jack O'Connor 56,262/52,624 15
15. Camden Property Trust Houston, TX Richard J. Campo 56,107/55,160 14
16. BH Equities, LLC Des Moines, IA Harry Bookey 55,950/58,411 11
17. PGIM Real Estate Madison, NJ Susan Mello 55,152/56,404 13
18. Lincoln Property Company Dallas, TX Tim Byrne 54,200/58,375 12
19. The Michaels Organization Camden, NJ John J. O'Donnell, CEO 52,119/49,521 21
20. UDR, Inc. Highlands Ranch, CO Tom Toomey 51,294/48,860 22
21. JPMorgan Asset Management New York, NY Brett Kahn 50,037/51,241 17
22. Nuveen Real Estate (formerly TH Real Estate) New York, NY James Martha 49,401/38,410 23
23. Balfour Beatty Communities Malvern, PA Christopher Williams 48,862/51,333 16
24. FPA Multifamily San Francisco, CA Gregory A. Fowler 37,355/28,750 32
25. UBS Realty Investors LLC Hartford, CT Matthew Lynch 37,334/38,351 24
26. GID Boston, MA Bob DeWitt 36,557/28,514 33
27. Dominium Plymouth, MN Paul Sween 35,207/32,215 28
28. Invesco Real Estate Dallas, TX Michael Kirby 35,139/35,416 26
29. American Campus Communities Austin, TX Bill Bayless 33,925/33,542 27
30. Aimco (Apartment Investment Management Company) Denver, CO Terry Considine 32,598/36,292 25
31. American Landmark Apartments Tampa, FL Joe Lubeck 32,000/23,000 44
32. Harbor Group International, LLC Norfolk, VA Jordan Slone 31,609/30,656 30
33. Heitman Chicago, IL Maury Tognarelli 30,866/27,955 34
34. Bridge Investment Group Salt Lake City, UT Danuel Stanger 30,626/26,324 37
35. Westdale Real Estate Investment & Management Dallas, TX Joseph G. Beard 30,427/29,366 31
36. Steadfast Companies Irvine, CA Ella S. Neyland 28,488/30,953 29
37. TruAmerica Multifamily, LLC Los Angeles, CA Robert E. Hart 26,779/24,543 42
38. JRK Property Holdings Los Angeles, CA Bobby Lee 26,697/26,328 36
39. AEW Capital Management, L.P. Boston, MA Jeffrey Furber 26,160/25,766 38
40. Eaton Vance Management Boston, MA Andrew Frenette 25,765/23,680 45
41. Knighvest Capital Dallas, TX David Moore 25,477/22,654 47
42. Southern Management Corporation Vienna, VA Suzanne D. Hillman 25,327/25,327 39
43. Carroll Organization Atlanta, GA M. Patrick Carroll 25,300/27,553 35
44. Security Properties Seattle, WA Bob Krokower 25,120/22,309 new
45. Sentinel Real Estate Corporation New York, NY John H. Streicker 25,100/25,000 41
46. Northland Investment Corporation Newton, MA Lawrence Gottesdiener 24,775/25,037 40
47. AMLI Residential Chicago, IL Greg Mutz 23,949/22,067 43
48. Peak Capital Partners Provo, UT Jeff Danley 23,324/18,726 new
49. Mercy Housing, Inc. Denver, CO Jane Graf 23,182/23,060 new
50. The NRP Group Cleveland, OH J. David Heller 22,884/20,747 49

Managers

RANK + COMPANY HEADQUARTERS CORPORATE OFFICER UNITS MANAGED 2020/2019 RANK 2019
1. Greystar Real Estate Partners Charleston, SC Robert A. Faith 492,967/451,180 1
2. Lincoln Property Company Dallas, TX Tim Byrne 203,342/191,669 2
3. Pinnacle Dallas, TX Rick L. Graf 169,002/172,877 3
4. Alliance Residential Phoenix, AZ Bruce Ward and V. Jay Hiemenz 138,650/120,368 4
5. FPI Management, Inc. Folsom, CA Dennis Treadaway 122,479/107,996 5
6. WinnCompanies Boston, MA Gilbert Winn 105,214/101,887 6
7. MAA Germantown, TN H. Eric Bolton, Jr. 100,031/100,864 7
8. Apartment Management Consultants, LLC Cottonwood Heights, UT Brenda Barrett 92,978/87,417 9
9. BH Management, LLC Des Moines, IA Harry Bookey 92,747/94,062 8
10. Equity Residential Chicago, IL Mark J. Parrell 80,624/79,260 10
11. AvalonBay Communities, Inc. Arlington, VA Timothy J. Naughton 78,367/76,652 11
12. Morgan Properties King of Prussia, PA Mitchell L. Morgan 76,831/50,664 28
13. Bozzuto Greenbelt, MD Toby Bozzuto 75,095/71,214 12
14. Asset Living Houston, TX Ryan McGrath 71,679/64,284 16
15. Avenue5 Residential, LLC Seattle, WA Walt Smith 67,858/55,289 20
16. Edward Rose Building Enterprise Bloomfield Hills, MI Warren Rose 65,600/64,662 15
17. Related Companies New York, NY Jeff Blau 64,238/69,300 13
18. The Irvine Company Newport Beach, CA Jim Krohn 62,254/60,592 17
19. Hunt/Envolve Communities (formerly LEDIC Realty Associates) El Paso, TX Chris Hunt 61,673/65,033 14
20. Essex Property Trust, Inc. San Mateo, CA Michael J. Schall 60,040/60,200 18
21. Cortland Atlanta, GA Steven DeFrancis 58,973/50,951 26
22. Starwood Capital Group Miami, FL Barry S. Sternlicht 58,179/59,076 19
23. Bell Partners Greensboro, NC Steven D. Bell 57,466/46,807 31
24. Monarch Investment & Management Group Franktown, CO Bob Nicolls 56,633/49,788 29
25. Weidner Apartment Homes Kirkland, WA Jack O'Connor 56,262/52,624 24
26. Camden Property Trust Houston, TX Richard J. Campo 56,107/55,160 21
27. The Michaels Organization Camden, NJ John J. O'Donnell, CEO 54,387/53,434 23
28. First Communities Atlanta, GA Mitch Harrison 53,433/52,441 25
29. UDR, Inc. Highlands Ranch, CO Tom Toomey 51,294/48,860 30
30. ZRS Management, LLC Orlando, FL Steve Buck 50,402/46,125 32
31. ConAm Management Corporation San Diego, CA Rob Singh 50,246/52,261 22
32. Balfour Beatty Communities Malvern, PA Christopher Williams 49,106/50,920 27
33. RAM Partners LLC Atlanta, GA Bill Leseman 48,199/43,196 34
34. American Campus Communities Austin, TX Bill Bayless 43,028/43,212 33
35. RangeWater Real Estate Atlanta, GA Steven Shores, CEO & President 42,566/27,390 new
36. Fairfield Residential LLC San Diego, CA Gregory R. Pinkalla 42,300/38,311 38
37. Village Green Southfield, MI Diane Batayeh 41,500/40,000 36
38. Westdale Real Estate Investment & Management Dallas, TX Joseph G. Beard 40,167/40,294 35
39. Bridge Investment Group Salt Lake City, UT Danuel Stanger 39,280/33,483 43
40. Drucker + Falk Newport News, VA David Falk, Wendy Drucker, Kellie Falk 39,165/29,934 new
41. GoldOller Real Estate Investments Philadelphia, PA Richard Oller 38,405/39,110 37
42. Roscoe Property Management Austin, TX Jason Berkowitz 38,035/22,604 new
43. FPA Multifamily San Francisco, CA Gregory A. Fowler 37,505/28,750 new
44. Dominium Plymouth, MN Paul Sween 35,327/32,911 42
45. Pegasus Residential Alpharetta, GA Lindy D. Ware 33,752/32,555 45
46. The John Stewart Company San Francisco, CA Jack D. Gardner 33,522/31,910 46
47. United Apartment Group San Antonio, TX Carrie Girgus and Tim Settles 33,023/34,866 41
48. Aimco (Apartment Investment Management Company) Denver, CO Terry Considine 32,839/36,549 39
49. Carroll Organization Atlanta, GA M. Patrick Carroll 32,541/33,115 44
50. Beztak Companies Farmington Hills, MI Samuel M. Beznos 32,313/28,050 new

Developers

RANK + COMPANY HEADQUARTERS CORPORATE OFFICER UNITS STARTED 2019/2018 RANK 2019
1. Alliance Residential Phoenix, AZ Bruce Ward and V. Jay Hiemenz 8,009/6,935 1
2. Greystar Real Estate Partners Charleston, SC Robert A. Faith 7,010/5,758 3
3. Wood Partners Atlanta, GA Joe Keough 6,757/5,796 2
4. LMC, a Lennar Company Charlotte, NC Todd Farrell 6,726/4,585 6
5. Trammell Crow Residential Dallas, TX Kenneth J. Valach 5,011/4,105 7
6. Mill Creek Residential Dallas, FL William C. MacDonald 4,949/4,860 4
7. The NRP Group Cleveland, OH J. David Heller 4,161/3,463 9
8. Lincoln Property Company Dallas, TX Tim Byrne 3,695/4,626 5
9. Fairfield Residential LLC San Diego, CA Gregory R. Pinkalla 3,624/2,622 16
10. RangeWater Real Estate Atlanta, GA Steven Shores, CEO & President 3,589/1,598 new
11. Toll Brothers Apartment Living Horsham, PA Charles Elliott 3,452/2,786 14
12. Hanover Houston, TX Brandt Bowden 3,064/2,591 17
13. JPI Irving, TX Brad Taylor 3,040/3,577 8
14. The Michaels Organization Camden, NJ John J. O'Donnell, CEO 3,031/2,547 18
15. Continental Properties Company, Inc. Menomonee Falls, WI James H. Schloemer 2,980/1,844 new
16. Fore Property Company Las Vegas, NV Jonathan Fore 2,912/2,689 15
17. The Bainbridge Companies Wellington, FL Richard Schechter 2,897/3,165 10
18. LDG Development Louisville, KY Chris Dischinger/Mark Lechner 2,855/2,800 13
19. Trinsic Residential Group Dallas, TX Brian J Tusa 2,595/1,564 new
20. Pennrose Philadelphia, PA Mark H. Dambly 2,560/847 new
21. The Calida Group Las Vegas, NV Eric Cohen 2,538/1,480 new
22. Northwood Ravin Charlotte, NC David Ravin 2,419/3,016 11
23. AvalonBay Communities, Inc. Arlington, VA Timothy J. Naughton 2,377/2,154 23
24. Crescent Communities Charlotte, NC Brian Natwick 2,200/2,027 new
25. Bridge Investment Group Salt Lake City, UT Danuel Stanger 2,138/346 new

Builders

RANK + COMPANY HEADQUARTERS CORPORATE OFFICER UNITS STARTED 2019/2018 RANK 2019
1. Summit Contracting Group, Inc. Jacksonville, FL Marc Padgett 9,065/8,828 1
2. Alliance Residential Phoenix, AZ Bruce Ward and V. Jay Hiemenz 7,603/6,228 2
3. Wood Partners Atlanta, GA Joe Keough 5,853/5,103 3
4. CBG Building Company LLC Arlington, VA Keith Anderson 5,688/3,920 8
5. Katerra, Inc. Menlo Park, CA Michael Marks 5,675/5,552 new
6. The NRP Group Cleveland, OH J. David Heller 5,240/4,005 6
7. The McShane Companies Rosemont, IL Jim McShane 4,954/4,429 4
8. Mill Creek Residential Dallas, FL William C. MacDonald 4,949/4,360 5
9. Greystar Real Estate Partners Charleston, SC Robert A. Faith 4,738/3,454 10
10. Oden Hughes Austin, TX Steve Oden / Craig Hughes / Eric Taylor 4,516/2,895 15
11. Trammell Crow Residential Dallas, TX Kenneth J. Valach 4,395/2,787 17
12. LMC, a Lennar Company Charlotte, NC Todd Farrell 3,917/2,598 21
13. LandSouth Construction Jacksonville, FL James G. Pyle 3,701/3,410 11
14. Carocon Corporation Charlotte, NC Ambrose W. Dittloff 3,680/3,316 12
15. Fairfield Residential LLC San Diego, CA Gregory R. Pinkalla 3,624/2,622 20
16. Hanover Houston, TX Brandt Bowden 3,064/2,591 22
17. JPI Irving, TX Brad Taylor 3,040/3,577 9
18. Fore Property Company Las Vegas, NV Jonathan Fore 2,912/2,637 18
19. The Bainbridge Companies Wellington, FL Richard Schechter 2,897/2,941 14
20. LDG Development Louisville, KY Chris Dischinger/Mark Lechner 2,855/2,800 16
21. Kaufman Lynn Construction Delray Beach, FL Frank White 2,809/2,431 new
22. Weis Builders, Inc. Minneapolis, MN Erik Weis 2,423/2,442 25
23. Northwood Ravin Charlotte, NC David Ravin 2,419/2,638 19
24. Harkins Builders, Inc. Columbia, MD Gary Garofalo 2,400/2,800 new
25. Ryan Companies US, Inc. Minneapolis, MN Brian Murray, CEO 2,328/1,707 new

Syndicators

RANK + COMPANY HEADQUARTERS CORPORATE OFFICER UNITS SYNDICATED 2019/2018 RANK 2019
1. PNC Real Estate Portland, OR Todd Crow 132,179/136,447 1
2. Raymond James Tax Credit Funds, Inc. St. Petersburg, FL Steve Kropf 125,192/113,148 3
3. National Equity Fund Chicago, IL Mathew Reilein 110,949/108,459 5
4. Enterprise Community Investment Columbia, MD Charles R. Werhane 108,043/104,466 6
5. Boston Capital Boston, MA Jack Manning 107,986/115,478 2
6. The Richman Group Affordable Housing Corporation Greenwich, CT Richard Paul Richman 107,374/108,627 4
7. Alliant Capital, Ltd. Woodland Hills, CA Brian Goldberg 102,855/96,762 8
8. Boston Financial Investment Management, LP Boston, MA Marie Reynolds 94,576/97,866 9
9. AIG Affordable Housing Los Angeles, CA Thomas Musante 91,667/96,290 10
10. Hunt Capital Partners Encino, CA Jeff Weiss 78,271/15,319 new