Top 50 Largest Apartment Operators
Top 50 Largest Apartment Operators
Top 50 Largest Apartment Operators
2011
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N
ational Real Estate Investor is pleased to present the 22nd annual NMHC 50, the
National Multi Housing Council’s authoritative ranking of the nation’s 50 largest apart-
ment owners and 50 largest apartment managers. For more than two decades, the
NMHC 50 has been a key resource for industry observers. The top owner and manager lists,
and the analysis that accompanies them, have provided the only historical benchmark against
which to measure industry trends and concentration.
Based in Washington, D.C., the National Multi Housing Council provides leadership for the apart-
ment industry. NMHC’s members are the principal officers of the larger and more prominent
apartment firms and include owners, developers, managers, financiers and service providers.
The Council focuses on the four key areas of: federal advocacy; strategic business information;
industry research; and public affairs. Through its federal advocacy program, the Council targets
such issues as capital markets, housing policy, energy and environmental affairs, tax policy, fair
housing, building codes, technology, human resources, rent control and more.
For those interested in joining the apartment industry’s leadership, NMHC welcomes inquiries
to its Washington office at 202/974-2300, or you can visit NMHC’s web site at www.nmhc.org.
Contents
Introduction .................................................................................... 2
2011 Apartment Ownership ............................................................ 4
2011 Apartment Management ........................................................ 6
NMHC 50: “The Great Recovery” Following “The Great Recession”.... 8
A Familiar Face Returns to Multifamily ......................................... 16
New Faces .................................................................................... 19
Revisiting the Number Ones ......................................................... 22
National Multi Housing Council:
Join the Who’s Who in the Apartment Industry ............................ 25
NMHC Officers ............................................................................. 26
NMHC Board of Directors Executive Committee ........................... 26
NMHC Board of Directors............................................................. 32
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APARTMENTS WITH
2011 2010 CORPORATE OWNERSHIP INTEREST
RANK RANK COMPANY HEADQUARTERS OFFICER 2011 2010
4 2 SunAmerica Affordable Housing Partners, Inc. Los Angeles, CA Michael L. Fowler 141,113 147,087
10 8 The Richman Group Affordable Housing Corporation Greenwich, CT Richard Paul Richman 94,925 90,346
16 13 Edward Rose & Sons Farmington Hills, MI Warren Rose 56,025 55,958
19 J.P. Morgan Asset Management New York, NY Jean Anderson 52,304 52,754
20 17 WNC & Associates, Inc. Irvine, CA Wilfred N. Cooper, Jr. 52,134 50,332
22 19 Forest City Residential Group, Inc. Cleveland, OH Ronald A. Ratner 47,384 47,633
25 31 JRK Property Holdings, Inc. Los Angeles, CA Jim Lippman 43,900 41,400
APARTMENTS WITH
2011 2010 CORPORATE OWNERSHIP INTEREST
RANK RANK COMPANY HEADQUARTERS OFFICER 2011 2010
34 33 Sentinel Real Estate Corporation New York, NY John H. Streicker 35,000 35,709
38 38 Westdale Real Estate Investment & Management Dallas, TX Joseph G. Beard 32,592 31,632
42 47 Essex Property Trust, Inc. Palo Alto, CA Michael Schall 29,146 27,248
47 CB Richard Ellis Investors, LLC Los Angeles, CA Stephen J. Zaleski 26,748 22,564
1 3 Greystar Real Estate Partners, LLC Charleston, SC Robert A. Faith 187,360 153,819
13 13 Edward Rose & Sons Farmington Hills, MI Warren Rose 56,025 55,958
16 18 The ConAm Group of Companies San Diego, CA Brad Forrester 47,400 46,100
20 17 Westdale Real Estate Investment & Management Dallas, TX Joseph G. Beard 44,765 46,682
22 30 JRK Property Holdings, Inc. Los Angeles, CA Jim Lippman 41,900 39,400
30 27 Capstone Real Estate Services, Inc. Austin, TX James W. Berkey 36,884 37,675
32 31 Sentinel Real Estate Corporation New York, NY John H. Streicker 35,000 35,709
37 32 Forest City Residential Group, Inc. Cleveland, OH Ronald A. Ratner 34,096 34,658
45 41 The John Stewart Company San Francisco, CA Jack D. Gardner 30,534 29,989
46 49 Essex Property Trust, Inc. Palo Alto, CA Michael Schall 30,317 27,218
NMHC 50:
“The Great Recovery”
Following “The Great Recession”
By Mark Obrinsky, Vice President of Research and Chief Economist, National Multi Housing Council
OVERVIEW
E
xactly one year ago, this article was titled “Apartment Industry Challenged by Great Recession.” What
a difference a year makes. The apartment industry made a surprising recovery in 2010 from the
aforementioned recession. Like all commercial real estate sectors, apartments have traditionally been
a lagging industry, and the rather modest improvement in the economy had suggested a more muted pickup
in apartment demand. Instead, the popularity of renting increased to its highest level since 1998—with
the share of households who rent rising to 33.4 percent by year-end—and occupancy rates rose across the
country. Net absorptions were also strong and rents increased as well (though not yet enough to fully offset
the previous decline). The modest improvement in employment led to some “un-coupling” of households,
but demand was mainly fueled by new households being formed coupled with reduced resident turnover
(especially move-outs to homeownership).
Meanwhile, starts of new multifamily buildings remained at historically low levels, while completions—
which lag new starts—fell by 43 percent. They will likely set an all-time low in 2011. In large part this stems
from the continued difficulty in obtaining construction financing. The combination of a demand surge and
reduced new supply foreshadows further gains in occupancy and rents in the next two years. With other
commercial real estate sectors not as far along in their recovery, equity capital has shown increasing inter-
est in apartment investment; the Equity Financing Index in the January 2011 NMHC Quarterly Survey of
Apartment Market Conditions rose to a record high of 74, with the highest percentage ever (52 percent) of
respondents saying they had greater access to equity capital than late last year.
Transaction Boom
Not surprisingly, transaction volume rebounded as well, more than doubling to $31 billion. While still
a far cry from the condo conversion-fueled boom of 2005-2007, it’s a strong gain in the context of tighter
financing conditions. On the plus side, the debt finance markets also took a few steps toward a more normal-
ized environment, as life insurance companies got back into the market and even the CMBS market showed
signs of life. Still, the industry continues to rely heavily on the GSEs and FHA for support.
After being dragged down by 30 percent or more during the recession and financial crisis, apartment
property prices recovered substantial ground in 2010. Correspondingly, cap rates on apartments have come
down 50 basis points from the peak in mid-2009.
The total number of apartments owned by firms in the NMHC 50 owners list is 7.7 percent greater than
the number managed by the top 50 managers. The
mean and median portfolios among the owners are NMHC 50 PROFILE 2011
also larger than the mean and median management
portfolios. Nonetheless, the top management firm has Portfolio Size:
a larger portfolio than the top owner firm, and the No. of Apartments Owned 2,933,672
entry threshold for NMHC 50 managers is higher than No. of Apartments Managed 2,722,894
that for the NMHC 50 owners. Thirty-three firms on
the management list have at least 30,000, but fewer Minimum Entry Threshold:
than 50,000, apartments. By contrast, only 19 firms on No. of Apartments Owner 25,002
the owners list are in that range. No. of Apartments Managed 28,085
APARTMENT OWNERS
Largest Portfolio Growth Apartments Moving Up in Rank Slots
Hunt Companies, Inc. + 25,073 JRK Property Holdings, Inc. +6
GID Investment Advisers, LLC + 12,755 Essex Property Trust, Inc. +5
UDR, Inc. + 7,476 BH Equities LLC +4
National Equity Fund, Inc. + 6,638 Lindsey Management Co., Inc. +3
Centerline Capital Group + 5,100 UBS Realty Investors LLC +2
APARTMENT MANAGERS
There were fewer changes among the NMHC top 50 managers. Only two new firms made the list, and the same firms from
last year’s top ten made up the 2011 top ten as well, albeit with some changed rankings. The biggest change was the new
leader: on the strength of a sizable net increase
in its management portfolio (a gain of 33,541
apartments), Greystar Real Estate Partners, LLC
TOP 10 APARTMENT MANAGEMENT FIRMS
became the largest apartment manager in the Rank Company No. of
country. Riverstone Residential Group remained Apartments Managed
in the No. 2 slot, with last year’s biggest manage- 1 Greystar Real Estate Partners, LLC 187,360
ment firm, Pinnacle Family of Companies, now 2 Riverstone Residential Group 162,182
ranked No. 3. Lincoln Property Company (No. 3 Pinnacle Family of Companies 151,367
4) and Equity Residential (No. 5) switched places
4 Lincoln Property Company 133,425
from last year, as did WinnCompanies (No. 7) and
5 Equity Residential 129,604
Archstone (No. 8).
Besides Greystar, the biggest portfolio gainers 6 AIMCO 117,119
were newcomer CAPREIT, WinnCompanies and 7 WinnCompanies 84,817
The Laramar Group, LLC. Laramar was also the 8 Archstone 81,613
biggest mover in the management rankings, mov- 9 Camden Property Trust 63,498
ing up 19 places to the No. 24 slot. JRK Property 10 Bell Partners Inc. 60,182
Holdings, Inc. and McKinley, Inc. also moved up
the rankings ladder substantially.
One key characteristic of today’s apartment management landscape is the large number of similar-sized firms just outside
the top ten. The No. 11 firm (FPI Management, Inc.) manages 58,604 apartments, while the No. 50 firm manages 28,085 apart-
ments, a difference of 30,519. By comparison, the management portfolio of the top firm is 91,185 units larger than that of the
No. 10 firm. Another measure of just how tightly bunched the middle of the rankings list is: Gables Residential increased the
number of apartments under management (by 263 units), yet still fell in the rankings by 4 slots.
All but one firm among the 50 largest managers have market-rate apartments in their portfolios. Thirty-seven firms manage
NMHC 50 MANAGERS
Number of Apartments Managed 2011 2010 2009 2008 2007 2006
Top 10 1,171,167 1,195,881 1,224,042 1,194,108 1,106,880 1,051,603
Second 10 505,197 496,740 487,528 523,614 498,472 469,786
Top 25 1,885,014 1,890,933 1,915,170 1,930,162 1,810,315 1,703,865
Second 25 837,880 798,786 754,002 797,946 770,885 680,091
Top 50 2,722,894 2,689,719 2,669,172 2,728,108 2,581,200 2,383,956
APARTMENT MANAGERS
Largest Portfolio Growth Apartments Moving Up in Rank Slots
Greystar Real Estate Partners, LLC + 33,541 The Laramar Group, LLC + 19
CAPREIT, Inc. + 16,180 JRK Property Holdings, Inc. +8
WinnCompanies + 11,515 McKinley, Inc. +7
The Laramar Group, LLC + 11,013 Milestone Management, L.P. +4
Milestone Management, L.P. + 9,488 Asset Plus Companies +4
UDR, Inc. + 7,847
2,500
2,000
1,500
1,000
500
’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11
Top 10 Top 25 Top 50
APRIL 2011
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
METHODOLOGY
For the second straight year, the National Multi Housing Council partnered with Kingsley Associates to handle the NMHC 50 survey pro-
cess (though NMHC remains solely responsible for any errors). To compile the NMHC 50 lists, both organizations gather names of owners
and managers from as wide a range of sources as possible and contacts staff from each firm who complete the survey online. Over the years,
improved outreach and increased publicity associated with the rankings has resulted in more firms responding to the survey.
For the purposes of this survey, investment fund managers are treated as owners only if they retain substantial equity in the apartment
property or if they maintain effective responsibility and decision-making over the investment property. Similarly, tax credit syndicators and
franchisers are regarded as owners only if they retain a fiduciary responsibility. (When firms function strictly as advisers rather than investors,
they are not regarded as owners.)
The rankings do not distinguish between partial and full ownership. Some firms own sizable apartment properties through joint ventures
in which their share could range anywhere from 1 to 99 percent. Others are primarily the sole owners of their apartments. In principle, it would
be desirable to account for partial ownership—treating 50 percent ownership of 100 apartments as equivalent to full ownership of 50 units, for
example. In practice, it is not feasible to make such distinctions.
The survey excludes condominiums, cooperatives, hotel rooms, nursing homes, hospital rooms, mobile homes and houses with rental units.
Rental housing for seniors (age-restricted apartments) is included, although assisted living and congregate care facilities are not. Finally, since
we measure industry concentration by comparing the top 50 owners and managers against the nation’s entire apartment stock, only U.S. apart-
ments are included.
At times, a firm may debut on the NMHC 50 at a high level. Generally, this means the firm is responding to the survey for the first time,
rather than an indication of an outsized portfolio gain—although that, too, happens on occasion. Nonetheless, despite many improvements
and everyone’s best efforts, the process remains imperfect: it relies on both accurate reporting and surveying of the complete universe, both of
which can be fraught with problems.
There are two caveats in comparing the lists over time. First, the definition was refined in 2006 to eliminate those invest-
ment fund managers with neither substantial equity nor effective control over the investment property. Second, occasionally firms
that have previously been among the top 50 owners or managers have not responded to the NMHC survey. This year, both Crow
Holdings and GE Real Estate—firms that are likely large enough to make the ownership NMHC 50—declined to participate. As a
result, two other companies appear on the list that otherwise might not have been large enough. In addition, this affects the total
number of apartments owned by the top 50 firms, as well as other measures of concentration such as the mean and median portfo-
lio size. (Note that this did not affect the management list.) For these reasons, year-to-year comparisons must be made with great care.
______________________________________________________________________________
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A Familiar Face
Returns to Multifamily
He’s back.
March 8, 2010 was a landmark date for prominent real estate
investor Andrew L. Farkas — and arguably for the apartment sector
as well. The day marked Farkas’ return to apartment investment a
decade after selling his previous mega-portfolio.
Farkas’ return to the field was as splashy as his exit back in the
late 1990s.
Affiliates of the Island Capital investment organization that
Farkas heads on that day closed acquisitions of various assets of the
struggling Centerline Holding Co. These include the commercial
mortgage special servicing and mortgage-backed securities fund
management divisions now operating under Island’s C-III Capital
Partners unit. They also include a stake in fee-based multifamily
finance originations and servicing, tax-credit equity fund manage-
ment and related asset-management divisions still operating under
the Centerline Capital Group name, which ranks No. 2 on the
NMHC 50 Owners list.
In conjunction with the transaction, the Island Capital affiliate Andrew L. Farkas
known as Anubis Advisors, made up of key Island brain-trusters, Chairman and CEO of Island Capital
now acts as external management advisor to both Centerline and
C-III.
As was the case with his Insignia Financial Group back in the
late 1980s and early 1990s, Farkas now aims to build a large port-
folio of apartments and other assets by exploiting opportunities
related to financial distress in the income-property arena.
Farkas describes his re-entry into the multifamily field as repli-
cating Insignia’s strategy adapted for the prevailing environment.
But this time around he wants to gain control of assets by initially
targeting the debt side rather than picking up ownership interests
as he did back then.
as they did in the ’90s? Even after a decade away from the domestic
apartment sector — he’s been off acquiring yachting lifestyle des-
tinations and marinas around the globe — Farkas commands no
shortage of peer respect.
David Woodward, CEO of fast-growing apartment owner-oper-
ator Laramar Group, points to other notable investors who have
since emulated Farkas’ move by investing in large special servicers.
For instance, Cerberus Capital Management, Oaktree Capital
Management and Vornado Realty Trust helped recapitalize LNR
Partners’ parent company, and Fortress Investment Group bought
CWCapital.
“It seems everyone has their eye on Island as they’re determining
how to proceed” when it comes to controlling real estate through
special servicing rights and B-piece positions, Woodward adds.
“Farkas is known as a savvy player, so if the opportunity is there,
the thinking is he’ll find a way to make it work.”
The Centerline deal appears to give Farkas a promising combi-
nation of assets and platforms.
C-III took on special servicing responsibilities covering some
$110 billion in commercial mortgages held in 80-plus CMBS
securitizations. The transaction also brought Centerline’s former
position in subordinate “first loss” tranches, known as B-pieces, of
those CMBS bond issues, with combined face values of about $3.1
billion.
GROWTH STRATEGY
Where it makes economic sense and is in the best interests of
CMBS bond-holder trusts, the C-III
team will look to convert control
of those B-piece tranches into con-
trol of financially distressed apart-
ment properties and other real estate,
Farkas is quick to acknowledge.
Indeed, a primary component of
the near-term growth strategy entails
securing and exercising special-ser-
vicer options to acquire distressed
assets at independently calculated
“fair values” – but, again, just in
select cases where that’s the best reso-
lution for bond-holders.
“This gives us the opportunity to
make investments in defaulted assets,”
Farkas relates.
And it appears to be an attractive
environment to pursue that strat-
egy – again, given how far CMBS
conduit lenders stretched in funding
loans during the bubble years. A huge
amount of conduit loans originated
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APRIL 2011
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
New Faces
T
he 2011 NMHC 50 Managers roster features two firms that experi-
enced exceptional portfolio growth last year. CAPREIT, Inc. made
its splashy debut at No. 42 after more than doubling its portfolio to
31,000-some units. And Laramar Group moved up an impressive 19 slots to
No. 24 as its portfolio grew by some 11,000 units to more than 40,500.
However, Laramar’s and CAPREIT’s growth came via contrasting strate-
gies. Both reflect opportunities exploited by some of the savviest apartment
operators in the prevailing market. While Laramar grew piecemeal mostly
by taking over distressed properties for new clients, CAPREIT’s portfolio
expansion came via a particularly transformative transaction.
Laramar’s big jump is in great part a result of its strategic initiative
to handle more short-term apartment property management and related
engagements at distressed assets on behalf of lenders and special servicers, David Woodward
explains David Woodward, the company’s Denver-based Managing Partner Mananging Partner and CEO
and CEO. of the Laramar Group, LLC
And the strategy senior executives adopted a couple of years back paid
particularly large dividends in 2010. Laramar augmented its client roster
with some household-name lenders, such as Wells Fargo and Citigroup,
along with top-tier special servicers including LNR Partners, CWCapital,
C-III Capital and Midland Loan Services.
Laramar can also offer these customers services such as receiverships,
due diligence and the construction management frequently needed at
REOs and otherwise distressed prop-
erties. Indeed, Laramar is already act-
ing as receiver for properties totaling
upwards of 9,000 units in 12 states.
“And that part of the portfo- Ginkgo Residential is new in name only.
lio just continues to grow,” relates
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to stabilize occupancies, expenses and
income streams.
The initial wave of distressed prop-
erties included plenty of “thinly under-
written” D+ and C- assets, Woodward
recalls. But the latest distressed addi-
tions to Laramar’s portfolio are more
often in the B quality range, many of Communities in: A L A B A M A | F L O R I DA | G E O R G I A | M A RY L A N D | M I S S O U R I
N E VA D A | N O R T H C A R O L I N A | S O U T H C A R O L I N A | T E X A S | V I R G I N I A
them in reasonable operational shape
but with owners unable to fully refi-
nance maturing mortgages in the pre-
vailing credit environment, he adds.
Fortunately, the firm was well pre-
APRIL 2011
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
SYNDICATORS DOMINATE
TOP TIER
So even as the average size of the industry’s largest portfolios has generally
become smaller in recent years, it’s no great surprise to Goldstein and other pros
that syndicators have come to dominate the upper tier. Even though tax-credit equity
raising fell off during the recession, it became about the most reliable source of capital
amid the credit crunch.
Rounding out the leading quintet in addition to Equity Residential, Centerline
and stalwart Boston Capital (this is the 20th straight year that Boston Capital has
been in the top 10 of the NMHC 50 Owners) are No. 3 Boston Financial Investment
Management, LP at about 144,500 and SunAmerica Affordable Housing, Inc. at a bit
over 141,000.
Several other affordable specialists also ranked among the companies experiencing
the strongest growth over the course of 2010. These include No. 8 National Equity
Fund, Inc., whose portfolio grew by more than 6,600 units; No. 10 Richman Group
Affordable Housing Corporation (growth of more than 4,500 units); and No. 12
Alliant Capital, Ltd. (growth of nearly 5,000 units).
Another reason so many syndicators top the NMHC 50 Owners list is that tax-credit
compliance life-cycles tend to minimize rapid market-driven property and portfolio
dispositions, notes Ken Cutillo, Boston Financial’s CEO. Investors seeking full compli-
ance benefits need to stick with these investments for 15 years, he explains.
But compliance life-cycles during certain periods can likewise end up generating
growth in syndicator portfolios – as is the case today, adds Goldstein. A lot of investors
coming out of expiring compliance periods stemming from the deal-heavy mid-1990s
are now looking to redeploy capital into new tax-credit ventures, he explains.
Despite the recessionary decline in tax-credit equity raising, capital has still flowed
into affordable-housing ventures, Goldstein continues. Banks might be leery of real
estate lending, but they’re still motivated by Community Reinvestment Act obliga-
tions, he elaborates.
Boston Capital, Centerline Capital Group and Boston Financial Investment
Management, LP have all been working on sizable new tax-credit equity funds, pro-
ceeds of which will help them augment their respective portfolios. Boston Capital
closed a $305 million fund last October,
and Cutillo says Boston Financial is on
track to raise another $250 million to
$300 million this year. (Two years ago
JEN Partners and Real Estate Capital greystar.com
Partners acquired Boston Financial,
then known as MMA Financial, from
troubled Municipal Mortgage & NATIONAL PERSPECTIVE, LOCAL EXPERTISE...
Equity.)
Property Management
START-UP SYNDICATORS Seattle
Investment Management
COMPETE Boston
Property Accounting
Austin
been growing.
Indeed, a half-decade back, only half the companies ranked No. 11 through
No. 20 could boast 50,000 or more units. Today they all can.
Likewise, No. 21 through No. 30 owned roughly 33,000 to 43,000 apartments.
Today the comparables are 41,000 to 50,000. Nine of the 10 from No. 31 through
No. 40 held 30,000 or fewer units five years ago; today nine of the 10 own 30,000
or more.
And none of the companies ranked No. 41 through No. 50 owned more than
23,000 apartments five years ago. Today they hold between 24,000 and 29,000,
roughly.
As for those public REITs formerly holding the top slot, their respective leaders
see more productive days ahead – but not necessarily larger portfolios. Ken Cutillo
Considine reiterated that AIMCO’s brain trust continues striving to squeeze Chief Executive Officer
better operating margins out of the right-sized portfolio. of Boston Financial
“Our conventional same-store operating margin actually improved during the
Great Recession to better than 61 percent,” he said.
Added Bezzant: “We are recycling capital through the portfolio, and we have
aggressively focused (on) selling off the bottom of the portfolio.”
At Equity Residential, Neithercut stressed that as the company looks to grow
again through offensive-minded development ventures and strategic acquisi-
tions, the management team won’t hesitate to sell additional seasoned holdings
if offers are compelling.
Dispositions, in fact, will likely exceed acquisitions this year: with guidance
calling for some $1.25 billion of the former compared to $1 billion of the latter.
As for AIMCO’s plans: “We see more attractive investment opportunities
within our existing portfolio,” concludes Considine.
Terry Considine
Chairman and CEO of AIMCO
CB Richard Ellis was once again the leading market-maker for the
multi-housing industry in 2010. We’ve been the #1 investment sales apartment
broker for 10 years running**, and the only commercial real estate brokerage
with Fannie Mae, Freddie Mac and HUD FHA direct lending capabilities.
We continue to create value for investors as the most robust facilitator of
multi-housing capital markets transactions in the United States.
Former Chairmen
Kelley A. Bergstrom Douglas Crocker, II Richard L. Fore Mary Ann King Robert Sheridan
C. Preston Butcher Allen Cymrot Randolph G. Hawthorne Duncan L. Matteson, Sr. Geoffrey L. Stack
Ric Campo William H. Elliott Gary T. Kachadurian Richard L. Michaux Leonard W. Wood
Board of Directors
Executive Committee
Patti Fielding Patti Shwayder Marc E. deBaptiste Gary T. Kachadurian Charles E. Mueller, Jr.
AIMCO AIMCO Apartment Realty Apartment Realty Archstone
Denver, CO Denver, CO Advisors Advisors Englewood, CO
Boca Raton, FL Oak Brook, IL
R. Scot Sellers Sean J. Breslin Timothy J. Naughton David J. Olney Thomas Shuler
Archstone AvalonBay AvalonBay Berkshire Property Berkshire Property
Englewood, CO Communities, Inc. Communities, Inc. Advisors Advisors
Arlington, VA Arlington, VA Boston, MA Roswell, GA
Julie A. Smith Stephen Dominiak Constance B. Moore Laurie A. Baker Ric Campo
Bozzuto Management BRE Properties, Inc. BRE Properties, Inc. Camden Property Trust Camden Property Trust
Company Irvine, CA San Francisco, CA Houston, TX Houston, TX
Greenbelt, MD
John R. Williams Ron Zeff Brian F. Stoffers William T. Hyman John Larson
Carmel Partners, Inc. Carmel Partners, Inc. CBRE Capital Markets Centerline Capital Group Centerline Capital Group
San Francisco, CA San Francisco, CA Houston, TX New York, NY New York, NY
Executive Committee
Nathan S. Collier J. Andrew Hogshead Paul F. Earle Edward T. Wright Michael D. Berman
The Collier Companies The Collier Companies Colonial Properties Trust Colonial Properties Trust CWCapital
Gainesville, FL Gainesville, FL Birmingham, AL Birmingham, AL Needham, MA
Donald P. King, III Paul G. Kerr Jon D. Williams Alan W. George David J. Neithercut
CWCapital Davlyn Investments Davlyn Investments Equity Residential Equity Residential
Needham, MA San Diego, CA San Diego, CA Chicago, IL Chicago, IL
Susanne Hiegel Heidi McKibben Deborah Ratner-Salzberg Ronald A. Ratner Michael May
Fannie Mae Fannie Mae Forest City Forest City Residential Freddie Mac
Washington, DC Pasadena, CA Enterprises, Inc. Group, Inc. McLean, VA
Washington, DC Cleveland, OH
Michael F. McRoberts Susan Ansel David Fitch Stacy G. Hunt William C. Maddux
Freddie Mac Gables Residential Gables Residential Greystar Real Estate Greystar Real Estate
McLean, VA Dallas, TX Atlanta, GA Partners, LLC Partners, LLC
Houston, TX Charleston, SC
Laura A. Beuerlein Gary S. Farmer Mona Keeter Carlton Matthew Lawton Clyde P. Holland
Heritage Title Company Heritage Title Company HFF HFF Holland Partner Group
of Austin, Inc. of Austin, Inc. Dallas, TX Chicago, IL Vancouver, WA
Austin, TX Austin, TX
Robert D. Greer, Jr. C. Stephen Cordes Guy K. Johnson James H. Callard C. Preston Butcher
ING Clarion ING Clarion Partners Johnson Capital Klingbeil
g Capital
p Legacy Partners
Washington, DC New York, NY Irvine, CA Management/American
g Foster City, CA
Apartment Communities
Annapolis, MD
Executive Committee
W. Dean Henry J. Timothy Byrne Jeff B. Franzen John J. Kerin Martin T. Lanigan
Legacy Partners Lincoln Property Lincoln Property Marcus & Millichap Mezz Cap
Residential, Inc. Company Company Encino, CA Short Hills, NJ
Foster City, CA Dallas, TX Herndon, VA
Charles R. Brindell, Jr. Mary Ann King Thomas F. Moran Rick Graf Stan J. Harrelson
Mill Creek Residential Moran & Company Moran & Company Pinnacle Pinnacle
Trust LLC Irvine, CA Chicago, IL Dallas, TX Seattle, WA
Dallas, TX
David P. Stockert Jamie Teabo David Durning Dale H. Taysom Jerome Ehlinger
Post Properties, Inc. Post Properties, Inc. Prudential Mortgage Prudential Real Estate RREEF
Atlanta, GA Atlanta, GA Capital Company Investors Chicago, IL
Chicago, IL Atlanta, GA
Brian E. McAuliffe Michael P. Bissell Geoffrey L. Stack Kenneth J. Valach David R. Schwartz
RREEF SARES*REGIS Group SARES*REGIS Group Trammell Crow Waterton Associates,
Chicago, IL Irvine, CA Irvine, CA Residential L.L.C.
Houston, TX Chicago, IL
Gregory J. Lozinak Vincent R. Toye Alan Wiener Warren J. Durkin, Jr. Jay Jacobson
Waterton Residential Wells Fargo Multifamily Wells Fargo Multifamily Wood Partners, LLC Wood Partners, LLC
Chicago, IL Capital Capital Boca Raton, FL Boca Raton, FL
New York, NY New York, NY
James M. Krohn Bruce C. Ward Lauren A. Brockman Tim L. Myers Michael H. Godwin
Alliance Residential Alliance Residential Allied Realty Allied Realty Ambling Companies, Inc.
Company Company Services, Ltd. Services, Ltd. Valdosta, GA
Phoenix, AZ Phoenix, AZ Denver, CO Houston, TX
R. Ryan Holmes William C. Bayless, Jr. Rodrigo Lopez Scott G. Suttle Steve F. Hallsey
Ambling Companies, Inc. American Campus AmeriSphere Multifamily AmeriSphere Multifamily AMLI Management
Valdosta, GA Communities Finance, LLC Finance, LLC Company
Austin, TX Omaha, NE Bethesda, MD Chicago, IL
Gregory T. Mutz Kimberly J. Sperry Margette Getto Kevin Doyle Thomas P. MacManus
AMLI Residential Amstar Group, LLC Apartment Guide Apartments.com ARA Finance, LLC
Properties, L.P. Denver, CO Carrollton, TX Chicago, IL Boca Raton, FL
Chicago, IL
Roger H. Beless William S. Robinson Lin Atkinson Thuy Woodall Michael G. Miller
Archon Residential Archon Residential AT&T Connected AT&T Connected AUM
Irving, TX Irving, TX Communities Communities Oak Brook, IL
Atlanta, GA Atlanta, GA
Jonathan D. Bell Steven D. Bell John M. Cannon Mark W. Dunne John P. Manning
Bell Partners Bell Partners Berkadia Commercial Boston Capital Boston Capital
Greensboro, NC Greensboro, NC Mortgage Corporation Corporation
Horsham, PA Boston, MA Boston, MA
Board of Directors
Barden Brown Walter W. Miller Alexandra S. Jackiw Jerry Feldman Mark Sadosky
Brown Realty Advisors Brown Realty Advisors Buckingham Companies CallSource CallSource
Atlanta, GA Atlanta, GA Indianapolis, IN Westlake Village, CA Westlake Village, CA
David J. Adelman Miles H. Orth Ernest L. Heymann Richard L. Kadish Tyler Anderson
Campus Apartments Campus Apartments CAPREIT, Inc. CAPREIT, Inc. CB Richard Ellis, Inc.
Philadelphia, PA Philadelphia, PA Rockville, MD Rockville, MD Phoenix, AZ
Stephen J. Zaleski Steven Fayne Hal G. Kuykendall Francis J. Coen LaNitra Webb
CB Richard Ellis Citi Community Capital Citi Community Capital Clark Realty Colliers International
Investors, LLC San Francisco, CA Denver, CO Capital, L.L.C. USA Headquarters
Boston, MA Monterey, CA Boston, MA
Daniel J. Epstein J. Bradley Forrester Jerry Davis Jason Rosa David W. Snyder
The ConAm The ConAm Conservice Utility Continental Realty Continental Realty
Group of Companies Group of Companies Management & Billing Advisors, Ltd. Advisors, Ltd.
San Diego, CA San Diego, CA Logan, UT Littleton, CO Littleton, CO
James W. Harris Mark Higgins Brian Murdy William Bradford Blash Richard K. Devaney
CoreLogic SafeRent Cornerstone Real Estate Cornerstone Real Estate Crossbeam Capital LLC Crossbeam Capital LLC
Rockville, MD Advisers LLC Advisers LLC Bethesda, MD Bethesda, MD
Santa Monica, CA Hartford, CT
Dodge Carter Byron L. Moger Brian L. Dinerstein Anthony Schaffer Andrew K. Dolben
Crow Holdings Cushman & Wakefield The Dinerstein DIRECTV The Dolben
Dallas, TX Tampa, FL Companies El Segundo, CA Company, Inc.
Houston, TX Woburn, MA
Board of Directors
Deane H. Dolben Jack W. Safar Jon Segner Adam C. Breen Kellie Falk-Tillett
The Dolben Dominium Group, Inc. Dominium Group, Inc. DRA Advisors, LLC Drucker & Falk, LLC
Company, Inc. Plymouth, MN Plymouth, MN New York, NY Raleigh, NC
Woburn, MA
Daniel Haefner Miles Spencer Randy Churchey John M. O’Hara, Jr. Warren Rose
Drucker & Falk, LLC Eastdil Secured, LLC Education Realty Edward Rose & Sons Edward Rose & Sons
Raleigh, NC Washington, DC Trust, Inc. Farmington Hills, MI Farmington Hills, MI
Memphis,
p , TN
Richard N. Shinberg Les Zimmerman Robert L. Johnston Mark A. Fogelman Richard L. Fogelman
First Capital Realty, Inc. First Capital Realty, Inc. First Communities Fogelman Fogelman Properties
Bethesda, MD Bethesda, MD Atlanta, GA Management Group Memphis, TN
Memphis, TN
Wayne E. McDonald Phillip Weber Gina M. Dingman Frank Marro Linda Zeller
Forestar Group, Inc. Forestar Group, Inc. GDCRE, Inc. GE Real Estate Gerson Bakar &
Austin, TX Austin, TX Minneapolis, MN Alpharetta, GA Associates
San Francisco, CA
Philip S. Payne D. Scott Wilkerson John J. Gray, III James M. Bachner Mark Forrester
Ginkgo Residential Ginkgo Residential Grayco Partners LLC Heitman LLC Hendricks & Partners
Charlotte, NC Charlotte, NC Houston, TX Chicago, IL Phoenix, AZ
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A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
Don Hendricks Alan Patton Jeffrey A. Hirschfeld Scott A. Doyle Edward J. Pettinella
Hendricks & Partners Hines Hirschfeld Home Properties, Inc. Home Properties, Inc.
Phoenix, AZ Houston, TX Properties LLC Rochester, NY Rochester, NY
New York, NY
David Kapiloff
p Peter Katz Hessam Nadji Kevin A. Baldridge William N. Elam, III
Insgroup,
g p, Inc. Institutional Property
p y Institutional Property
p y The Irvine Company The JBG Companies
Houston, TX Advisors (A
( Marcus & Advisors (A
( Marcus & Apartment
p Chevy Chase, MD
Millichapp Company)
p Millichapp Company)
p y Communities ‘IAC’
Phoenix, AZ Walnut Creek, CA Irvine, CA
James A. Butz Gregory G. Lamb Richard J. High Jeffrey T. Morris Jubeen F. Vaghefi
Jefferson Jefferson John M. Corcoran Jones Lang LaSalle Jones Lang LaSalle
Apartment Group Apartment Group & Company Americas, Inc. Americas, Inc.
McLean,, VA McLean,, VA Braintree,, MA Orlando,, FL Miami,, FL
$18,500,000 $24,263,655
The Mansions at the Cascades (TX) Vista Verde at Coconut Creek (FL)
Fannie Mae MBS/DUS® Financing FHA 223(a)(7) Financing
Board of Directors
Cindy Clare John Falco Peggy Robinson Keith A. Harris David B. Woodward
Kettler Kingsley Associates Kingsley Associates The Laramar Group, LLC The Laramar Group, LLC
McLean, VA Atlanta, GA Atlanta, GA Chicago, IL Greenwood Village, CO
Peter P. DiLullo Thomas J. O’Brien Thomas Bacon Alison Dimick Thomas F. McCoy, Jr.
LCOR Incorporated LCOR Incorporated The Lionstone Group Malkhassian Lockton Companies, LLC
Berwyn, PA Berwyn, PA Houston, TX The Lionstone Group Denver, CO
Houston, TX
Charles M. McDaniel Joseph F. Mullen Nicholas Michael Ryan Gerald J. Haak Andrew R. Wiener
Lockton Companies, LLC Madison The Marquette MAXX Properties MAXX Properties
Denver, CO Apartment Group Companies Harrison, NY Harrison, NY
Philadelphia, PA Naperville, IL
GOLDEN
OPPORTUNITTY
Board of Directors
Michael C. McDougal Kenneth Lee W. Patrick McDowell Robert D. Lazaroff Bruce V. Michelson, Jr.
McDougal McDowell Properties McDowell Properties The Michelson The Michelson
Properties, L.C. San Francisco, CA San Francisco, CA Organization Organization
Lubbock, TX St. Louis, MO St. Louis, MO
H. Eric Bolton, Jr. Richard Furr Steve T. Lamberti Paul Harris Jeffrey Williams
MAA Milestone Group Milestone Management Moran & Company Moran & Company
Memphis, TN Dallas, TX Dallas, TX Dallas, TX Seattle, WA
Michael S. Morgan Sharon Fay John H. Helm Henry Nevins Richard Burns
The Morgan Group, Inc. MRI Software MyNewPlace Nevins*Adams*Lewbel*Schell The NHP Foundation
Houston, TX Highland Hills, OH San Francisco, CA Santa Barbara, CA New York, NY
NMHC 50
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
Kerry R. French Edward Padilla Robert A. Esposito Mike Radice Gene R. Blevins
NorthMarq Capital, Inc. NorthMarq Capital, Inc. NWP Services NWP Services Orion Real Estate
Houston, TX Minneapolis, MN Corporation Corporation Services
Pembroke Pines, FL Irvine, CA Houston, TX
Kirk H. Tate, CPM P. David Onanian Randall M. Paulson David R. Picerne Ronald G. Brock, Jr.
Orion Real Estate PAS Purchasing PAS Purchasing Picerne Real Pierce-Eislen, Inc.
Services, Inc. Solutions Solutions Estate Group Scottsdale, AZ
Houston, TX Houston, TX Plano, TX Phoenix, AZ
Herman Bulls D. Scott Bassin William Thomas Donna Preiss John W. Bray
Pillar Multifamily, LLC PNC Real Estate Booher The Preiss Company Primary Capital
Vienna, VA Pittsburgh, PA PNC Real Estate Raleigh, NC Advisors, LC
San Francisco, CA Atlanta, GA
Board of Directors
Faron G. Thompson John D. Millham Clayton A. Parker Joe Colon Bruce LaMotte
Primary Capital Prometheus Prometheus Protection 1 Security Providence Management
Advisors, LC Walnut Creek, CA San Mateo, CA Jacksonville, FL Company, L.L.C.
Atlanta, GA Chicago, IL
Alan Pollack Bruce Barfield Tammy Farley Dirk D. Wakeham Stephen T. Winn
Providence Management The Rainmaker Group The Rainmaker Group RealPage, Inc. RealPage, Inc.
Company, L.L.C. Alpharetta, GA Alpharetta, GA Carrollton, TX Carrollton, TX
Chicago, IL
Mark C. Beisler Howard S. Primer Brannan Johnston Tamela M. Coval Suzanne Lovelace
Red Mortgage RenaissancePG, LLC RentBureau, Rentwiki.com Rentwiki.com
Capital, LLC Knoxville, TN A part of Experian Atlanta, GA Atlanta, GA
Reston, VA Costa Mesa, CA
Through all market cycles, Fannie Mae has provided liquidity and financing to the multifamily market.
Our consistent leadership and experience delivers reliable, effective solutions that help lenders and
borrowers succeed. We bring significant, competitive advantages such as speed and certainty
of execution, flexible processes, competitive pricing, and strong credit risk management. Our DUS®
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© 2011 Fannie Mae. Fannie Mae®, DUS® and the Fannie Mae Logo are registered trademarks of Fannie Mae.
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
Terry S. Danner Ralph Daruns Kathryn Thompson Daniel McNulty David Evemy
Riverstone Rockhall Funding Corp. Rockhall Funding Corp. Rockwood Real Sarofim Realty Advisors
Residential Group Dallas, TX Dallas, TX Estate Advisors Dallas, TX
Dallas, TX New York, NY
James D. Scully Jr. Michael A. Scully W. Steve Gilmore Colm Macken Jeffrey K. Hettleman
Scully Company Scully Company Shea Properties Shea Properties Shelter Development,
Jenkintown, PA Jenkintown, PA Aliso Viejo, CA Aliso Viejo, CA LLC
Baltimore, MD
Marilynn K. Duker K. Brad Broyhill J. Robert Love Nancy Barton David Schwartzberg
The Shelter Group Simpson Housing LLLP Simpson Housing LLLP Stellar Advisors, LLC Stellar Advisors, LLC
Baltimore, MD Denver, CO Atlanta, GA Rockville, MD Rockville, MD
Michael E. Tompkins Wayne A. Vandenburg Russell A. Vandenburg David J. Ingram Jeffrey G. Maguire
TriBridge TVO Groupe LLC TVO North America UBS Realty UBS Realty
Residential LLC. Chicago, IL El Paso, TX Investors LLC Investors LLC
Atlanta, GA Hartford, CT Hartford, CT
Thomas W. Toomey Warren L. Troupe Geoffrey C. Brown Karen McCurdy Eric D. Cevis
UDR, Inc. UDR, Inc. USA Properties USA Properties Verizon Enhanced
Highlands Ranch, CO Highlands Ranch, CO Fund, Inc. Fund, Inc. Communities
Roseville, CA Roseville, CA Baskingg Ridge,
g NJ
Board of Directors
Jonathan Holtzman George S. Quay, IV Brendan Coleman Howard W. Smith, III Jack O’Connor
Village Green Companies Village Green Companies Walker & Dunlop Walker & Dunlop Weidner Property
Detroit, MI Detroit, MI Bethesda, MD Bethesda, MD Management LLC
Kirkland, WA
Tom P. Colich Donald J. Pierce, II Michael K. Hayde Stephan T. Beck Samuel Ross
Wesco Companies Wesco Companies Western National Whiteco Residential LLC WinnCompanies
Torrance, CA Torrance, CA Property Management Merrillville, IN Boston, MA
Irvine, CA
Lawrence H. Curtis Jeff Bosshard Ronald V. Granville Amy Gerritsen Greg West
WinnDevelopment Woodmont Real Woodmont Real Yardi Systems, Inc. ZOM Companies
Boston, MA Estate Services Estate Services Santa Barbara, CA Fort Lauderdale, FL
Belmont, CA Belmont, CA
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A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board
BoardofofDirectors
Directors (not pictured)
John Eifler Bess Matuszewski W. Michael Doramus W. Dean Weidner
The Marquette Companies MRI Software Sarofim Realty Advisors Weidner Property
Romeoville, IL Highland Hills, OH Dallas, TX Management LLC
Kirkland, WA
Tristan Thoma Michael R. Schell Robert Rosania
McDougal Nevins*Adams*Lewbel*Schell Stellar Management Charles W. Brammer, Jr.
Properties, L.C. Scottsdale, AZ New York, NY The Wilkinson Group, Inc.
Lubbock, TX Atlanta, GA
Melisa Hutson Joanne Luger
Albert M. Campbell Protection 1 Security Time Warner Cable Phillip R. Deguire
Mid-America Apartment Tampa, FL Herndon, VA The Wilkinson Group, Inc.
Communities, Inc. Atlanta, GA
Memphis, TN Thomas G. Smith Mike Mauseth
Prudential Real TransUnion/CreditRetriever Brigitta Eggleston
Carter Bechtol Estate Investors Greenwood Village, CO Yardi Systems, Inc.
The Morgan Group, Inc. Atlanta, GA Santa Barbara, CA
Houston, TX Steve Roe
David L. Goodman TransUnion/CreditRetriever Samuel C. Stephens, III
David Koffler Red Mortgage Greenwood Village, CO ZOM Companies
Morgan Properties Capital, LLC Orlando, FL
King of Prussia, PA Reston, VA Thomas Nugent
Verizon Enhanced Communities
Eric Gramberg Nicola Scheman Basking Ridge, NJ
Move RentBureau,
Westlake Village, CA A part of Experian
Costa Mesa, CA
Advisory Committee
AEW Capital Management L.P. Apartment Association, The Ashley Group Beecher Carlson
Iphigenia Demetriades California Southern Cities Stephen B. Ashley Michael Stern
Boston, MA Nancy J. Ahlswede Rochester, NY Atlanta, GA
Long Beach, CA
All Nation Renovation, Inc. Associated Estates Realty Beekman Advisors, Inc.
Ofer Manashe Apartment Finder Corporation Shekar Narasimhan
Houston, TX Marcia Bollinger Jeffrey I. Friedman McLean, VA
Lawrenceville, GA Richmond Heights, OH
Alliance Tax Advisors, LLC Bergstrom Investment
Tony J. Comparin The Apartment Group, Inc. Assurant Specialty Property Management, LLC
Irving, TX Jeffrey L. Price Brian Tribble Kelley A. Bergstrom
Miami, FL
Dallas, TX Kenilworth, IL
ALM
Michael G. Desiato Axiometrics Inc.
Apartment Realty Advisors Ronald G. Johnsey Berkshire Property
New York, NY Richard P. Donnellan, Jr. Advisors, LLC
Dallas, TX
Boca Raton, FL Kevin Mignogna
Altman Development San Diego, CA
Ballard Spahr Andrews
Corporation Apartment Realty Advisors
Joel L. Altman David K. Oelfke & Ingersoll, LLP
Allan R. Winn Berkshire Residential
Boca Raton, FL Houston, TX Development
Washington, DC
Steve Wood
American Seniors Apartment Trust of America Boston, MA
(Formerly Grubb & Ellis Barker Apartments
Housing Association David Barker
David S. Schless Apartment REIT) Beztak Companies
Jay Olander Iowa City, IA
Washington, DC Harold Beznos
Richmond, VA Farmington Hills, MI
The Bascom Group
AMSI, an Infor company Scott R. McClave
George Landgrebe Arbor Commercial BH Equities, LLC
Mortgage, LLC Irvine, CA
Tampa, FL Harry Bookey
Bonnie Habyan
Uniondale, NY BBVA Compass Des Moines, IA
Aon Risk Services, Inc. Jeffrey Journey
Kevin J. Madden Artemis Real Estate Partners Dallas, TX BlackRock Realty
New York, NY Richard Banjo Dale Gruen
Chevy Chase, MD Beacon Communities San Francisco, CA
Apartment Association of Howard E. Cohen
Greater Los Angeles Arthur J. Gallagher Boston, MA Bridge Investment Group
Charles A. Isham David Hayth Christian V. Young
Los Angeles, CA Clearwater, FL Murray, UT
Advisory
Board of Committee
Directors
BuildingLink.com LLC CEL & Associates, Inc. Cox, Castle & Nicholson LLP Equinox Search LLC
Zachary Kestenbaum Christopher Lee Amy H. Wells Peter V. Hall
New York, NY Los Angeles, CA Los Angeles, CA San Francisco, CA
Bury & Partners, Inc. CertainTeed Corporation Crescent Resources, LLC eREI, A RealPage Company
James B. Knight Peter Dachowski Todd M. Farrell Jon Tull
Austin, TX Valley Forge, PA Charlotte, NC Camarillo, CA
Butler Burgher Group Chicago Title CRIO, Inc. Essex Property Trust, Inc.
B. Diane Butler Konrad J. Kaltenbach, II Dan Freudenthal Jeff Rowerdink
Dallas, TX Dallas, TX West Palm Beach, FL Irvine, CA
Buyers Access CIBC World Markets Corp. Criterion Brock Facebook Marketplace
James Sweeney Andrew S. Fawer Kerri Silver Stephen Feltner
Denver, CO New York, NY Milwaukie, OR San Mateo, CA
Cagan Management CMS Companies Crown Advisors, Inc. Fair Collections &
Group, Inc. Richard T. Aljian John Cigna Outsourcing, Inc.
Jeffrey Cagan Wynnewood, PA Pittsburgh, PA Carol M. Bloom
Skokie, IL Beltsville, MD
Coastal Apartment Advisors Cushman & Wakefield
CallMaX James Sewell Marc D. Renard Faulkner Design Group, Inc.
David Clarke Hilton Head Island, SC Los Angeles, CA Adrienne Faulkner
Acworth, GA Dallas, TX
Columbia National Real Estate CWS Apartment Homes
CalPERS Finance, LLC Steven J. Sherwood FDC Management, Inc.
Cleon Pantell Roger Edwards Austin, TX Patrick M. Kelly
Sacramento, CA Washington, DC Anaheim, CA
Demmon Partners
Camp Construction Services Comcast Cable Roy E. Demmon, III First Centrum, LLC
Jeff Blevins Communications Palo Alto, CA Mark L. Weshinskey
Houston, TX William F. Revell Sterling, VA
Philadelphia, PA Deutsche Bank
Campus Televideo Berkshire Mortgage Flournoy Development
Brian Benz Compliance Depot Jeffrey C. Day Co., LLC
Greenwich, CT Lonnie Derden Irvine, CA Thomas H. Flournoy
Plano, TX Columbus, GA
CapitalSource The Distinguished
Chris Kelly Connexion Technologies Programs Group Foley & Lardner LLP
New York, NY Susan Knowles Christopher J. Volgenau Michael W. Hatch
Cary, NC Greenwood Village, CO Milwaukee, WI
Capstone Building Corp.
Charles Anthony Vick CONNOR Dover Realty Advisors For Rent Media Solutions
Birmingham, AL Patrick T. Connor Terry B. Schwartz Judith Gogol
Baltimore, MD Bingham Farms, MI Atlanta, GA
Captec Realty Capital
Patrick L. Beach The Connor Group The DZAP Group & LeaseLabs Fore Property Company
Santa Barbara, CA Lawrence S. Connor Dana Zeff Richard L. Fore
Centerville, OH San Diego, CA Washington, DC
CARES By Apartment Life
Kiley Haught Continental Properties E & S Ring FPL Advisory Group
Euless, TX Company Management Corporation Michael A. Herzberg
James H. Schloemer John H. Pringle Chicago, IL
Carter Haston Holdings, LLC Menomonee Falls, WI Culver City, CA
L. Marc Carter Franklin Capital Group
Nashville, TN Continental Realty ECI Group, Inc. Joseph E. Resende
Corporation Phil H. Carlock Alexandria, VA
Cassin & Cassin LLP Joseph M. Schapiro, III Marietta, GA
Joseph M. Cassin Baltimore, MD Franklin Street
New York, NY Edgewood Management Darron Kattan
Corcoran Jennison Companies Corporation Tampa, FL
CB Richard Ellis N.E. Marty Jones A. Scott Jones
Partners LP Boston, MA Germantown, MD Freeman Webb Inc.
Paul E. Donahue William H. Freeman
Boston, MA CORT Embrey Partners, Ltd. Nashville, TN
Mark Koepsell Walter M. Embrey, Jr.
CB Richard Ellis, Inc. Fairfax, VA San Antonio, TX G5
Malcolm McComb, III Bill Bliss
Atlanta, GA Cox Communications Entrepreneurial Properties Bend, OR
Shannon Boyle Corporation
Atlanta, GA Matthew V. Wherry
Newport Beach, CA
Advisory
Board Committee
of Directors
Gallagher Evelius Hathaway Properties, Inc. Ideal Realty Group KABA Multihousing
& Jones, LLP W. Michael Muggridge Allen Manesh & Institutional
Stephen A. Goldberg Atlanta, GA Potomac, MD Dale Mathias
Baltimore, MD Laguna Niguel, CA
HD Supply Ingersoll Rand
Gates, Hudson Michael J. Hendel Residential Solutions KET Enterprises
& Associates, Inc. San Diego, CA Eric Elsmore Thomas B. Wilkinson, IV
Patricia J.M. Blackburn Carmel, IN Houston, TX
Fairfax, VA Heartland Payment Systems
Christopher Weiss Inland American The Kislak Company, Inc.
GDC Properties, LLC Plano, TX Apartments Management Nancy Jacques
Gregg Shapiro Thomas P. McGuinness Woodbridge, NJ
Hawthorne, NY Hediger Enterprises Inc. Oak Brook, IL
Gary R. Hediger Korcett Holdings, Inc.
GE Real Estate Greenville, SC Instar Services Group Lisa K. Cortes
Dan Earle Johnnie Smith Austin, TX
Norwalk, CT Helix Funds LLC Troy, MI
David Helfand Kroll Factual Data
Gene B. Glick Company, Inc. Chicago, IL Institutional Property Damon Littlejohn
David O. Barrett Advisors (A Marcus & Loveland, CO
Indianapolis, IN Hendersen-Webb, Inc. Millichap Company)
Will Balthrope L&B Realty Advisors, LLP
Pamela F. Newland Dallas, TX
Goulston & Storrs Cockeysville, MD William L. Fulton
Steven Schwartz Investment Property Dallas, TX
Boston, MA Henderson Global Investors Associates, LLC
James G. Martha Jennifer Koster Langan Engineering and
Grace Hill, Inc. Hartford, CT Grand Haven, MI Environmental Services
Joseph Bailey Mark Devaney
Augusta, GA HFF ista Elmwood Park, NJ
William Miller Amanda Holden
Grand Peaks Properties Dallas, TX San Diego, CA LBK Management Services
Luke Simpson James D. Alexander
Denver, CO HFF J. Turner Research Irving, TX
G. Craig LaFollette Joseph Batdorf
Grandbridge Real Estate Houston, TX Houston, TX LeaseTerm Insurance
Capital LLC Group LLC
Thomas S. Dennard HHHunt J.P. Morgan Asset Walter D. Shealy, III
Charlotte, NC James R. King Management West Point, GA
Blacksburg, VA Jean M. Anderson
Greystone Servicing New York, NY LeasingDesk, a Division
Corporation Hills Property Management of RealPage, Inc.
Betsy Vartanian Russell Lykes JMG Realty, Inc. David Carner
New York, NY Cincinnati, OH T. Karlton Jackson Carrollton, TX
Atlanta, GA
Gross Builders Holland & Knight, LLP LeCesse Development
Gary L. Gross Christopher B. Hanback Johnson Development Corporation
Cleveland, OH Washington, DC Associates, Inc. Salvador F. Leccese
David Benjamin Graves Altamonte Springs, FL
Grubb & Ellis Company Humphrey Development, Inc. Spartanburg, SC
Ernest L. Brown Bethany H. Hooper LEDIC Management Group
San Antonio, TX Columbia, MD Jones Lang LaSalle Pierce Ledbetter
Americas, Inc. Memphis, TN
Guardian Management LLC Humphreys & Partners Peter Nicoletti
Thomas B. Brenneke Architects, L.P. Parsippany, NJ Legend Management
Portland, OR Mark Humphreys Group, LLC
Dallas, TX JPI Ruth G. Eisenhauer
Haley Real Estate Group Benjamin H. Montgomery McLean, VA
Daniel P. Clatanoff Hunt Companies Irving, TX
Omaha, NE Ryan W. Luxon LEM Mezzanine, Inc.
JPI
El Paso, TX Robert D. Page Jay J. Eisner
HandyTrac Systems Irving, TX Philadelphia, PA
John Lie-Nielsen Hunter Warfield, Inc.
Alpharetta, GA Todd Wahl JRK Birchmont Advisors Lerner Corporation
Tampa, FL Robert Lee Alan H. Gottlieb
Hanley Wood Los Angeles, CA Rockville, MD
Susan Piel Hyperion Realty
San Francisco, CA Dan Hopkins Jupiter Communities Lessard Group, Inc.
Dallas, TX LLC - RAIT John M. Jenkins
Harbor Group International Kellie Devilbiss Vienna, VA
Jordan E. Slone I.Q. Data International, Inc. Chicago, IL
Norfolk, VA Kenneth Stumbo
Everett, WA
Advisory Committee
Level One, a Mesirow Financial NTS Development Company Real Estate Board
RealPage Company Alasdair Cripps Gregory G. McDearmon of New York, Inc.
Ben Holbrook Chicago, IL Louisville, KY Steven Spinola
Greer, SC New York, NY
Metropolitan Properties Oak Grove Capital
LexisNexis Resident of America, Inc. Neil Cullen Real Estate Equities, Inc.
Screening Jeffrey J. Cohen Bethesda, MD Robert S. Bisanz
Pam Storm Boston, MA St. Paul,, MN
Alpharetta, GA Ocius LLC
Miles & Stockbridge PC James Rabinowitz Realty Center
The Liberty Group Justin C. Eller Chicago, IL Management, Inc.
Kenneth J. Bohan Baltimore, MD Curt Knabe
Houston, TX On-Site.com Los Angeles, CA
Milstein Properties Jake Harrington
LTVentures Howard P. Milstein Mountain View, CA RealtyCom Partners, LLC
D. Scott Lee New York, NY Annie Manfredi
Los Angeles, CA OpsTechnology, a Division Larkspur, CA
Minnesota Multi of RealPage
M/PF YieldStar Housing Association Sukhi Singh Recap Real Estate Advisors
Janine Steiner Jovanovic Mary Rippe San Francisco, CA Todd Trehubenko
Carrollton, TX Bloomington, MN Boston, MA
The P.B. Bell Companies
MAC Realty Advisors LLC Moen Incorporated R. Chapin Bell Rent Stabilization Association
Bruce Levin Aubri Mandelbaum Scottsdale, AZ Joseph Strasburg
Washington, DC North Olmsted, OH New York, NY
Pacific Life
Mac-Gray Services, Inc. Morrison, Ekre & Bart Insurance Company Rent.com
Kevin Fahey Management Services, Inc. John C. Mulvihill R b t JJohnson
Robert h
Waltham, MA Jodi Bart Newport Beach, CA Santa Monica, CA
Phoenix, AZ
Maintenance Supply Pacific Property Company RentGrow, Inc.
Headquarters Multi-Housing News Alfred V. Pace Michael J. Lapsley
Cary R. Wright Diana Mosher Palo Alto, CA Waltham, MA
Stafford, TX New York, NY
Passco Companies, LLC RentPayment
Manly & Stewart Multifamily Executive/ Gary Goodman Monte Jones
John C. Manly Hanley-Wood, LLC Irvine, CA Santa Monica, CA
Newport Beach, CA Shabnam Mogharabi
Washington, DC Penco, Inc. Resident Gifts LLC
Marchex Todd Pirtle Gregory H. Smith
Leigh McMillan Multifamily Realty Austin, TX Naperville, IL
Seattle, WA Advisors, LLC
Richard R. Cotton Penton Media Inc. ResidentCheck
Mark-Taylor Residential, Inc. Raleigh, NC Rich Santos Jorge Baldor
Dale Phillips New York, NY Dallas,, TX
Scottsdale, AZ NAI Global Multifamily Group
Art Carll Phoenix Realty Group Resite Online
Marvin F. Poer and Company Las Vegas, NV Alan Hirmes Ann Padgett
William L. DuBois New York, NY Norfolk, VA
Dallas, TX National Foundation
for Affordable Housing PPG Architectural Coatings Resource Investments
The Matteson Companies Solutions, Inc. Amy Mercante Limited, LLC
Duncan L. Matteson, Sr. Martin C. Schwartzberg Pittsburgh, PA Steven Zalkind
Palo Alto, CA Rockville, MD Pennsauken, NJ
Price Realty Corporation
Maxus Properties, Inc. NCC Business Services Michael J. Ochstein Resource Real Estate, Inc.
Michael P. McRobert of America, Inc. Addison, TX Yvana Melini
Kansas City, MO Irv Pollan Philadelphia, PA
Jacksonville, FL Property Solutions
Mayer Brown LLP International, Inc. Roberts Properties
Keith J. Willner Northland Investment Benjamin Zimmer Management, LLC
Washington, DC Corporation Provo, UT Charles S. Roberts
Lawrence R. Gottesdiener Atlanta, GA
Mercy Housing Newton, MA PropertyBridge, a
Brian Shuman MoneyGram Company Rockwood Capital LLC
Denver, CO NorthMarq Capital - Leslie Olsen Joel A. Moody
San Francisco Oakland, CA Los Angeles, CA
Meridian Capital Group, LLC Jeffery Weidell
Israel Schubert San Francisco, CA Real Capital Markets Sales, Inc.
Iselin, NJ Stephen J. Alter Rick Burkhalter
Carlsbad, CA Duluth, GA
Advisory Committee
SatisFacts Research, LLC Towne Properties Western National
Douglas J. Miller, Sr. Neil K. Bortz Realty Advisors
Lutherville, MD Cincinnati, OH Rex F. DeLong
Irvine, CA
Sawyer Realty Holdings LLC Transwestern
Gregg Clickstein Jon Kleinberg Westrope
Needham, MA Atlanta, GA David Brinkerhoff
Kansas City, MO
The Screening Pros, LLC Transwestern
Gary Glucroft Steven E. Pumper Williams Asset
Chatsworth, CA Dallas, TX Management, LLC
John A. Isakson
Screening Reports, Inc. The Tuckerman Group/SSgA Atlanta, GA
Timothy Fortner Charles J. Lauckhardt
Bensenville, IL Rye Brook, NY Willis
Brian Ruane
Shelter Corporation University Furnishings New York, NY
Lynn Carlson Schell Paul Dougan
Minnetonka, MN Dallas, TX Witten Advisors LLC
G. Ronald Witten
Sherman Residential Urdang & Associates Real Dallas, TX
Scott Gould Estate Advisors, Inc.
Deerfield, IL Mark B. Greco The Wolff Company
Plymouth Meeting, PA Tim Wolff
The Sherwin-Williams Co. Scottsdale, AZ
William G. Rafie USAA Real Estate Company
Cleveland, OH Hailey Ghalib Womble Carlyle Sandridge
San Antonio, TX & Rice, PLLC
Southeast Apartment Pamela V. Rothenberg
Partners, LLC Valet Waste, Inc. Washington, DC
Marc G. Robinson David Magrisso
Atlanta, GA Tampa, FL Wonderlic, Inc.
Tom Bowman
Sperry Van Ness Nevada LLC VARO, a BYL Company Libertyville, IL
David Baird Kristie Wetherbee
Las Vegas, NV West Chester, PA Worthing Southeast
Corporation
Sterling Trust VaultWare John A. Echols
Robert J. Thiebaut Michael E. Mueller Atlanta, GA
Atlanta, GA Scottsdale, AZ
WRH Realty Services, Inc.
Stewart Title Guaranty Velocity, a Division of J. Mark Rutledge
Regina L. Fiegel RealPage, Inc. Saint Petersburg, FL
Charlotte, NC Ashley Chaffin Glover
Carrollton, TX Ygnition Networks
Stratford Capital Group, LLC Brian Moorhead
John M. Nelson, IV Verizon Enhanced Houston, TX
Peabody, MA Communities
Douglas A. Barton
Summit Housing Partners Irving, TX
David P. Garcia
Montgomery, AL Visa, Inc.
David Weinshel
SureDeposit Wilmington, DE
Stuart Litwin
Livingston, NJ Waller Lansden Dortch
& Davis, LLP
Terra Search Partners J. Steven Kirkham
Matthew B. Slepin Nashville, TN
San Francisco, CA
Waypoint Residential
TGM Associates L.P. Scott J. Lawlor
Thomas J. Gochberg New York, NY
New York, NY
Westdale Asset Management
Timberland Partners Evan J. Griffiths
Robert L. Fransen Dallas, TX
Minneapolis, MN
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