2022 Top Multifamily Property Owners

8 min read

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        157,613  $         39,700 85.10% L, St, Se
2 Equity Residential          80,227  $         36,000 96.70% MR, A
3 GID  $         24,665 96% L, MR
4 Nuveen          81,191  $         23,815 94.30% MR, A, St, Se, X
5 CBRE Investment Management  –  $         24,200
6 UDR Inc.          57,151  $         22,100 97.10% MR, A
7 Morgan Properties          94,777 95% MR
8 Camden Property Trust          58,425  $         18,500 97% MR
9 Edward Rose Building Enterprise          69,061 96.80% MR, A, Se, X
10 The Related Cos.          59,865 99% MR, A
11 Hunt Cos.          59,572 94.20% L, MR, A, Mi, Se
12 Lincoln Property Co.          54,118  $         12,370 94% MR, Mi
13 Harbor Group International          63,554  $         11,365 95% L, MR, A
14 FPA Multifamily          43,500  $         11,000 94% L, MR, A, St
15 WNC          58,895  $         10,800 96.20% A, Se
16 TruAmerica Multifamily          55,000  $         16,100 MR
17 Lendlease          41,225  $            8,300 95% MR, A, Mi
18 Clarion Partners          23,040  $            9,922 94.40% MR, St
19 Hines          28,258  $         11,783 MR, St, Se
20 LIHC Investment Group          35,531  $            7,896 99% MR, A, Se
21 American Landmark          31,211  $            6,598 95% MR
22 GMH Communities  $            8,500 MR, St
23 Gables Residential          15,221  $            6,000 93.50% L, MR
24 Northland          25,499  $            7,000 96% L, MR
25 Bell Partners Inc.          21,572  $            7,897 92.30% MR
26 Tides Equities          31,098  $            6,700 95% MR
27 CARROLL Organization          23,734  $            6,540 94.12% MR, A
28 The Inland Real Estate Group of Cos.          22,543  $            5,400 94.61% L, MR, St, Se, X
29 Holland Partner Group             7,450  $            3,900 93% MR, A
30 Timberland Partners          19,736  $            3,200 96.88% L, MR, A
31 BRIDGE Housing          12,944  $            3,100 95.23% MR, A
32 Avanath Capital Management          15,419  $            3,000 95.40% MR, A, Se
33 Legacy Partners             5,276  $               950 94.10% L, MR, A
34 Freeman Webb Co.          11,362  $            3,000 94% L, MR, A, Se
35 The Breeden Co.             9,045  $            1,500 98% L, MR
36 ZOM Living             6,590  $            2,620 98% L, A, Se
37 The Wolff Co.             9,738  $            3,364 87.24% MR, Se
38 Presidium             8,900  $            2,200 94% L, MR, A, St, Se
39 The Bainbridge Cos.             6,500  $            2,520 96% L, MR
40 Panco Management          10,432  $            4,040 95% MR, A
41 Becovic Management Group             2,940  $               680 98% L, MR
42 Transwestern Investment Group             3,860  $            1,157 89% L, MR, St, Se
43 Griffis Residential  $            3,000 96% L
44 RangeWater Real Estate             9,070  $            2,753 94.10% MR, A
45 Bozzuto             5,475 95% L, MR, A
46 Palladium USA             4,439  $               610 96% MR, A
47 Tishman Speyer             8,754  $            3,900 L, Se
48 The Habitat Co.             5,600  $            3,000 93% MR, A, Se, X
49 DASMEN Residential             6,549 92.24% MR
50 CGI+ Real Estate Investments             3,448  $               919 93.50% L, MR, A

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

Though we make every effort to include all major commercial owners, several notable firms (among them Essex Property Trust, Cortland and MAA) did not participate this year.

To be included in upcoming surveys, email Agota Felhazi at [email protected]

Robust Performance in the Face of Weakening Economy

The multifamily sector has persevered this year despite the pressures of inflation and rising interest rates. While the cost of doing business has surged, investment activity persists, occupancy rates remain strong and rents continue to climb, albeit at a slower pace than in 2021.

The companies in our MHN Top Multifamily Owners of 2022 ranking possess a combined 1.3 million units, with an estimated value of $385 billion. Eighteen owners boasted portfolios with occupancy rates above the national average of 96 percent in August, with 29 reporting occupancy rates at 95 percent or above.

Eighty-four percent of the combined portfolios contained market rate housing, with 46 percent including affordable housing and 39 percent including luxury rentals. Of the top 50 owners, 16 firms include single-family rentals in their portfolios. The average portfolio consists of approximately 31,600 units worth $8.3 billion.

The top multifamily property owner for 2022 was Greystar for the third consecutive year. In August, the company’s 157,500 units were valued at $39.7 billion. The firm’s portfolio consists of luxury apartments, student housing, senior housing and single-family rentals located throughout the U.S. and numerous international markets.

Equity Residential ranked second this year with more than 80,000 units valued at $36 billion. Equity Residential’s portfolio consists of market-rate and affordable housing with a total occupancy rate of 96.7 percent. GID placed third with more than 24,500 luxury and market-rate units located across the U.S. and an average 96 percent occupancy rate throughout the units.

Methodology

The 2022 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.

—Jen Mix, Senior Research Analyst, Yardi Matrix

Read the November 2022 issue of MHN.

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