2021 Top Multifamily Property Owners

By MHN

MHN’s annual ranking represents a broad range of market-rate and affordable asset categories.

You can also read our other Top Owners rankings.

Rank Company Total Owned (Units) Total Portfolio Value ($MM) Portfolio Occupancy Portfolio Diversity
1 Greystar 141,500 $43,300.0 L, St, Se
2 Nuveen 128,445 $25,604.8 St, Se, X
3 Essex Property Trust 60,272 $26,333.1 96.1% L, MR, A
4 MAA 102,002 $14,162.1 96.1% MR
5 UDR Inc. 54,667 $22,000.0 97.5% MR, A
6 Morgan Properties 90,347 $15,000.0 95.0% MR
7 Camden Property Trust 57,611 $17,000.0 97.0% MR
8 Cortland 67,431 $14,500.0 94.3% MR, A, Se
9 Edward Rose Building Enterprise 67,811 95.9% MR, A, Se
10 Harbor Group International 53,000 $9,100.0 95.0% L, MR, A
11 AMLI Residential 26,539 $10,348.0 96.0% L, A
12 Hunt Cos. 60,321 93.3% L, MR, A, Mi, Se
13 Clarion Partners 36,945 $12,009.8 93.5% MR, St
14 FPA Multifamily 39,768 $9,000.0 94.0% L, MR, A, St
15 WNC 53,180 $9,000.0 96.0% A, Se
16 American Campus Communities 36,545 $10,300.0 90.3% St
17 Lendlease 40,722 $8,000.0 93.1% MR, Mi
18 LIHC Investment Group 38,645 $8,790.7 99.0% MR, A
19 Balfour Beatty Communities 48,830 $6,600.0 95.0% MR, St, Mi
20 The Related Cos. 47,416 97.2% MR, A
21 Gables Residential 15,045 $4,795.0 94.9% L, MR
22 Northland Investment Corp. 24,554 $6,000.0 93.0% L, MR, A
23 Knightvest Capital 29,000 $5,000.0 95.0% L, MR, A
24 American Landmark Apartments 33,000 $4,500.0 97.0% MR
25 Bell Partners 18,974 $5,700.2 94.9% MR
26 Carroll Organization 21,604 $4,710.6 94.8% MR, A
27 The Inland Real Estate Group of Cos. 22,035 $4,200.0 93.0% L, MR, St, Se, X
28 Cityview 4,849 96.1% MR, A, St, X
29 The Breeden Co. 8,531 $1,300.0 99.0% L, MR
30 The Wolff Co. 11,991 $3,251.5 94.8% MR, Se
31 Timberland Partners 18,653 $2,600.0 97.5% L, MR, A
32 BRIDGE Housing 12,819 $2,857.9 95.2% MR, A
33 Presidium 13,000 $2,200.0 95.0% L, MR, A, St, Se
34 Passco Cos. 13,717 $3,400.0 96.0% L
35 Griffis Residential 8,000 $2,200.0 95.0% L
36 Wood Partners 20,218 $6,000.0 MR
37 Lincoln Property Co. 13,197 $2,899.4 92.0% MR
38 Bozzuto 7,704 95.0% L, MR, A
39 GMH Communities 7,341 $1,340.0 97.0% L, St
40 Freeman Webb Co. 7,529 $2,000.0 94.2% L, MR, A, Se

Key: A=Affordable Housing, Mi=Military Housing, MR=Market Rate, L=Luxury, St=Student Housing, Se=Senior Housing, X=Other

To be included in upcoming surveys, email Jeff Hamann at [email protected]

Keeping Strong Amid Difficulties

Multifamily real estate has remained strong. Despite the setbacks of the past year and a half, the sector began making gains this past summer, both in investment activity and in rent growth.

Owners, however, are still feeling the impacts of the pandemic, including eviction moratoria and renter assistance. Meanwhile, they must also grapple with updating their assets to ensure the health and safety of their residents. And, while costs continue to climb, owners are also faced with challenges surrounding rent collections, which fell to 72.0 percent for the week ending in Sept. 6, a 4.4 point decrease from the same time last year.

On this year’s ranking of multifamily property owners, Greystar took pole position for the second consecutive year. At the end of June, the company’s 141,500 units were valued at $43.3 billion and located in all regions of the U.S. and a growing number of international markets.

Nuveen ranked second, with more than 128,000 units valued at upwards of $25.6 billion. Rounding out the top three was Essex Property Trust, which owns and operates more than 60,000 units primarily located in western coastal markets including San Francisco, Los Angeles and Seattle.

This year’s top 40 multifamily owners together boast 1.6 million units, with an estimated value of $358.5 billion. Close to 50 percent of the combined portfolio was classified as market rate, with luxury rentals and affordable housing comprising a respective 14.9 percent and 13.1 percent of the total.

Owners are focusing on environmental concerns, with 16 firms reporting that 10 percent or more of their multifamily assets meet green building standards. Occupancy across all asset types was 95.3 percent at the end of June.

Methodology

The 2021 Multi-Housing News Top Owners ranking utilized self-reported data for all firms. The ranking results from a weighted formula based on a variety of factors (only a few of which are specified here), including the number of units owned, owned portfolio value, historic performance and a focused or diversified participation in property sectors. The ranking represents what we feel is a logical balance between firm growth and market share, as well as property diversity.

—Jeff Hamann, Senior Associate Editor, MHN

Read the November 2021 issue of MHN.

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