Top 40 Multifamily Property Owners of 2020
- Nov 06, 2020
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||$11,148||90.2%||MR, A, Se||–|
|8||Related Cos.||63,160||$-||97.0%||MR, A||–|
|9||Edward Rose Building Enterprise||66,191||$-||94.3%||MR, A, Se, X||–|
|12||Hunt Cos.||57,896||$-||91.4%||L, MR, A, Mi||–|
|14||FPA Multifamily||37,800||$7,000||93.0%||L, MR, A, St||50%|
|16||Balfour Beatty Communities||47,646||$6,500||95.0%||MR, St, Mi||–|
|18||Harbor Group International||44,842||$8,211||94.0%||L, MR, St||–|
|19||Clarion Partners||18,036||$6,604||89.6%||MR, St||–|
|21||Diversified Healthcare Trust||30,953||$-||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%|
|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||$755||86.7%||L, A, St||27%|
|38||Wood Partners||19,183||$-||–||L, MR||–|
|39||Castle Lanterra Properties||7,183||$1,478||93.0%||L, MR, A||40%|
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 email@example.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.
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.
—Madeline Winship, Senior Research Analyst, Yardi Matrix