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Multifamily Finance Blog
Last updated on Feb 19, 2023
6 min read
by Evelyn Jozsa

Top 10 Multifamily Developers of 2022

Multifamily starts experienced a 22.1% increase, climbing to 460,000 units, a level not seen since 1986, according to the NMHC.

In this article:
  1. A Close-Up on the 10 Largest Multifamily Developers in the U.S.
  2. 1. Greystar Real Estate Partners
  3. 2. Alliance Residential 
  4. 3. Mill Creek Residential 
  5. 4. Wood Partners 
  6. 5. Trammell Crow Residential 
  7. 6. DHI Communities
  8. 7. Bridge Investment Group 
  9. 8. Related Group 
  10. 9. The NRP Group 
  11. 10. Continental Properties Company 
  12. Related Questions
  13. Get Financing
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A Close-Up on the 10 Largest Multifamily Developers in the U.S.

Image by Danist Soh from Unsplash

Although the pandemic slowed down multifamily development activity in 2020, thanks to strong demand for rental homes across the country, activity picked up in 2021. According to the National Multifamily Housing Council (NMHC), multifamily permits climbed 27.4% to 566,500 in 2021, and at the same time multifamily starts experienced a 22.1% uptick, reaching 460,100 units — levels not seen since 1986.  

Below we ranked the largest developers across the U.S., using data from the NMHC. The 2022 ranking was created based on the number of units started in 2021. Most companies on the list have nearly doubled their development pipelines in 2021, or plan to do so this year, projecting continued growth in the future. Nonetheless, some challenges, including high inflation and higher interest rates, might put a damper on some multifamily projects in the near future. 

1. Greystar Real Estate Partners

After ranking as the nation’s number one property management company, Greystar came in as the country’s top multifamily developer, with 14,047 units broken ground in 2021. Despite material and labor shortages and rising costs, the firm's development pipeline had increased by 64% compared to 2020. 

The Charlotte, S.C.-based firm has a presence across the entire country, and its development portfolio includes student housing, senior living, mixed-use projects, and warehouses. Last October, the firm broke ground on its first high-rise development in downtown Chicago, a 21-story project encompassing 223 units at 166 N. Aberdeen St. The property is slated for completion by the first quarter of 2023.

2. Alliance Residential 

Headquartered in Scottsdale, Ariz., Alliance Residential is a multifamily developer, constructor, and investor, with a presence in 16 states and 39 metro areas across the U.S. Based on the number of units started in 2021, Alliance Residential is the second largest developer in the country. The company broke ground on 11,739 units last year, up from the 7,728 units started in 2020. 

In 2022, Alliance plans to kickstart around 15,000 multifamily units, however, labor availability, high inflation, and entitlement delays, among other challenges, are making it hard to execute this plan, Jay Hiemenz, president & COO of the company, said in an interview with Multifamily Executive. According to Hiemenz, the company’s focus this year is to further diversify its portfolio by focusing on attainable workforce housing, a largely unmet demand across the country. Alliance’s portfolio also includes senior housing and build-to-rent residential properties. 

3. Mill Creek Residential 

Mill Creek Residential broke ground on 7,283 multifamily units in 2021, up 26% compared to the units started in 2020 and 47% compared to the number of apartments started in 2019. The firm is focused on 26 core markets, targeting transit-oriented, in-fill, and suburban areas with access to employment opportunities and entertainment districts. Mill Creek also focuses on mixed-use developments and creating walkable cities. 

The Boca Raton, Fla.-based company developed three community brands, Alister, Modera, and Amavi — a new brand launched in 2022, focusing on single-family rental homes. 

4. Wood Partners 

The Atlanta-based Wood Partners started work on 7,242 units in 2021, significantly above the 5,178 units started in 2020. Since its inception, the company has been involved in the development of more than 79,000 homes with a combined value of around $14 billion. Wood Partners has a nationwide presence, with offices in New York City, Boston, Chicago, Orlando, Fla., and Washington, D.C. 

The firm’s development portfolio includes several luxury projects, including the 300-unit Alta Blue Goose in Austin, Texas, and the 350-unit Alta Filament in Charlotte, N.C. The company also has luxury properties underway in the Dallas - Fort Worth metro and Oceanside, Calif. 

5. Trammell Crow Residential 

As the fifth largest multifamily developer in the U.S., Trammell Crow Residential broke ground on 6,602 rental homes last year, more than double the 3,100 units started in 2020 and above the 5,011 units commenced pre-pandemic in 2019. The Dallas-based company has 14 offices across the country, including Atlanta, Boston, Denver, Los Angeles, and Miami. 

Although a developer of luxury apartments, Crow Holdings, the parent company of Trammell Crow Residential, has recently revealed an initiative to develop multifamily homes for middle-income residents across the country. Designed under the company’s Allora brand, the properties will target renters earning 80% to 120% of the Area Median Income. The company plans to build a portfolio worth around $1.5 billion. 

6. DHI Communities

Founded in 2015 and headquartered in Arlington, Texas, DHI Communities — an affiliate of D.R. Horton — has a presence in 12 states. Last year, the company broke ground on 4,723 units, significantly above the 2,150 units started in 2020. The company is focused on building properties in communities at different income levels, including affordable and luxury housing. NMHC also ranked DHI Communities as among the Top 25 Builders of 2022. 

7. Bridge Investment Group 

Bridge Investment Group added 4,677 units to its development portfolio last year. Similar to other development companies, Bridge Investment increased its construction pipeline compared to 2020, when the firm kickstarted merely 2,004 units. The new units started in 2021 is also significantly above the 2,138 unit started in 2019, demonstrating the strong need for rental homes and the increased confidence of developers and investors across the country. 

Bridge Investment is based in Sandy, Utah, and has offices in Atlanta, Ga., New York City, Orlando, Fla., and San Mateo, Calif. The firm is focused on market rate and affordable homes, as well as on senior housing, single-family rentals, and other commercial real estate buildings, such as medical properties, offices, and logistics. 

8. Related Group 

The Miami-based multifamily development company has a portfolio of more than 60 communities encompassing 25,000 units, including garden-style, mid-rise, and luxury properties. The company has also built, rehabilitated, and managed over 10,000 affordable homes and its portfolio also includes workforce housing in urban centers. 

In 2021, the firm broke ground on 4,532 units, slightly exceeding the 4,019 units started in 2020. Related currently has an established presence in the Southeast and has plans to expand its portfolio in major metro areas across the country. 

9. The NRP Group 

Founded in 1994, The NRP Group developed more than 53,000 units, including 24,000 affordable, 23,0000 market rate, and, 5,500 mixed-income apartments. The company has a total of $8.7 billion in real estate projects, which includes $3.1 billion in affordable housing. Last year, the company added 3,720 units to its construction pipeline, down from the 4,865 units in 2020. 

Nonetheless, the Cleveland, Ohio-based company plans to break ground on more than 6,000 units in 2022, surpassing all previous NRP multifamily construction starts in its nearly three-decade history. The developer will commence construction on 23 new affordable, market rate, and mixed-income communities during this year, accounting for a total of $1.9 billion in real estate investments. 

10. Continental Properties Company 

Since 2001, Continental has developed more than 30,000 apartments in 19 states. The Wisconsin-based company’s portfolio includes properties in Florida, Texas, Denver, Chicago, and Georgia, to name a few. In 2021, Continental broke ground on 3,625 units, significantly more compared to 2020, when the company started works on 1,670 units. 

Continental has recently celebrated the opening of Authentix Cottage Grove, a 288-unit community in Cottage Grove, Wis. The property is located at 200 E. Cottage Grove Road, within 14 miles of downtown Madison and near the University of Wisconsin.

Related Questions

What are the top 10 multifamily developers of 2022?

The top 10 multifamily developers of 2022, according to the National Multifamily Housing Council (NMHC), are:

  1. Greystar
  2. JPI
  3. Alliance Residential
  4. Trammell Crow Company
  5. The NRP Group
  6. Wood Partners
  7. LMC
  8. Related Group
  9. The Hanover Company
  10. AvalonBay Communities

For more information, please see this article from Multifamily.Loans.

What are the most successful multifamily development projects of 2022?

The most successful multifamily development projects of 2022 will depend on the market conditions and the developers' ability to secure financing. According to the National Multifamily Housing Council (NMHC), multifamily permits climbed 27.4% to 566,500 in 2021, and at the same time multifamily starts experienced a 22.1% uptick, reaching 460,100 units — levels not seen since 1986. The largest developers across the U.S. are ranked by the number of units started in 2021.

One of the largest developers is the Miami-based multifamily development company, Related Group. The company has a portfolio of more than 60 communities encompassing 25,000 units, including garden-style, mid-rise, and luxury properties. The company has also built, rehabilitated, and managed over 10,000 affordable homes and its portfolio also includes workforce housing in urban centers. In 2021, the firm broke ground on 4,532 units, slightly exceeding the 4,019 units started in 2020.

For more information on the top 10 multifamily developers of 2022, please visit this article.

What are the best financing options for multifamily developers in 2022?

The best financing options for multifamily developers in 2022 depend on the specific needs of the developer. Generally, the most common financing options for multifamily developers include:

  • Conventional loans
  • FHA loans
  • HUD loans
  • Bridge loans
  • Mezzanine loans
  • Equity financing

Conventional loans are typically the most popular option for multifamily developers, as they offer the most competitive interest rates and terms. FHA loans are also popular, as they offer more flexible terms and lower down payments than conventional loans. HUD loans are available for developers who are looking to purchase or refinance multifamily properties that are owned by the government. Bridge loans are short-term loans that are used to bridge the gap between the purchase of a new property and the sale of an existing property. Mezzanine loans are a type of loan that is secured by the equity in a property. Equity financing is a type of financing that is provided by investors who are willing to invest in a project in exchange for a share of the profits.

For more information on financing options for multifamily developers, please visit Multifamily.Loans.

What are the most important considerations for multifamily developers when selecting a financing option?

When selecting a financing option for multifamily development, the most important considerations are the property location, loan terms, loan type, and the lender's requirements.

The location of the property can affect the financing options available and the terms of the loan. Properties in certain areas may be eligible for certain programs or incentives. This guide provides more information on property location considerations.

The loan terms, such as the interest rate, loan amount, and repayment schedule, should also be taken into account when selecting a financing option. Different lenders may offer different loan terms, so it is important to compare different lenders to find the best option.

The loan type is also an important consideration. Different loan types, such as conventional loans, FHA loans, and bridge loans, have different requirements and benefits. This guide provides more information on loan types.

Finally, it is important to consider the lender's requirements. Different lenders may have different requirements for loan approval, such as credit score, income, and debt-to-income ratio. It is important to research the lender's requirements before applying for a loan.

What are the most common mistakes made by multifamily developers when financing a project?

The most common mistakes made by multifamily developers when financing a project are not understanding the different types of financing available, not having a clear plan for the project, not having enough capital to cover the costs of the project, and not having a good understanding of the local market.

When it comes to financing a multifamily project, it is important to understand the different types of financing available. Conventional loans are typically smaller and are best for residential properties with two to four units. Government-backed loans are typically larger and are best for commercial properties with five or more units. It is also important to have a clear plan for the project, including a budget and timeline. Additionally, it is important to have enough capital to cover the costs of the project, as well as a good understanding of the local market.

For more information on multifamily financing, please visit Multifamily.Loans.

What are the best strategies for multifamily developers to secure financing for a project?

The best strategies for multifamily developers to secure financing for a project depend on the type of financing they are looking for. For example, if they are looking for a loan to purchase a multifamily property, they may want to consider a conventional loan, FHA loan, or a bridge loan. If they are looking for financing to develop a multifamily property, they may want to consider a construction loan, mezzanine loan, or a joint venture.

Conventional loans are typically the most popular option for multifamily developers, as they offer competitive interest rates and terms. FHA loans are also a popular option, as they offer lower down payments and more flexible credit requirements. Bridge loans are short-term loans that can be used to purchase a multifamily property quickly, while construction loans are used to finance the development of a multifamily property. Mezzanine loans are a type of loan that is used to finance the purchase of a multifamily property, while joint ventures are used to finance the development of a multifamily property.

For more information on financing options for multifamily developers, you can check out this article from Multifamily.Loans and this article from Apartment.Loans.

In this article:
  1. A Close-Up on the 10 Largest Multifamily Developers in the U.S.
  2. 1. Greystar Real Estate Partners
  3. 2. Alliance Residential 
  4. 3. Mill Creek Residential 
  5. 4. Wood Partners 
  6. 5. Trammell Crow Residential 
  7. 6. DHI Communities
  8. 7. Bridge Investment Group 
  9. 8. Related Group 
  10. 9. The NRP Group 
  11. 10. Continental Properties Company 
  12. Related Questions
  13. Get Financing

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