The Nation's 50 Largest Apartment Owners and 50 Largest ...

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
2012
The Nation’s 50
Largest Apartment
Owners and 50
Largest Apartment
Managers

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A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
NATIONAL REAL ESTATE INVESTOR is pleased to present the 22nd annual
NMHC 50, the National Multi Housing Council’s authoritative ranking of the nation’s
50 largest apartment owners and 50 largest apartment managers. For more than two
decades, the NMHC 50 has been a key resource for industry observers. The top owner
and manager lists, and the analysis that accompanies them, have provided the only
historical benchmark against which to measure industry trends and concentration.
Based in Washington, D.C., the National Multi Housing Council provides leadership
for the apartment industry. NMHC’s members are the principal officers of the larger
and more prominent apartment firms and include owners, developers, managers,
financiers and service providers.
The Council focuses on the four key areas of federal advocacy, strategic business
information, industry research and public affairs. Through its federal advocacy program,
the Council targets such issues as capital markets, housing policy, energy and
environmental affairs, tax policy, fair housing, building codes, technology, human
resources, rent control and more.
For those interested in joining the apartment industry’s leadership, NMHC welcomes
inquiries to its Washington office at (202) 974-2300, or you can visit NMHC’s web site
at www.nmhc.org.
Contents
Introduction ..................................................................................... 2
2012 Apartment Ownership ............................................................. 4
2012 Apartment Management .......................................................... 6
Top Apartment Firms Strategically Pursue Surging Rental Market ...... 8
The Anatomy of a Brand Strategy .................................................. 16
Show Me the Money Managers ....................................................... 19
On a Path of Growth ...................................................................... 22
NMHC Officers .............................................................................. 28
NMHC Board of Directors Executive Committee .............................. 28
NMHC Board of Directors .............................................................. 32
NMHC Advisory Board ................................................................... 42
2 NMHC 50 APRIL 2012

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
2012 Apartment Ownership
NATIONAl MUlTI HOUSINg COUNCIl 50
(50 Largest U.S. Apartment Owners as of January 1, 2012)
UNITS UNITS
2012 2011 OWNED OWNED CORPORATE
RANK RANK COMPANY 2012 2011 OFFICER HQ CITY STATE
1 1 Boston Capital 157,423 158,947 Jack Manning Boston MA
2 2 Centerline Capital Group 150,000 152,600 Rob Levy New York NY
Boston Financial Investment
3 3 Management, LP 140,077 145,454 Ken Cutillo Boston MA
SunAmerica Affordable Housing
4 4 Partners Inc. 134,882 141,113 Douglas S. Tymins Los Angeles CA
5 6 PNC Real Estate 126,260 123,462 Todd Crow Portland OR
6 5 Equity Residential 119,743 129,604 David J. Neithercut Chicago IL
7 14 Hunt Companies, Inc. 114,712 62,109 Woody Hunt El Paso TX
8 8 National Equity Fund, Inc. 106,772 107,138 Joseph Hagan Chicago IL
The Richman Group Affordable
9 10 Housing Corporation 98,770 94,925 Richard Paul Richman Greenwich CT
Enterprise Community
10 9 Investment, Inc. 97,822 96,195 Charles R. Werhane Columbia MD
11 7 Aimco 93,630 110,943 Terry Considine Denver CO
12 11 Archstone 73,955 81,613 R. Scot Sellers Englewood CO
13 12 Alliant Capital, Ltd. 71,220 65,245 Brian Goldberg Woodland Hills CA
14 13 Camden Property Trust 66,997 63,316 Richard J. Campo Houston TX
15 15 UDR, Inc. 57,743 58,796 Thomas W. Toomey Highlands Ranch CO
16 18 AvalonBay Communities, Inc. 57,426 54,579 Tim Naughton Arlington VA
17 16 Edward Rose & Sons 56,385 56,025 Warren Rose Farmington Hills MI
18 17 Pinnacle Family of Companies 52,655 55,932 Stan Harrelson Dallas TX
19 20 WNC & Associates, Inc. 51,224 52,134 Wilfred N Cooper, Jr. Irvine CA
20 21 Invesco Real Estate 51,125 50,567 Michael Kirby Dallas TX
21 24 MAA 49,407 46,306 H. Eric Bolton, Jr. Memphis TN
22 33 The Related Companies 48,967 35,637 Jeff Blau New York NY
23 22 Forest City Residential Group, Inc. 48,482 47,384 Ronald A. Ratner Cleveland OH
24 19 J.P. Morgan Asset Management 47,587 52,000 Jean Anderson New York NY
25 25 JRK Property Holdings, Inc. 47,398 43,912 Jim Lippman Los Angeles CA
4 NMHC 50 APRIL 2012

UNITS UNITS
2012 2011 OWNED OWNED CORPORATE
RANK RANK COMPANY 2012 2011 OFFICER HQ CITY STATE
26 23 Lincoln Property Company 47,245 46,507 Tim Byrne Dallas TX
Raymond James Tax Credit
27 29 Funds, Inc. 46,572 43,035 Ronald Diner St. Petersburg FL
28 Newcomer TIAA-CREF 46,489 NA* Thomas Garbutt New York NY
29 27 Michaels Development Company 45,425 44,843 Robert J. Greer Marlton NJ
Steven D. Bell and
30 28 Bell Partners Inc. 44,931 43,265 Jonathan D. Bell Greensboro NC
Irvine Company Apartment
31 26 Communities 44,545 43,791 Kevin Baldridge Irvine CA
32 31 DRA Advisors LLC 42,515 41,111 David Luski New York NY
33 32 Home Properties, Inc. 41,951 38,861 Edward J. Pettinella Rochester NY
Holiday Retirement Corp./
34 Newcomer Colson & Colson 37,076 36,859 Jack Callison Salem OR
35 36 Lindsey Management Co., Inc. 35,628 34,088 James E. Lindsey Fayetteville AR
36 37 Colonial Properties Trust 33,975 33,569 Thomas H. Lowder Birmingham AL
37 45 Berkshire Property Advisors 33,847 27,906 Frank Apeseche Boston MA
38 34 Sentinel Real Estate Corporation 33,500 35,000 John H. Streicker New York NY
39 40 BH Equities LLC 33,205 30,172 Harry Bookey Des Moines IA
40 41 UBS Realty Investors LLC 32,983 27,452 Matthew Lynch Hartford CT
41 42 Essex Property Trust, Inc. 32,753 29,146 Michael Schall Palo Alto CA
42 39 Concord Management Limited 32,467 32,313 Edward O. Wood, Jr. Maitland FL
Westdale Real Estate Investment
43 38 & Management 32,296 32,592 Joseph G. Beard Dallas TX
44 Newcomer Weidner Apartment Homes 31,551 20,508 Jack O’Connor Kirkland WA
45 Newcomer Heitman LLC 26,490 21,941 Maury Tognarelli Chicago IL
46 48 Highridge Costa Investors, LLC 26,416 26,335 Michael A. Costa Gardena CA
47 35 Empire American Holdings, LLC 25,859 34,939 Eli Feller Montvale NJ
48 49 BRE Properties, Inc. 25,192 25,174 Constance B. Moore San Francisco CA
49 46 AEW Capital Management, LP 24,891 27,556 Jeffrey Furber Boston MA
50 43 The Bascom Group, LLC 24,877 28,851 Jerome Fink Irvine CA
*TIAA-CREF did not provide 2011 unit data.
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INvESTOR
APRIL 2012 NMHC 50 5

A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
2012 apartment Management
NaTIONal MUlTI HOUSINg COUNCIl 50
(50 Largest U.S. Apartment Managers as of January 1, 2012)
UNITS UNITS
2012 2011 MaNaged MaNaged CORPORaTe
RaNK RaNK COMPaNY 2012 2011 OFFICeR HQ CITY STaTe
1 1 Greystar Real Estate Partners LLC 192,711 187,360 Robert A. Faith Charleston SC
2 2 Riverstone Residential Group 170,341 162,182 Walt Smith Dallas TX
3 4 Lincoln Property Company 144,033 133,425 Tim Byrne Dallas TX
4 3 Pinnacle Family of Companies 138,638 151,367 Stan Harrelson Dallas TX
5 5 Equity Residential 119,743 129,604 David J. Neithercut Chicago IL
6 7 WinnCompanies 91,920 84,817 Samuel Ross Boston MA
7 6 Aimco 88,530 116,491 Terry Considine Denver CO
8 8 Archstone 77,997 81,613 R. Scot Sellers Englewood CO
9 9 Camden Property Trust 67,217 63,536 Richard J. Campo Houston TX
Steven D. Bell and
10 10 Bell Partners Inc. 65,205 60,182 Jonathan D. Bell Greensboro NC
11 11 FPI Management Inc. 63,002 58,604 Dennis Treadaway Folsom CA
Apartment Management
12 Newcomer Consultants, LLC 59,856 52,059 Greg Wiseman Midvale UT
13 12 UDR, Inc. 57,743 58,340 Thomas W. Toomey Highlands Ranch CO
14 14 AvalonBay Communities, Inc. 57,426 54,579 Tim Naughton Arlington VA
15 15 Alliance Residential Company 56,952 48,520 Bruce Ward Phoenix AZ
16 13 Edward Rose & Sons 56,385 56,025 Warren Rose Farmington Hills MI
17 Newcomer* Hunt Companies, Inc. 51,281 34,792 Woody Hunt El Paso TX
18 18 MAA 49,407 46,306 H. Eric Bolton, Jr. Memphis TN
19 17 Fairfield Residential Company LLC 49,053 46,851 Chris Hashioka San Diego CA
20 16 The ConAm Group of Companies 46,700 47,400 Brad Forrester San Diego CA
21 23 BH Management Services, Inc. 45,907 41,641 Nicholas H. Roby Des Moines IA
22 22 JRK Property Holdings, Inc. 45,422 41,934 Jim Lippman Los Angeles CA
23 36 The Related Companies 44,289 34,439 Jeff Blau New York NY
Westdale Real Estate Investment
24 20 & Management 43,883 44,765 Joseph G. Beard Dallas TX
*Due to changes in reporting, Hunt Companies, Inc. appears for the first time on the top managers list; however, Hunt subsidiary LEDIC Management Group, Inc. ranked No. 48 on the 2011 managers list.
6 NMHC 50 APRIL 2012

A SPECIAL SuPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
UNITS UNITS
2012 2011 MaNaged MaNaged CORPORaTe
RaNK RaNK COMPaNY 2012 2011 OFFICeR HQ CITY STaTe
25 27 Home Properties, Inc. 41,951 38,861 Edward J. Pettinella Rochester NY
26 26 Michaels Development Company 41,597 39,575 Robert J. Greer Marlton NJ
27 24 The Laramar Group, LLC 41,235 40,521 Thomas Klaess Denver CO
28 25 Village Green 39,500 40,000 Jonathan Holtzman Detroit/Chicago MI
29 31 Multifamily Management Services 39,100 35,800 Jeffrey Goldstein Suffern NY
Irvine Company Apartment
30 28 Communities 38,914 38,220 Kevin Baldridge Irvine CA
31 29 Gables Residential 36,896 38,105 David D. Fitch Atlanta GA
32 37 Forest City Residential Group, Inc. 36,053 34,096 Ronald A. Ratner Cleveland OH
33 35 Lindsey Management Co., Inc. 35,980 34,440 James E. Lindsey Fayetteville AR
34 40 The Lynd Company 35,095 32,875 A. David Lynd San Antonio TX
35 39 Colonial Properties Trust 34,681 34,275 Thomas H. Lowder Birmingham AL
36 19 Milestone Management, L.P. 34,439 45,896 Steve Lamberti Dallas TX
37 38 McKinley, Inc. 34,056 33,922 Albert M. Berriz Ann Arbor MI
38 46 Essex Property Trust Inc. 33,924 30,317 Michael Schall Palo Alto CA
39 32 Sentinel Real Estate Corporation 33,500 35,000 John H. Streicker New York NY
40 50 Berkshire Property Advisors 32,536 28,085 Frank Apeseche Boston MA
41 41 Concord Management Limited 32,467 32,313 Edward O. Wood, Jr. Maitland FL
42 34 Asset Plus Companies 32,302 34,887 Michael S. McGrath Houston TX
43 Newcomer Weidner Apartment Homes 31,551 20,508 Jack O’Connor Kirkland WA
44 30 Capstone Real Estate Services, Inc. 31,044 36,884 James W. Berkey Austin TX
45 45 The John Stewart Company 30,637 30,534 Jack D. Gardner San Francisco CA
46 47 The Bozzuto Group 30,529 32,276 Thomas S. Bozzuto Greenbelt MD
47 42 CAPREIT, Inc. 30,040 31,000 Dick Kadish Rockville MD
48 Newcomer Harbor Group International 28,686 22,000 Jordan Slone Norfolk VA
49 44 Morgan Properties 28,118 30,625 Mitchell L. Morgan King of Prussia PA
50 Newcomer Orion Real Estate Services, Inc. 27,573 26,570 Kirk Tate Houston TX
APRIL 2012 NMHC 50 7

Top Apartment Firms
Strategically Pursue
Surging Rental Market
By Mark Obrinsky, Vice President of Research and Chief Economist,
National Multi Housing Council
OvERviEw
Apartment Market
Demand for apartment residences continued to surge
in 2011 as more households decided that renting was
a better fit for their lifestyles, needs and budgets than
owning. Overall, the renter share of households rose to
34.0 percent at year-end, the highest level in almost
14 years. Net absorption among investment-grade
apartments posted the best back-to-back years since
the boom of 1999-2000, while the occupancy rate
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DEVELOPMENT | FINANCE | CONSTRUCTION | MANAGEMENT
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AMERICANCAMPUS.COM
NMHC 50 PROFilE 2012
Portfolio Size:
No. of Apartments Owned 3,003,341
No. of Apartments Managed 2,776,045
Minimum Entry Threshold:
No. of Apartments Owned 24,877
No. of Apartments Managed 27,573
rose 110 basis points (bps) from the fourth
quarter of last year to almost 95 percent,
an indication of solid recovery from the
Great Recession.
New supply remained sparse. The historically
low level of multifamily starts in
2009 and 2010 led to low completions in
2011. However, starts rebounded significantly,
suggesting completions should ramp
up in 2012, with stronger deliveries likely for
2013 and beyond. Even so, the level of new
multifamily construction in 2011 was barely
half of the average annual pace from 1997
to 2006. NMHC’s most recent Quarterly
Survey of Apartment Market Conditions
showed that although new development
activity was widespread, starts lagged—
only one-fifth of respondents indicated that
groundbreaking had accelerated. What’s
more, almost half of respondents indicated
that new development was considerably
below demand. New construction financing
remained an obstacle in many markets,
along with outdated zoning codes, unnecessary
regulations and “NIMBY” groups.
The boom in renters combined with
the near-bust in supply led to strong
rent growth. Same-store asking rents
APRIL 2012

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were up by almost five percent in 2011 nationally,
surpassing the previous peak. Adjusted
for inflation, however, real rents were still
seven percent below the level of 4Q2006.
Apartment transaction volume continued to
grow in 2011, climbing 54 percent higher than
2010 and more than tripling 2009 levels. Indeed,
at nearly $54 billion, volume surpassed 2004
levels, the last year before the condo conversionfueled
boom. Apartment prices have risen sharply
since the trough—the national average is up
25 percent to 35 percent by most measures—
and recent transactions show that many class-A
properties in prime locations have even surpassed
their previous peak. Cap rates eased a bit further
last year to 6.5 percent, around 50 bps lower than
the peak two years earlier.
Top 50 Owners and Managers
The total number of apartments owned by firms
in the NMHC 50 owners list is 8.2 percent greater
than the number managed by the Top 50 managers,
the largest difference in six years. In line with
the previous three years, the mean and median
portfolios among apartment owners are also
larger than the mean and median management
portfolios. But once again, the top management
firm has a larger portfolio than the top owner
firm, and the entry threshold for NMHC 50
managers is higher than that for the NMHC 50
owners. Most firms are bunched together in a
relatively small band: 30 of the top management
firms have between 30,000 and 50,000 apartments,
as do 24 firms on the owners list.
Apartment Ownership
Boston Capital topped the NMHC 50 owners
list for the third consecutive year. (The firm
also marked its 21st straight year among the
Top 10 owners.) The next three spots were
unchanged as well: Centerline Capital Group,
Boston Financial Investment Management
LP and SunAmerica Affordable Housing
ApArTMeNT OwNers
Largest portfolio Growth Apartments
Hunt Companies, Inc. + 52,603
The Related Companies + 13,330
Weidner Apartment Homes + 11,043
Camden Property Trust + 5,975
Berkshire Property Advisors + 5,941
A SPECIAL SuPPLEMENT To NATIoNAL REAL ESTATE INvESToR
TOp 10 ApArTMeNT OwNer FirMs
rank/Company No. of
Apartments
1 Boston Capital 157,423
2 Centerline Capital Group 150,000
3 Boston Financial Investment Management, LP 140,077
4 SunAmerica Affordable Housing Partners, Inc. 134,882
5 PNC Real Estate 126,260
6 Equity Residential 119,743
7 Hunt Companies, Inc. 114,712
8 National Equity Fund, Inc. 106,772
9 The Richman Group Affordable Housing Corporation 98,770
10 Enterprise Community Investment, Inc. 97,822
NMHC 50 OwNers* Overview
Number of Apartments Owned
Top 10 1,246,461
Second 10 632,360
Top 25 2,120,662
Second 25 882,679
Top 50 3,003,341
portfolio size Measures
Mean 60,067
Median 47,322
No. 1 firm 157,423
No. 50 firm 24,877
share of National Apartment stock
Top 10 7.1%
Top 25 12.1%
Top 50 17.1%
* Changes in ownership definition and company response make historical comparisons difficult.
Partners Inc. PNC Real Estate moved up a notch to round out
the top five, while Equity Residential moved down one spot to
No. 6. Hunt Companies, Inc. appears in the Top 10 list for the first
time, coming in at No. 7. Rounding out the Top 10 this year are the
same firms from last year, although The Richman Group Affordable
Housing Corporation and Enterprise Community Investment Inc.
swapped order.
Four of the Top 10 owner firms increased their portfolios in
Moving Up in rank slots
The Related Companies + 11
Berkshire Property Advisors + 8
Hunt Companies, Inc. + 7
MAA + 3
10 NMHC 50 APRIL 2012

More than $17 Billion of Multi-Housing
Value Creation in 2011
CBRE was once again the leading market-maker for the multi-housing industry in 2011. We’ve been the #1
investment sales apartment broker for 10 years running*, and the only commercial real estate brokerage with
Fannie Mae, Freddie Mac and HUD FHA direct lending capabilities. We continue to create value for investors
as the most robust facilitator of multi-housing capital markets transactions in the United States.
*Source: Real Capital Analytics
CBRE Multi-Housing Group
Market Insight. Capital Access. Execution.
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360 West Hubbard
Chicago, IL
$140,500,000
Equity Raise/
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Freddie Mac
Fixed Rate Financing
The Alexander
Alexandria City, VA
$75,925,000
Investment Sale
GrandMarc at
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$54,336,722
Student Housing
Investment Sale

2011. Hunt Companies, Inc. had the biggest net
gain with a pickup of 52,603 apartments, largely
a result of the purchase of Capmark Financial
Group’s affordable housing portfolio. Equity
Residential shed the largest number of apartments,
downsizing their holdings to the tune of
9,861 units. Thirty-two of the 2012 NMHC 50
owner firms were net acquirers last year, adding
a total of 143,200 apartments to their portfolios.
By contrast, 17 were net sellers, dropping 78,098
units.* On balance, these firms grew by a combined
total of 65,102 units.
This year’s 50 largest firms own 2.4 percent more
apartments than last year’s Top 50, a growth rate
right in line with the average for the past five years.
For the second year in a row, Hunt Companies, Inc.
posted the biggest increase, which moved them
into the Top 10 for the first time. The Related Companies
made the biggest jump up the rankings list, shooting up 11
places to the No. 22 slot. For the fourth straight year, Aimco
remains the biggest net seller, trimming its portfolio by
17,313 units—a strategy that moved the company out of the
*Totals do not add up to 50; TIAA-CREF did not provide 2011 unit data.
REITs in the Rankings
The number of REITs on the 2012 NMHC 50
owners list is unchanged from the previous
two years. Total apartment holdings by REITs
in the NMHC 50 decreased for the ninth consecutive
year. At 1.6 percent, however, it was the smallest
decline since 2006. As in past years, the drop
had more to do with company-specific strategies
than with the character of the REIT model. In fact,
seven REITs grew their portfolios, but this was outweighed
by downsizing at Aimco, Equity Residential
and, to a much lesser extent, UDR, Inc.
In principle, apartment owners could be ranked
not only by the number of apartments owned
but also by the value of those apartments.
While capturing such data is impractical, there
is an alternative measure available for public
companies, namely total capitalization. While not
perfect—ownership of non-apartment assets can
substantially affect overall firm value—it provides
a useful perspective on relative size among apartment
firms.
A SPECIAL SUPPLEMENT To NATIoNAL REAL ESTATE INvESToR
TOp 10 ApARTMENT MANAGEMENT FIRMS
Rank/Company No. of
Apartments
Managed
1 Greystar Real Estate Partners, LLC 192,711
2 Riverstone Residential Group 170,341
3 Lincoln Property Company 144,033
4 Pinnacle Family of Companies 138,638
5 Equity Residential 119,743
6 WinnCompanies 91,920
7 Aimco 88,530
8 Archstone 77,997
9 Camden Property Trust 67,217
10 Bell Partners Inc. 65,205
Top 10 for the first time since 1997.
Roughly eight out of 10 Top 50 owners have market-rate
apartments in their portfolios while exactly half own tax-
credit properties or other subsidized properties. Eighteen
firms have senior housing apartments; of those, five have
more than 20,000 senior apartments. The NMHC 50 owners
are geographically diversified: 90 percent have properties
ApARTMENT REIT SIzE ANd RANk
Rank Total Cap Rank
Units Among Capitalization Among
Owned REITs ($ millions) REITs
Equity Residential 119,743 1 26,424 1
Aimco 93,630 2 8,221 4
Camden Property Trust 66,997 3 7,028 6
UDR, Inc. 57,743 4 9,680 3
AvalonBay Communities, Inc. 57,426 5 16,218 2
MAA 49,407 6 4,075 9
Home Properties, Inc. 41,951 7 5,893 7
Colonial Properties Trust 33,975 8 3,656 10
Essex Property Trust, Inc. 32,753 9 7,368 5
BRE Properties, Inc. 25,192 10 5,521 8
Note: Company total capitalization sums (1) market value of shares outstanding, including
operating partnership units; (2) the value of perpetual preferred stock; and (3) the book value of
total debt outstanding. Capitalization estimates for December 31, 2011, were provided by Stifel
Nicolaus & Company, Inc.
12 NMHC 50 APRIL 2012

ApArtMeNt MANAGeMeNt by tier
3,000
2,500
Top 10
Top 25
Top 50
2,776.0
Hunt Companies, Inc. registered the largest
portfolio gain, adding 16,489 units. Five
other firms also had portfolio gains of more
2,000
1,925.6
than 8,000 units. The Related Companies
made the biggest jump in the rankings, up 13
2,000
slots to No. 23. Berkshire Property Advisors
1,156.3 also made a double-digit move, climbing
1,500
10 places to the No. 40 position. Overall,
1,000
firms on this year’s management list added a
combined 61,628 apartments to their portfo-
500
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012
lios, as 34 companies grew compared to the
16 firms that shed assets.
The total number of apartments managed
by the Top 50 companies is the
highest on record. The share of the entire
in the South Atlantic region and 64 percent have properties apartment stock under management by the NMHC 50 rose
in New England while each of the other seven regions has to 15.8 percent, also a new high. Both the mean and the
properties owned by 78 percent to 86 percent of the firms on median rose and set new all-time highs. The minimum size
the NMHC 50 ownership list.
needed to make it into the Top 50 edged down a bit from last
year’s record, but at 27,573 units is still the second-highest
Apartment Managers
threshold since the rankings began.
Stability was the theme at the top of the NMHC manage- Concentration trends were mixed last year. The portment
list. For the fourth consecutive year, the same firms folios of the 10 largest firms make up 41.7 percent of the
made up the Top 10. Greystar Real Estate Partners LLC Top 50, down from 43 percent last year—the group’s lowest share
remains in the top spot for the second straight year, while in 18 years. Apartments managed by the next 10 firms (No.
Riverstone Residential Group kept its second place ranking. 11 through No. 20 in the rankings) rose to 19.7 percent from
Lincoln Property Company (No. 3) and Pinnacle Family 18.6 percent a year ago. The percentage marks a sizable share but
of Companies (No. 4) switched places—the only ranking is below 2005’s high-water mark of 20.8 percent.
change among the Top 10.
All of the Top 50 firms manage market-rate apartments.
There were five new firms on the management list In addition, 32 companies have Low-Income Housing Tax
this year, two of which debuted in the Top 20. Apartment Credit (LIHTC) properties in their portfolios—and of those,
Management Consultants LLC (No. 12) was a first-time 19 also manage non-LIHTC affordable properties. Eighteen
survey respondent, while Hunt Companies, Inc. (No. 17) firms have senior housing apartments under management,
consolidated its reporting, including former Top 50 manager although only Pinnacle Family of Companies has more than
LEDIC under its umbrella this year. The other newcom- 20,000 such units. The South Atlantic region is home to properers—Weidner
Apartment Homes (No. 43), Harbor Group ties from 44 of the Top 50 managers, the most of any region. At
International (No. 48) and Orion Real Estate Services Inc. the other end of the spectrum, 23 of the Top 50 manage proper-
(No. 50)—rode portfolio increases to a Top 50 ranking. ties in the New England region.
Units (thousands)
ApArtMeNt MANAGers
Largest portfolio Growth Apartments
Hunt Companies, Inc. + 16,489
Weidner Apartment Homes + 11,043
Lincoln Property Company + 10,608
The Related Companies + 9,850
Alliance Residential Company + 8,432
Riverstone Residential Group + 8,159
A sPECIAL sUPPLEmEnT To nATIonAL REAL EsTATE InvEsToR
Moving Up in rank slots
The Related Companies + 13
Berkshire Property Advisors + 10
Essex Property Trust, Inc. + 8
The Lynd Company + 6
Forest City Residential Group, Inc. + 5
14 NMHC 50 APRIL 2012

NMHC 50 MaNagers
Number of apartments
Managed 2012 2011 2010 2009 2008 2007 2006
Top 10 1,156,335 1,171,167 1,195,881 1,224,042 1,194,108 1,106,880 1,051,603
Second 10 547,805 505,197 496,740 487,528 523,614 498,472 469,786
Top 25 1,925,592 1,885,014 1,890,933 1,915,170 1,930,162 1,810,315 1,703,865
Second 25 850,453 837,880 798,786 754,002 797,946 770,885 680,091
Top 50 2,776,045 2,722,894 2,689,719 2,669,172 2,728,108 2,581,200 2,383,956
Portfolio size Measures
Mean 55,521 54,458 53,794 53,383 54,562 51,624 47,679
Median 41,774 39,788 37,767 37,871 40,578 40,010 33,150
No. 1 firm 192,711 187,360 183,877 185,219 195,888 209,412 197,774
No. 50 firm 27,573 28,085 26,845 23,730 25,852 25,277 22,500
share of National apartment stock
Top 10 6.6% 6.7% 6.9% 7.0% 6.9% 6.4% 6.0%
Top 25 11.0% 10.8% 10.9% 11.0% 11.1% 10.4% 9.7%
Top 50 15.8% 15.6% 15.5% 15.3% 15.7% 14.8% 13.6%
MetHodology
A SpeciAl SuppleMeNT To NATioNAl reAl eSTATe iNveSTor
The National Multi Housing Council (NMHC) partnered with Kingsley Associates to handle the NMHC 50 survey process (though
NMHC remains solely responsible for any errors). To compile the NMHC 50 lists, both organizations gather names of owners and
managers from as wide a range of sources as possible, and staff from each firm complete the survey online. Over the years, improved
outreach and increased publicity associated with the rankings have resulted in more firms responding to the survey.
For the purposes of this survey, investment fund managers are treated as owners only if they retain substantial equity in the apartment
property or if they maintain effective responsibility and decision-making over the investment property. Similarly, tax credit
syndicators and franchisers are regarded as owners only if they retain a fiduciary responsibility. (When firms function strictly as
advisers rather than investors, they are not regarded as owners.)
The rankings do not distinguish between partial and full ownership. Some firms own sizable apartment properties through joint
ventures in which their share could range anywhere from 1 to 99 percent. Others are primarily the sole owners of their apartments.
In principle, it would be desirable to account for partial ownership—treating 50 percent ownership of 100 apartments as equivalent
to full ownership of 50 units, for example. In practice, it is not feasible to make such distinctions.
The survey excludes condominiums, cooperatives, hotel rooms, nursing homes, hospital rooms, mobile homes and houses with
rental units. Rental housing for seniors (age-restricted apartments) is included, although assisted living and congregate care facilities
are not. Finally, since we measure industry concentration by comparing the Top 50 owners and managers against the nation’s entire
apartment stock, only U.S. apartments are included.
At times, a firm may debut on the NMHC 50 at a high level. Generally, this means the firm is responding to the survey for the first
time, rather than an indication of an outsized portfolio gain—although that, too, happens on occasion. Nonetheless, despite many
improvements and everyone’s best efforts, the process remains imperfect: It relies on both accurate reporting and surveying of the
complete universe, both of which can be fraught with problems.
There are two caveats in comparing the lists over time. First, the definition was refined in 2006 to eliminate those investment fund
managers with neither substantial equity nor effective control over the investment property. Second, occasionally firms that have
previously been among the Top 50 owners or managers have not responded to the NMHC survey. When that occurs, companies
appear on the list that otherwise might not have been large enough. In addition, this affects the total number of apartments owned
by the Top 50 firms, as well as other measures of concentration such as the mean and median portfolio size. (Note that this did not
affect the management list.) For these reasons, year-to-year comparisons must be made with great care.
Note: In some cases, newly introduced policies prohibited firms from sharing the kind of information needed for these rankings.
April 2012 NMHC 50 15

The Anatomy of a
Brand Strategy
Changing demographics lead some apartment firms to pursue new brand
segmentation strategies.
By Bill Gloede
GenerATion Y enerGY: AvalonBay’s AVA
communities target the highly social, super-connected
echo boomer demographic.
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When Arlington, Va.-based AvalonBay
Communities, Inc. announced in
December that it was splitting its communities
into three distinct brands, many in the
industry took the news as a sign that the apartment
rental industry had fully shaken off the
dust from the downturn. With rents and renewals
rising, business was back on a growth track,
and the future looked promising. Not only were
consumers beginning to question the value of
homeownership, but Generation Y’s throngs of
echo boomers were coming of age, creating a
huge, emerging demographic market for apartment
rentals. Not since the upscale rental segment
took off back in the late 1990s had there been such
a clearly defined marketing opportunity.
Under AvalonBay’s new structure, the company’s
core brand, Avalon, will continue as the company’s
flagship. Located in bigger urban and suburban
markets, Avalon communities will include
high-end amenities and services and continue as
the publicly traded REIT’s primary growth engine
through new development, according to the company’s
Senior Vice President for Brand Strategy
Kurt Conway. Apartments will be larger and
include premium finishes, lighting, appliances
and amenities.
The second brand in AvalonBay’s portfolio,
called Eaves by Avalon, will include communities
located in mostly suburban locations and target
more cost-conscious, value-oriented renters.
The final brand is dubbed AVA, partly
because, as Conway puts it, “The word ‘AVA’
underscores the brand’s social elements. After
all, it’s a person’s name.” The brand is squarely
targeted to the highly social, super-connected
Generation Y demographic. These communities
will be in transit-friendly and urban settings
in “energized neighborhoods,” as Conway calls
them. Properties will feature smaller apartments
16 nMHC 50 APRIL 2012

April 2012
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as well as units more conducive to roommate living.
Conway points to a new AVA community under construction
in the H-Street district of Washington, D.C., as representative
of the new brand. Situated in an emerging youthful,
walkable neighborhood, the property offers Generation Y
residents ready access to transit, nightlife, galleries and restaurants.
Apartments range from 450 square feet for a studio
to 550- to 650-sq.-ft. one-bedrooms and roommate-friendly
units in the 750- to 1,050-sq.-ft. range.
While the brands are new for the company, which ranked
No. 16 on the NMHC 50 Owners list and No. 14 on the
NMHC 50 Managers list, the underlying strategy is really
reflective of something the company’s been doing for the
past 25 years—investing in locations where people want
to live. “[We’re] focusing on the best performing markets
and submarkets in the U.S, and within these markets, we
are putting the right product that best matches customer
needs,” Conway says.
But while some in the industry see new branding strategies
similar to AvalonBay’s as an extension of existing target
marketing efforts, others disagree, arguing that the industry,
in general, has placed more emphasis on the transaction and
the property than the end user, or resident.
Jonathan Holtzman, chairman and CEO of Farmington
Hills, Mich.-based Village Green, which
ranked No. 28 on the NMHC 50 Managers
list, would agree that the apartment
industry, in general, has been behind the
curve in terms of consumer segmentation.
However, he points out that some
companies’ strategies aimed at capturing
Generation Y’s attention aren’t so much
new as newly launched. As he explains it,
somewhat diplomatically, “The apartment
business has historically been behind the
retail, hospitality and food industries. The
fact that some companies are now acting
like this is a fresh idea is not respectful of
apartment firms that have had branding
since the 1960s.”
For example, Holtzman says Village
Green, which now owns or manages
approximately 40,000 apartments in
16 states, adopted a brand strategy after
witnessing the growth “of this company
called Holiday Inn.” It was the
first branded chain of motels, and it
grew, quickly, to a dominant position
in the industry. Along with Village
Green in the move to branding back
then, says Holzman, were Oakwood,
now Oakwood Worldwide, and Post
“[We’re] focusing on the best
performing markets and
submarkets in the u.s, and
within these markets, we are
putting the right product that
best matches customer needs.”
— Kurt conway, AvalonBay communities, inc.
Properties. And even before them, the LeFrak Organization.
Holtzman’s take on the industry reflects his background; he
is the third generation of his family to run the company, which
was founded by his grandfather in 1919. When the first wave
of branding and segmentation took place in the 1960s, he says,
the apartment companies that bought in were asking the same
question: “How can you call an urban high-rise building with
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high rents the same name as a 20-year-old garden apartment
community in the suburbs? No other industry would
do that.”
So, in 1989, company executives decided to do something
different. Rather than market their properties based on
their location, amenities and rent levels, which is what most
firms were doing, executives moved to launch two distinct
brands. Village Green became a single brand, made up of
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apartment firms toward urban, transit-oriented development like this
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older, suburban garden apartment complexes; Village
Park became a new brand characterized by apartments
with cathedral ceilings, in-unit washers and dryers,
fireplaces, pools and clubhouses aimed at increasingly
affluent baby boomers closer in to urban cores.
And that trend continued through the decades to
follow. In the late 1990s, company executives rolled
out the City brand as Village Green began building
environmentally friendly urban apartments with ready
access to transit, featuring island kitchens, upscale
appliances, upgraded flooring and bathrooms and
rooftop pools. In the early 2000s, the company unveiled
its Regents Park brand, which targets an older, upscale
demographic looking for a more suburban setting. The
company also added fifth brand aimed at the corporate
relocation and temporary housing market that offers wellappointed,
furnished shorter-term rentals.
However, some apartment executives remain skeptical of
the long-term value and effectiveness of a multi-brand strategy.
Greensboro, N.C.-based Bell Partners, No. 30 on the
NMHC 50 Owners list and No. 10 on the NMHC 50 Managers
list, markets properties using its core brand proposition,
“apartment living at its best.” The tagline is trademarked
and used across its entire portfolio in
conjunction with micro-brands created
for individual communities. This strategy
reflects a view that apartments are
largely commodity products, and each
community offers apartments designed
to address unique tastes and needs.
“The consumers own the brand, and
they define what that brand stands for,”
says Kevin Thompson, senior vice president
of marketing for Bell.
For Bell, “apartment living at its
best,” is a blanket marketing strategy
that can just as easily define a 595-sq.ft.
studio at Bell Park Central in Dallas
or a two-bedroom, two-bath suite at
the Bell Midtown in Nashville or even
a 1,500-sq.-ft. three-bedroom, twobath
family apartment at Bell Preston
Reserve in Cary, N.C.
Bell’s strategy is more akin to a
mass marketer than those of Village
Green and AvalonBay. Think Ford.
Every Ford is called a Ford. Every
Bell apartment is called a Bell apartment.
That’s by design, according to
Thompson. “We should always be cautious
before we do brand extensions,”
he says. “You can easily cannibalize
your core brand.”
18 NMHC 50 APRIL 2012

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Show Me the Money Managers
institutional managers continue to make their place in the apartment business
next to traditional owners.
By Bill Goede
The apartment rental business has long been a good place
to park money. Depending on economic conditions, of
course, it usually offers steady returns on capital and
relatively stable asset value, which is a tough combination
to match in, say, the stock markets. This continued stable
performance is causing the rental business’ mix to change as
more investment management companies, attracted by the
potential yields, join the ranks of more traditional owners.
According to an analysis of data collected for the NMHC Top
50, investment management firms are an increasing presence
among the largest apartment owners in the U.S. The number
of such companies among the Top 50 has nearly doubled from
four in 2008 to seven this year, with TIAA-CREF, the financial
services and retirement giant that takes its abbreviated moniker
from Teachers Insurance and Annuity Association (TIAA)
and College Retirement Equities Fund (CREF), making its first
appearance on the list. TIAA-CREF debuted on the Top 50
owners list at No. 28.
To the investment management companies that have been
active in the industry for a while, this comes as no surprise,
especially given the nature of the recent recession and concomitant
crash of the homeownership market.
“The sector is attractive because there’s a good income
return, it doesn’t have a long lead time to develop and it’s
attractive to a large number of investors,” says Jean Anderson,
New York-based managing director for J.P. Morgan Asset
Management, which ranked No. 24 on the top owners list.
“And it certainly has been a property type that’s rebounded
quickly from the recession.”
“What has fueled the strength in the apartment rental
industry over the past three years is the housing crisis,” says
Paul Michaels, managing director of No. 20-ranked Invesco
Real Estate in Dallas. “There’s been this huge flight to rental
properties. The buzz in the industry is apartments.”
Andrew McCulloch, an analyst who follows the apartment
sector for Green Street Advisors in Newport Beach, Calif.,
cites the still-ailing market for single-family homes, demographic
factors that signal strength in the rental market for
years to come, a relative dearth of new supply owing to construction
slowdowns during the recession and the relatively
low cost of debt as primary drivers of this interest.
“It’s easy to see why investment managers like apartments,”
he says.
Dan Fasulo, managing director at Real Capital Analytics
in New York who tracks the commercial real estate sector,
agrees. “Multifamily is in full-fledged recovery right now,” he
reports, and, given that, says the increasing interest in the sector
among investment managers “doesn’t surprise me. Real
estate looks good versus some of the other alternatives; multifamily
looks good versus other commercial property sectors.
It looks awfully rosy versus the other prospects.”
New apartment construction is near historic lows.
“there’s been this huge flight to
rental properties. the buzz in
the industry is apartments.”
— paul michaels, invesco real estate
According to the Commerce Department, housing permits
nationally for buildings with five or more units plunged from
359,000 in 2007 to 295,400 units in 2008 to 121,100 in 2009
before rising to 135,300 in 2010 and 176,400 last year. The
2009 and 2010 numbers were the lowest since the government
began tracking this type of data back in 1959.
“The developers and lenders hit the brakes very early in
the cycle,” Fasulo explains. “Looking back, this is going to be
some of the slowest growth we’ve seen for multifamily construction
in the post-war period.”
But then there’s that return. According to the National
Council of Real Estate Investment Fiduciaries, which has
since 1984 been tracking what it calls a composite total rate
of return on investment for apartments owned at least in part
by tax-exempt, institutional investors, there have been only
eight quarters of negative returns through the end of 2011, six
of them during the recession of 2008-2009. In 2011, average
annualized returns rose to 15.5 percent.
The other primary driver of interest in multifamily is
demographics. The so-called Echo Boom generation, also
known as Generation Y or the Millennial Generation, is entering
the prime rental market demographic of 18 to 30 years
April 2012 NMHC 50 19

old, many of them carrying record levels of education debt,
which could keep them renting longer than previous generations.
Add to that the millions of former homeowners
who have returned or will return to the rental market as the
national homeownership rate fell from a high of 69.4 percent
in 2004 to 66.0 percent in 2011, the biggest drop in that
metric since the Great Depression according to the Census
Bureau. Coupled with the relative lack of new supply, these
factors continue to keep rents and renewals steady.
Still, investment management owners are keeping a wary
eye on supply. “As long as supply remains in check, multifamily
is going to be a great place to be,” says Invesco’s
Michaels.
J. P. Morgan’s Anderson echoes that sentiment. “Overall,
the trends are very positive,” she says, but then asks, “How
may units will be delivered two or three years from now?”
Invesco, for one, is turning cautious on some markets,
among them Seattle, Austin and Washington, D.C., which,
not coincidentally, are areas that held up relatively well during
the housing bust. He also believes there could be a supply
surge in Boston. “People have to start to look at [markets]
more closely,” says Michaels. “Two or three years from now,
you might start to see supply exceeding demand.”
However, he isn’t expecting to see that happen in New York
A sPecIAL suPPLeMenT To nATIonAL ReAL esTATe InvesToR
“[The apartment sector]
certainly has been a property
type that’s rebounded quickly
from the recession.”
— Jean Anderson, J.P. Morgan Asset
Management
or Southern California, where demand continues to outstrip
supply, in New York because of lack of developable land and
in Southern California due to the length and difficulty of the
permitting process. Anderson is likewise optimistic on JP
Morgan markets, which are mostly gateway cities, including
New York, San Francisco and the so-called Gold Coast on the
Hudson River in New Jersey.
Still, that caution will hardly dampen interest in multi-
family among investment managers, Michaels believes. “I
think [the rental market] is so good that people are still looking
at the glass half full,” he says.
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On a Path of Growth
Top apartment firms outline strategies for making the most of a
promising market in 2012.
By Hortense Leon
As the economy sidestepped a double dip and began to
firm up through 2010, its measured recovery set the
stage to make 2011 a turning point for the apartment
industry. Suddenly demand for rental units outpaced limited
new supply and capital was flowing more freely to the sector.
Market dynamics had shifted in such a way that apartment
firms saw rents climb rather substantially, a key signal that
the apartment market had indeed turned around.
“We expect to see 5 percent to 7 percent increases in net
rents in many markets [in 2012],” says Nicholas Roby, president
of BH Management Services (No. 21 on the NMHC 50
Manager’s list) and vice chair of the equities division of BH
Equities (No. 39 on the NMHC 50 Owners list). “This is a big
improvement over the zero market rent growth and concessions
of a half a month’s free rent or more, that were common
a couple of years ago.”
With opportunity like that dangling
like a carrot in front of a hungry apartment
industry, apartment firms are trying
to come up with the best strategies to
capture as much of the demand growth
as they can, while it lasts. The industry’s
runway for growth could shorten in 2013
and 2014, making 2012 a critical year for
NMHC 50 executives to continue to execute
new initiatives and complete transactions,
better positioning their companies
for longer-term success. But finding the
right strategy can be challenging in an
improving market, as apartment firms
wrestle with which opportunities to pursue—and
which to let fall by the wayside.
Some Will Build
The economic and housing recession has
kept the apartment industry in a chronic
state of under-production. Through 2011,
there were 167,300 multifamily apartments
started (5+ unit properties), a little
more than half of the new units the industry
should produce a year.
However, greater access to capital is
starting to accelerate new development.
APRIL 2012
A sPecIAL suPPLemenT To nATIonAL ReAL esTATe InvesToR
San Francisco
Irvine
Office Locations
Seattle
San Diego
Greystar Presence
According to a January NMHC Quarterly Survey of apartment
market conditions, 53 percent of respondents reported
a substantial pick-up in land acquisition and the lining up of
financing and securing of building permits, although actual
construction starts appeared to lag. An additional 20 percent
of respondents reported that developers had been breaking
ground on new projects at a rapid clip.
“We have doubled our development pipeline this year,”
says Ric Campo, chairman and CEO of the Houston-based
Camden Property Trust (No. 14 on the owners’ list and No. 9
on the managers’ list).
The company currently has about 2,300 apartments under
construction at a cost of about $400 million and another
520 units under construction, at a cost of $113 million, with
joint-venture partners. Campo says in the near term the
Las Vegas
Phoenix
Denver
Dallas
Austin Austin
San Antonio
Houston
Chicago
Atlanta
Tampa
Charlotte
Charleston
Corporate Headquarters
Orlando
Boston
Washington
D.C.
Ft. Lauderdale

company plans to start construction on an additional 3,000
units in Tampa, Fla.; Orlando; Washington, D.C.; Denver and
Southern California, among other locations.
“We felt that the fact that there hasn’t been any apartment
development in the last several years [would result in] pentup
demand,” he says.
At Denver-based UDR, Inc. for example, president and
CEO Tom Toomey reports that his company (No. 15 on the
owners’ list and No. 13 on the managers’ list) is currently
investing $1.1 billion in building about 3,000 apartment units
and redeveloping another 3,000.
Warren Rose, CEO of Farmington Hills, Michigan-based
Edward Rose & Sons, is another apartment owner looking to
take advantage of burgeoning rental demand, an improving
economy and more access to capital. His company (No. 17
on the owners’ list and No. 16 on the managers’ list) is on
track to develop 800 to 1,000 new units this year. This is the
first significant development the company has done since the
beginning of the recession in 2008, says Rose. And running
counter to other expansion strategies at work in the market,
which focus on only gateway markets on the East and West
coasts, Rose says the new units will be in markets in Illinois,
Indiana, Iowa, Michigan, Nebraska, Ohio, South Carolina
and Wisconsin.
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“We have
doubled our
development
pipeline this year.
We felt that the
fact that there hasn’t been any
apartment development in the
last several years [would result
in] pent-up demand.”
— Ric campo, camden Property trust
For as much as a limited supply of new apartment product
is driving new development, the acceleration in apartment
construction also reflects anticipated demand as the almost
80 million-strong Generation Y comes of
age. Camden’s Campo says, “Of the 3.8
million new jobs that have been created
since the bottom of the recession, twothirds
have gone to people under 34 who
are mobile and more likely to be apartment
dwellers [than other generations].”
Ronald Ratner, president of the
Cleveland-based Forest City Residential
Group, Inc. (No. 23 on the owners’ list
and No. 32 on the managers’ list), says
the industry is building with that demographic
in mind. “Everyone today is
looking at building smaller product,”
designed to appeal to the tastes and budgets
of a younger group of urban professionals,
he says.
Others Will Buy
But building a property from the ground
up takes time—anywhere from 18 months
to 30 months in many markets—and some
apartment companies are wont to wait.
Consequently, many apartment companies
seek to grow not only organically
through development but also through
acquisitions of both individual properties
and larger portfolios.
In fact, 2011 was a hot year for
APRIL 2012

apartment trades, according to Real Capital Analytics. More
than 3,500 properties changed hands last year, representing
a 49 percent increase in volume from 2010. Moreover,
appetite for portfolio deals also grew; roughly $9.6 billion
in assets traded in portfolio transactions in 2011, more than
double the value of portfolio deals in 2010.
Jack O’Connor, chief operating officer at Kirkland, Wash.based
Weidner Apartment Homes (No. 42 on the managers’
list and No. 44 on the owners’ list) says his company takes a
balanced approach to growth. “We grow our business about
half through acquisition and half through new construction,”
he says. “We expect to have 10 percent to 15 percent
more units (between 3,000 and 5,000) completed and/or
acquired by the end of 2012. This is our yearly target, but
there can be bumps in the road.”
REITs UDR, Inc. and Equity Residential (No. 6 on the
owners’ list and No. 5 on the managers’ list) have been two of
the most aggressive acquirers in recent years. UDR’s Toomey
says that, during the financial crisis, his company made few
acquisitions but started buying more assets again in late
2010, when UDR, Inc. purchased about $400 million worth
of properties. In 2011, the company bought $1.8 billion in
apartment properties.
But bigger isn’t necessarily better when it comes to navigating
the next phase of the apartment cycle.
For as much as companies are pursuing
choice properties to add to their portfolio,
many are also strategically shedding
other assets in an effort to optimize their
portfolios.
BH Equities, for one, is focusing on
acquiring relatively new product in the
Sunbelt and Chicago. At the same time,
it is also trying to upgrade its portfolio by
selling its older properties, those built in
the 1970s to early 1980s, says Roby.
“We prefer properties built within the
last 20 years,” says Roby. “Older properties
needed a lot of rehab,” he says. While
older properties may have higher cap
rates, newer apartment buildings are less
risky, he says.
At Chicago-based Equity Residential,
while the company continues to develop
new product—it expects to have $750
million worth of apartment starts this
year, in addition to the $500 million in
apartments under construction at the
end of 2011—it is putting equal emphasis
on acquisitions. The company was
a leading asset seller in 2011, both in
terms of property and dollar volumes;
the company reduced the number of
APRIL 2012
A sPecIAL suPPLement to nAtIonAL ReAL estAte InvestoR
“everyone today is
looking at building
smaller product,”
designed to appeal
to the tastes and
budgets of a younger group of
urban professionals.
units in its portfolio by nearly 10,000 units last year.
Company president and CEO David Neithercut says, “We
continue to pursue a strategy of reducing capital commitments
to non-core ‘commodity’ markets, and investing in
more protected, high-barrier, high-density markets.”
The strategy is driving the company to sell more of
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Top 25 Apartment Buyers and Sellers in 2011 (by investment volume)
NMHC 50 firms are some of the most active in asset trading.
UDR, Inc.
Equity Residential
AREA Property Partners
TIAA-CREF
AvalonBay Communities
Camden Property Trust
Greystar RE Partners LLC
Essex Property Trust, LLC
Cornerstone RE Advisors
Home Properties, Inc.
Praedium Group
Pantzer Properties
Dune Capital Mgmt
Kennedy Wilson
Angelo Gordon
J.P. Morgan Asset Management
Invesco Real Estate
Waterton Associates
Harbor Group International
Phoenix Realty Group
GID
Allianz
Kayne Anderson
Hartz Mountain Industries
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Equity Residential
Bank of America
Lehman Bros. Holdings
Tishman Speyer
RREEF
GE Capital
UDR, Inc.
CalPERS
AvalonBay Communities
Zucker Organization
JPI Multifamily Inc.
Northwestern Mutual
Crescent Heights
J.P. Morgan Asset Management
Carmel Partners
Aimco
Forest City Residential Group Inc.
Fairfield Residential
Legacy Partners
Moinian Group
Verde Realty Group
BLDG Mgmt Co.
Brookfield Asset Management
Dinerstein Companies
Invesco Real Estate
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$0
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its garden-style apartments in
favor of buying more upscale
urban apartments. “The assets
we are selling are significantly
smaller than the ones we are
buying,” says Neithercut. In
the case of the former, prices
range from about $35 to
$40 million, “which is the middle
of the fairway for Fannie
Mae and Freddie Mac,” he says.
“We are buying assets in the
$100 to $150 million range.”
In 2011, Equity Residential
sold $1.48 billion worth of properties
and bought $1.34 billion.
This year, Neithercut expects
the company to buy and sell a
similar amount, roughly $1.25
billion. This works out well, he
says: “We are generating capital
with the disposition process.”
But while there are many
means by which apartment firms
are navigating the year ahead,
a single end seems assured for
most: a successful 2012.
APRIL 2012

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NMHC Officers 2012
Chairman
Thomas S. Bozzuto
The Bozzuto Group
Greenbelt, MD
Former Chairmen
Kelley A. Bergstrom
C. Preston Butcher
Ric Campo
Vice Chairman
Daryl J. Carter
Avanath Capital
Management, LLC
Irvine, CA
Treasurer
Robert E. DeWitt
GID
Boston, MA
Secretary
Susan M. Ansel
Gables Residential
Dallas, TX
Executive Committee
Patti Fielding
Aimco
Denver, CO
Charles E. Mueller,
Jr.
Archstone
Englewood, CO
Jonathan D. Bell
Bell Partners
Greensboro, NC
Douglas Crocker, II
Allen Cymrot
Peter F. Donovan
Patti Shwayder
Aimco
Denver, CO
R. Scot Sellers
Archstone
Englewood, CO
Lili F. Dunn
Bell Partners
Alexandria, VA
A SPECIAL SuPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
William H. Elliott
Richard L. Fore
Randolph G. Hawthorne
James M. Krohn
Alliance Residential
Company
Phoenix, AZ
Sean J. Breslin
AvalonBay
Communities, Inc.
Arlington, VA
David J. Olney
Berkshire Property
Advisors
Boston, MA
Gary T. Kachadurian
Mary Ann King
Duncan L. Matteson, Sr.
Bruce C. Ward
Alliance Residential
Company
Phoenix, AZ
Timothy J. Naughton
AvalonBay
Communities, Inc.
Arlington, VA
Julie A. Smith
Bozzuto Management
Company
Greenbelt, MD
President
Douglas M. Bibby
National Multi
Housing Council
Washington, DC
Richard L. Michaux
Robert Sheridan
Geoffrey L. Stack
Marc E. deBaptiste
ARA
Boca Raton, FL
Richard P. Giles
The Bainbridge
Companies
West Palm Beach, FL
Stephen Dominiak
BRE Properties, Inc.
Irvine, CA
Gary T. Kachadurian
ARA
Oak Brook, IL
Richard Schechter
The Bainbridge
Companies
West Palm Beach, FL
Constance B. Moore
BRE Properties, Inc.
San Francisco, CA
28 NMHC 50 APRIL 2012

Executive Committee
Laurie A. Baker
Camden Property
Trust
Houston, TX
John Larson
Centerline Capital
Group
New York, NY
Edward T. Wright
Colonial Properties
Trust
Birmingham, AL
David J. Neithercut
Equity Residential
Chicago, IL
Stacy G. Hunt
Greystar Real Estate
Partners, LLC
Houston, TX
Ric Campo
Camden Property
Trust
Houston, TX
C. Stephen Cordes
Clarion Partners
New York, NY
Michael D. Berman
CWCapital
Needham, MA
Susanne Hiegel
Fannie Mae
Washington, DC
William C. Maddux
Greystar Real Estate
Partners, LLC
Charleston, SC
A SPECIAL SuPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Ron Zeff
Carmel Partners, Inc.
San Francisco, CA
Robert D. Greer, Jr.
Clarion Partners
Washington, DC
Donald P. King, III
CWCapital
Needham, MA
Deborah Ratner-
Salzberg
Forest City Enterprises,
Inc.
Washington, DC
Laura A. Beuerlein
Heritage Title Company
of Austin, Inc.
Austin, TX
Peter F. Donovan
CBRE
Boston, MA
Nathan S. Collier
The Collier Companies
Gainesville, FL
Paul G. Kerr
Davlyn Investments
San Diego, CA
Ronald A. Ratner
Forest City Residential
Group, Inc.
Cleveland, OH
Gary S. Farmer
Heritage Title
Company of Austin,
Inc.
Austin, TX
Brian F. Stoffers
CBRE Capital Markets
Houston, TX
J. Andrew Hogshead
The Collier Companies
Gainesville, FL
Jon D. Williams
Davlyn Investments
San Diego, CA
David Brickman
Freddie Mac
Mc Lean, VA
Mona Keeter Carlton
HFF
Dallas, TX
William T. Hyman
Centerline Capital
Group
New York, NY
Paul F. Earle
Colonial Properties
Trust
Birmingham, AL
Alan W. George
Equity Residential
Chicago, IL
David Fitch
Gables Residential
Atlanta, GA
Matthew Lawton
HFF
Chicago, IL
APRIL 2012 NMHC 50 29

Executive Committee
Eli Hanacek
Holland Partner Group
Vancouver, WA
Brian C. Byrne
Lincoln Property
Company
Oak Brook, IL
Charles R. Brindell,
Jr.
Mill Creek Residential
Trust LLC
Dallas, TX
Jamie Teabo
Post Properties, Inc.
Atlanta, GA
Geoffrey L. Stack
SARES*REGIS Group
Irvine, CA
Clyde P. Holland
Holland Partner Group
Vancouver, WA
Jeff B. Franzen
Lincoln Property
Company
Herndon, VA
Mary Ann King
Moran & Company
Irvine, CA
David Durning
Prudential Mortgage
Capital Company
Chicago, IL
Kenneth J. Valach
Trammell Crow
Residential
Houston, TX
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Guy K. Johnson
Johnson Capital
Las Vegas, NV
H. Eric Bolton, Jr.
MAA
Memphis, TN
Thomas F. Moran
Moran & Company
Chicago, IL
Dale H. Taysom
Prudential Real Estate
Investors
Atlanta, GA
Michael E. Tompkins
TriBridge Residential
LLC
Atlanta, GA
James H. Callard
Klingbeil Capital
Management/American
Apartment Communities
Annapolis, MD
Albert M. Campbell
MAA
Memphis, TN
Rick Graf
Pinnacle
Addison, TX
Jerome Ehlinger
RREEF
Chicago, IL
Thomas W. Toomey
UDR, Inc.
Highlands Ranch, CO
C. Preston Butcher
Legacy Partners
Foster City, CA
John J. Kerin
Marcus & Millichap
Calabasas, CA
Stan J. Harrelson
Pinnacle
Seattle, WA
Brian E. McAuliffe
RREEF
Chicago, IL
Warren L. Troupe
UDR, Inc.
Highlands Ranch, CO
W. Dean Henry
Legacy Partners
Residential, Inc.
Foster City, CA
Hessam Nadji
Marcus & Millichap/
Institutional Property
Advisors
Walnut Creek, CA
David P. Stockert
Post Properties, Inc.
Atlanta, GA
Michael P. Bissell
SARES*REGIS Group
Irvine, CA
David R. Schwartz
Waterton Associates,
L.L.C.
Chicago, IL
30 NMHC 50 APRIL 2012

Executive Committee
Gregory J. Lozinak
Waterton Residential
Chicago, IL
Vincent R. Toye
Wells Fargo Multifamily
Capital
New York, NY
Reliability.
Consistently a
Top Ten Fannie Mae
and FHA Lender
Alan Wiener
Wells Fargo Multifamily
Capital
New York, NY
It’s your move, make it with RED.
Learn more and sign up to receive email news and updates
by visiting www.redcapitalgroup.com or call 800.837.5100.
Kenneth H. Bowen
614.857.1482
khbowen@redcapitalgroup.com
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Warren J. Durkin, Jr.
Wood Partners, LLC
Boca Raton, FL
Jay Jacobson
Wood Partners, LLC
Boca Raton, FL
RED: Three simple letters.
One comprehensive capital provider.
Experience.
Over 20 years in the
industry with nearly
$15 billion in servicing
Delivered.
Over $2.9 billion
in capital
provided in 2011

Board of Directors
Jeffery Daniels
AIG Global Real Estate
Investment Corp.
New York, NY
Rodrigo Lopez
AmeriSphere Multifamily
Finance, LLC
Omaha, NE
Blake Okland
ARA
Charlotte, NC
Thuy Woodall
AT&T Connected
Communities
Atlanta, GA
John P. Manning
Boston Capital
Corporation
Boston, MA
Donald Huffner
AIG Global Real Estate
Investment Corp.
New York, NY
Steve F. Hallsey
AMLI Management
Company
Chicago, IL
Thomas P.
MacManus
ARA Finance, LLC
Boca Raton, FL
Michael G. Miller
AUM
Lombard, IL
Barden Brown
Brown Realty Advisors
Atlanta, GA
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Lauren A. Brockman
Allied Realty Services,
Ltd.
Denver, CO
Gregory T. Mutz
AMLI Residential
Properties, LP
Chicago, IL
Roger H. Beless
Archon Residential
Irving, TX
Phillip E. Bogucki
AZUMA Leasing
Austin, TX
Walter W. Miller
Brown Realty Advisors
Atlanta, GA
Tim L. Myers
Allied Realty Services,
Ltd.
Houston, TX
Kimberly J. Sperry
Amstar Group, LLC
Denver, CO
William S. Robinson
Archon Residential
Irving, TX
Robert S. Aisner
Behringer Harvard
Addison, TX
Alexandra S. Jackiw
Buckingham
Companies
Indianapolis, IN
Michael H. Godwin
Ambling Management
Company LLC
Valdosta, GA
Margette Getto
Apartment Guide
Carrollton, TX
Kevin Davis
Area Property Partners
New York, NY
Mark Alfieri
Behringer Harvard
Addison, TX
Jerry Feldman
CallSource
Westlake Village, CA
William C. Bayless, Jr.
American Campus
Communities
Austin, TX
Kevin Doyle
Apartments.com
Chicago, IL
Lin Atkinson
AT&T Connected
Communities
Atlanta, GA
Mark W. Dunne
Boston Capital
Corporation
Boston, MA
Mark Sadosky
CallSource
Westlake Village, CA
32 NMHC 50 APRIL 2012

Board of Directors
David J. Adelman
Campus Apartments
Philadelphia, PA
Hal G. Kuykendall
Citi Community Capital
Denver, CO
Jerry Davis
Conservice Utility
Management & Billing
Logan, UT
Dodge Carter
Crow Holdings Capital
Partners, LLC
Dallas, TX
Deane H. Dolben
The Dolben Company,
Inc.
Woburn, MA
Miles H. Orth
Campus Apartments
Philadelphia, PA
Warren Dahlstrom
Colliers International
Washington, DC
Jason Rosa
Continental Realty
Advisors, Ltd.
Littleton, CO
Byron L. Moger
Cushman & Wakefield
Tampa, FL
Adam C. Breen
DRA Advisors, LLC
New York, NY
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Richard Lyon
Capital One Bank
New York, NY
LaNitra Webb
Colliers International
USA Headquarters
Boston, MA
David W. Snyder
Continental Realty
Advisors, Ltd.
Littleton, CO
Steven Weilbach
Cushman & Wakefield
San Francisco, CA
Wendy Drucker
Drucker & Falk, LLC
Newport News, VA
Richard L. Kadish
CAPREIT, Inc.
Rockville, MD
David B. Woodward
Compass Point
Greenwood Village, CO
James W. Harris
CoreLogic SafeRent
Rockville, MD
Brian L. Dinerstein
The Dinerstein
Companies
Houston, TX
Kellie Falk-Tillett
Drucker & Falk, LLC
Raleigh, NC
Stephen J. Zaleski
CBRE Global Investors,
LLC
Boston, MA
Daniel J. Epstein
The ConAm Group of
Companies
San Diego, CA
Brian Murdy
Cornerstone Real
Estate Advisers LLC
Hartford, CT
Anthony Schaffer
DIRECTV
El Segundo, CA
Miles Spencer
Eastdil Secured, LLC
Washington, DC
Steven Fayne
Citi Community Capital
San Francisco, CA
J. Bradley Forrester
The ConAm Group of
Companies
San Diego, CA
Richard K. Devaney
Crossbeam Capital
LLC
Bethesda, MD
Andrew K. Dolben
The Dolben Company,
Inc.
Woburn, MA
Randy Churchey
Education Realty Trust,
Inc.
Memphis, TN
APRIL 2012 NMHC 50 33

Board of Directors
John M. O’Hara, Jr.
Edward Rose & Sons
Farmington Hills, MI
Gregory R. Pinkalla
Fairfield Residential
Company LLC
San Diego, CA
Richard L. Fogelman
Fogelman Properties
Memphis, TN
John J. Gray, III
Grayco Partners LLC
Houston, TX
Scott A. Doyle
Home Properties, Inc.
Rochester, NY
Warren Rose
Edward Rose & Sons
Farmington Hills, MI
Jonathan Cox
The Federated
Companies
Miami, FL
Wayne E. McDonald
Forestar Group, Inc.
Austin, TX
Judy Viitanen
Happy Habitat, LLC
Laurel, MD
Edward J. Pettinella
Home Properties, Inc.
Rochester, NY
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Gregory L. Engler
Engler Financial Group,
LLC
Alpharetta, GA
Richard N. Shinberg
First Capital Realty,
Inc.
Bethesda, MD
Phillip Weber
Forestar Group, Inc.
Austin, TX
James M. Bachner
Heitman LLC
Chicago, IL
David Kapiloff
Insgroup, Inc.
Houston, TX
Gina M. Dingman
Everest Real Estate
Advisors
Minneapolis, MN
Les Zimmerman
First Capital Realty,
Inc.
Bethesda, MD
Linda Zeller
Gerson Bakar &
Associates
San Francisco, CA
Mark Forrester
Hendricks & Partners
Phoenix, AZ
Kevin A. Baldridge
The Irvine Company
Apartment
Communities ‘IAC’
Irvine, CA
Brannan Johnston
Experian RentBureau
Costa Mesa, CA
Robert L. Johnston
First Communities
Atlanta, GA
Philip S. Payne
Ginkgo Residential
Charlotte, NC
Don Hendricks
Hendricks & Partners
Phoenix, AZ
Jean M. Anderson
J.P. Morgan Asset
Management
New York, NY
Christopher E. Hashioka
Fairfield Residential
Company LLC
San Diego, CA
Mark A. Fogelman
Fogelman Management
Group
Memphis, TN
D. Scott Wilkerson
Ginkgo Residential
Charlotte, NC
Alan Patton
Hines
Houston, TX
James A. Butz
Jefferson Apartment
Group
McLean, VA
34 NMHC 50 APRIL 2012

Board of Directors
Gregory G. Lamb
Jefferson Apartment
Group
McLean, VA
Cindy Clare
Kettler
McLean, VA
Peter P. DiLullo
LCOR Incorporated
Berwyn, PA
Dean Holmes
Madison Apartment
Group
Philadelphia, PA
Andrew R. Wiener
MAXX Properties
Harrison, NY
Richard J. High
John M. Corcoran &
Company
Braintree, MA
John Falco
Kingsley Associates
Atlanta, GA
Thomas J. O’Brien
LCOR Incorporated
Berwyn, PA
Joseph F. Mullen
Madison Apartment
Group
Philadelphia, PA
Michael C. McDougal
McDougal Properties,
L.C.
Lubbock, TX
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Jeffrey T. Morris
Jones Lang LaSalle
Americas, Inc.
Orlando, FL
Peggy Robinson
Kingsley Associates
Atlanta, GA
Alan Arnold
The Lionstone Group
Houston, TX
Peter Katz
Marcus & Millichap/
Institutional Property
Advisors
Phoenix, AZ
Tristan Thoma
McDougal Properties,
L.C.
Lubbock, TX
Jubeen F. Vaghefi
Jones Lang LaSalle
Americas, Inc.
Miami, FL
Rohit Anand
KTGY Group Inc.
Vienna, VA
Thomas Bacon
The Lionstone Group
Houston, TX
Nicholas Michael
Ryan
The Marquette
Companies
Naperville, IL
Kenneth Lee
McDowell Properties
San Francisco, CA
John W. Bray
Jones Lang LaSalle
Americas, Inc.
Atlanta, GA
Keith A. Harris
The Laramar Group,
LLC
Chicago, IL
Thomas F. McCoy, Jr.
Lockton Companies,
LLC
Denver, CO
Cathy Bokman
Marriott ExecuStay
Bethesda, MD
W. Patrick McDowell
McDowell Properties
San Francisco, CA
Faron G. Thompson
Jones Lang LaSalle
Americas, Inc.
Atlanta, GA
Tom Klaess
The Laramar Group,
LLC
Greenwood Village, CO
Charles M. McDaniel
Lockton Companies,
LLC
Denver, CO
Gerald J. Haak
MAXX Properties
Harrison, NY
Albert Berriz
McKinley
Ann Arbor, MI
APRIL 2012 NMHC 50 35

Board of Directors
Joe Colon
Protection 1 Security
Jacksonville, FL
Mark C. Beisler
Red Mortgage Capital,
LLC
Reston, VA
David Evemy
Sarofim Realty
Advisors
Dallas, TX
Nancy Barton
Stellar Advisors, LLC
Rockville, MD
Steve Roe
TransUnion/
CreditRetriever
Greenwood Village, CO
Alan Pollack
Providence Manage-
ment Company, LLC
Chicago, IL
Howard S. Primer
RenaissancePG, LLC
Knoxville, TN
James D. Scully Jr.
Scully Company
Jenkintown, PA
David Schwartzberg
Stellar Advisors, LLC
Rockville, MD
Wayne A.
Vandenburg
TVO Groupe LLC
Chicago, IL
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Bruce Barfield
Rainmaker
Alpharetta, GA
Terry S. Danner
Riverstone Residential
Group
Dallas, TX
Michael A. Scully
Scully Company
Jenkintown, PA
Michael Katz
Sterling American
Property Inc.
Great Neck, NY
Russell A.
Vandenburg
TVO North America
El Paso, TX
Tammy Farley
Rainmaker
Alpharetta, GA
Walt Smith
Riverstone Residential
Group
Dallas, TX
W. Steve Gilmore
Shea Properties
Aliso Viejo, CA
Tarak Patolia
Sterling American
Property Inc.
Great Neck, NY
Jeffrey G. Maguire
UBS Realty Investors
LLC
Hartford, CT
Dirk D. Wakeham
RealPage, Inc.
Carrollton, TX
Kathryn Thompson
Rockhall Funding Corp.
Dallas, TX
Colm Macken
Shea Properties
Aliso Viejo, CA
Scott Anderson
TIAA-CREF Global Real
Estate
Newport Beach, CA
Geoffrey C. Brown
USA Properties Fund,
Inc.
Roseville, CA
Stephen T. Winn
RealPage, Inc.
Carrollton, TX
Daniel McNulty
Rockwood Real Estate
Advisors
New York, NY
J. Robert Love
Simpson Housing LLLP
Atlanta, GA
Dave Schwehm
Time Warner Cable
Herndon, VA
Karen McCurdy
USA Properties Fund,
Inc.
Roseville, CA
APRIL 2012 NMHC 50 37

Board of Directors
Eric D. Cevis
Verizon Enhanced
Communities
Basking Ridge, NJ
Jack O’Connor
Weidner Property
Management LLC
Kirkland, WA
Lawrence H. Curtis
WinnDevelopment
Boston, MA
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Jonathan Holtzman
Village Green
Companies
Farmington Hills, MI
Michael K. Hayde
Western National
Property Management
Irvine, CA
Ronald V. Granville
Woodmont Real Estate
Services
Belmont, CA
George S. Quay, IV
Village Green
Companies
Farmington Hills, MI
Charles W.
Brammer, Jr.
The Wilkinson Group,
Inc.
Atlanta, GA
Brigitta Eggleston
Yardi Systems, Inc.
Santa Barbara, CA
Brendan Coleman
Walker & Dunlop
Bethesda, MD
Phillip R. Deguire
The Wilkinson Group,
Inc.
Atlanta, GA
Amy Gerritsen
Yardi Systems, Inc.
Santa Barbara, CA
Howard W. Smith, III
Walker & Dunlop
Bethesda, MD
Samuel Ross
WinnCompanies
Boston, MA
Greg West
ZOM Companies
Fort Lauderdale, FL

Board of Directors (not pictured)
ExECuTIVE COMMITTEE
Alan King
Berkshire Property Advisors
Boston, MA
Kristen Klingbeil-Weis
Klingbeil Capital Management/
American Apartment Communities
Santa Barbara, CA
Timothy J. Hogan
Trammell Crow Residential
Dallas, TX
BOARD OF DIRECTORS
Simon Ziff
Ackman Ziff Real Estate Group,
LLC
New York, NY
Jay Blasberg
Alliant Capital LLC
Tucson, AZ
Toshi Matsushita
Alliant Capital LLC
Tucson, AZ
R. Ryan Holmes
Ambling Management Company
LLC
Valdosta, GA
Jason Wills
American Campus Communities
Austin, TX
Scott G. Suttle
AmeriSphere Multifamily Finance,
LLC
Bethesda, MD
Arlene Mayfield
Apartment Guide
Norcross, GA
Jay Olander
Apartment Trust of America*
Richmond, VA
Gus Remppies
Apartment Trust of America*
Richmond, VA
Brad Long
Apartments.com
Chicago, IL
Brian Earle
Area Property Partners
New York, NY
BJ Rosow
AZUMA Leasing
Austin, TX
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
David Doerner
Bader Company
Indianapolis, IN
John Swift
Bader Company
Indianapolis, IN
Grace Huebscher
Beech Street Capital
Bethesda, MD
Jeff Lee
Beech Street Capital
Bethesda, MD
Karl H. Reinlein
Berkadia
Horsham, PA
Bradley B. Chambers
Buckingham Companies
Indianapolis, IN
Ernest L. Heymann
CAPREIT, Inc.
Rockville, MD
Tyler Anderson
CB Richard Ellis, Inc.
Phoenix, AZ
Nevel DeHart
CoreLogic SafeRent
Rockville, MD
Mark Higgins
Cornerstone Real Estate Advisers
LLC
Hartford, CT
William B. Blash
Crossbeam Capital LLC
Bethesda, MD
Roy E. Demmon, III
Demmon Partners
Redwood City, CA
Thomas Walsh
Demmon Partners
Redwood City, CA
John Caltagirone
The Dinerstein Companies
Houston, TX
Robert Grosz
DISH Network
Englewood, CO
Brian Spencer
DISH Network
Englewood, CO
David Luski
DRA Advisors, LLC
New York, NY
John H. Pringle
E & S Ring Management
Corporation
Los Angeles, CA
Thomas Trubiana
Education Realty Trust, Inc.
Memphis, TN
Patrick Jones
Engler Financial Group, LLC
Alpharetta, GA
Nicola Scheman
Experian RentBureau
Costa Mesa, CA
Nick Wexler
The Federated Companies
Miami, FL
Gregory A. Fowler
FPA Multifamily
San Francisco, CA
Holland Smith
FPA Multifamily
Dallas, TX
Edward Coco
GE Real Estate
Alpharetta, GA
Stephen LoPresti
Gerson Bakar & Associates
San Francisco, CA
Sherwin Nelvis
Guggenheim Real Estate Finance,
LLC
Vienna, VA
Alicia Cotton
Guggenheim Real Estate Finance,
LLC
Vienna, VA
Philander P. Claxton
Happy Habitat, LLC
Laurel, MD
Howard Edelman
Heitman LLC
Chicago, IL
Jennifer Doran
Highland Commercial Mortgage,
LLC
Birmingham, AL
John O. Moore, Jr.
Highland Commercial Mortgage,
LLC
Birmingham, AL
Laurel Howell
Kettler
McLean, VA
David G. Shillington
KeyBank Real Estate Capital
Dallas, TX
Mike Kingsley
KTGY Group Inc.
Vienna, VA
Christine Akins
LaSalle Investment Management,
Inc.
Chicago, IL
Will Balthrope
Marcus & Millichap/Institutional
Property Advisors
Dallas, TX
Darren R. Sloniger
The Marquette Companies
Naperville, IL
Adam Sherer
Marriott ExecuStay
Bethesda, MD
Jacob Katz
Meridian Capital Group, LLC
New York, NY
Israel Schubert
Meridian Capital Group, LLC
Iselin, NJ
Robert D. Lazaroff
The Michelson Organization
St. Louis, MO
Bruce V. Michelson, Jr.
The Michelson Organization
St. Louis, MO
Carter Bechtol
The Morgan Group, Inc.
Houston, TX
Michael S. Morgan
The Morgan Group, Inc.
Houston, TX
Jonathan Morgan
Morgan Properties
King of Prussia, PA
Mitchell L. Morgan
Morgan Properties
King of Prussia, PA
Eric Gramberg
Move
Westlake Village, CA
Kevin Filter
Oak Grove Capital
St. Paul, MN
Pam McGlashen
Orion Real Estate Services
Houston, TX
W. Clark Ewart
Paradigm Development Company
Arlington, VA
40 NMHC 50 APRIL 2012

Board of Directors (not pictured)
P. David Onanian
PAS Purchasing Solutions
Houston, TX
Larry Sullivan
Passco Companies, LLC
Irvine, CA
Douglas Crocker, II
Pearlmark Real Estate Partners
Chicago, IL
Edward J. Ryder
Pearlmark Real Estate Partners
Chicago, IL
Ronald G. Brock, Jr.
Pierce-Eislen, Inc.
Scottsdale, AZ
Seth Martin
Pritzker Realty Group, LLC
Chicago, IL
Michael A. Sullivan
Pritzker Realty Group, LLC
Chicago, IL
Melisa Colon
Protection 1 Security
Tampa, FL
Bruce LaMotte
Providence Manage-
ment Company, LLC
Chicago, IL
Thomas G. Smith
Prudential Real Estate Investors
Atlanta, GA
David L. Goodman
Red Mortgage Capital, LLC
Reston, VA
Wesley Hudson
Reznick Group
Atlanta, GA
Edward Lusk
Reznick Group
Atlanta, GA
Ralph Daruns
Rockhall Funding Corp.
Dallas, TX
W. Michael Doramus
Sarofim Realty Advisors
Dallas, TX
Joanne Luger
Time Warner Cable
Herndon, VA
Mike Mauseth
TransUnion/CreditRetriever
Greenwood Village, CO
APRIL 2012
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
David J. Ingram
UBS Realty Investors LLC
Hartford, CT
Michael Keyes Ferris
Valet Waste, LLC
Tampa, FL
Syd McDonald
Valet Waste, LLC
Tampa, FL
Patricia French
Verizon Enhanced Communities
St. Petersburg, FL
Eric Garrett
Watermark Residential
Indianapolis, IN
Paul Thrift
Watermark Residential
Indianapolis, IN
W. Dean Weidner
Weidner Property Management LLC
Kirkland, WA
Stephan T. Beck
Whiteco Residential LLC
Merrillville, IN
Timothy J. Connelly
Whiteco Residential LLC
Merrillville, IN
Greg M. Galli
Woodmont Companies
Belmont, CA
Samuel C. Stephens, III
ZOM Companies
Orlando, FL
Mixed income.
Shared success.
From single-project transactions to portfolio-wide
solutions, Citi Community Capital combines unparalleled
community development expertise with industry-leading
capital markets capabilities to offer fi nancial solutions to
preserve and build stronger communities.
Citi. Your Community Development Partner.
citicommunitycapital.com
2012 Citibank, N.A. All rights reserved.
Citi and Arc Design is a registered service mark of Citigroup Inc.

Advisory Committee
Advenir
Taylor Rismiller
Aventura, FL
AEW Capital Management L.P.
Julie Kittler
Boston, MA
AFI Services, LLC
James Fales
The Woodlands, TX
All Nation Renovation, Inc.
Ofer Manashe
Houston, TX
Alliance Tax Advisors, LLC
Tony J. Comparin
Irving, TX
ALM - Real Estate Media
Michael G. Desiato
New York, NY
Altman Development
Corporation
Joel L. Altman
Boca Raton, FL
American Seniors Housing
Association
David S. Schless
Washington, DC
AMI Capital
Michael Sullivan
Easton, MD
AMSI, an Infor company
George Landgrebe
Tampa, FL
Aon Risk Services, Inc.
Kevin J. Madden
New York, NY
Apartment Association of
Greater Los Angeles
Jim Clarke
Los Angeles, CA
Apartment Association,
California Southern Cities
Nancy J. Ahlswede
Long Beach, CA
Apartment Finder
Marcia Bollinger
Lawrenceville, GA
The Apartment Group, Inc.
Jeffrey L. Price
Dallas, TX
ApexOne Investment Partners
Jim A. Hearn
Houston, TX
ARA
Lisa A. Robinson
Atlanta, GA
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Arbor Commercial Mortgage,
LLC
Bonnie Habyan
Uniondale, NY
Artemis Real Estate Partners
Richard Banjo
Chevy Chase, MD
The Ashley Group
Stephen B. Ashley
Rochester, NY
Associated Estates Realty
Corporation
Jeffrey I. Friedman
Richmond Heights, OH
Assurant Specialty Property
Brian Tribble
Miami, FL
Axiometrics Inc.
Ronald G. Johnsey
Dallas, TX
Baker Tilly
Donald Bernards
Chicago, IL
Ballard Spahr Andrews &
Ingersoll, LLP
Allan R. Winn
Washington, DC
Barker Apartments
David Barker
Iowa City, IA
The Bascom Group
Scott R. McClave
Irvine, CA
BBVA Compass
Jeffrey Journey
Dallas, TX
Beacon Communities
Investments, LLC
Howard E. Cohen
Boston, MA
Beecher Carlson
Michael Stern
Atlanta, GA
Beekman Advisors, Inc.
Shekar Narasimhan
McLean, VA
Bergstrom Investment
Management, LLC
Kelley A. Bergstrom
Kenilworth, IL
Berkshire Property Advisors,
LLC
Eric Draeger
Boston, MA
Berkshire Residential
Development
Steve Wood
Boston, MA
Beztak Companies
Harold Beznos
Farmington Hills, MI
BH Equities, LLC
Harry Bookey
Des Moines, IA
BlackRock Realty
Dale Gruen
San Francisco, CA
Blu SKY Restoration Contractors
Timothy Babcock
Centennial, CO
Blue Vista Capital Partners
Robert G. Byron
Chicago, IL
BofI Federal Bank
Morgan Ferris
San Diego, CA
Bonaventure Realty Group, LLC
Dwight D. Dunton, III
Arlington, VA
Bridge Investment Group
Christian V. Young
Murray, UT
BuildingLink.com LLC
Zachary Kestenbaum
New York, NY
Bury & Partners, Inc.
James B. Knight
Dallas, TX
Butler Burgher Group
B. Diane Butler
Dallas, TX
Buyers Access
Peter Roden
Denver, CO
The BYL Companies
Kristie Wetherbee
West Chester, PA
Cagan Management Group, Inc.
Jeffrey Cagan
Skokie, IL
CallMaX
David Clarke
Acworth, GA
CalPERS
Cleon Pantell
Sacramento, CA
Camp Construction Services
Jeff Blevins
Houston, TX
Campus Televideo
Brian Benz
Greenwich, CT
CapitalSource
Chris Kelly
New York, NY
Captec Realty Capital
Patrick L. Beach
Santa Barbara, CA
Capture the Market
Kimberly Scott
Dallas, TX
CARES By Apartment Life
Kiley Haught
Euless, TX
Carter Haston Holdings, LLC
L. Marc Carter
Nashville, TN
Cassidy Turley
Christopher J. Doerr
Washington, DC
Cassin & Cassin LLP
Amy Bernstein
New York, NY
CB Richard Ellis, Inc.
Malcolm McComb, III
Atlanta, GA
CEL & Associates, Inc.
Christopher Lee
Los Angeles, CA
CertainTeed Corporation
Eric S. Nilsson
Valley Forge, PA
Chicago Title
Konrad J. Kaltenbach, II
Dallas, TX
CLP Systems
Rich Clark
Pelham, AL
Coastal Apartment Advisors
James Sewell
Hilton Head Island, SC
Columbia National Real Estate
Finance, LLC
Roger Edwards
Washington, DC
Comcast Cable Communications
William F. Revell
Philadelphia, PA
Compliance Depot, a RealPage
Company
Lonnie Derden
Plano, TX
Connexion Technologies
Bobby DeSpain
Cary, NC
Connexion Technologies
Elizabeth Ray
Cary, NC
CONNOR
Patrick T. Connor
Baltimore, MD
42 NMHC 50 APRIL 2012

Advisory Committee
The Connor Group
Lawrence S. Connor
Centerville, OH
Continental Properties Company
James H. Schloemer
Menomonee Falls, WI
Continental Realty Corporation
Joseph M. Schapiro, III
Baltimore, MD
CORT
Mark Koepsell
Fairfax, VA
Cortland Partners, LLC
Steven DeFrancis
Atlanta, GA
Cox Communications
Shannon Boyle
Atlanta, GA
Cox, Castle & Nicholson LLP
Amy H. Wells
Los Angeles, CA
Crescent Resources, LLC
Brian Natwick
Charlotte, NC
CRIO, Inc.
Dan Freudenthal
West Palm Beach, FL
Criterion Brock
Kerri Silver
Milwaukie, OR
Crown Advisors
John C. DiMare
North Barrington, IL
Crown Advisors, Inc.
John Cigna
Pittsburgh, PA
Cushman & Wakefield
Marc D. Renard
Los Angeles, CA
CWS Apartment Homes
Steven J. Sherwood
Austin, TX
Cypress Real Estate Advisors
John Burnham
Austin, TX
The Dermot Company
Stephen Benjamin
New York, NY
Deutsche Bank Berkshire
Mortgage
Jeffrey C. Day
Irvine, CA
Dover/Paragon
Terry B. Schwartz
Bingham Farms, MI
APRIL 2012
A SPECIAL SuPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
The DZAP Group & LeaseLabs
Dana Zeff
San Diego, CA
ECI Capital Corp.
Seth Greenberg
Marietta, GA
Edgewood Management
Corporation
A. Scott Jones
Edgewater, MD
Embrey Partners, Ltd.
Walter M. Embrey, Jr.
San Antonio, TX
Enterprise Community
Investment, Inc.
C. Lamar Seats
Columbia, MD
Entrepreneurial Properties
Corporation
Matthew V. Wherry
Newport Beach, CA
Equinox Search LLC
Peter V. Hall
San Francisco, CA
Essex Property Trust, Inc.
Jeff Rowerdink
Irvine, CA
Fair Collections & Outsourcing,
Inc.
Carol M. Bloom
Beltsville, MD
Falcone Group, LLC
Arthur Falcone
Boca Raton, FL
Faulkner Design Group, Inc.
Adrienne Faulkner
Dallas, TX
FDC Management, Inc.
Patrick M. Kelly
Anaheim, CA
Foley & Lardner LLP
Michael W. Hatch
Milwaukee, WI
Fore Property Company
Richard L. Fore
Washington, DC
Fortune-Johnson, Inc.
Brett Fortune
Norcross, GA
FPL Advisory Group
Michael A. Herzberg
Chicago, IL
Franklin Capital Group
Joseph E. Resende
Alexandria, VA
Franklin Street
Darron Kattan
Tampa, FL
Freeman Webb Inc.
William H. Freeman
Nashville, TN
Friedman Integrated Real Estate
Solutions
Barry Swatsenbarg
Farmington Hills, MI
G5
Ilene Vogt
Bend, OR
Gallagher Evelius & Jones, LLP
Stephen A. Goldberg
Baltimore, MD
Gates, Hudson & Associates, Inc.
Patricia J.M. Blackburn
Fairfax, VA
GDC Properties, LLC
William Ingraham
Hawthorne, NY
GE Real Estate
Dan Earle
Norwalk, CT
Gene B. Glick Company, Inc.
David O. Barrett
Indianapolis, IN
Goulston & Storrs
Steven Schwartz
Boston, MA
Grace Hill, Inc.
Joseph Bailey
Augusta, GA
Grand Peaks Properties
Luke Simpson
Denver, CO
Grandbridge Real Estate Capital
LLC
Thomas S. Dennard
Charlotte, NC
Gross Builders
Gary L. Gross
Cleveland, OH
Grubb & Ellis Company
Ernest L. Brown
San Antonio, TX
Guardian Management LLC
Thomas B. Brenneke
Portland, OR
The Habitat Company
Daniel E. Levin
Chicago, IL

Advisory Committee
Haley Real Estate Group
Daniel P. Clatanoff
Omaha, NE
HandyTrac Systems
John Lie-Nielsen
Alpharetta, GA
Hanley Wood
Rob Britt
San Francisco, CA
Harbor Group International
Jordan E. Slone
Norfolk, VA
Hartford Investment
Management
John M. Maher
Hartford, CT
Hathaway Properties, Inc.
W. Michael Muggridge
Atlanta, GA
HD Supply
Aaron Baker
San Diego, CA
Hediger Enterprises Inc.
Gary R. Hediger
Greenville, SC
A SPECIAL SuPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Helix Funds LLC
David Helfand
Chicago, IL
Hendersen-Webb, Inc.
Pamela F. Newland
Cockeysville, MD
Henderson Global Investors
James G. Martha
Hartford, CT
HFF
William Miller
Dallas, TX
HFF
G. Craig LaFollette
Houston, TX
HHHunt
James R. King
Blacksburg, VA
Hills Property Management
Russell Lykes
Cincinnati, OH
Hillwood Multifamily, LP
Mark McHenry
Fort Worth, TX
HIP/KET
Thomas B. Wilkinson, IV
Houston, TX
Holland & Knight, LLP
Christopher B. Hanback
Washington, DC
Holland Development
Tom Parsons
Seattle, WA
Houlihan Lokey
Jonathan G. Geanakos
New York, NY
Humphrey Development, Inc.
Bethany H. Hooper
Columbia, MD
Humphreys & Partners
Architects, LP
Mark Humphreys
Dallas, TX
Hunt Companies
Ryan W. Luxon
El Paso, TX
Hunter Warfield, Inc.
Todd Wahl
Tampa, FL
Hyperion Realty
Dan Hopkins
Dallas, TX
I.Q. Data International, Inc.
Kenneth Stumbo
Everett, WA
ibr Search
Wesley Easly
Pittsburgh, PA
Ideal Realty Group
Allen Manesh
Potomac, MD
Ingersoll Rand Residential
Solutions
Eric Elsmore
Carmel, IN
Inland American Apartment
Management
Thomas P. McGuinness
Oak Brook, IL
Instar Services Group
Johnnie Smith
Troy, MI
Institutional Property Advisors
(A Marcus & Millichap Company)
Steve Witten
New Haven, CT
Investment Property Associates,
LLC
Jennifer Koster
Grand Haven, MI
ista
Amanda Holden
San Diego, CA
The ITEX Group, LLC
K.T. Akbari
Port Arthur, TX
J. Turner Research
Joseph Batdorf
Houston, TX
J.I. Kislak, Inc.
Thomas Bartelmo
Miami Lakes, FL
JMG Realty, Inc.
T. Karlton Jackson
Atlanta, GA
Johnson Development
Associates, Inc.
David Benjamin Graves
Spartanburg, SC
Jones Lang LaSalle Americas,
Inc.
Peter Nicoletti
Parsippany, NJ
JPI
Benjamin H. Montgomery
Irving, TX
JPI
Robert D. Page
Irving, TX
JRK Investors
Robert Lee
Los Angeles, CA
Jupiter Communities LLC - RAIT
Kellie Devilbiss
Chicago, IL
Kaba Access Control
Dale Mathias
Laguna Niguel, CA
Keystone Commercial Capital
Charles Williams
Phoenix, AZ
The Kirkland Company
William Kirkland
Brentwood, TN
The Kislak Company, Inc.
Nancy Jacques
Woodbridge, NJ
Korcett Holdings, Inc.
Lisa K. Cortes
Austin, TX
Kroll Factual Data
Damon Littlejohn
Loveland, CO
L&B Realty Advisors, LLP
William L. Fulton
Dallas, TX
Lane Asset Management, LLC
Eric Hade
Atlanta, GA
APRIL 2012

Advisory Committee
Langan Engineering and
Environmental Services
Mark Devaney
Elmwood Park, NJ
LBK Management Services
James D. Alexander
Irving, TX
LeaseStar, a Division of
RealPage, Inc.
Sina Shekou
Carrollton, TX
LeaseTerm Insurance Group LLC
Roger Hilterbrandt
Atlanta, GA
LeasingDesk, a Division of
RealPage, Inc.
David Carner
Carrollton, TX
LeCesse Development
Corporation
Salvador F. Leccese
Altamonte Springs, FL
LEDIC Management Group
Pierce Ledbetter
Memphis, TN
If I had to pick one
trade association to
represent my interests,
there’s no contest —
NMHC has the best
staff, provides the best
information and puts
on the best meetings
in multifamily housing.
Daryl Carter
Chief Executive Officer,
Avanath Capital
Management, LLC
A SPECIAL SuPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Legend Management Group, LLC
Ruth G. Eisenhauer
McLean, VA
LEM Capital
Jay J. Eisner
Philadelphia, PA
Lennar
Todd M. Farrell
Charlotte, NC
Lerner Corporation
Alan H. Gottlieb
Rockville, MD
Lessard Design Inc.
Christian Lessard
Vienna, VA
Level One, a RealPage Company
Ben Holbrook
Greer, SC
LexisNexis Resident Screening
Pam Storm
Alpharetta, GA
Love Funding Corporation
Esther Cohen
St. Louis, MO
LTVentures
D. Scott Lee
Los Angeles, CA
m-fishency
Ward Katz
Kansas City, MO
MAC Realty Advisors LLC
Bruce Levin
Washington, DC
Mac-Gray Services, Inc.
Kevin Fahey
Waltham, MA
Maintenance Supply
Headquarters
Cary R. Wright
Stafford, TX
Manly & Stewart
John C. Manly
Newport Beach, CA
Marcus & Millichap Capital
Corporation
William Hughes
Irvine, CA
Future Meeting Dates
2012 NMHC Research Forum
March 28 & 29 • Chicago, IL
2012 NMHC Human Resources Forum
March 28 & 29 • Chicago, IL
2012 NMHC Apartment Strategies/
Finance Conference
May 15 & 16 • Scottsdale, AZ
2012 NMHC Spring
Board of Directors Meeting
May 16 & 17 • Scottsdale, AZ
Mark-Taylor Residential, Inc.
Dale Phillips
Scottsdale, AZ
Marvin F. Poer and Company
William L. DuBois
Dallas, TX
Masco Contractor Services, Inc.
Jerald Castaneda
Daytona Beach, FL
The Matteson Companies
Duncan L. Matteson, Sr.
San Mateo, CA
Maxus Properties, Inc.
Michael P. McRobert
Kansas City, MO
Mayer Brown LLP
Keith J. Willner
Washington, DC
McCaffery Interests
Yvonne Jones
Chicago, IL
Mercy Housing
Brian Shuman
Denver, CO
2012 NMHC Fall Board of Directors
and Advisory Committee Meeting
September 11-13 • Washington, DC
2012 NMHC Student Housing
Conference & Exposition
October 1 & 2 • Phoenix, AZ
2012 NMHC Apartment Operations
and Technology (OpTech) Conference
& Exposition
November 12-14 • Dallas, TX
2013 NMHC Apartment Strategies
Conference
January 22 • Palm Springs, CA
2013 NMHC Annual Meeting
January 22-24 • Palm Springs, CA
JOIN TODAY! visit www.nmhc.org/goto/join • 202/974-2300 • 202/775-0112 (fax) • info@nmhc.org

Advisory Committee
Merion Realty Partners
Richard T. Aljian
Wynnewood, PA
Mesirow Financial
Alasdair Cripps
Chicago, IL
Metropolitan Properties of
America, Inc.
Jeffrey J. Cohen
Boston, MA
Mike Seashols Consulting
Mike Seashols
Belmont, CA
Miles & Stockbridge P.C.
Justin C. Eller
Baltimore, MD
Minnesota Multi Housing
Association
Mary Rippe
Bloomington, MN
MM Properties
Kenneth S. Moczulski
Fort Worth, TX
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Moen Incorporated
Aubri Mandelbaum
North Olmsted, OH
Morningside Equities Group, Inc.
Brian Pawlik
Chicago, IL
Multi-Housing News
Diana Mosher
New York, NY
Multifamily Executive/Hanley-
Wood, LLC
John McManus
Washington, DC
Multifamily Realty Advisors, LLC
Richard R. Cotton
Raleigh, NC
NAI Global Multifamily Group
Jen Grimm
Princeton, NJ
National Foundation for
Affordable Housing Solutions,
Inc.
Martin C. Schwartzberg
Rockville, MD
Nationwide Energy Partners LLC
Jeff Morrison
Chicago, IL
NCC Business Services of
America, Inc.
Irv Pollan
Jacksonville, FL
Newport Venture Capital
Richard Harris
Newport Beach, CA
NNC Apartment Ventures
John H. Nunn
Long Beach, CA
Northland Investment
Corporation
Lawrence R. Gottesdiener
Newton, MA
NorthMarq Capital - San
Francisco
Jeffrey Weidell
San Francisco, CA
NTS Development Company
Gregory G. McDearmon
Louisville, KY
NWP Services Corporation
Amanda Christensen
Lincoln, NE
Ocius LLC
James Rabinowitz
Chicago, IL
On-Site.com
Jake Harrington
Campbell, CA
OpsTechnology, a Division of
RealPage
Mike Britti
Carrollton, TX
The P.B. Bell Companies
R. Chapin Bell
Scottsdale, AZ
Pacific Life Insurance Company
John C. Mulvihill
Newport Beach, CA
Pacific Property Company
Alfred V. Pace
Palo Alto, CA
Palladium (USA) International,
Inc.
Thomas E. Huth
Dallas, TX
PayNearMe
Christopher J. Volgenau
Mountain View, CA
Penton Media Inc.
Rich Santos
New York, NY
Phoenix Realty Group
Alan Hirmes
New York, NY
PPG Architectural Coatings
Clifford Carlson
Louisville, KY
Price Realty Corporation
Michael J. Ochstein
Addison, TX
Property Solutions International,
Inc.
Benjamin Zimmer
Provo, UT
PropertyBridge, a MoneyGram
Company
Leslie Olsen
Oakland, CA
Prudential Multifamily
Mortgage, Inc.
Frank Guzikowski
McLean, VA
QBE First
John Drennen
Atlanta, GA
APRIL 2012

Advisory Committee
Radclift Capital Mortgage
Mark Dubrinsky
New York, NY
Raia Properties Corporation
Samuel A. Raia
Ramsey, NJ
RCLCO
Adam Ducker
Bethesda, MD
Real Capital Markets
Stephen J. Alter
Carlsbad, CA
Real Estate Board of New York,
Inc.
Steven Spinola
New York, NY
Real Estate Equities, Inc.
Terrence E. Troy
St. Paul, MN
Real Estate Media Lab, LLC
Michael J. Lapsley
West Bridgewater, MA
Realfacts/Meyers Apartment
Data Advisors
Sarah L. Bridge
Novato, CA
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
RealPage, Inc.
Stacey Blackwell
Carrollton, TX
Realty Center Management, Inc.
Curt Knabe
Los Angeles, CA
RealtyCom Partners, LLC
Annie Manfredi
Larkspur, CA
Recap Real Estate Advisors
Travis D’Amato
Boston, MA
Recap Real Estate Advisors
Todd Trehubenko
Boston, MA
Rent Stabilization Association
Joseph Strasburg
New York, NY
Rent.com
Robert Johnson
Santa Monica, CA
Renters Legal Liability LLC
Paul Kaliades
Salt Lake City, UT
Forever Great Communities.
Best-in-class service.
Time tested strategy.
RentMineOnline
Ed Spiegel
San Francisco, CA
RentPayment
Bill R. Evick
Walnut Creek, CA
Resident Gifts LLC
Gregory H. Smith
Singer Island, FL
ResidentCheck
Jorge Baldor
Dallas, TX
Resite Online
Ann Padgett
Norfolk, VA
Resource Investments Limited,
LLC
Steven Zalkind
Pennsauken, NJ
Resource Real Estate, Inc.
Yvana Melini
Philadelphia, PA
RM Watson Co.
Robert M. Watson
Seattle, WA
Rockwood Capital LLC
Joel A. Moody
Los Angeles, CA
Sales, Inc.
Rick Burkhalter
Duluth, GA
SatisFacts Research, LLC
Douglas J. Miller, Sr.
Lutherville, MD
Sawyer Realty Holdings LLC
Gregg Clickstein
Needham, MA
The Screening Pros, LLC
Gary Glucroft
Chatsworth, CA
Screening Reports, Inc.
Timothy Fortner
Wood Dale, IL
Seven Hills Commercial
Gary Guion
Dallas, TX
Sharp Laboratories of America
Mick Grover
Camas, WA
gables.com

Advisory Committee
Shelter Corporation
Lynn Carlson Schell
Minnetonka, MN
The Shelter Group
Marilynn K. Duker
Baltimore, MD
Sherman Residential
Scott Gould
Deerfield, IL
The Sherwin-Williams Co.
William G. Rafie
Cleveland, OH
Shutts & Bowen LLP
Daniel T. O’Keefe
Orlando, FL
Silver Capital
Mark Ambach
Boca Raton, FL
Simmons Vedder Partners, Inc.
Wolf Vedder
Austin, TX
Southeast Apartment Partners,
LLC
Marc G. Robinson
Atlanta, GA
Specialty Consultants Inc.
Thomas G. Williams
Pittsburgh, PA
Sperry Van Ness Nevada LLC
David Baird
Las Vegas, NV
Spot On Networks
Richard Sherwin
New Haven, CT
The Sterling Group, Inc.
Lance A. Swank
Mishawaka, IN
Sterling Trust
Robert J. Thiebaut
Atlanta, GA
Stewart Title Guaranty
Regina L. Fiegel
Charlotte, NC
Stewart Title Guaranty Company
Tom Konkel
Houston, TX
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Stratford Capital Group, LLC
John M. Nelson, IV
Peabody, MA
Summit Contracting Group
Marc Padgett
Jacksonville, FL
Summit Housing Partners
Rainer Andrews
Montgomery, AL
SunAmerica Affordable Housing
Partners, Inc.
Thomas A. Musante
Los Angeles, CA
SureDeposit
Richard F. Schreiber
Chevy Chase, MD
Terra Capital Partners
Dan Cooperman
New York, NY
Terra Search Partners
Matthew B. Slepin
San Francisco, CA
TGM Associates L.P.
Thomas J. Gochberg
New York, NY
Timberland Partners
Robert L. Fransen
Minneapolis, MN
Towne Properties
Neil K. Bortz
Cincinnati, OH
Transwestern
Jon Kleinberg
Atlanta, GA
Transwestern
Steven E. Pumper
Dallas, TX
Trinsic Residential Group
Brian J. Tusa
Dallas, TX
TRIO Properties LLC
Eileen Swenson, CPM
Glastonbury, CT
The Tuckerman Group
Glen S. Weisberg
Chicago, IL
The United Group of Companies,
Inc.
Walter F. Uccellini
Troy, NY
University Furnishings
Paul Dougan
Dallas, TX
Urdang & Associates Real Estate
Advisors, Inc.
Mark B. Greco
Plymouth Meeting, PA
USAA Real Estate Company
Hailey Ghalib
San Antonio, TX
Velocity, a Division of RealPage,
Inc.
William Chaney
Carrollton, TX
Veritas Investments Inc.
Yat-Pang Au
San Francisco, CA
Visa, Inc.
David Weinshel
Wilmington, DE
Waypoint Residential
Scott J. Lawlor
New York, NY
Weingarten Realty
Kyle Kretsinger
Houston, TX
Westdale Asset Management
Evan J. Griffiths
Dallas, TX
Western National Realty
Advisors
Rex F. DeLong
Irvine, CA
Westrope
David Brinkerhoff
Kansas City, MO
Williams Asset Management,
LLC
John A. Isakson
Atlanta, GA
Willis
Ronald D. Tucker
Columbia, MD
Wilmar
James Lashbrook
Houston, TX
Witten Advisors LLC
G. Ronald Witten
Dallas, TX
The Wolff Company
Tim Wolff
Scottsdale, AZ
Womble Carlyle Sandridge &
Rice, PLLC
Pamela V. Rothenberg
Washington, DC
Worthing Southeast Corporation
John A. Echols
Atlanta, GA
WRH Realty Services, Inc.
J. Mark Rutledge
St. Petersburg, FL
YieldStar
Janine Steiner Jovanovic
Carrollton, TX
ZMG Construction, Inc.
Kevin L. Somers
Longwood, FL
ZRS Management, LLC
Steven K. Buck
Orlando, FL
48 NMHC 50 APRIL 2012

OppOrtunities realized.
$144,432,200
tX, CO, az
MHC Credit Facility
11 Communities
Acquisition
Agency and CMBS
Connecting
ideas,
capital and
clients.
$27,400,000
West palm Beach, Fl
Multifamily
250 Units
Refinance
Agency
Grandbridge Real Estate Capital provides the vital link
between complex market conditions and capital solutions.
As a national full-service leader in commercial and
multifamily finance, we combine our wide range of
capital sources with a knowledgeable and experienced
team to deliver results, deal after deal.
Our scope of services includes:
- Freddie Mac Program Plus ®
Seniors Housing and Targeted Affordable Housing
- Fannie Mae DUS ®
- FHA-insured Loans | MAP and LEAN
- Nearly 50 Insurance Companies
- CMBS | Institutional Investors | Pension Funds
- Proprietary Lending Platform | Structured Finance
- $25 Billion+ Loan Servicing Portfolio
To find the lending professionals in your area, visit
gbrecap.com/connect.
$5,200,000
Charlotte, nC
Office
64,637 Sq.Ft.
Acquisition
Insurance Company
$16,000,000
dublin, OH
Multifamily
238 Units
Refinance
Agency
$17,500,000
Virginia Beach, Va
Hospitality
160 Rooms
Refinance
CMBS
$10,500,000
Houston, tX
Office/Retail
49,461 Sq.Ft.
Refinance
CMBS
Atlanta | Birmingham | Charleston | Charlotte | Columbus | Dallas | Ft. Lauderdale | Greenville | Houston
Indianapolis | Jacksonville | Kansas City | Louisville | Madison | Milwaukee/Chicago | Minneapolis | Mobile
Naples | Norfolk | Pittsburgh | Raleigh | Tampa | Washington, D.C.
gbrecap.com/connect Loans are subject to credit approval.

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