The apartment sector continued its strong economic run last year, reflected in the National Multifamily Housing Council’s (NMHC) newly released 2018 NMHC 50—the authoritative ranking of the nation’s largest apartment owners, manager, developers, builders, and syndicators.
MAA (headquartered in Memphis, Tenn.) was the country’s largest apartment owner, with 99,792 apartment homes owned.
Greystar Real Estate Partners (headquartered in Charleston, S.C.) remained the largest apartment manager, with 418,475 apartments under management. Greystar also remained the top apartment developer with 5,651 apartments started in 2017.
Summit Contracting Group, Inc. (headquartered in Jacksonville, Fla.) took the spot as the nation’s top third-party apartment builder, starting 6,053 apartments in 2017.
Alden Torch Financial (headquartered in Denver) continued as the country’s largest apartment tax credit syndicator, with 162,123 apartments syndicated.
“Strong underlying demand and investment performance metrics continue to buoy the market,” said Mark Obrinsky, NMHC’s Senior Vice President of Research and Chief Economist. “While there may have been some signs of deceleration and market leaders have shifted strategies, the industry’s fundamentals remain robust.”
Additional industry and NMHC 50 highlights:
* 2,066,945: number of units collectively owned by the firms on the NMHC 50 top owners list, representing 10.1% of the total apartment stock in the U.S.
* 3,282,557: number of total units managed by the firms on the NMHC 50 top managers list, an all-time high and a 3.3% growth over last year.
* 95.1%: apartment occupancy rate in 2017, according to RealPage; this is slightly below the unusually high levels of the last few years, but well above the post-1999 average of 94.4%.
* 346,900: number of apartments completed in 2017, according to the Census Bureau—the highest level since 1989.
* 343,037: absorptions of apartments in 2017, the best year since 2000 by a wide margin.
* $152.7 billion: total multifamily transaction volume for 2017, according to Real Capital Analytics.
NMHC partners with Kingsley Associates, a leading real estate research and consulting firm, to conduct the research and analysis for the NMHC 50. All apartment owners, managers, developers, builders, and syndicators are invited to answer a survey questionnaire that asks about their prior year’s activities. Apartment owners, managers and syndicators are ranked based on their portfolio holdings (either owned, managed or syndicated) as of January 1, 2018, while developers and builders are ranked based on the number of apartment units started in 2017.
For more details about the NMHC 50, including historical information, visit nmhc.org/The-NMHC-50.
Related Stories
| Aug 11, 2010
Triangular tower targets travelers
Chicago-based Goettsch Partners is designing a new mixed-use high-rise for the Chinese city of Dalian, located on the Yellow Sea coast. Developed by Hong Kong-based China Resources Land Limited, the tower will have almost 1.1 million sf, which includes a 377-room Grand Hyatt hotel, 84 apartments, three restaurants, banquet space, and a spa and fitness center.
| Aug 11, 2010
Brooklyn's tallest building reaches 514 feet
With the Brooklyner now topped off, the 514-foot-high apartment tower is Brooklyn's tallest building. Designed by New York-based Gerner Kronick + Valcarcel Architects and developed by The Clarett Group, the soaring 51-story tower is constructed of cast-in-place concrete and clad with window walls and decorative metal panels.
| Aug 11, 2010
RMJM unveils design details for $1B green development in Turkey
RMJM has unveiled the design for the $1 billion Varyap Meridian development it is master planning in Istanbul, Turkey's Atasehir district, a new residential and business district. Set on a highly visible site that features panoramic views stretching from the Bosporus Strait in the west to the Sea of Marmara to the south, the 372,000-square-meter development includes a 60-story tower, 1,500 resi...
| Aug 11, 2010
'Feebate' program to reward green buildings in Portland, Ore.
Officials in Portland, Ore., have proposed a green building incentive program that would be the first of its kind in the U.S. Under the program, new commercial buildings, 20,000 sf or larger, that meet Oregon's state building code would be assessed a fee by the city of up to $3.46/sf. The fee would be waived for buildings that achieve LEED Silver certification from the U.
| Aug 11, 2010
Colonnade fixes setback problem in Brooklyn condo project
The New York firm Scarano Architects was brought in by the developers of Olive Park condominiums in the Williamsburg section of Brooklyn to bring the facility up to code after frame out was completed. The architects designed colonnades along the building's perimeter to create the 15-foot setback required by the New York City Planning Commission.
| Aug 11, 2010
U.S. firm designing massive Taiwan project
MulvannyG2 Architecture is designing one of Taipei, Taiwan's largest urban redevelopment projects. The Bellevue, Wash., firm is working with developer The Global Team Group to create Aquapearl, a mixed-use complex that's part of the Taipei government's "Good Looking Taipei 2010" initiative to spur redevelopment of the city's Songjian District.
| Aug 11, 2010
Recycled Pavers Elevate Rooftop Patio
The new three-story building at 3015 16th Street in Minot, N.D., houses the headquarters of building owner Investors Real Estate Trust (IRET), as well as ground-floor retail space and 71 rental apartments. The 215,000-sf mixed-use building occupies most of the small site, while parking takes up the remainder.
| Aug 11, 2010
Housing America's Heroes 7 Trends in the Design of Homes for the Military
Take a stroll through a new residential housing development at many U.S. military posts, and you'd be hard-pressed to tell it apart from a newer middle-class neighborhood in Anywhere, USA. And that's just the way the service branches want it. The Army, Navy, Air Force, and Marines have all embarked on major housing upgrade programs in the past decade, creating a military housing construction boom.
| Aug 11, 2010
Loft Condo Conversion That's Outside the Box
Few people would have taken a look at a century-old cigar box factory with crumbling masonry and rotted wood beams and envisioned stylish loft condos, but Miles Development Partners did just that. And they made that vision a reality at Box Factory Lofts in historic Ybor City, Fla. Once the largest cigar box plant in the world, the Tampa Box Company produced boxes of many shapes and sizes, spec...
| Aug 11, 2010
World's tallest all-wood residential structure opens in London
At nine stories, the Stadthaus apartment complex in East London is the world’s tallest residential structure constructed entirely in timber and one of the tallest all-wood buildings on the planet. The tower’s structural system consists of cross-laminated timber (CLT) panels pieced together to form load-bearing walls and floors. Even the elevator and stair shafts are constructed of prefabricated CLT.
