Boston Capital and Greystar Real Estate Partners LLC remained the nation's largest apartment owner and manager, respectively, for the third consecutive year, according to the National Multi Housing Council's (NMHC) new 2013 NMHC 50, the annual industry ranking of the top 50 apartment owners and managers nationwide.
According to the NMHC, the number of apartments owned by the Top 50 owners fell by 98,768 units compared with last year to a total of 2.9 million. By contrast, the number of apartments in the portfolios of the Top 50 managers grew by 6,719 units to 2.8 million – a record high for managers in the NMHC 50's 24-year history. Transaction volume for apartment properties rose almost 50% in 2012 to $85 billion, the highest level outside of the boom years of 2005-2007.
Although Boston Capital (with 155,521 units owned) and Charleston, S.C.-based Greystar Real Estate Partners (with 198,533 units managed) dominated their respective lists, El Paso, Texas-based Hunt Companies Inc. was the biggest mover and shaker on the NMHC 50, adding 28,385 units to its portfolio and climbing five ranks to the No. 2 spot on the owner list. Phoenix-based Alliance Residential Co. had the biggest unit growth on the manager list with 8,164 new units added to its portfolio.
‘Following the Great Recession, unsettled financial markets, combined with a still-weak job market and considerable uncertainty about near-term political and economic conditions, led many to think apartment investment was still too risky,’ says NMHC Vice President of Research and Chief Economist Mark Obrinsky. ‘But by year-end 2012, the real risk was getting in too late, not too early. Top firms looked to position themselves to meet the higher demand, resulting in increases in transaction volume and new apartment completions. Despite this pickup in apartment activity, the NMHC 50 owner and manager lists showed the kind of stability that characterizes mature industries.’
The complete rankings and detailed analysis are now online.