The Top 10 Multifamily Developers in the U.S.
With more than 300,000 multifamily units added in 2018 alone, the multifamily development industry is growing at a steady pace. And, whether you’re a multifamily real estate investor, a broker, or are a developer yourself, it’s essential to understand the overall market landscape-- and that means being familiar with all the major players in the game. Fortunately, at the beginning of this year, the National Multifamily Housing Council (NMHC), put together a list of the largest 25 apartment developers in the United States. We’ve taken the top 10 developers from that list, and provided some additional detail on each to help you better understand the state of the industry today.
Greystar Real Estate Partners
Company Profile: Based in Charleston, South Carolina, Greystar clocked in as the number one apartment developer in the U.S. in 2018. Starting in the early 1990s, CEO Bob Faith grew the firm from a small property management company to an international organization with more than 14,000 employees. In addition to developing and managing properties across the United States, Greystar has successfully expanded to Europe, Latin America, and China. As of mid-2018, Greystar had an impressive $26 billion of assets under management and managed nearly 500,000 residential units worldwide.
2018 Unit Starts: 5,651
Leadership: Robert A. Faith, Chairman and CEO
Mill Creek Residential
Company Profile: As the second largest apartment developer of 2018, Mill Creek Residential started over 5,000 units in communities across the country, with a specific emphasis on the West, Southwest, the Northeast. Mill Creek’s growth is especially impressive, considering the fact that the firm was founded in 2011, only 8 years ago.
2018 Unit Starts: 5,293
Leadership: William C. MacDonald, Chairman and CEO
Company Profile: Based in Atlanta, GA, Wood Partners is another relatively recent player in the multifamily industry, having been founded a little less than two decades ago. Today, the company has 20 offices around the United States in cities including New York City, Boston, Chicago, Orlando, and Washington, D.C. In the first quarter of 2019, the company opened new apartment communities in cities including Houston, Dallas, and Lakewood, Colorado.
2018 Unit Starts: 5,191
Leadership: Joe Keough, Chairman and CEO
Company Profile: Headquartered in Phoenix, AZ, Alliance Residential manages a $20 billion real estate portfolio, and specializes in investment, asset, and property management. The firm also specializes in REO purchases, bankruptcy trustee sales, risk management, recapitalizations, lease-up management, and marketing services. Alliance currently has over 3,500 employees and regional offices throughout the country, and is actively developing or managing projects in 20 states.
2018 Unit Starts: 5,170
Leadership: Bruce Ward, Chairman and CEO and V. Jay Hiemenz, President and COO
Lincoln Property Company
Company Profile: Since 1965, the Lincoln Property Company has worked on developing multifamily communities throughout the United States. The firm, based in Dallas, Texas, has a variety of specialties, including property construction and rehabilitation, environmental management, and national, regional, and local property management staffing for property owners and investors. Unlike many of the other developers on this list, Lincoln also has a strong emphasis on military housing, and currently has military housing communities in 10 states.
2018 Unit Starts: 5,002
Leadership: Tim Byrne, President and CEO
Trammell Crow Residential
Company Profile: Trammell Crow Residential is a subsidiary of the Trammell Crow Company, one of the largest commercial real estate development firms in the United States. The company, which is headquartered in Dallas, Texas, has more than four decades of experience in multifamily development and property management, and has developed more than a quarter of a million multifamily units across the United States
2018 Unit Starts: 3,863
Leadership: Kenneth J. Valach, President and CEO
Company Profile: LMC Residential, a subsidiary of Lennar, one of the country’s largest homebuilders, is focused on building high-quality apartment communities throughout the United States. In general, LMC focuses on developing communities in major and growing real estate markets, including Arizona, California, Florida, New York, North Carolina, Texas, Georgia, and New Jersey.
2018 Unit Starts: 3,742
Leadership: Todd Farrell, President and CEO
Continental Properties Company, Inc.
Company Profile: Continental Properties Company, Inc. was founded in 1979, and, since then, has become a major player in the apartment, retail, and hospitality development sectors. The firm, based in Menomonee Falls, Wisconsin, has developed properties in 24 states, including 79 apartment complexes and over 14 million sq. ft. of commercial and industrial property.
2018 Unit Starts: 3,140
Leadership: James H. Schloemer, CEO
Company Profile: JPI, based in Irving, Texas, has developed more than 340 apartment complexes across the United States, totalling more than 100,000 units. The company prides itself on being vertically integrated, with an in-house construction management division that serves as a general contractor on all development projects. JPI also specializes in asset management and project capitalizations, boasting long-term relationships with a variety of national CRE lenders and major banks.
2018 Unit Starts: 2,832
Leadership: Mark Bryant, Managing Partner and President
The Michaels Organization
Company Profile: Unlike most of the developers on this list, The Michaels Organization places a significant emphasis on both market-rate and affordable housing development. For more than four decades, the firm has partnered with cities, universities, and community groups to increase the supply of housing for those who need it the most. The company, based in Marlton, NJ, has developed approximately 400 communities, and, today, manages more than 50,000 units across the United States.
2018 Unit Starts: 2,768
Leadership: John J. O'Donnell, CEO