The Top 15 Apartment Management Firms of 2019
When it comes to owning or investing in multifamily real estate, hiring an effective and competent property management company is key. While there are many firms on the market, the industry is dominated by a group of major players. In fact, the top 10 apartment management companies in the U.S. collectively manage well over 1 million residential units. In this article, we’ll review the top 15 largest multifamily property managers in the United States, using information taken from the National Multifamily Housing Council (NMHC) 2018 Apartment Manager List.
1. Greystar Real Estate Partners:
With more than 415,000 units under management in 2018, Greystar Real Estate Partners is by far the largest property management company in the United States. Unlike some property management firms, Greystar also develops and invests in many of properties it manages. Currently, the company employs more than 12,000 people and has more than 30 offices worldwide. In addition, the firm has a reported $26 billion assets under management. Greystar was founded by CEO Robert A. Faith in 1994, and is headquartered in Charleston, SC.
2. Lincoln Property Company
Lincoln Property Company currently has more than 184,000 units under management, making it the second largest property management firm in the U.S. Like Greystar, Lincoln goes far beyond just property management, and is actively involved in property development, construction and rehabilitation. In addition, the company is highly involved in developing military housing across the U.S. Lincoln is headquartered in Dallas, Texas, and is currently headed by President and CEO Tim Byrne.
Pinnacle comes in at number three in the rankings for the largest property managers in the country, with 172,000 units under management. The company manages a diverse array of assets, including mixed-use properties, commercial properties, affordable developments, senior properties, and student housing. It also specializes in the turnaround of distressed assets and assisting in the management of HOAs and condo associations. Pinnacle is headquartered in Dallas, Texas, and is currently headed by President and CEO Rick L. Graf.
4. Alliance Residential
Not only is Alliance Residential one of the largest property managers in the U.S.-- it’s also one of the country’s largest developers, having started development on over 5,000 units during 2019. The firm currently manages more than $20 billion in assets, including nearly 100,000 across the 20 states. Alliance’s approximately 3,500 employees specialize in a diverse array of services, including asset management, apartment marketing, trustee sales, REO purchases and lease-up management. Alliance is headquartered in Phoenix, AZ and is currently headed by Chairman and CEO Bruce Ward and President and COO V. Jay Hiemenz.
4. FPI Management
FPI Management, founded in 1968, currently manages 115,000 units located in 14 states, including affordable housing, student housing, senior housing, and even single-family homes. The firm’s clients include builders, private investors, municipal agencies, builders, and institutions. FPI Management is headquartered in Folsom, CA, and is currently headed by CEO Dennis Treadway.
WinnCompanies manages over 100,000 properties in 22 states and Washington, D.C. In addition to managing properties, the firm is also a major multifamily developer with a specific emphasis on building and managing military housing. As an owner of multifamily real estate, the company focuses on both market-rate apartments and communities for seniors, as well as developing and retrofitting properties for maximum sustainability. WinnCompanies is headquartered in Boston, Massachusetts, and is currently headed by CEO Gilbert Winn.
Unlike most of the property management firms on this list, MAA, is a publicly traded REIT (real estate investment trust). MAA both manages and invests in apartment communities throughout the Southeast and Southwest United States. The company has engaged in a number of acquisitions throughout the last two decades, and, in December 2016, acquired Post Properties, greatly increasing MAA’s units under management. MAA is headquartered in Memphis, Tennessee, and is currently headed by Chairman and CEO H. Eric Bolton, Jr.
7. Apartment Management Consultants, LLC
Apartment Management Consultants, LLC currently manages more than 86,000 properties in 22 states. In addition to its property management services, the company is focused on providing investment management and asset accounting services to clients including partnerships, bbanks, insurance companies, and a variety of other institutional investors. Apartment Management Consultants, LLC is headquartered in Cottonwood Heights, Utah, and is currently headed by President Brenda Barrett Wright.
9. BH Management, LLC
BH Management, LLC, is a subsidiary of the BH companies, which provide a variety of real estate management and investment services for clients around the United States. Other important subsidiaries include BH Construction, which focuses on renovating and upgrading multifamily communities, BH Architecture and Design, which focuses on designing new apartment communities, and BH Equities, which helps investors underwrite and acquire properties via its developed capital markets experience and its strong relationship with lenders, brokers, and sellers. Right now, the company manages more than 67,000 properties around the U.S. BH Management, LLC is headquartered in Des Moines, Iowa, and is currently headed by Founder and Chairman Harry Bookey.
10. Equity Residential
Equity Residential, the 10th largest apartment manager in the U.S., currently has more than 78,000 units under management. Unlike some other management firms, Equity generally focuses on larger, more expensive markets, including New York City, Washington, D.C., San Francisco, Los Angeles, Boston, Seattle, San Diego, Orange County, Denver, and Fort Lauderdale, FL. Equity Residential is headquartered in Chicago, IL, and is currently headed by CEO David J. Neithercut.
11. AvalonBay Communities, Inc.
Like MAA, AvalonBay Communities, Inc., is a REIT (real estate investment trust), and has a distinct focus on both acquiring, developing, and managing apartment communities across the U.S. AvalonBay has a particular focus on properties in top markets, as well as rehabilitating and redeveloping properties to increase profitability for investors. AvalonBay also seeks to develop partnerships with retail property owners in order to facilitate the conversion of these properties into more profitable, mixed-use assets. AvalonBay Communities, Inc. is headquartered in Arlington, VA, and is currently lead by CEO Timothy J. Naughton.
12. The Bozzuto Group
The Bozzuto Group currently manages nearly 59,000 residential units across the United States. While the company is a major property manager, it also buildings and develops multifamily properties as well as single-family homes. In addition, The Bozzuto Group’s construction division has a secondary focus on building retail properties, as well as providing third-party construction management services. The Bozzuto Group is headquartered in Greenbelt, MD, and is currently headed by CEO Tony Bozzuto.
13. Hunt/LEDIC Realty Company Associates
The Hunt Companies is one of the largest diversified real estate services companies in the United States. In addition to its focus on property management, Hunt’s subsidiaries are involved in real estate lending, investment management, and global public infrastructure, including alternative energy investments. The Hunt Companies is headquartered in El Paso, Texas, and has more than 68,000 units under management. The firm is currently headed by CEO Chris Hunt.
14. Edward Rose and Sons
Edward Rose and Sons currently owns and manages nearly 62,000 apartment units. Like many of the other companies on this list, the firm is also a major property developer, with a focus on both multifamily, mixed-use, and single-family home development. The company has also expanded into the senior living sector with the creation of a new development, Rose Senior Living. Edward Rose and Sons is headquartered in Bloomfield Hills, Michigan, and is headed by CEO Warren Rose.
15. Starwood Capital Group
Starwood Capital Group is one of the largest real estate asset managers in the U.S., with more than $51 billion of assets under management. In addition to directly owning and managing multifamily real estate, the company also invests in debt, private equity, and hospitality properties around the United States. The firm’s residential portfolio was greatly expanded in 2016, when it purchased a portfolio of more than 23,000 multifamily units from Equity Residential. Starwood Capital Group is headquartered in Greenwich, CT, and is currently headed by CEO Barry S. Sternlicht.