WASHINGTON, DC - The National Multifamily Housing Council has released its annual ranking of the 50 largest apartment owners and managers. Not surprisingly, the list reflects the upheaval the commercial real estate industry has gone through over the last 12 months. Factors, such as the decrease in home ownership, the popularity of renting and the favored status of apartments as an asset class can all explain the shape and types of players dominating this year‘s list, Mark Obrinsky, NMHC’s Chief Economist, tells GlobeSt.com.

Affordable housing providers, in the form of tax credit syndicators, are at the top, notably, Boston Capital (1), Centerline Capital Group (2); Boston Financial Investment Management, LP (3); and SunAmerica Affordable Housing Partners, Inc. (4). Conversely, REITs have reduced their ownership of these properties, with the number down to 10, from a high of 14 in 2005. Of these 10—only two companies—Equity Residential at number five and AIMCO at number seven - are publicly owned. 

This year, REITs are clocking in as owning the smallest share (3.4%) of the overall apartment market since 1997. Obrinsky observes that some of these firms have been on the list before and were reincarnated from former companies, pointing to Centerline, the erstwhile Charter Mac company. However, that trend is not specific to this year. “We had situations in the past where sometimes a top firm will exit the business,” he tells GlobeSt.com. “For instance Lend Lease in Australia sold off its entire multifamily portfolio a few years ago and went from being a top five firm to completely out of the business." 

According to NMHC, the five largest apartment managers in the country are Greystar Real Estate Partners; Riverstone Residential Group; Pinnacle Family of Cos.; Lincoln Property Company; and Equity Residential.