2021 Top Multifamily Property Owners
MHN’s annual ranking represents a broad range of market-rate and affordable asset categories.
|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|
|5||UDR Inc.||54,667||$22,000.0||97.5%||MR, A|
|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|
|16||American Campus Communities||36,545||$10,300.0||90.3%||St|
|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|
|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|
|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 Agota Felhazi 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.
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.