Top 40 Multifamily Property Owners of 2020

The 2020 CPE-MHN Top Owners ranking utilized self-reported data for all firms.


You can also read our other Top Owners rankings.

Rank Company Total Owned (Units) Total Portfolio Value ($MM) Average Occupancy Portfolio Diversity % of Green Units
1 Greystar 146,631 $- L, MR, St, Se
2 Nuveen 98,825 $22,170 St, Se, X
3 LaSalle Investment Management 80,965 $10,300 89.0% L, MR, St, Se, X
4 Lincoln Property Co. 54,200 $38,994 92.0% L, Mi 10%
5 Camden Property Trust 56,112 $12,500 95.0% MR
6 Cortland 60,904 $11,148 90.2% MR, A, Se
7 Morgan Properties 70,312 $10,812 95.0% MR
8 Related Cos. 63,160 $- 97.0% MR, A
9 Edward Rose Building Enterprise 66,191 $- 94.3% MR, A, Se, X
10 AMLI Residential 27,363 $9,414 92.2% MR 52%
11 Aimco 32,938 $13,400 94.0% MR, Se
12 Hunt Cos. 57,896 $- 91.4% L, MR, A, Mi
13 WNC 55,228 $10,200 96.0% A, Se
14 FPA Multifamily 37,800 $7,000 93.0% L, MR, A, St 50%
15 TruAmerica Multifamily 43,528 $10,300 95.0% MR
16 Balfour Beatty Communities 47,646 $6,500 95.0% MR, St, Mi
17 Lendlease 40,722 $8,100 91.5% MR, Mi 3%
18 Harbor Group International 44,842 $8,211 94.0% L, MR, St
19 Clarion Partners 18,036 $6,604 89.6% MR, St
20 Gables Residential 15,640 $4,468 93.0% L 53%
21 Diversified Healthcare Trust 30,953 $- 78.7% Se
22 Fairfield Residential 21,616 $4,713 94.1% MR, A, St
23 The Wolff Co. 15,483 $3,182 94.6% MR, St, Se
24 American Landmark Apartments 30,234 $5,000 93.0% L, MR
25 Fairstead 11,088 $3,020 92.8% L, MR, A, Se, X 93%
26 Northland Investment Corp. 24,844 $4,266 92.2% L, MR, A
27 Jonathan Rose Cos. 14,510 $2,268 97.0% L, MR, A 41%
28 CARROLL 25,104 $4,292 93.9% MR, A
29 Bozzuto Development Co. 6,200 $1,700 95.0% L, MR, A 85%
30 The NRP Group 24,952 $1,831 94.1% MR, A, X 12%
31 RangeWater Real Estate 12,858 $2,700 91.0% MR, A 2%
32 Timberland Partners 17,202 $2,085 97.2% L, MR, A
33 BRIDGE Housing 12,343 $2,556 96.4% MR, A 29%
34 The Inland Real Estate Group of Cos. 19,361 $3,500 93.0% MR, St, Se, X
35 Transwestern Investment Group 2,547 $755 86.7% L, A, St 27%
36 Fogelman Properties 16,676 $2,500 95.0% L
37 Hines 18,006 $- 89.3% L, Se
38 Wood Partners 19,183 $- L, MR
39 Castle Lanterra Properties 5,849 $1,195 93.0% L, MR, A 40%
40 Harmony Housing 10,624 $720 97.5% 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 multifamily owners, several notable firms (among them AvalonBay Communities, Irvine Co. and MAA) did not participate this year.

To be included in upcoming surveys, email Jeff Hamann at jeffrey.hamann@cpe-mhn.com.

Multifamily Stays Strong Amid Challenges

Many multifamily owners have had a tough year, between juggling rent collections and negotiating payment plans, all while implementing stringent cleaning protocols. So far, renters have prioritized rent payments at the national level, though with significant local variation. High-end apartments in expensive gateway markets have been among the lowest performers.

According to the National Multifamily Housing Council’s Rent Payment Tracker, 79.4 percent of apartment households had made either a full or partial rent payment by Oct. 6—a 3 percentage-point increase from the share of households that made a payment by Sept. 6 and in line with rent payments made during the same period in 2019. Amid economic turmoil, the multifamily industry has shown signs of strength.

With the national eviction ban expiring at the end of 2020 and many local and statewide moratoriums slated to end early next year, however, owners will be keeping an eye on the potential impacts to their portfolios.

On this year’s list of top multifamily owners, Greystar ranked first, with Nuveen and LaSalle Investment Management rounding out the Top 3. Most of the Top 10 owners have assets in at least four or five different regions of the U.S., with half also owning units outside the country. Most of the assets owned by the Top 40 companies were market-rate communities with an average occupancy rate of 93 percent.

Our ranking also showed the growing importance of environmental considerations. Among the Top 40 multifamily owners, 13 reported that a portion of their portfolio meets green building standards. Bozzuto Development Co. had the largest such portfolio, with approximately 85 percent of its assets holding LEED or similar certifications.

Methodology

The 2020 CPE-MHN 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.

Read the November 2020 issue of MHN.

—Madeline Winship, Senior Research Analyst, Yardi Matrix