A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
ational Real Estate Investor is pleased to present the 15th annual NMHC 50, the
N
National Multi Housing Council’s (NMHC) authoritative ranking of the nation’s 50
largest apartment owners and 50 largest apartment managers.
Based in Washington, D.C., the National Multi Housing Council represents the apartment industry and the nearly 15 million American households who live in an apartment.
NMHC’s members are the principal officers of the larger and more prominent apartment
firms and include owners, developers, managers and financiers. The Council operates a
joint legislative program with the National Apartment Association that targets such
issues as housing policy, multifamily finance, environmental affairs, tax policy, fair housing, building codes, technology, human resources, and rent control. In addition, NMHC
conducts apartment-related research, encourages the exchange of strategic business
information, and promotes the desirability of apartment living. For more than a decade,
the NMHC 50 has identified key trends in apartment ownership and management, becoming the definitive source for such information.
To ensure the 2004 NMHC 50 is as complete and accurate as possible, NMHC staff
gathered names of apartment owners and managers from a wide range of sources. A
senior officer from each firm was contacted for the information included in the rankings,
which are for properties owned or managed on January 1, 2004. Although membership in
the National Multi Housing Council is not required for inclusion in the survey, 87 percent
of the firms appearing in this year’s rankings are NMHC members. NMHC expresses appreciation to the industry leaders for their participation in this annual effort.
The NMHC 50 was compiled and analyzed by NMHC staff members Doug Bibby, Doris
Collins, Simona Diggs, Richard Levy, and Mark Obrinsky. The NMHC 50 tallies rental
apartments, including rental housing for seniors. Condominiums and cooperatives are
excluded, as are hotel rooms, nursing homes, hospital rooms, and mobile homes. Pension
fund advisory firms are listed only if they have direct ownership interests (as opposed to
interests as fiduciaries) or serve directly as property managers.
In addition to the NMHC 50 rankings and analysis of the results, this section includes
a listing of the officers and members of the National Multi Housing Council. NMHC staff
biographies round out the section.
For those interested in joining the apartment industry’s leadership, NMHC welcomes
inquiries to its Washington offices at 202/974-2300, or you can visit NMHC’s web site at
www.nmhc.org.
Supplement design and layout: Katja L. Adams
4 NMHC 50
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
2004 Ownership
NATIONAL MULTI HOUSING COUNCIL 50
(50 Largest U.S. Apartment Owners as of January 1, 2004)
APARTMENTS WITH
OWNERSHIP INTEREST
2004
2003
2004
RANK
2003
RANK
COMPANY
HEADQUARTERS
CORPORATE OFFICER
1
1
CharterMac
New York, NY
Stuart J. Boesky
309,292
275,831
2
2
Apartment Investment and Management Company
Denver, CO
Terry Considine
278,657
261,000
3
3
Equity Residential
Chicago, IL
Bruce W. Duncan
207,506
223,591
4
–
MMA Financial, LLC
Baltimore, MD
Mark K. Joseph
182,343
–
5
5
Boston Capital Corporation
Boston, MA
John P. Manning
129,660
118,000
6
6
SunAmerica Affordable Housing Partners, Inc.
Los Angeles, CA
Michael L. Fowler
127,000
117,000
7
7
Archstone-Smith
Englewood, CO
R. Scot Sellers
82,644
99,840
8
8
United Dominion Realty Trust, Inc.
Richmond, VA
Thomas W. Toomey
76,337
74,678
9
9
Lefrak Organization Inc.
Rego Park, NY
Richard LeFrak
71,000
71,000
10
12
Alliance Holdings, LLC
Chicago, IL
Andrew W. Schor
65,237
57,513
11
10
Sentinel Real Estate Corporation
New York, NY
John H. Streicker
62,008
63,775
12
4
Morgan Stanley
New York, NY
Phillip Purcell
53,525
–
13
14
Camden Property Trust
Houston, TX
Richard J. Campo
51,344
50,790
14
16
Edward Rose Building Enterprise
Farmington Hills, MI
Sheldon Rose
50,516
49,307
15
–
PNC MultiFamily Capital
Portland, OR
Don Giffen
48,687
–
16
18
The Richman Group Affordable Housing Corp.
Greenwich, CT
Richard P. Richman
48,211
46,500
17
17
Lincoln Property Company
Dallas, TX
J. Timothy Byrne
48,032
48,852
18
22
GE Real Estate
Stamford, CT
Michael Pralle
44,647
37,666
19
11
Whitehall Funds
New York, NY
Stuart Rothenberg
44,000
59,239
20
20
AvalonBay Communities, Inc.
Alexandria, VA
Bryce Blair
41,237
39,807
21
15
Home Properties, Inc.
Rochester, NY
Edward J. Pettinella
40,946
49,837
22
21
Fairfield Residential LLC
San Diego, CA
Christopher E. Hashioka
38,906
39,126
23
27
Wachovia
Charlotte, NC
Ken Thompson
38,014
31,481
24
24
Forest City Enterprises, Inc.
Cleveland, OH
Charles A. Ratner
37,350
36,244
25
23
Milstein Properties
New York, NY
Howard P. Milstein
37,000
37,000
6 NMHC 50
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
COMPANY
HEADQUARTERS
CORPORATE OFFICER
APARTMENTS WITH
OWNERSHIP INTEREST
2004
2003
25
Mid-America Apartment Communities, Inc.
Memphis, TN
H. Eric Bolton, Jr.
35,734
33,923
27
42
The Michaels Development Company
Marlton, NJ
Michael J. Levitt
34,662
24,000
28
29
WNC & Associates, Inc.
Irvine, CA
Wilfred N. Cooper, Jr.
32,002
30,813
29
32
UBS Realty Investors LLC
Hartford, CT
James W. O’Keefe, Jr.
30,502
30,129
30
28
Colson & Colson/Holiday Retirement Corp.
Salem, OR
William E. Colson
30,306
30,989
31
26
WMC Management Company, LLC
Addison, TX
John Bartling
30,093
31,985
32
35
Raymond James Tax Credit Funds, Inc.
St. Petersburg, FL
Ronald M. Diner
29,789
26,703
33
30
Post Properties, Inc.
Atlanta, GA
David P. Stockert
28,801
30,317
34
33
AMLI Residential Properties Trust
Chicago, IL
Allan J. Sweet/Philip N. Tague
28,600
29,000
35
–
Picerne Real Estate Group
Warwick, RI
David R. Picerne
27,977
20,768
36
36
Security Properties, Inc.
Seattle, WA
John M. Orehek
26,522
26,522
37
44
Essex Property Trust, Inc.
Palo Alto, CA
Keith R. Guericke
26,012
23,699
38
34
CRI, Inc.
Rockville, MD
William B. Dockser
25,951
28,000
39
40
The Irvine Company Apartment Communities
Newport Beach, CA
Max Gardner
25,895
24,227
40
42
Kushner Companies
Florham Park, NJ
Charles Kushner
25,000
24,000
41
31
Trammell Crow Residential
Atlanta, GA
J. Ronald Terwilliger
24,071
30,210
42
37
CLK Management Corp.
Great Neck, NY
Craig Koenigsberg
23,908
25,341
43
47
Southern Management Corporation
Vienna, VA
David H. Hillman
23,900
22,854
44
46
BRE Properties, Inc.
San Francisco, CA
Frank C. McDowell
23,469
22,859
45
48
Cornerstone Realty Income Trust, Inc.
Richmond, VA
Glade M. Knight
23,189
21,618
46
39
Prudential Real Estate Investors
Parsippany, NJ
Charles F. Lowrey
23,114
24,390
47
45
Gables Residential Trust
Boca Raton, FL
Chris D. Wheeler
22,887
23,495
48
–
Aspen Square Management
West Springfield, MA
Harold Grinspoon
22,402
19,984
49
49
American Management Services (dba Pinnacle)
Seattle, WA
Stan J. Harrelson
21,384
21,542
50
–
The ConAm Group of Companies
San Diego, CA
Daniel J. Epstein
20,600
21,163
2004
RANK
2003
RANK
26
APRIL 2004
NMHC 50 7
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
2004 Management
NATIONAL MULTI HOUSING COUNCIL 50
(50 Largest U.S. Apartment Managers as of January 1, 2004)
2004
RANK
2003
RANK
1
1
Apartment Investment and Management Company Denver, CO
Terry Considine
239,875
309,000
2
2
Equity Residential
Chicago, IL
Bruce W. Duncan
209,124
219,337
3
3
American Management Services (dba Pinnacle)
Seattle, WA
Stan J. Harrelson
125,136
115,001
4
5
Lincoln Property Company
Dallas, TX
J. Timothy Byrne
110,236
101,683
5
4
Archstone-Smith
Englewood, CO
R. Scot Sellers
82,644
109,990
6
7
United Dominion Realty Trust, Inc.
Richmond, VA
Thomas W. Toomey
76,804
72,972
7
8
Lefrak Organization Inc.
Rego Park, NY
Richard LeFrak
71,000
71,000
8
6
Trammell Crow Residential
Atlanta, GA
J. Ronald Terwilliger
70,966
74,467
9
10
Alliance Holdings, LLC
Chicago, IL
Andrew W. Schor
63,519
57,513
10
9
Sentinel Real Estate Corporation
New York, NY
John H. Streicker
62,008
63,775
11
–
Wachovia
Charlotte, NC
Ken Thompson
60,218
–
12
17
Greystar Real Estate Partners, LLC
Charleston, SC
Robert A. Faith
55,488
45,191
13
12
Fairfield Residential LLC
San Diego, CA
Christopher E. Hashioka
54,684
53,299
14
13
Camden Property Trust
Houston, TX
Richard J. Campo
52,629
52,075
15
18
Gables Residential Trust
Boca Raton, FL
Chris D. Wheeler
51,310
44,859
16
15
Edward Rose Building Enterprise
Farmington Hills, MI
Sheldon Rose
48,258
47,049
17
14
Home Properties, Inc.
Rochester, NY
Edward J. Pettinella
48,080
51,905
18
16
ConAm Group of Companies
San Diego, CA
Daniel J. Epstein
46,000
45,836
19
19
WinnResidential
Boston, MA
Samuel Ross
44,570
42,862
20
20
AvalonBay Communities, Inc.
Alexandria, VA
Bryce Blair
41,338
39,908
21
11
Whitehall Funds
New York, NY
Stuart Rothenberg
39,000
53,761
22
22
Milstein Properties
New York, NY
Howard P. Milstein
37,000
37,000
23
23
Mid-America Apartment Communities, Inc.
Memphis, TN
H. Eric Bolton, Jr.
35,734
33,923
24
21
WMC Management Company, LLC
Addison, TX
John Bartling
34,741
39,595
25
25
LEDIC Management Group, Inc.
Memphis, TN
Jeffrey L. Kelly
32,786
32,866
8 NMHC 50
COMPANY
HEADQUARTERS
CORPORATE OFFICER
APARTMENTS MANAGED
2004
2003
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
2004
RANK
2003
RANK
26
APARTMENTS MANAGED
2004
2003
COMPANY
HEADQUARTERS
CORPORATE OFFICER
24
Colson & Colson/Holiday Retirement Corp.
Salem, OR
William E. Colson
31,541
32,889
27
42
Picerne Real Estate Group
Warwick, RI
David R. Picerne
31,318
23,371
28
32
Westdale Asset Management
Dallas, TX
Joseph G. Beard
30,383
26,742
29
27
AMLI Residential Properties Trust
Chicago, IL
Allan J. Sweet/ Philip N. Tague 29,900
29,600
30
–
The Michaels Development Company
Marlton, NJ
Michael J. Levitt
29,549
20,457
31
34
Lane Company
Atlanta, GA
George H. Lane, III
29,468
26,484
32
29
Alliance Residential Company
Phoenix, AZ
Bruce C. Ward
29,174
28,402
33
36
BH Management Services, Inc.
Dallas, TX
Laurie Lyons
28,833
25,712
34
28
Legacy Partners Residential, Inc.
Foster City, CA
C. Preston Butcher
28,816
29,567
35
26
Post Properties, Inc.
Atlanta, GA
David P. Stockert
28,801
30,317
36
31
Village Green Companies
Farmington Hills, MI
Jonathan Holtzman
27,285
27,217
37
35
FPI Management Inc.
Folsom, CA
Dennis Treadaway
27,064
26,069
38
41
Essex Property Trust, Inc.
Palo Alto, CA
Keith R. Guericke
26,012
23,699
39
39
The Irvine Company Apartment Communities
Newport Beach, CA
Max Gardner
25,895
24,227
40
30
Simpson Housing Limited Partnership
Denver, CO
Donald A. Simpson
25,799
27,833
41
40
Kushner Companies
Florham Park, NJ
Charles Kushner
25,000
24,000
42
37
Associated Estates Realty Corporation
Richman Heights, OH Jeffrey I. Friedman
24,351
25,174
43
49
The Shelter Group
Baltimore, MD
Arnold I. Richman
24,193
22,405
44
38
Forest City Enterprises, Inc.
Cleveland, OH
Charles A. Ratner
24,015
24,667
45
–
Capstone Real Estate Services, Inc.
Austin, TX
James W. Berkey
23,952
20,319
46
48
Southern Management Corporation
Vienna, VA
David H. Hillman
23,900
22,854
47
46
Western National Property Management
Irvine, CA
Michael K. Hayde
23,780
22,995
48
–
SSR Realty Advisors, Inc.
Morristown, NJ
Frederich Lieblich
23,665
17,948
49
–
Corcoran Jennison Companies
Boston, MA
Marty Jones
23,636
22,104
50
47
BRE Properties, Inc.
San Francisco, CA
Frank C. McDowell
23,469
22,859
APRIL 2004
NMHC 50 9
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
NMHC 50: A Stable Industry in Turbulent Times
By Mark Obrinsky, Vice President of Research and
Chief Economist, National Multi Housing Council
OVERVIEW
y all accounts, apartment transactions set a new record in
2003. Among the many catalysts was the increased flow of
private capital into the industry, spurred by both the extraordinarily low cost of debt finance and by investor desire to increase
portfolio exposure to apartments (as well as to other real estate
assets). One might suppose, therefore, that the NMHC 50 would
be in for something of a shakeup this year, roiling the waters of
what has become a fairly tranquil pool of top apartment owners
and managers over the last five years. Moreover, as REITs are
unable to take as great advantage of leverage as private buyers, it
would seem reasonable to assume that they would lose ground in
the NMHC 50.
B
NMHC 50 PROFILE 2004
Portfolio Size:
No. of Apartments Owned
No. of Apartments Managed
2,880,869
2,462,947
Minimum Entry Threshold:
No. of Apartments Owned
No. of Apartments Managed
20,600
23,469
Surprisingly, that turns out not to be the case: changes among
the top 50 owners and managers are no greater than usual this year.
While there were a couple of high-profile portfolio transfers
involving some important players, most of the changes wrought by
this unusual environment clearly took place among smaller firms,
partnerships, and individuals. The trend toward greater concentration — through gradual, occasionally interrupted evolution,
rather than through sweeping changes — remains in place. In all
likelihood, these are hallmarks of a more mature, stable industry.
The top 50 largest apartment owners increased their holdings
APARTMENT OWNERS
THE LEADERS
Stability was in evidence at the top, as eight of this
year’s top 10 firms were also in the top 10 last year. In
fact, 8 of this year’s top 10 firms were in the top ten 5
years ago, on the 1999 NMHC 50. CharterMac (which
purchased Related Capital Company, last year’s No. 1
owner) took the top spot among NMHC 50 owners
with an ownership interest in 309,292 apartments.
This is the first time any firm has owned more than
300,000 apartments. Apartment Investment and
Management Company (AIMCO), which also grew
substantially, remained number two with 278,657
apartments. This is the second-highest total ever
by 3.9 percent compared with last year’s survey, and as of
January 1, 2004, the top 50 owners had an ownership interest in
2.88 million apartments, just under 18 percent of the nation’s
16.2 million apartments.1 This is virtually identical to the longterm average annual gain and signals a sharp rebound from last
year’s survey, when the growth rate was less than half of one percent. As has consistently been the case, the increase was concentrated at the top, as the 10 largest firms increased their apartment
holdings by more than 6 percent. For the 25 largest owners, the
increase was 4.4 percent, while the second 25 firms saw total
apartments owned increase by about 2 percent.
Despite the inflow of private capital into the apartment industry in 2003, two of the top three places in the ownership rankings
continue to be held by REITs, and there are a total of 14 public
REITs on the owner NMHC 50. Eight of those companies actually increased their holdings, while six showed a net decrease in
the number of units owned. The total number of units owned by
public REITs declined, but this was accounted for entirely by dispositions of two of the largest apartment REITs. REITs own 34
percent of the total holdings of the NMHC 50, a small decline
from last year’s share of 35 percent, but a pickup from their 33
percent share of two years ago.
As for management, the top 50 apartment managers operate a
total of 2.46 million units, down slightly from last year’s 2.48 million figure. Management remains somewhat less concentrated
than ownership: the management NMHC 50 handle 15 percent
of the nation’s apartment stock.
Although the list of top apartment managers is dominated by
firms that are also among the top apartment owners, there are still
many property management specialists among the management
NMHC 50. In addition, there are a number of firms that appear
on both lists, but manage far more apartments than they own.
TOP 10 APARTMENT OWNER FIRMS
Rank Company
1
2
3
4
5
6
7
8
9
10
CharterMac
Apartment Investment and Management Company
Equity Residential
MMA Financial, LLC (MuniMae)
Boston Capital Corporation
SunAmerica Affordable Housing Partners, Inc.
Archstone-Smith
United Dominion Realty Trust, Inc.
Lefrak Organization Inc.
Alliance Holdings, LLC
No. of
Apartments with
Ownership Interest
309,292
278,657
207,506
182,343
129,660
127,000
82,644
76,337
71,000
65,237
The apartment stock is defined as the total number of apartments in structures with at least five units.
1
10 NMHC 50
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
NMHC 50 OWNERS
Number of Apartments Owned 2004
Top 10
Second 10
Top 25
Second 25
Top 50
Portfolio Size Measures
Mean
Median
No. 1 firm
No. 50 firm
Share of National
Apartment Stock (%)
Top 10
Top 50
2003
2002
2001
1999
1998
1997
1996
1995
1,529,676 1,441,422 1,394,962 1,283,194 1,238,300 1,097,072 924,461 838,572 803,198 793,215
492,207 494,490 513,167 496,451 462,358 463,533 434,269 413,548 407,991 403,543
2,214,099 2,119,871 2,100,392 1,959,669 1,879,449 1,728,502 1,523,925 1,402,373 1,358,886 1,344,896
666,770 654,190 662,854 640,430 646,598 591,810 557,954 504,621 489,623 480,970
2,880,869 2,774,061 2,763,246 2,600,099 2,526,047 2,320,312 2,081,879 1,906,994 1,848,509 1,825,866
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
57,617
36,367
309,292
20,600
55,481
32,954
275,831
21,213
55,265
36,306
251,201
21,626
52,002
33,318
265,620
20,956
50,521
34,212
240,540
20,965
46,406
32,376
233,329
19,697
41,638
30,385
138,923
18,773
38,140
26,694
131,219
17,000
36,970
24,702
135,163
17,589
36,517
27,015
115,902
16,065
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
9.4%
17.7%
8.9%
17.0%
8.8%
17.3%
8.1%
16.5%
7.9%
16.2%
7.0%
14.8%
5.9%
13.2%
5.4%
12.2%
5.2%
12.0%
5.2%
11.9%
recorded by an apartment owner. Equity Residential, which sold
off more than 17,000 apartments, is still the third largest owner
— as well as the biggest publicly traded REIT, when measured by
total capitalization. (See discussion below.) In the No. 4 slot is
MMA Financial (formerly MuniMae), which acquired much of
the portfolio of last year’s No. 4 firm, Lend Lease Real Estate
Investments. Net acquisitions of more than 11,000 allowed
Boston Capital to hold on to the No. 5 ranking.
Four of the next five companies also retained their ranking
from last year. SunAmerica Affordable Housing Partners added
another 10,000 apartments and held onto the No. 6 slot.
Archstone-Smith, the third largest apartment REIT, remains at
No. 7 despite divesting itself of more than 17,000 apartments.
United Dominion Realty Trust and Lefrak Organization are in
their familiar No. 8 and 9 positions. Alliance Holdings added
7,724 apartments to move up two slots into the top ten for the
first time.
THE NEWCOMERS
Six of this year’s NMHC 50 owners are new to the list. MMA
Financial debuts at the No. 4 slot, thanks largely to the acquisition of much of the Lend Lease portfolio. Morgan Stanley, which
also purchased some of Lend Lease’s apartment properties, enters
at the No. 12 slot. PNC Multifamily—formed by the merger of
PNC Affordable Housing, Columbia Housing, and TRI—is the
15th largest owner. Picerne Real Estate Group, which has been
growing steadily for years, picked up an additional 7,209 apartments, which enabled it to enter the NMHC 50 at No. 35. Aspen
Square, another steady grower, debuts at No. 48, while the
ConAm Group of Companies returns to the NMHC 50 at No. 50.
RISING STARS
For the third straight year, CharterMac had the biggest increase
in its ownership portfolio among all firms in the NMHC 50. In
fact, its addition of more than 33,000 apartments is greater than
the holdings of the No. 28 firm in the rankings. After slimming
down considerably two years ago, AIMCO has added enough
apartments in the last two years to reach its largest size ever. In
APRIL 2004
2000
addition, Boston Capital, The Michaels Development Company,
and SunAmerica all added 10,000 or more apartments to their
portfolios.
Michaels Development showed the largest move within the
top 50 owners, rising 15 slots to reach No. 27. The biggest mover
among REITs was Essex Property Trust, which rose seven places
to No. 37. GE Real Estate, Southern Management Corporation,
and Wachovia each gained four slots in the rankings.
REITS IN THE RANKINGS
Public REITs were subject to divergent trends last year. Since
REITs generally make less use of debt finance than private firms,
the lowest interest rate environment in a generation — and the
continued decline in cap rates to the lowest levels in memory —
was widely thought to put REITs at a competitive disadvantage.
PUBLICLY TRADED REITS AMONG
TOP APARTMENT OWNERS
Rank Company
2
3
7
8
13
20
21
26
33
34
37
44
45
47
No. of
Apartments with
Ownership Interest
Apartment Investment and
Management Company
Equity Residential
Archstone-Smith Trust
United Dominion Realty, Inc.
Camden Property Trust
AvalonBay Communities, Inc.
Home Properties, Inc.
Mid-America Apartment Communities, Inc.
Post Properties, Inc.
AMLI Residential Properties Trust
Essex Property Trust, Inc.
BRE Properties, Inc.
Cornerstone Realty Income Trust, Inc.
Gables Residential Trust
Total
278,657
207,506
82,644
76,337
51,344
41,237
40,946
35,734
28,801
28,600
26,012
23,469
23,189
22,887
967,363
NMHC 50 11
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
APARTMENT OWNERS
Largest Portfolio Growth
Apartments
CharterMac
Apartment Investment and Management Company
Boston Capital Corporation
The Michaels Development Company
SunAmerica Affordable Housing Partners
33,461
17,657
11,660
10,662
10,000
Indeed, some REITs responded to the strong demand for apartment properties by paring assets. Others repositioned their portfolios by selling some properties and acquiring others in areas
where they wished to increase their exposure. Finally, some chose
to make net additions of apartments to their overall portfolio.
The aggregate effect of these changes was rather small: there
are still 14 REITs in the NMHC 50 owners and they hold a total
of 967,363 apartments, only a small decline from last year’s figure of 984,454. The biggest changes occurred among the three
Moving Up in Rank
Slots
The Michaels Development Company
Essex Property Trust
GE Real Estate
Southern Management Corporation
Wachovia
+15
+7
+4
+4
+4
largest REITs. AIMCO increased its apartment portfolio by
17,657 units, while Equity Residential had a net decline of 16,085
and Archstone-Smith reduced its portfolio by 17,196 apartments. Home Properties also sold off a net 8,891 apartments. The
remaining REITs made much smaller changes.
A few accounting points need to be made regarding the REIT
figures shown above. In particular, the REIT numbers in the
NMHC 50 do not include private REITs that are established
within larger business organizations. The figures also do not
SIZING THE APARTMENT REITS
he NMHC 50 ranks apartment owners by the
number of apartments in which they hold
an ownership interest. For the majority of companies in the listing, this is the only measure
of size that is both consistent and generally
available.
Publicly traded REITs, however, can also be
measured by total market capitalization. As with
other publicly traded companies, size can be
estimated by the stock market’s valuation of the
company’s equity and the book value of its debt.
Since apartments represent the majority of
assets for all of the REITs in the NMHC 50, their
market capitalization is a useful and consistent
measure of the market’s valuation of the companies’ apartment business.
The accompanying table ranks the publicly
traded REITs in the NMHC 50 ownership list by
the number of units. It also shows their total
market capitalization and how they would rank
by that standard. There are several notable differences in the rankings. AIMCO, which holds
the highest position among REITs in the NMHC
50, has an ownership interest in 34 percent
more apartments than Equity Residential, but
Equity Residential is 40 percent larger when
measured by total market capitalization. The
other REITs whose market value rank is higher
than their NMHC rank are: AvalonBay
Communities, BRE Properties, Essex Property,
and Gables Residential.
The differences between the two rankings
have several explanations. The most important
difference has to do with partial ownership of
apartments. In addition to being the sole owner
T
12 NMHC 50
of thousands of apartments, some companies
have partial ownership interest in others, typically through involvement in a partnership, as
either the general partner or a limited partner.
While this ownership interest may be as
small as one percent, the apartments enter the
count as if they were owned exclusively by the
REIT. The valuation measure, by contrast, effectively adjusts for the extent of ownership. For
example, AIMCO has full ownership of only
about 40 percent of its apartments and an ownership interest of less than half for about 30
percent of its holdings.
Other reasons for differences between the
rankings include: (1) differences in apartment
value among companies based on apartment
quality or geography; (2) differences in the
investor assessments of the quality and stability of current income as well as the growth
prospects for the company; and (3) differences
in portfolio holdings of assets other than apartments, including both “hard” assets and the
valuation of contracts for “third-party management” of apartments owned by others.
APARTMENT REIT SIZE AND RANK BY TWO MEASURES
(as of January 1, 2004)
Apartments
Company
with
Rank
Total
Cap rank
Ownership among Capitalization among
Interest REITs ($ millions) REITs
Apartment Investment and Management Company 278,657
1
10,826
2
Equity Residential
207,506
2
15,119
1
Archstone-SmithTrust
82,644
3
10,271
3
United Dominion Realty, Inc.
76,337
4
4,953
5
Camden Property Trust
51,344
5
3,537
6
AvalonBay Communities, Inc.
41,237
6
5,859
4
Home Properties, Inc.
40,946
7
3,402
7
Mid-America Apartment Communities, Inc.
35,734
8
1,752
12
Post Properties, Inc.
28,801
9
2,580
10
AMLI Residential Properties Trust
28,600
10
1,326
13
Essex Property Trust, Inc.
26,012
11
2,657
9
BRE Properties, Inc.
23,469
12
3,023
8
Cornerstone Realty Income Trust Inc.
23,189
13
1,260
14
Gables Residential Trust
22,887
14
2,275
11
Note: Company total capitalization sums: (1) market value of shares outstanding, including operating partnership units; (2)
the value of perpetual preferred stock; and (3) the book value of total debt outstanding. Capitalization estimates for December
31, 2003, are provided by Legg Mason Wood Walker, Inc.
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
APARTMENT OWNERSHIP (top 50 share of total apartment stock)
20%
18%
gives a different ranking for apartment REITs than would result
from alternative size measures, such as the companies’ capitalization. The accompanying box discussion compares the rankings
by both measures—units owned and market capitalization.
16%
INDUSTRY GROWTH AND CONCENTRATION
14%
12%
10%
8%
6%
4%
2%
0%
’90 ’91 ’92 ’93 ’94 ’95 ’96 ’97 ’98 ’99 ’00 ’01 ’02 ’03 ’04
Top 10 Owners
Top 25 Owners
Top 50 Owners
include publicly traded companies in the NMHC 50 that have
not elected REIT status. Finally, to permit comparisons with the
portfolios of non-REIT owners, the NMHC 50 ranks by number
of apartments in which the entity has an ownership interest. This
The apartment industry has shown a steady, if generally gradual,
rise in the concentration of apartments held by the largest owners. That trend is in evidence again in this year’s NMHC 50: the
number of apartments owned by top 50 firms grew by 3.9 percent. Meanwhile, the apartment stock is estimated to have edged
down slightly (by less than one percent). As a result, the firms in
the NMHC 50 increased their share of the total apartment stock
to a record 17.7 percent. This is a gain of almost three percentage
points from five years ago and of more than six percentage points
from ten years ago.
As has often been the case, the fastest growth occurred at the
top. The number of apartments owned by the top 10 firms grew
by 6.1 percent. Growth of the top 25 firms came in at 4.4 percent,
while the second 25 increased in size by only 1.9 percent. The 10
largest owners now hold 9.4 percent of all apartments, a record
share. The 25 largest owners hold 13.6 percent of the apartment
stock, also a record.
APARTMENT MANAGERS
TOP 10 APARTMENT MANAGEMENT FIRMS
Many of the top owners in the apartment industry self-manage the properties they own and therefore are also among the
nation’s largest apartment managers. Hence they appear on
both the top 50 owners and managers lists. Other firms specialize in property management and provide this service to
apartment owners, including some of those in the NMHC 50
owners list.
Rank Company
THE LEADERS
1
2
3
4
5
6
7
8
9
10
The NMHC 50 management companies showed even
greater stability than the owner NMHC 50: this year’s
top 10 firms were all in the top 10 last year, and the six
largest management firms in 2004 were all among the
top six five years ago.
AIMCO remains in the top slot of the NMHC 50 ranking of
the nation’s largest apartment managers despite having fewer
apartments in its management portfolio than last year. This
marks the sixth consecutive year it has been at the top. Unlike in
previous years, the number of apartments it manages is now substantially smaller than its ownership portfolio. Equity
Residential, which manages few properties outside its own portfolio, similarly retained its No. 2 position for the sixth straight
No. of
Apartments Managed
Apartment Investment and Management Company
239,875
Equity Residential
209,124
American Management Services (dba Pinnacle)
125,136
Lincoln Property Company
110,236
Archstone-Smith
82,644
United Dominion Realty Trust, Inc.
76,804
Lefrak Organization Inc.
71,000
Trammell Crow Residential
70,966
Alliance Holdings, LLC
63,519
Sentinel Real Estate Corporation
62,008
year. American Management Services (dba Pinnacle) is in the No.
3 slot again, while Lincoln Property and Archstone-Smith
switched places at No. 4 and 5.
THE NEWCOMERS
Five new firms were added to this year’s top 50 managers:
Wachovia, The Michaels Development Company, SSR Realty
Advisors, Capstone Real Estate Services, and Corcoran Jennison
APARTMENT MANAGERS
Largest Portfolio Growth
Greystar Real Estate Partners
American Management Services (dba Pinnacle)
The Michaels Development Company
Lincoln Property Company
Picerne Real Estate Group
14 NMHC 50
Apartments
10,297
10,135
9,092
8,553
7,947
Moving Up in Rank
Picerne Real Estate Group
The Shelter Group
Greystar Real Estate Partners
Westdale Assets Management
Slots
+15
+6
+5
+4
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
NMHC 50 MANAGERS
Number of Apartments
Managed
Top 10
Top 25
Second 25
Top 50
Share of National
Apartment Stock (%)
Top 10
Top 50
2003
2002
2001
2000
1999
1998
1997
1996
1995
1,111,312 1,194,738 1,172,515 1,130,880 1,155,573 1,100,532 1,053,488 941,947 886,158 822,151
1,793,148 1,847,756 1,800,142 1,741,571 1,733,915 1,675,967 1,634,722 1,489,556 1,374,292 1,307,638
669,799 632,105 638,523 610,989 618,330 589,836 663,388 618,358 584,128 572,275
2,462,947 2,479,861 2,438,665 2,352,560 2,352,245 2,265,803 2,298,110 2,107,914 1,958,420 1,879,913
Portfolio Size Measures
Mean
Median
No. 1 firm
No. 50 firm
2004
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
49,259
32,164
239,875
23,469
49,597
31,592
309,000
22,353
48,773
31,320
303,805
21,105
47,051
32,522
325,094
20,500
47,045
33,585
362,468
19,465
45,316
32,562
347,692
18,544
45,962
33,851
250,123
21,336
42,158
29,976
244,689
20,902
39,168
28,233
272,071
20,019
37,598
28,007
206,854
19,208
2004
2003
2002
2001
2000
1999
1998
1997
1996
1995
6.8%
7.3%
7.4%
7.2%
7.4%
7.0%
6.7%
6.0%
5.7%
5.3%
15.2%
15.2%
15.3%
14.9%
15.0%
14.5%
14.6%
13.5%
12.7%
12.2%
Note: Beginning in 1999, management totals exclude management of condominium and cooperative housing communities.
Companies. Wachovia just missed the top 10; with more than
60,000 apartments under management, it came in at the No. 11
slot. Michaels Development and Capstone have been steady
growers in recent years and are now firmly among the top 50.
Both SSR and Corcoran Jennison are former NMHC 50 members that are making a return engagement.
RISING STARS OF MANAGEMENT
Two firms added more than 10,000 apartments to their management portfolios: Greystar and American Management (dba
Pinnacle). Michaels Development, Lincoln Property, and
Picerne were all close behind. Picerne showed the biggest move
within the NMHC 50, rising 15 places to the No. 27 slot.
Greystar moved from No. 17 to No. 12, a sizable shift considering it was already fairly high in the rankings. The Shelter Group
moved up six slots to No. 43, while Westdale rose four places to
No. 28. Four other firms moved up three places in the rankings.
APARTMENT MANAGEMENT GROWTH AND
CONCENTRATION
slight decline from last year, but still a higher figure than in any
year before then. This decrease is the result of the sizable drop in
AIMCO’s management portfolio. Among the top 10 firms, management portfolios decreased by seven percent. The next 10 firms
increased apartments managed by 5.4 percent, however, and the
second 25 firms in the ranking increased their portfolios by 6.0
percent.
Despite the small decline in the number of apartments, the
management NMHC 50 share of the total apartment stock
remained 15.2 percent. The trend toward concentration among
apartment managers, though generally steady, has proceeded at a
slightly slower pace than among apartment owners in recent
years. Ten years ago, the NMHC 50 managed 11.6 percent of all
apartments in the country, the same figure as the NMHC 50
owners. Five years ago, they managed 14.5 percent of all apartments, not much different than the 14.8 percent for the NMHC
50 owners. Since then, the top 50 managers have raised their
share by less than one percentage point, while the top 50 owners’
share has increased by almost three percentage points.
The 2004 NMHC 50 manage a total of 2,462,947 apartments, a
SPECIALISTS
A total of 32 companies appear on both the top 50 owners and
top 50 managers lists. That leaves 18 firms that appear on just one
of the lists. While many of these firms are both owners and managers, their specialization in one area means they do not reach the
threshold needed to rank on both lists. These specialists include
some prominent firms on each list. Three of the top 10 owners—
CharterMac (No. 1), Boston Capital (No. 5), and SunAmerica
(No. 6)—do not appear in the management rankings. In the
management NMHC 50, Greystar (No. 12) is the biggest firm
that does not also appear on the list of top owners.
Firms whose management portfolios exceed their apartment
holdings by more than 25,000 units are: American Management
(dba Pinnacle), Trammell Crow, and Gables.
16 NMHC 50
Largest Firms Appearing on Ownership List Only:
CharterMac
Boston Capital
SunAmerica Affordable Housing Partners, Inc.
Morgan Stanley
PNC Multifamily Capital
Largest Firms Appearing on Management List Only:
Greystar Real Estate Partners
ConAm Group of Companies
WinnResidential
LEDIC Management Group
Westdale
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
NMHC Officers 2004
Chairman
Geoffrey L. Stack
SARES•REGIS Group
Irvine, CA
Vice Chairman
Mary Ann King
Moran & Company
Costa Mesa, CA
Secretary
Peter F. Donovan
Berkshire Mortgage
Finance
Boston, MA
Treasurer
Richard J. Campo
Camden Property Trust
Houston, TX
President
Douglas M. Bibby
National Multi Housing
Council
Washington, DC
Former Chairmen
Kelley A. Bergstrom
Randolph G. Hawthorne
C. Preston Butcher
Gary T. Kachadurian
Douglas Crocker, II
Duncan L. Matteson, Sr.
Allen Cymrot
Richard L. Michaux
William H. Elliott
Robert Sheridan
Richard L. Fore
Leonard W. Wood
Board of Directors
Executive Committee
Stan J. Harrelson
American Management
Services (dba Pinnacle)
Seattle, WA
18 NMHC 50
Judith K. Martin
American Management
Services (dba Pinnacle)
Winter Park, FL
Dana K. Hamilton
Archstone-Smith
Englewood, CO
R. Scot Sellers
Archstone-Smith
Englewood, CO
Lili F. Dunn
AvalonBay
Communities, Inc.
Alexandria, VA
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
Executive Committee
Timothy J. Naughton
AvalonBay
Communities, Inc.
Alexandria, VA
Shekar Narasimhan
Beekman Advisors, LLC
Vienna, VA
Diana Reid
Beekman Advisors, LLC
New York, NY
Ronald F. Halpern
Berkshire Mortgage
Finance
Boston, MA
David J. Olney
Berkshire Realty
Holdings, L.P.
Boston, MA
Kenneth J. Richard
Berkshire Realty
Holdings, L.P.
Boston, MA
Laurie A. Baker
Camden Property Trust
Houston, TX
Daryl J. Carter
Capri Capital
Irvine, CA
Scott M. Kupferberg
Capri Capital
Advisors LLC
Chicago, IL
John R. Williams
Carmel Partners, Inc.
San Francisco, CA
Ron Zeff
Carmel Partners, Inc.
San Francisco, CA
Gregory S. Vorwaller
CB Richard Ellis, Inc.
Chicago, IL
Alan P. Hirmes
CharterMac
New York, NY
Marc D. Schnitzer
CharterMac
New York, NY
Paul F. Earle
Colonial Properties Trust
Birmingham, AL
Edward T. Wright
Colonial Properties Trust
Birmingham, AL
Steven L. Kantor
Credit Suisse First
Boston Corporation
New York, NY
John N. Whitman
Credit Suisse First
Boston Corporation
New York, NY
Bruce W. Duncan
Equity Residential
Chicago, IL
Edward J. Geraghty
Equity Residential
Atlanta, GA
APRIL 2004
NMHC 50 19
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
Executive Committee
Kenneth J. Bacon
Fannie Mae
Washington, DC
Richard S. Lawch
Fannie Mae
Washington, DC
Deborah Ratner-Salzberg
Forest City
Enterprises, Inc.
North Bethesda, MD
Ronald A. Ratner
Forest City Residential
Group, Inc.
Cleveland, OH
Adrian B. Corbiere
Freddie Mac
McLean, VA
Mitchell W. Kiffe
Freddie Mac
McLean, VA
Michael M. Hefley
Gables Residential
Services
Boca Raton, FL
Chris D. Wheeler
Gables Residential Trust
Boca Raton, FL
Robert E. DeWitt
General Investment &
Development Co.
Boston, MA
Laura A. Beuerlein
Heritage Title Company
of Austin, Inc.
Austin, TX
Gary S. Farmer
Heritage Title Company
of Austin, Inc.
Austin, TX
Guy K. Johnson
Johnson Capital
Irvine, CA
J. Frank Miller, III
JPI Companies
Irving, TX
Robert D. Page
JPI Companies
Irving, TX
James H. Callard
Klingbeil Capital
Management/American
Apartment Communities
Alexandria, VA
Brian F. Stoffers
L.J. Melody & Company
Houston, TX
C. Preston Butcher
Legacy Partners
Foster City, CA
W. Dean Henry
Legacy Partners
Residential, Inc.
Foster City, CA
J. Timothy Byrne
Lincoln Property
Company
Dallas, TX
Jeff B. Franzen
Lincoln Property
Company
Herndon, VA
20 NMHC 50
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
Executive Committee
William A. Millichap
Marcus & Millichap
Palo Alto, CA
Linwood C. Thompson
Marcus & Millichap
Atlanta, GA
John Case
Merrill Lynch & Co.
New York, NY
Michael L. Falcone
MMA Financial, LLC
Baltimore, MD
Mark K. Joseph
MMA Financial, LLC
Baltimore, MD
Thomas F. Moran
Moran & Company
Chicago, IL
Richard F. Burns
Morgan Stanley
Boston, MA
Thomas E. Hunter
Oakwood Worldwide
Los Angeles, CA
Howard F. Ruby
Oakwood Worldwide
Los Angeles, CA
David P. Stockert
Post Properties, Inc.
Atlanta, GA
Douglas J. Moritz
Prudential Mortgage
Capital Company
McLean, VA
Dale H. Taysom
Prudential Real Estate
Investors
Atlanta, GA
Gary T. Kachadurian
RREEF Funds
Chicago, IL
John Vojticek
RREEF Funds
Chicago, IL
James V. Thomas
SARES•REGIS Group
Irvine, CA
Jeffrey B. Allen
SSR Realty Advisors, Inc.
Laguna Niguel, CA
Ronald E. Zuzack
SSR Realty Advisors, Inc.
San Francisco, CA
J. Ronald Terwilliger
Trammell Crow
Residential
Atlanta, GA
Kenneth J. Valach
Trammell Crow
Residential
Houston, TX
APRIL 2004
Thomas T. Demery
Wachovia Multifamily
Capital
Alexandria, VA
NMHC 50 21
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
Executive Committee
Hal C. Kendrick
Wachovia Multifamily
Capital
Dallas, TX
Michael D. Sullivan
Wachovia Multifamily
Capital
Bethesda, MD
Deborah C. Anderson
Wood Partners, LLC
Durham, NC
Leonard W. Wood
Wood Partners, LLC
Marietta, GA
Directors not pictured
*Kristen Klingbeil-Weis
Klingbeil Capital Management/American
Apartment Communities
Santa Barbara, CA
*Martin T. Lanigan
Mezz Cap
Short Hills, NJ
*Gary Palmer
Morgan Stanley
San Francisco, CA
*Thomas D. Senkbeil
Post Properties, Inc.
Atlanta, GA
Robert Given
Altman Management Company
Boca Raton, FL
Patrick J. Foye
AIMCO
Port Washington, NY
Mark Alfieri
AMLI Residential Properties Trust
Plano, TX
Ralph D. Daruns
Arbor Commercial Mortgage, LLC
Dallas, TX
Fred Anthony
Aspen Square Management
West Springfield, MA
Frank Apeseche
Berkshire Group
Boston, MA
Thomas L. Coolidge
LivingNexus
Arlington, VA
Kenneth B. Dickey
Deutsche Banc Mortgage Capital, L.L.C.
New York, NY
Greg A. Daniele
MRI Real Estate Solutions
Cleveland, OH
William J. Ferguson
Ferguson Partners, Ltd.
Chicago, IL
Robbin Cohen
Pritzker Residential, LLC
Chicago, IL
Angela McLachlan
Geac Commercial Systems
Tampa, FL
Randall M. Paulson
Professional Apartment Services
Plano, TX
William C. Maddux
Greystar Real Estate Partners, LLC
Charleston, SC
Gilbert “Buzz” Silverman
Real Equities Real Estate Advisors
Bingham Farms, MI
Mitchell M. Greenstein
Ideal Realty Group
Potomac, MD
C. Lamar Seats
Reilly Mortgage Group, Inc.
McLean, VA
Dave Demos
Instar Services Group
Chicopee, MA
Allan Merrill
RentNet
Westlake Village, CA
John R. Lannom
Instar Services Group
Madison, TN
Luke Simpson
Simpson Housing Limited Partnership
Denver, CO
Jennifer L. Brill
LivingNexus
Arlington, VA
William Sugino
Yardi Systems, Inc.
Santa Barbara, CA
*Board of Directors Executive Committee
22 NMHC 50
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
Nick M. Faklis
A.G. Spanos Companies
Stockton, CA
Alex G. Spanos
A.G. Spanos Companies
Stockton, CA
Kevin P. Fitzpatrick
AIG Global Real Estate
Investment Corp.
New York, NY
Nora E. Miller
AIG Global Real Estate
Investment Corp.
New York, NY
Peter K. Kompaniez
AIMCO
Fountain Valley, CA
Steven Ivankovich
Alliance Holdings, L.L.C.
Chicago, IL
Andrew W. Schor
Alliance Holdings, L.L.C.
Chicago, IL
Lauren A. Brockman
Allied Realty
Services, Ltd.
Denver, CO
Tim L. Myers
Allied Realty
Services, Ltd.
Houston, TX
Joel Altman
Altman Development
Corporation
Boca Raton, FL
Michael H. Godwin
Ambling Companies Inc.
Valdosta, GA
R. Ryan Holmes
Ambling Companies Inc.
Valdosta, GA
Steve F. Hallsey
AMLI Residential
Properties Trust
Chicago, IL
K. Brad Broyhill
Amstar Group, Ltd.
Denver, CO
Marc E. deBaptiste
Apartment Realty
Advisors
Boca Raton, FL
David K. Oelfke
Apartment Realty
Advisors
Houston, TX
Kevin Doyle
Apartments.com
Chicago, IL
Tim Fagan
Apartments.com
Chicago, IL
Ridgely W. Potter
Arbor Commercial
Mortgage, LLC
Bethesda, MD
Jay Jacobson
Archon Residential
Irving, TX
APRIL 2004
NMHC 50 23
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
James A. Kjolhede
Archon Residential
Management
Irving, TX
Steven D. Heller
ARCS Commercial
Mortgage Co., L.P.
Princeton, NJ
Howard J. Levine
ARCS Commercial
Mortgage Co., L.P.
Calabasas Hills, CA
Harold Grinspoon
Aspen Square
Management
West Springfield, MA
Michael Miller
AUM
Hillside, IL
Falise Platt
AUM
Hillside, IL
Lee Schalop
Banc of America
Securities LLC
New York, NY
Ron D. Sturzenegger
Banc of America
Securities LLC
San Francisco, CA
F. Karl Zavitkovsky
Bank of America
Dallas, TX
Mark W. Davis
BELFOR USA
Birmingham, MI
Douglas Krupp
Berkshire Group
Boston, MA
Philip S. Payne
BNP Residential
Properties, Inc.
Charlotte, NC
D. Scott Wilkerson
BNP Residential
Properties, Inc.
Charlotte, NC
Robert N. Bader
Bob Bader Co.
Indianapolis, IN
Toni Bader
Bob Bader Co.
Indianapolis, IN
Mark W. Dunne
Boston Capital
Corporation
Boston, MA
John P. Manning
Boston Capital
Corporation
Boston, MA
John B. Slidell
The Bozzuto Development
Company
Greenbelt, MD
Thomas S. Bozzuto
The Bozzuto Group
Greenbelt, MD
Frank C. McDowell
BRE Properties, Inc.
San Francisco, CA
24 NMHC 50
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
Constance B. Moore
BRE Properties, Inc.
San Francisco, CA
Jerry Feldman
CallSource
Agoura Hills, CA
Ernest L. Heymann
CAPREIT, Inc.
Rockville, MD
Richard L. Kadish
CAPREIT, Inc.
Rockville, MD
Steven L. Rudesill
CB Richard Ellis
(Memphis)
Memphis, TN
Brett R. Bruchmiller
Centex Multi-Family
Communities
Dallas, TX
Kyle D. Lovelady
Centex Multi-Family
Communities
Dallas, TX
Nick Gonzalez
Cohen Financial
Houston, TX
John Simon
Cohen Financial
Chicago, IL
Daniel J. Epstein
ConAm Group of
Companies
San Diego, CA
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
J. Bradley Forrester
ConAm Group of
Companies
San Diego, CA
Keith T. Misner
Cushman & Wakefield/
The Apartment Group
Washington, DC
John C. Spain
Cushman & Wakefield/
The Apartment Group
Atlanta, GA
Michael D. Berman
CWCapital
Needham, MA
Todd Schuster
CWCapital
Needham, MA
Lawrence A. Brown
Deutsche Bank Mortgage
Capital, L.L.C.
New York, NY
Andrew K. Dolben
The Dolben
Company, Inc.
Burlington, MA
Deane H. Dolben
The Dolben
Company, Inc.
Burlington, MA
Steven A. Radcliffe
Dominium Group, Inc.
Plymouth, MN
Jack W. Safar
Dominium Group, Inc.
Plymouth, MN
David L. Ash
Eastdil Realty
Company, LLC
San Francisco, CA
Miles Z. Spencer
Eastdil Realty
Company, LLC
Washington, DC
John M. O'Hara, Jr.
Edward Rose Building
Enterprises
Farmington Hills, MI
Warren Rose
Edward Rose Building
Enterprises
Farmington Hills, MI
Roger D. Bowler
Embrey Partners, Ltd.
San Antonio, TX
Walter M. Embrey, Jr.
Embrey Partners, Ltd.
San Antonio, TX
Gerald S. Brand
Fairfield Residential LLC
San Diego, CA
Christopher E. Hashioka
Fairfield Residential LLC
San Diego, CA
Robert L. Johnston
First Communities
Atlanta, GA
Gregory A. Cason
FirstWorthing
Dallas, TX
26 NMHC 50
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
Steven R. Utley
FirstWorthing
Dallas, TX
Mark A. Fogelman
Fogelman Management
Group
Memphis, TN
Richard L. Fogelman
Fogelman Properties
Memphis, TN
Judith Gogol
For Rent Magazine
Atlanta, GA
Terry Slattery
For Rent Magazine
Norfolk, VA
Darla T. Flanagan
FowlerFlanagan
Partners, LLC
Larkspur, CA
Gregory A. Fowler
FowlerFlanagan
Partners, LLC
Larkspur, CA
Michael A. Herzberg
FPL Associates, L.P.
Chicago, IL
John M. Nelson, IV
Franklin Capital Group
Peabody, MA
Joseph E. Resende
Franklin Capital Group
Alexandria, VA
Mark Hall
GE Real Estate
Washington, DC
Frank Marro
GE Real Estate
Alpharetta, GA
Gerson Bakar
Gerson Bakar &
Associates
San Francisco, CA
Linda Zeller
Gerson Bakar &
Associates
San Francisco, CA
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
John M. Cannon
GMAC Commercial
Mortgage Corporation
Horsham, PA
Karl H. Reinlein
GMAC Commercial
Mortgage Corporation
St. Louis, MO
Howard W. Smith, III
Green Park Financial
Bethesda, MD
Maurice D. Walker
Green Park Financial
Bethesda, MD
Stacy G. Hunt
Greystar Real Estate
Partners, LLC
Houston, TX
David K. Bell
GSL Properties, Inc.
Portland, OR
Walter O. Grodahl
GSL Properties, Inc.
Portland, OR
Don Hendricks
Hendricks & Partners
Phoenix, AZ
Arthur R. Wadlund
Hendricks & Partners
Tucson, AZ
Mona Keeter Carlton
HFF
Dallas, TX
Matthew Lawton
HFF
Chicago, IL
Clyde P. Holland
Holland Partners
Vancouver, WA
Scott A. Doyle
Home Properties
Rochester, NY
Edward Pettinella
Home Properties
Rochester, NY
Allen Manesh
Ideal Realty Group
Potomac, MD
C. Stephen Cordes
ING Clarion
New York, NY
Gregory J. Lozinak
ING Clarion
New York, NY
Martin D. Fox
IR Multi-Family
Solutions, an IngersollRand Business
Park City, UT
Robert J. Gover Jr.
IR Multi-Family
Solutions, an IngersollRand Business
Alpharetta, GA
Kevin A. Baldridge
Irvine Company
Apartment Communities
“IAC”
Irvine, CA
28 NMHC 50
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
Richard E. Lamprecht
Irvine Company
Apartment Communities
“IAC”
Newport Beach, CA
Peter E. Baccile
J.P. Morgan
Securities Inc.
New York, NY
Anthony Paolone
J.P. Morgan
Securities Inc.
New York, NY
R. Stewart Bartley
JBG Companies
Chevy Chase, MD
William N. Elam, III
The JBG Companies
Chevy Chase, MD
Jamie B. May
JBM Realty Advisors, Inc.
Naples, FL
John M. Corcoran
John M. Corcoran &
Company
Braintree, MA
Richard J. High
John M. Corcoran &
Company
Braintree, MA
Bruno N. Bottarelli
Kensington/Marquette
Partners
Romeoville, IL
Nicholas Michael Ryan
Kensington/Marquette
Partners
Romeoville, IL
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
Charles Kushner
Kushner Companies
Florham Park, NJ
Richard Stadtmauer
Kushner Companies
Florham Park, NJ
William H. Donges
Lane Company
Atlanta, GA
Marc S. Pollack
Lane Company
Atlanta, GA
Keith A. Harris
The Laramar Group, LLC
Chicago, IL
David B. Woodward
The Laramar Group, LLC
Chicago, IL
Randy Martin
LaSalle Bank Corporation
Chicago, IL
Gregory J. Spevok
LaSalle Bank Corporation
Chicago, IL
Richard E. Van Wert
LaSalle Investment
Management
San Diego, CA
Jeffrey L. Kelly
LEDIC Management
Group, Inc.
Memphis, TN
Rod Petrik
Legg Mason Wood
Walker, Inc.
Baltimore, MD
Robert C. Lieber
Lehman Brothers
New York, NY
Thomas F. McCoy, Jr.
Lockton Companies of
Colorado, Inc.
Denver, CO
Charles M. McDaniel
Lockton Companies of
Colorado, Inc.
Denver, CO
Frank T. Suryan, Jr.
Lyon Capital
Ventures, LLC
Newport Beach, CA
Cheryl Martin
Lyon Management
Group, Inc.
Newport Beach, CA
Michael Levitt
Malone Mortgage
Company America, Ltd.
Dallas, TX
Bernard P. Malone
Malone Mortgage
Company America, Ltd.
Dallas, TX
Ralph Herzka
Meridian Capital Group
New York, NY
James G. Reichek
Meridian Capital Group
New York, NY
30 NMHC 50
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
Robert D. Lazaroff
The Michelson
Organization
St. Louis, MO
Bruce V. Michelson, Sr.
The Michelson
Organization
St. Louis, MO
H. Eric Bolton, Jr.
Mid-America Apartment
Communities, Inc.
Memphis, TN
Simon R.C. Wadsworth
Mid-America Apartment
Communities, Inc.
Memphis, TN
Michael S. Morgan
The Morgan Group, Inc.
Houston, TX
Alan Patton
The Morgan Group, Inc.
Houston, TX
Russ Sandlin
MRI Real Estate
Solutions
Cleveland, OH
Robert A. Esposito
National Water & Power
Company
Weston, FL
Robert F. Sherman
National Water & Power
Company
Santa Ana, CA
Christopher J. Whipple
Network Multifamily
Corporation
Irving, TX
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
Steve V. Williams
Network Multifamily
Corporation
Irving, TX
Larry H. Dale
Newman and
Associates, Inc.
Denver, CO
Hal G. Kuykendall
Newman and
Associates, Inc.
San Diego, CA
Kerry R. French
NorthMarq Capital, Inc.
Houston, TX
Edward Padilla
NorthMarq Capital, Inc.
Bloomington, MN
Arthur J. Cole
Pacific Property Company
Palo Alto, CA
Alfred V. Pace
Pacific Property Company
Palo Alto, CA
Nathan S. Collier
Paradigm Group, Inc.
Gainesville, FL
David A. Materna
Paradigm Group, Inc.
Gainesville, FL
David R. Picerne
Picerne Real
Estate Group
Phoenix, AZ
W. Thomas Booher
PNC MultiFamily Capital
San Francisco, CA
William G. Lashbrook, III
PNC Real Estate Finance
Pittsburgh, PA
P. David Onanian
Professional Apartment
Services
Houston, TX
Bruce LaMotte
Providence Management
Company, L.L.C.
Chicago, IL
Alan Pollack
Providence Management
Company, L.L.C.
Chicago, IL
Terry B. Schwartz
Real Equities Real Estate
Advisors
Bingham Farms, MI
Tracy S. Legg
Realeum, Inc.
Aurora, CO
Socrates C. Verses
Realeum, Inc.
McLean, VA
Dean R. Schmidt
RealPage, Inc.
Carrollton, TX
Stephen T. Winn
RealPage, Inc.
Carrollton, TX
32 NMHC 50
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
Mark C. Beisler
Red Mortgage
Capital, Inc.
Reston, VA
David L. Goodman
Red Mortgage
Capital, Inc.
Reston, VA
Nevel DeHart
Registry-SafeRent
Rockville, MD
Debra Smith
Registry-SafeRent
Rockville, MD
Thomas C. Szydlowski
Reilly Mortgage
Group, Inc.
McLean, VA
Richard Arbore
RentGrow, Inc.
Waltham, MA
Michael J. Lapsley
RentGrow, Inc.
Waltham, MA
Lucas Haldeman
RentNet
Westlake Village, CA
W. William Gaboury
Shea Properties
Aliso Viejo, CA
W. Steve Gilmore
Shea Properties
Aliso Viejo, CA
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
Marilynn K. Duker
Shelter Development, LLC
Baltimore, MD
Jeffrey K. Hettleman
Shelter Development, LLC
Baltimore, MD
Marc Pinto
Simpson Housing
Limited Partnership
Denver, CO
Hal Watson, III
SNK Realty Group
Phoenix, AZ
Nancy Barton
Stellar Advisors, LLC
Rockville, MD
David Schwartzberg
Stellar Advisors, LLC
Rockville, MD
Lance A. Swank
The Sterling Group, Inc.
Mishawaka, IN
Larry A. Swank
The Sterling Group, Inc.
Mishawaka, IN
Steven R. LeBlanc
Summit Properties Inc.
Charlotte, NC
Michael L. Schwarz
Summit Properties Inc.
Charlotte, NC
Michael J. Best
SunAmerica Affordable
Housing Partners, Inc.
Bethesda, MD
Donald J. Whinfrey
SunAmerica Affordable
Housing Partners, Inc.
Los Angeles, CA
William S. Friedman
Tarragon Realty
Investors, Inc.
New York, NY
Robert P. Rothenberg
Tarragon Realty
Investors, Inc.
New York, NY
David C. Christensen
Time Warner Connect
Englewood, CO
James Dolphin
Town and Country Trust
Baltimore, MD
Gerald J. Haak
Town and Country Trust
Baltimore, MD
Charles D. Cirar
Transwestern
Commercial
Austin, TX
Scott L. Melnick
Transwestern
Commercial
Bethesda, MD
John J. Britton
Transworld Properties
Houston, TX
34 NMHC 50
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
Charles L. Garrett
TVO North America
El Paso, TX
Wayne A. Vandenburg
TVO Realty Partners
Chicago, IL
Robert C. Burrill
UBS Realty Investors LLC
Hartford, CT
David J. Ingram
UBS Realty Investors LLC
Hartford, CT
Thomas W. Toomey
United Dominion Realty
Trust, Inc.
Highlands Ranch, CO
W. Mark Wallis
United Dominion Realty
Trust, Inc.
Littleton, CO
Geoffrey C. Brown
USA Properties Fund, Inc.
Roseville, CA
Steven T. Gall
USA Properties Fund, Inc.
Roseville, CA
Jonathan Holtzman
Village Green Companies
Farmington Hills, MI
George S. Quay, IV
Village Green Companies
Farmington Hills, MI
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Board of Directors
David R. Schwartz
Waterton Associates,
L.L.C.
Chicago, IL
Peter M. Vilim
Waterton Associates,
L.L.C.
Chicago, IL
Joshua Davis
Weil Realty Group
Boston, MA
S. Douglas Weil
Weil Realty Group
Boston, MA
G. Stephen Donohue
Western National
Property Management
Irvine, CA
Michael K. Hayde
Western National
Property Management
Irvine, CA
Omer E. Gaudette
Whirlpool Corporation
Sunrise, FL
Charles Remaley
Whirlpool Corporation
Duluth, GA
Timothy J. Connelly
Whiteco Residential LLC
Chicago, IL
Charles R. Hall, Jr.
Whiteco Residential LLC
Chicago, IL
Samuel Ross
WinnCompanies
Boston, MA
Lawrence H. Curtis
WinnDevelopment
Boston, MA
Theodore M. Kerr, Jr.
WMC Management
Company
Addison, TX
G. Patrick Smits
WMC Management
Company
Addison, TX
Bryant Shoemaker
Yardi Systems, Inc.
Santa Barbara, CA
Steven W. Patterson
ZOM Development, Inc.
Orlando, FL
36 NMHC 50
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Advisory Committee
Arthur F. Evans
Steve W. Sterquell
John W. Weber
A.F. Evans Company, Inc.
Oakland, CA
American Housing Foundation, Inc.
Amarillo, TX
Apartment Realty Advisors
Atlanta, GA
Douglas D. Rubenstein
Frederick John Hameetman
William Rinker
A.G. Edwards & Sons, Inc.
St. Louis, MO
American International, Inc.
Los Angeles, CA
Apartments First a division of Arthur J.
Gallagher
Dallas, TX
Martinn H. Mandles
Granvil M. Tracy
ABM Industries, Inc.
Los Angeles, CA
American Land Ventures, LLC
Miami, FL
Simon Ziff
Alan Wiener
Ackman Ziff Real Estate Group
New York, NY
American Property Financing, Inc.
New York, NY
Mark B. Potter
David S. Schless
AEW Capital Management L.P.
Boston, MA
American Seniors Housing Association
Washington, DC
Margaret Allen
Ronald R. Cathey
AGM Financial Services, Inc.
Baltimore, MD
Aon Risk Services
Dallas, TX
Andre F. Shashaty
Nancy J. Ahlswede
Alexander & Edwards Publishing, Inc.
San Francisco, CA
Apartment Assn., Ca. So. Cities
Long Beach, CA
James M. Krohn
Charles A. Isham
Alliance Residential Company
Phoenix, AZ
Apartment Association of Greater Los Angeles
Los Angeles, CA
Jorge L. Baldor
Tamela M. Coval
Allied ResidentCheck
Dallas, TX
Apartment Finder and ApartmentFinder.com
Lawrenceville, GA
Robyn E. Ice
Jeffrey L. Price
Alston & Bird LLP
New York, NY
The Apartment Group, Inc.
Dallas, TX
Lorelei Koester
Douglas A. Andrews
Alvin J. Wolff Management Company
Spokane, WA
Apartment Realty Advisors
Denver, CO
Scott M. Smith
Darren W. Ash
American Background Information Services
Winchester, VA
Apartment Realty Advisors
Charlotte, NC
Timothy M. Schaefer
Jonathan Close
Stuart J. Gruendl
American Computer Software
Madison, WI
Apartment Realty Advisors
Burlington, MA
BayRock Residential, LLC
Emeryville, CA
Sheraz Shere
Debra S. Corson
Howard E. Cohen
American Express
New York, NY
Apartment Realty Advisors
Dayton, OH
Beacon Companies
Boston, MA
Howard L. Stone
Matthew P. Rotan
Ralph W. Rose
American Express Tax and Business Services
Chicago, IL
Apartment Realty Advisors
Houston, TX
Bear, Stearns & Co. Inc.
New York, NY
APRIL 2004
Robert J. Pohl, Jr.
Appliance Warehouse
Houston, TX
Thomas J. Coates
Arroyo & Coates, Inc.
San Francisco, CA
Stephen B. Ashley
The Ashley Group
Rochester, NY
Jeffrey I. Friedman
Associated Estates Realty Corporation
Richmond Heights, OH
Brian Tribble
Assurant Group
Miami, FL
Richard Schechter
The Bainbridge Companies
West Palm Beach, FL
Allan R. Winn
Ballard Spahr Andrews & Ingersoll, LLP
Washington, DC
David Barker
Barker Apartments
Iowa City, IA
J. Jeffrey Riggs
Baron Property Services
Greenwood Village, CO
Larry P. Lieberman
Barrington Group Inc.
Sarasota, FL
NMHC 50 37
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Advisory Committee
Patrick Banner
James Sweeney
Jean M. Anderson
BellSouth Telecommunications
Atlanta, GA
Buyers Access
Denver, CO
CIGNA Retirement and Investment Services
Hartford, CT
Tyler P. Berding
Jeffrey Cagan
Joseph M. Del Medico
Berding & Weil LLP
Alamo, CA
Cagan Management Group, Inc.
Skokie, IL
Citigroup Alternative Investments
New York, NY
Kelley A. Bergstrom
Cynthia A. Lucas
Cindy Knott Taylor
Bergstrom Investment Management, LLC
Kenilworth, IL
CALEX Realty Group, Inc.
Jacksonville, FL
CKT Development Company
Tampa, FL
Jeffrey C. Day
Judy M. Alexander
Douglas R. Sandor
Berkshire Mortgage Finance
Irvine, CA
CalPERS
Sacramento, CA
Clark Realty Capital, L.L.C.
Bethesda, MD
Harold Beznos
Carla Young Kennedy
Alan L. Gosule
Beztak Companies
Farmington Hills, MI
CAMCO, Inc.
Chicago, IL
Clifford Chance Rogers & Wells LLP
New York, NY
Harry Bookey
Timothy J. Hartigan
Jeffrey M. Rotter
BH Equities, Inc.
Des Moines, IA
The Cannon Company
Atlanta, GA
CMS Companies
Philadelphia, PA
John F. Godfrey
Lawrence A. Cohen
Joseph M. Harvey
Birkel International Partners, Ltd.
Bryan, TX
Capital Senior Living, Inc.
New York, NY
Robert M. Kargman
Patrick L. Beach
Boston Land Company
Boston, MA
Captec Realty Capital
Ann Arbor, MI
Robert A. Kaplan
L. Marc Carter
Bourn Partners LLC
Tucson, AZ
Carter Haston Holdings, LLC
Nashville, TN
Kevin A. Ewing
Joseph M. Cassin
Bracewell & Patterson, L.L.P.
Washington, DC
Cassin Cassin & Joseph LLP
New York, NY
Christian V. Young
G. Craig LaFollette
Bridge Partners, Inc.
Murray, UT
CB Richard Ellis
Houston, TX
Charles B. Warren
Adam Schlesinger
Brinks Multifamily Security
Irving, TX
Ceebraid-Signal Corporation
West Palm Beach, FL
Barden Brown
Christopher Lee
Brown Realty Advisors
Atlanta, GA
CEL & Associates, Inc.
Los Angeles, CA
Stath Karras
James W. Lashbrook II
Burnham Real Estate Services
San Diego, CA
Century Maintenance Supply
Stafford, TX
Connor Environmental Services & Engineering
Assessments
Baltimore, MD
B. Diane Butler
Andrew S. Fawer
Lawrence S. Connor
Butler-Burgher Inc.
Dallas, TX
CIBC World Markets Corp.
New York, NY
Connor Murphy & Company
Dayton, OH
38 NMHC 50
Cohen & Steers Realty
New York, NY
David A. Roberts
Collateral Mortgage Capital, LLC
Birmingham, AL
Robert C. Baldwin
Columbia National Real Estate Finance, Inc.
Washington, DC
Craig S. West
Column Financial
Atlanta, GA
Donald A. Clark
Comcast Cable Communications
Philadelphia, PA
Barry Rudofsky
Community Housing Improvement Program
New York, NY
John H. Reichenbach
Compass Bank
Dallas, TX
Patrick T. Connor
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Advisory Committee
Joseph M. Schapiro
Michael A. Britti
Steven J. Sherwood
Continental Realty Corporation
Baltimore, MD
CreditRetriever/RentPort
Greenwood Village, CO
CWS Capital Partners, LLC
Newport Beach, CA
Marty Jones
Jim Smith
Diana L. Fox
Corcoran Jennison Companies
Boston, MA
Crescent Resources, LLC
Charlotte, NC
Davidon Homes
Walnut Creek, CA
Brian Murdy
Charles R. Brindell Jr.
Paul G. Kerr
Cornerstone Real Estate Advisers, Inc.
Hartford, CT
Crow Holdings
Dallas, TX
Davlyn Investments, Property Management
San Diego, CA
David Carneal
John Cigna
Rosemary G. Ayers
Cornerstone Realty Income Trust, Inc.
Richmond, VA
Crown Advisors, Inc.
Pittsburgh, PA
Day, Berry & Howard LLP
Hartford, CT
Robert S. Keith
Bradley P. Capas
Michael T. Radcliffe
Corporation for Interest Rate Management
Chicago, IL
Cushman & Wakefield/The Apartment Group
Fort Lauderdale, FL
DEC Management Group LP
Dublin, OH
Mark Koepsell
Larry C. Orr
Jack F. Smith
Cort Business Services
Fairfax, VA
Cushman & Wakefield/The Apartment Group
Atlanta, GA
Deloitte & Touche LLP
Atlanta, GA
Amy H. Wells
Cole Whitaker
John J. Cairo
Cox, Castle & Nicholson, LLP
Los Angeles, CA
Cushman & Wakefield/The Apartment Group
Orlando, FL
Delta Faucet Co.
Indianapolis, IN
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Advisory Committee
Derek A. Lobo
Michael Spiker
Robert P. Hein
Derek A. Lobo & Associates (DALA, Inc.)
Burlington, ON, Canada
Euro American Advisors
Tampa, FL
Fowler, Hein, Cheatwood,
Passino & Williams, P.A.
Atlanta, GA
Richard J. Dishnica
Matthew Aroesty
The Dishnica Company LLC
Point Richmond, CA
Farash Corporation
Rochester, NY
Gregory C. McGrath
Patrick M. Kelly
Domin-8 Enterprise Solutions, Inc.
Mason, OH
FDC Management, Inc.
Fullerton, CA
Trevor A. Grimm
Lawrence M. Gelb
Dr. Lynch Foundation
Los Angeles, CA
Greg L. Martin
Draper and Kramer, Incorporated
Chicago, IL
Stephen O. Drenner
Drenner, Stuart, Wolff, Metcalfe, Von Kreisler,
L.L.P.
Austin, TX
Ward A. Katz
Dunes Residential Services, Inc.
Overland Park, KS
John H. Pringle
E & S Ring Management Corporation
Culver City, CA
FIC Management, Incorporated
Newton, MA
Donald C. Taylor
Fickling & Company
Macon, GA
David S. Sherbal
Fifteen Asset Management, LLC
Miami Beach, FL
William H. Freeman
Freeman Webb Company Realtors
Nashville, TN
Steven A. Karpf
Fremont Realty Capital LLC
New York, NY
Stanley R. Fimberg
FSC Realty, LLC
Beverly Hills, CA
Richard B. Chess
FutureLaw, L.L.C.
Richmond, VA
Stephen A. Goldberg
Gallagher, Evelius & Jones, LLP
Baltimore, MD
Mark Sanders
Patricia J.M. Blackburn
Fifteen Group
Miami Beach, FL
Gates, Hudson & Associates, Inc.
Fairfax, VA
Scott Morey
Gregg Shapiro
First American Title Insurance Co.
Santa Ana, CA
GDC Properties, Inc.
Maitland, FL
Lester Zimmerman
Matthew Rose
ECI Group, Inc.
Marietta, GA
First Capital Realty, Inc.
Bethesda, MD
GE Appliances
Louisville, KY
Jack Murray
Mark L. Weshinskey
Frank Basile
Henry Hirsch
Edgewood Management Corporation
Silver Spring, MD
First Centrum, LLC
Sterling, VA
Gene B. Glick Company, Inc.
Indianapolis, IN
Matthew V. Wherry
Dan Freudenthal
Kevin Filter
Entrepreneurial Properties Corporation
Newport Beach, CA
Flood Zone Correction, Inc.
West Palm Beach, FL
Anthony J. LoPinto
Thomas H. Flournoy
Glaser Financial Group, Inc.
Saint Paul, MN
Karl L. Denison
Equinox Partners
New York, NY
Flournoy Development Co., LLC
Columbus, GA
Goodman/Gable/Gould Co. - Adjusters
International
Rockville, MD
John D. Clayton
Michael J. Blonder
Focus Development, Inc.
Atlanta, GA
Alexander A. Randall
ERC Properties, Inc.
Fort Smith, AR
Gerald S. Cohen
Michael W. Hatch
Ernst & Young
New York, NY
Foley & Lardner
Milwaukee, WI
Keith R. Guericke
Richard L. Fore
Charles W. Ewing, II
Essex Property Trust, Inc.
Palo Alto, CA
Fore Property Company
Washington, DC
GrayCo, Inc.
Richmond, VA
40 NMHC 50
Goodwin Procter LLP
Boston, MA
Mike Karol
Grande Communications, Inc.
San Marcos, TX
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Advisory Committee
Gary L. Gross
Russell Lykes
Christopher B. Hanback
Gross Builders
Cleveland, OH
Hills Communities, Inc.
Cincinnati, OH
Holland & Knight, LLP
Washington, DC
Robert S. Wolkoff
Group One Investments, LLC
Chicago, IL
Marshall Brantmeier
Grubb & Ellis Company
Dallas, TX
Thomas B. Brenneke
Guardian Management LLC
Portland, OR
Stephen Price
GWL Realty Advisors Inc.
Toronto, ON, Canada
John Lie-Nielsen
HandyTrac Systems
Bradenton, FL
Jordan E. Slone
Harbor Group International
Norfolk, VA
Gary R. Hediger
Hediger Enterprises Inc.
Greenville, SC
James M. Bachner
Heitman LLC
Chicago, IL
Pamela F. Newland
Hendersen-Webb, Inc.
Cockeysville, MD
James G. Martha
Henderson Global Investors
Hartford, CT
David Nachison
HFF
Washington, DC
James R. King
HH Hunt
Blacksburg, VA
Christopher Cassidy
The Highlands Companies
Alpharetta, GA
John Wyatt
Hilb, Rogal & Hamilton
Glen Allen, VA
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Advisory Committee
Richard R. Horton
Jeffrey P. Wiener
Robert H. Dilworth
Horton Insurance
Oklahoma City, OK
The Kislak Company, Inc.
Woodbridge, NJ
M/PF Research, Inc.
Carrollton, TX
Robert C. Metz
Christopher S. Maners
Phillip E. Bogucki
HPC Publications
Norcross, GA
Koriel REP, Inc.
Boca Raton, FL
Mac-Gray Services, Inc.
Cambridge, MA
Bethany H. Hooper
Richard I. Knapp
Timothy E. Martorella
Humphrey Development, Inc.
Columbia, MD
KSI Services Inc.
Vienna, VA
Madison Capital Group, LLC
Miami, FL
Mark Humphreys
Jason Blake
Michael J. Hendel
Humphreys & Partners Architects, L.P.
Dallas, TX
L&B Realty Advisors, Inc.
Dallas, TX
Maintenance Warehouse
San Diego, CA
Richard Holtz
Kevin S. Robins
John C. Manly
InfiniSys, Inc.
Daytona Beach, FL
Landar Holdings, L.P.
Houston, TX
Manly & McGuire
Costa Mesa, CA
Dougal M. Casey
Christopher C. Paul
Dale Phillips
ING Clarion
New York, NY
LaPaul Partners
Dallas, TX
Mark-Taylor Residential, Inc.
Scottsdale, AZ
Thomas P. McGuinness
William C. Kelly Jr.
Eric T. Schake
Inland Property Management, Inc.
Oak Brook, IL
Latham & Watkins
Washington, DC
Marsh
New York, NY
Stephen Braun
James D. Alexander
James H. McLawhorn
J.I. Kislak, Inc.
Miami Lakes, FL
LBK Management Services
Irving, TX
Marsh Associates, Inc.
Charlotte, NC
Patrick J. Sullivan
Thomas J. O’Brien
William L. DuBois
J.P. Morgan Partners, LLC
New York, NY
LCOR Incorporated
Berwyn, PA
Marvin F. Poer and Company
Dallas, TX
Thomas St. Jean
Salvador F. Leccese
Duncan L. Matteson, Sr.
J.P. Morgan Property Exchange Inc.
Hanover, MA
LeCesse Development Corporation
Winter Park, FL
The Matteson Companies
Redwood City, CA
John J. Brennan III
Ruth G. Eisenhauer
Keith J. Willner
Jackson & Campbell, P.C.
Washington, DC
Legend Management Group, LLC
McLean, VA
Mayer, Brown, Rowe & Maw LLP
Washington, DC
T. Karlton Jackson
Alan H. Gottlieb
Carl G. McCaslin, Jr.
JMG Realty, Inc.
Atlanta, GA
Lerner Corporation
North Bethesda, MD
McCaslin Development Company
Dallas, TX
David B. Henderson
Kenneth J. Bohan
John P. Casey
John Hancock Real Estate Investment Group
Boston, MA
Liberty Executive Search
Houston, TX
Meridian Investments, Inc.
Potomac, MD
Donald M. Blake, Sr.
Bryan Goolsby
Ron Coben
Joseph J. Blake and Associates, Inc.
Jericho, NY
Locke Liddell & Sapp LLP
Dallas, TX
MessagePro
Houston, TX
Michael E. Tompkins
Laura A. Saull-Smith
Christopher H. Martorella
Julian LeCraw & Co., Inc.
Atlanta, GA
Love Funding Corporation
Washington, DC
Metropolitan Housing Partners, LLC
New York, NY
42 NMHC 50
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Advisory Committee
Jeffrey J. Cohen
Miriam Lupkin
Joseph S. Hagan
Metropolitan Properties of America, Inc.
Boston, MA
Multifamily Executive
Washington, DC
National Equity Fund, Inc.
Chicago, IL
Maajed M. Abahusayn
Metropolitan Utilities
Irvine, CA
David B. Glover
Michael Stevens Interests, Inc.
Houston, TX
T. Sky Woodward
Miles & Stockbridge P.C.
Baltimore, MD
Daniel J. Miles
Miles Properties, Inc.
Atlanta, GA
Howard P. Milstein
Milstein Properties
New York, NY
Mary Rippe
Minnesota Multi Housing Association
Bloomington, MN
Andrian Seymour
Minol-MTR, LP
Addison, TX
Deborah Quattrone
Mitchell Technologies, Inc.
Webster, NY
H. Ronald Berg
Mobius Investments, LLC
Golden, MN
Sean Sorrell
Montecito Investment Company, Inc.
Austin, TX
Mitchell L. Morgan
Morgan Properties
King of Prussia, PA
Gary S. Smuckler
Morgan, Lewis & Bockius LLP
Washington, DC
John G. Morrow
Morrow & Associates, LLC
Irwin, PA
Peter A. Watson
Multi-Housing News
New York, NY
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Advisory Committee
Martin C. Schwartzberg
Philip B. Bell
Terry J. Smith
National Foundation for Affordable Housing
Solutions, Inc.
Rockville, MD
The P.B. Bell Companies
Scottsdale, AZ
Qwest Broadband Services
Thornton, CO
John C. Mulvihill
Steven Spinola
Pacific Life Insurance Company
Newport Beach, CA
Real Estate Board of New York, Inc.
New York, NY
Mark H. Cassidy
Robert S. Bisanz
Pacific Properties
Las Vegas, NV
Real Estate Equities, Inc.
St. Paul, MN
Spencer Stuart, Jr.
Stephen J. Alter
Nevins*Adams*Lewbel*Schell
Scottsdale, AZ
Palladium (USA) International, Inc.
Dallas, TX
Realcapitalmarkets.com, LLC
Carlsbad, CA
Stephen W. Gresham
Lewis A. Levey
David W. Stanford
Niles Bolton Associates, Inc.
Alexandria, VA
Paragon Group
St. Louis, MO
RealFoundations
Addison, TX
Harry J. Kelly
Stephen J. Mastor
Donald J. MacKinnon
Nixon Peabody LLP
Washington, DC
Phoenix Capital Partners, Ltd.
Dallas, TX
Realm Business Solutions, Inc.
Dallas, TX
Albert R. Diehl
Bob Trapp
Michael E. Mueller
PLC Apartments
Newport Beach, CA
Realty DataTrust
Scottsdale, AZ
Donna Preiss
William F. Diffenderfer
The Preiss Company
Raleigh, NC
Regent Partners, LLC
Atlanta, GA
Robert M. Dominy
Jacob Gerber
PRG Real Estate Management, Inc.
Philadelphia, PA
Relianz Group, Inc.
Bethesda, MD
Michael J. Ochstein
Dan Frumkin
Price Realty Corporation
Dallas, TX
REMANAGE, Inc.
Dallas, TX
Northwestern Investment Management
Company
Milwaukee, WI
Faron G. Thompson
Joseph Strasburg
Primary Capital Advisors, LLC
Atlanta, GA
Rent Stabilization Association
New York, NY
Brian F. Lavin
Rodney R. Vogel
Allan O. Hunter, Jr.
Principal Capital Real Estate Investors
Des Moines, IA
Rent.com
Santa Monica, CA
Roderick P. Standard
Matthew Golis
Prometheus
Redwood City, CA
RentPayment
San Francisco, CA
Rich Santos
National Real Estate Investor
Atlanta, GA
Stephen Berger
Neal, Gerber & Eisenberg LLP
Chicago, IL
Michael R. Schell
Noment Networks
Washington, DC
Lawrence R. Gottesdiener
Northland Investment Corporation
Newton, MA
Michael Hooks
NorthMarq Capital
Austin, TX
Robert W. Ranieri
NorthMarq Capital
Purchase, NY
Eugene R. Skaggs
NTS Development Company
Louisville, KY
Brian J. O’Boyle
O’Boyle Properties Inc./Apartment Realty
Advisors, LLC
Dallas, TX
Jacob Garza
Lonnie Derden
Ocius LLC
Chicago, IL
Property Automation Software Corporation
Richardson, TX
Resident Data, Inc./Choice Point Inc.
Dallas, TX
Kevin Braun
Brian Atlas
Steven Zalkind
OpsTechnology, Inc.
Arlington, TX
Qcorps Residential, Inc.
Houston, TX
Resource Investments Limited, LLC
Pennsauken, NJ
David Elowe
44 NMHC 50
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Advisory Committee
Mark J. Einstein
K. David Lindner
R. Kyle Winning
Reznick Fedder & Silverman
Baltimore, MD
Squire, Sanders & Dempsey L.L.P.
Phoenix, AZ
Steadfast Apartment Communities
Newport Beach, CA
Martin J. Mehall
Richland Communities
Middleburg Heights, OH
Charles S. Roberts
Roberts Realty Investors, Inc.
Atlanta, GA
Mark DeLillo
Rockwood Realty Associates, LLC
New York, NY
Dale Mathias
SAFLOK
Laguna Niguel, CA
W. Michael Doramus
Sarofim Realty Advisors
Dallas, TX
Michael A. Scully
Scully Company
Jenkintown, PA
Leslie Browning
Sears Prairie Stone
Hoffman Estates, IL
Scott Gould
Sherman Residential
Chicago, IL
Michael Peskowitz
Sidley Austin Brown & Wood LLP
New York, NY
John McKinnerney
Simmons Vedder & Co.
Austin, TX
Allan Foster
Southwestern Bell Video Services
Richardson, TX
Thomas G. Williams
Specialty Consultants, Inc.
Pittsburgh, PA
David Rich
Sperry Van Ness
Los Angeles, CA
Mike Murphy
Sprint
Overland Park, KS
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Advisory Committee
Tarak Patolia
David C. Dewar
Robert H. Turner
Sterling Equities, Inc.
Great Neck, NY
Trillium Residential, LLC
Phoenix, AZ
Wentwood Companies
Austin, TX
Robert J. Thiebaut
Charles J. Lauckhardt
Thomas W. Wermers
Sterling Trust
Atlanta, GA
The Tuckerman Group/SSgA
Purchase, NY
Wermers Multi-Family Corp.
San Diego, CA
Steven D. Bell
William D. Edwards
J. Marks Moore, III
Steven D. Bell & Company
Greensboro, NC
Ulmer & Berne LLP
Cleveland, OH
West & Moore, LLC
Baltimore, MD
Regina L. Fiegel
Richard Cawley
Evan J. Griffiths
Stewart Title Guaranty
Charlotte, NC
United Multi Family Corporation
Braintree, MA
Westdale Asset Management
Dallas, TX
James A. Johnston
Mark B. Greco
Jerry C. Wilkinson
Urdang & Associates Real Estate Advisors,
Inc.
Plymouth Meeting, PA
The Wilkinson Group, Inc.
Atlanta, GA
The Strand Corporation
Vancouver, BC, Canada
Barry M. Kornblau
Summit Realty Group, Inc.
Glen Allen, VA
Paul Kaliades
SureDeposit
Livingston, NJ
Jerry S. Rega
Texacraft, Inc.
Ocala, FL
Thomas J. Gochberg
TGM Associates L.P.
New York, NY
William W. Thompson
Thompson Residential Partners, LLC
Sausalito, CA
Robert L. Fransen
Timberland Partners
Minneapolis, MN
David Akerson
Timberline Software
Beaverton, OR
Brian Mendelson
Yvette Poole
USIWest
Irvine, CA
Todd B. Urness
Keri Youngner
Verizon Avenue
Herndon, VA
Winthrop & Weinstine, PA
Minneapolis, MN
G. Ronald Witten
Peter D. Anzo
Vinings Investment Properties Trust
Atlanta, GA
Witten Advisors LLC
Dallas, TX
Tim Wolff
Mike Clements
Viterra Energy Services
Jacksonville, FL
The Wolff Company
Scottsdale, AZ
Pamela V. Rothenberg
Edward L. Hurley
Wachovia Multifamily Capital
Dallas, TX
Womble Carlyle Sandridge & Rice, PLLC
Washington, DC
Ronald V. Granville
Elliott A. Lewis
The Watermarke Companies, Inc.
Atlanta, GA
Woodmont Real Estate Services
Belmont, CA
John A. Echols
Marc M. McBrearty
Watson Wyatt Data Services
Rochelle Park, NJ
Worthing Southeast Corporation
Atlanta, GA
Glenn Meyer
Jerry I. Speyer
Matthew McConaughy
Tishman Speyer Properties, Inc.
New York, NY
Web Service Company, Inc.
Redondo Beach, CA
Gary H. Levinson
Ronald D. Gregory
Togar Property Company
La Fayette Hill, PA
Wells Fargo Real Estate Merchant Bank
Bloomington, MN
Neil K. Bortz
Brian Brittsan
Towne Properties
Cincinnati, OH
Wellspring International
San Diego, CA
46 NMHC 50
Wilmar Industries, Inc.
Houston, TX
Ygnition Networks
Seattle, WA
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Associate Members
Acacia Capital Corp.
Advenir, LLC
Alara Ventures
Allen & O’Hara, Inc.
Allied Capital
Alpha Risk Services, Inc.
Altman Companies
American Campus Communities
American Housing Preservation Corporation
Ameriton Properties Incorporated
Aries Capital, Inc.
The Athena Group, LLC
The Atlantic Companies
Atlantic Realty Partners, Inc.
Atlantis Asset Management, L.L.C.
Avery Construction Company
Aztec Group, Inc.
B & A Property Group, LLC
Banc One Capital Corporation
Bank One Corporation
Banner Property Management
BB & V LLC
Bean Investment Real Estate
Belgarde Enterprises
Benchmark Group
Bernard/Allison Management Services, Inc.
Bleznak Associates
Boca Developers
Brandywine Construction & Management, Inc.
The Brody Companies
Brothers Property Corporation
Brownstone Publishers, Inc.
The Bruder Company
Bryan Cave LLP
Bumby Development Group, Inc.
Butte Properties
C3 Services, Inc.
California State Teachers’ Retirement System
Campus Apartments
Campus Village Communities
Canadian Apartment Properties REIT
Capstone Building Corp.
Carey Kramer Company
Carlson Associates Inc
Case Pomeroy Properties
CB Richard Ellis (Phoenix, AZ)
48 NMHC 50
CB Richard Ellis (Newport Beach, CA)
CB Richard Ellis (Ontario, CA)
CB Richard Ellis (San Diego, CA)
CB Richard Ellis Inc. (Miami, FL)
CB Richard Ellis Inc. (Tampa, FL)
CB Richard Ellis (Atlanta, GA)
CB Richard Ellis (Atlanta, GA)
CB Richard Ellis (Atlanta, GA)
CB Richard Ellis (Atlanta, GA)
CB Richard Ellis (Baltimore, MD)
CB Richard Ellis (Wayne, PA)
CB Richard Ellis (Dallas, TX)
CB Richard Ellis (McLean, VA)
Charlesbank Capital Partners
Churchill Forge Properties
CLK Management Corp.
College Park Communities, Inc.
Collegiate Development Services
Colliers Seeley International
Community Development Trust, Inc.
The Compass Group, LLC
Concierge Asset Management
Concord Management, Ltd.
Constellation Real Technologies LLC
ContraVest, Inc.
Corum Real Estate Group
Costlow & Hubacher
Covenant Capital Group
Crane Realty Corporation
Creekstone Partners
CREMCO, L.L.C.
Crescent Heights
CRI, Inc.
Crosland Properties
CTL Management
Curry Conduit Services, Inc.
Curtin Property Company
Cushman & Wakefield/The Apartment Group (Philadelphia, PA)
Cushman & Wakefield/The Apartment Group (Addison, TX)
Cushman & Wakefield/The Apartment Group (Addison, TX)
David Drye Company
Davis-Penn Mortgage Co.
Delaware Investment Advisers
Demmon Partners
The Dermot Company, Inc.
The Dilweg Companies, LLC
Donohoe Companies, Inc.
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Associate Members
DRA Advisors, LLC
DTI Investments, Inc.
Guaranty Bank
Gumenick Management Company
E.J. Williams Property Management
Eastern Consolidated Properties, Inc.
Eaton Vance Management
Eichner & Norris PLLC
Eliason Inc.
Encore Management Company
Engler Financial Group, LLC
EquiMark Properties, Inc.
Equity Exchange
ESIC Realty Partners
Euro American Advisors
Evans Real Estate Group
Evergreen Development
Executive Capital Corporation
H.G. Fenton Company
The Habitat Company
Haley Associates LTD
Halliwell Engineering Associates, Inc.
Hanover Company
Harbert Management Corporation
Hart Advisers, Inc.
Hartrey Advisors
Haverford Capital, Inc.
The Hayman Company
Heidrick & Struggles
Henry S. Miller Investment Banking Group
Hercules Real Estate Services, Inc.
HFF
Hibernia Holdings
Horn-Barlow Companies
Hornig Companies Inc.
Hudgins Apartment Development
Favrot & Shane Companies
FFC Capital Corporation
FIC Management, Incorporated
Fidelity Investments
Fifield Realty Corp.
The Finger Companies
First American Property & Casualty Insurance Company
First Capital Corporation
First Management Services, Inc.
Flaherty & Collins Properties
Flanagan/Bilton
Florida Multifamily
FountainGlen Properties, LP
Friedman, Billings, Ramsey Group, Inc.
Gebroe-Hammer Associates
GMAC - Residential Funding Corporation
Gorman & Company, Inc.
Granite Investment Group
Gray Clow Residential
Great Atlantic Management, LLC
Great Lakes Management Co.
Green Street Advisors, Inc.
Greystone & Co.
The Greystone Group, Inc.
Group Interland Management
Grubb & Ellis Company
Gryphon Realty Capital Advisors LLC
GSSW
50 NMHC 50
Income Property Specialists
ING Realty Partners
Insurent Agency Corporation
InteliCable Group
Internacional Realty, Inc.
INVESCO Realty Advisors
Investors Alliance Inc.
Investors Management Trust Real Estate Group, Inc.
The Jackson Group
Jars Residential Properties
JH Real Estate Partners, Inc.
JMS Consulting Associates
The John Buck Company
Joshua Tree Consulting
JP Morgan Chase Bank
Juniper Investment Group, Inc.
Jupiter Realty Corporation
Kaiserman Company, Inc.
Kaplan Companies
Kennedy-Wilson Properties, Ltd.
KET/HIP
Key Bank N.A. (Tampa, FL)
Key Bank, N.A. (Dallas, TX)
KeyBank Real Estate Capital
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Associate Members
Kier Management Corp.
Kirby Sack Properties, Inc.
Kirkpatrick Management Company, Inc.
Koontz McCombs
KOR Realty Group
Korman Communities
L.J. Melody & Company (Phoenix, AZ)
L.J. Melody & Company (Houston, TX)
La Maison Apartments
Lambert Smith Hampton
Landmark Residential
Larry G. Schedler & Associates, Inc.
Lefrak Organization Inc.
Legacy Partners Residential, Inc.
Lenfest Enterprises, LLC
Levine Builders
Lightstone Group
Live Oak Capital, Ltd.
LNR Property Corporation
London Management Corp
Love Properties Inc.
LR Management Services Corporation
Lubert-Adler
The Lynd Company
M S L Property Management
M. Timm Development, Inc.
M&T Realty Capital Corporation
Madison Apartment Group
Madison Development Group, LLC
Madison International Realty, LLC
Makowsky Ringel Greenberg, LLC
Management Group, Inc.
Mandel Group, Inc.
Marriott ExecuStay
Marx/Okubo Associates, Ltd
Massachusetts Mutual Life Insurance
Co.
MBS Realty Investors, Ltd.
MC Realty Advisers, LLC
MC Realty, Inc.
McCabe Research & Consulting, LLC
McDonald Investments Inc.
McGriff, Seibels & Williams
The Medve Group, Inc.
Meer Capital Partners, LLC
Mercy Housing, Inc.
APRIL 2004
Merry Land Properties, LLC
Metric Property Management, Inc.
MG Properties
MGM Enterprises, Inc.
Mid-Peninsula Housing Coalition
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Associate Members
MintoUrban Communities Inc.
Moody’s Investors Service
Multifamily Solutions, Inc.
Munsch, Hardt, Kopf, & Harr, P.C.
National Church Residences
National Electrical Benefit Fund, NEBF, NA
National Housing Corporation
New Boston Fund, Inc.
Nexus Residential Communities, Inc.
NNC Apartment Ventures
Nolo Press
NorthMarq Capital
Novogradac & Company LLP
NP Dodge Management Company
O’Connor Capital Partners
Obermayer Rebmann Maxwell & Hippel LLP
Osprey Property Group LLC
Ovation Development
Overland Realty Capital
Pace Realty Corporation
Pacific Property Company (Los Angeles)
Pacific West
Pacifica Companies
Palms Associates
Paradigm Development Company
Paragon Properties
Paragon Real Estate Equity and Investment Trust
The Park Companies
PCS Development, Inc.
The Peterson Companies
The Picerne Group
Powell, Goldstein, Frazer & Murphy, LLP
The Preston Partnership, LLC
Prime Income Asset Management, Inc.
Prime Property Capital, Inc.
Prominent Realty Group
Prudential Equity Group, Inc.
Quaker Capital
Quantum First Capital
Questar Properties, Inc.
Rafanelli, Nahas & Ambrose
RAM Partners, LLC
RAM Realty Services
52 NMHC 50
RCP General Incorporated
RD Olson Development
Real Estate Capital Partners
Realstar Management
Realty Capital Company
Realty Funding Group, LLC
Realty Management, Inc.
RedPeak Properties LLC
Regional Management, Inc.
Resource Real Estate, Inc.
rghventures
Rimkus Consulting Group, Inc.
Risk Innovations, Inc.
RJ Griffin & Company
RM Watson Co.
Rockport Mortgage Corporation
Rossitto & Associates
Roxbury Properties, Inc.
RP Management, Inc.
S-J Management LLC
S.L. Nusbaum Realty Co.
S37 Management Inc.
Salem Realty Capital LLC
SatisFacts Research, LLC
Sawyer Realty Holdings LLC
Schenk Realty Group, L.L.C.
Schultz Investments, Inc.
SCI Real Estate Investments
Security Capital Research & Management
Security Properties Inc.
Sendera Investment Group, LLC
Sentinel Real Estate Corporation
The Sexton Companies
SGS Properties, Inc.
Sher Garner Cahill Richter Klein McAlister & Hibert, LLC
The Shoptaw Group, LLC
Shore To Shore Properties
Showe Management Corporation
Sierra Pacific Properties, Inc.
Silverwood Investments, LLC
Sitomer & Hogan, LLP
SMG Property Management, Inc.
Smith Equities Corporation
Sobrato Development Companies
The Solomon Organization
Sonnenschein, Nath & Rosenthal
Southeast Capital Partners, Inc.
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
Associate Members
Southern California Housing Development Corporation
Southern Land Company
SouthTrust Bank-Commercial Real Estate
Sperry Van Ness - Rex Jones
Spieker Companies, Inc.
Standard Management Co.
Starpoint Property Management, LLC
State Farm Insurance
Steelwood Property Company
Stern Brothers & Co.
Steven Scott Management, Inc.
Stewart Properties Inc.
Stratus Real Estate, Inc.
Stuart Corporation
Stuart M. Bennett, P.C.
The Sunhill Group LLC
Sunroad Enterprises
Thies & Talle Management, Inc.
Thomas Rutherfoord Inc.
Tiger Realty, Ltd.
The Time Group
TMC Management Corporation
Todd & Associates, Inc.
Toll Management Company
Toppel Partners
Torto Wheaton Research
The Tower Companies
Triumph Management Co.
TriVest Residential LLC
UBS Warburg
United Development Group, Inc.
W&M Properties, Inc.
Wachovia Securities
Wafra Investment Advisory Group, Inc.
Walchle Investment Group, Inc.
Walton Street Capital, LLC
Weidner Investment Services, Inc.
Wellsford Real Properties, Inc.
Wendover Housing Partners, Inc.
Westwood Residential Co.
White Residential, Inc.
Wind Management LLC
WLD Enterprises, Inc.
Woodland Capital Group LLC
WRH Realty Services, Inc.
APRIL 2004
York Properties, Inc.
Zaremba Group, LLC
Zaremba Residential Company
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
NMHC Staff
Douglas M. Bibby is President, with
lead responsibility for general management of the National Multi Housing
Council. Doug has had extensive
senior management experience in both
large and small organizations, and his
career has spanned international as
well as domestic assignments. He
spent approximately 16 years (from
1983 to 1999) with Fannie Mae in a
progression of senior management jobs, including Assistant to
the Chairman/CEO; Chief Administrative Officer; Senior Vice
President, Communications; and Senior Vice President, Human
Resources and Training. Before joining the Council in June 2001,
Doug was President of Ardsley Consulting, LLC, a management
and organizational consulting firm in Bethesda, MD. Prior to that
he was Managing Partner of The Financial Group, LLC, a small
investment banking firm engaged in mergers and acquisitions
work and capital financing for small companies. He spent the first
12 years of his career with J. Walter Thompson Company, a global
communications and advertising firm, eventually heading its
Washington, DC, office. Doug holds a Bachelor of Arts degree from
Denison University in Granville, OH, and a Masters of Business
Administration from the University of Texas at Austin.
James N. Arbury is Senior Vice
President for Government Affairs with
responsibility for implementing strategy for all legislative and regulatory
issues of interest to the National Multi
Housing Council and National
Apartment Association Joint Legislative Program. For 10 year previous to
his present position at NMHC he
served as Vice President of Tax and
Telecommunications, with principal responsibility for federal tax
issues and federal and state telecommunications regulation. A
member of the U.S. Senate staff for 13 years, Jim served as
Administrative Assistant to U.S. Senator Donald W. Riegle, Jr., former Chairman of the Senate Committee on Banking, Housing, and
Urban Affairs and member of the Senate Finance Committee. Jim
subsequently served as Senior Policy Advisor to the U.S. Senator
with special emphasis on tax issues. Prior to his work on Capitol
Hill, he held various financial management and general management positions in private industry with Ernst & Young, Chrysler
Corporation, Accuray Corp., Brand-Rex Wire & Cable, and Ensign-
54 NMHC 50
Bickford Company. He has a Bachelor of Arts degree from
Michigan State University, a Masters of Business Administration
degree from the Harvard Graduate School of Business
Administration, and is a Certified Public Accountant.
Lisa E. Blackwell is Vice President of
State and Local Strategic Outreach
and Housing Policy Initiatives, with
primary responsibility for complementing the Council’s federal legislative and regulatory program by mobilizing members and resources to
respond to apartment-related issues
at the state and local level. At the federal level, she also manages select
housing issues for the NMHC/National Apartment Association
Joint Legislative Program. Lisa brings more than 20 years of government affairs and real estate experience to the Council. Most
recently, she was the Managing Director of Government Affairs for
the American Institute of Architects (AIA), where she developed
legislative strategies on behalf of the nation’s architects. Prior to
that, she spent nine years with the National Association of
Realtors working on a variety of housing issues. She also directed
Cornell University’s government relations program and worked for
two New York State members of Congress. Lisa holds a Bachelor
of Arts degree in Political Science from the State University of New
York College at Fredonia.
David B. Cardwell is Vice President of
Finance and Technology, with principal
responsibility for multifamily housing,
finance and technology issues. Before
joining the Joint Legislative Staff, he
was Senior Manager for Product
Development at Freddie Mac, where he
developed and implemented new multifamily mortgage products. Other positions at Freddie Mac include Manager
of Loan Production and Product Development and Manager of the
Community Development Investment Group. Prior to joining Freddie
Mac, Cardwell served in the Office of Affordable Housing Programs
at the U.S. Department of Housing and Urban Development, as
Director of Business and Redevelopment Activities for Trammell
Crow Residential, and as Economic Development Director for the
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
NMHC Staff
city of Falls Church, VA. He holds a Masters degree in City and
Regional Planning from the University of Virginia and a Bachelor of
Arts degree from the University of Maryland.
Jeanne M. Delgado is Vice President
of Property Management with principal responsibility for fair housing,
bankruptcy, credit reporting, debt collection, and other property management issues. Prior to joining NMHC,
Jeanne spent the previous 18 years at
the National Association of Realtors
where she was the Manager,
Regulatory and Industry Relations with
responsibility on issues such as RESPA, Do-Not-Call/Fax, CAN
SPAM, Tort Reform, U.S. Patriot Act, and others. She also served as
Senior Policy Representative, Government Affairs; Managing
Director, Government Affairs; Policy Representative, Fair Housing
Program; and Political Action Committee, PAC Director. Jeanne has
a Bachelor of Arts degree in Business Management from The
Catholic University of America, Washington, D.C.
Kimberly D. Duty is Vice President of
Communications, with lead responsibility for media relations and planning
and implementing communications
strategies, publications and Internet
services. Prior to joining NMHC, Kim
served as Assistant Director of the
National Association of Home Builders’
Multifamily Council where she managed the Council’s legislative and regulatory issues and directed the group’s communications and public relations program. Before her tenure at NAHB, Kim served as
Director of Membership for a local chamber of commerce, and she
spent 18 months in Berlin, Germany at the Berlin Public Affairs
Office. She holds a Bachelor of Arts degree (Phi Beta Kappa) from
The College of William & Mary and a Masters in Public Policy from
Georgetown University.
APRIL 2004
Susan Guthrie is Vice President of
Operations, with principal responsibility for NMHC’s internal operations.
Susan has over 20 years of management experience in residential lending,
servicing and building customer relationships. Prior to joining NMHC, she
was Vice President of the Multifamily
Division at the National Association of
Home Builders. Prior to joining Home
Builders, she was Vice President of the Housing and Community
Development Consulting Group of ICF Kaiser and prior to that
Director of Multifamily Customer Relations at Freddie Mac. Susan
attended Brevard College, Brevard, North Carolina; University of
Delaware, Newark, Delaware; and George Mason University,
Fairfax, Virginia.
Eileen C. Lee, Ph.D., is Vice President
of Environment, with principal responsibility for environmental and energy
issues. During her eight-year tenure
working with Congress, Eileen served
as Staff Director of the Environment
Subcommittee of the Committee on
Science, Space, and Technology of the
U.S. House of Representatives. This
Subcommittee had legislative and
oversight authority for the research and development portfolios of
the U.S. Environmental Protection Agency, the U.S. Department of
Energy and the U.S. Department of Commerce. Eileen came to
Capitol Hill as a Congressional Science Fellow after completing a
fellowship for the National Research Council. Eileen currently
serves on the Board of Directors for The National Foundation for
Environmental Research. She holds a Bachelor of Science and
Masters of Science degrees from Villanova University and received
a Ph.D. in microbiology from The Catholic University of America.
NMHC 50 55
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
NMHC Staff
Howard A. Menell is Tax Advisor with
principal responsibility for federal tax
issues. Prior to Howard’s role as
NMHC’s Tax Advisor, he most recently
held the position of Special Counsel to
the Ranking Minority Member for the
U.S. House of Representatives’
Committee on Financial Services. Prior
to that, he worked in the Office of
Multifamily Housing Assistance
Restructuring at HUD, and served as both Majority Staff Director
and Minority Staff Director for the U.S. Senate’s Committee on
Banking, Housing and Urban Affairs. He has also held senior management jobs in private industry, serving as Vice President for
Government Affairs for the American Express Company. Howard
holds a Bachelor of Arts degree from the Maxwell School of
Citizenship and Public Affairs at Syracuse University and is a
graduate of the National Law Center at The George Washington
University. He is a member of the Bar of the State of New York, the
United States District Court for the District of Columbia Circuit
and the District of Columbia Bar.
Mark H. Obrinsky, Ph.D., is Vice
President of Research and Chief
Economist, with principal responsibility for housing and economic research.
Mark was formerly Director of
Regulatory Policy at Fannie Mae.
Previous positions at Fannie Mae
included Director of Applied Portfolio
Research and Senior Economist. Prior
to joining Fannie Mae, Mark was
Deputy Director of the Economics Department at the U.S. League
of Savings Institutions. His academic experience includes seven
years teaching Economics at the University of Delaware and
Bradley University. His work on housing, mortgage finance, and
economic theory has appeared in leading professional and industry publications. Mark holds a Bachelor of Arts degree (with honors) in Mathematics from the University of Wisconsin and a Ph.D.
in Economics from the University of Pennsylvania.
Jennifer M. Angebranndt, CMP, is
Ronald G. Nickson is Vice President
of Building Codes, with principal
responsibility for representing multifamily housing in the model building
code process. For over 30 years, Ron
has worked extensively with each of
the model building code organizations.
He has served on several technical
standards writing committees and the
Virginia State Technical Review Board.
Previously, Ron was Director of the Energy and Home Environment
Department at the National Association of Home Builders and was
a residential builder in Northern Virginia. Ron has a Bachelor of
Science degree from Colorado State University.
56 NMHC 50
Director of Meetings, Marketing and
Exhibits, with primary responsibility
for planning and overseeing all NMHC
meetings. Jennifer has more than
eight years of meeting and trade show
management experience. Prior to joining NMHC, she was the Meetings
Manager and subsequently the Trade
Show and Education Forum Manager
for the Health Industry Distributors Association. She holds a
Bachelor of Arts degree from Louisiana State University.
Doris D. Collins is Director of
Membership, with lead responsibility
for member relations and maintenance of the NMHC membership and
dues database. Prior to joining NMHC,
she worked as a legal secretary for the
Washington, DC law firm of
Washington, Perito & Dubuc. Her previous experience includes four years
with the United States Air Force, where
she achieved the rank of Staff Sergeant and was awarded an Air
Force Commendation Medal, was selected Airman of the Month,
APRIL 2004
A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
NMHC Staff
and received the Administrative Specialist of the Year Award.
Doris received a Certified Medical Assistant certificate from the
Colorado College of Medical and Dental Assistants and attended
the College of Southern Maryland and the University of Maryland.
Michael H. Tucker is Director of
Communications, serving as the
Council’s primary writer and assisting
with media relations and federal
advocacy efforts. Prior to joining
NMHC, Michael served as Program
Manager at the American Institute of
Architects, where he managed the
housing and urban design committees
and worked in the Institute’s Center for
Livable Communities smart growth initiative. A freelance writer,
Michael has written for U.S. News & World Report, AIArchitect, and
the Binghamton, NY Press & Sun-Bulletin, among others. He holds
a bachelor’s degree from the State University of New York at
Binghamton and a Masters in Business Administration from The
College of William & Mary.
Elizabeth Feigin Befus is Senior
Legislative Analyst, with primary
responsibility for legislative tracking
and special projects for the Joint
Legislative Program. Prior to joining
NMHC, Elizabeth served as Attorney
Advisor with the U.S. Department of
Labor where she researched case law,
statutes and regulations, and drafted
appellate administrative decisions
involving federal workers’ compensation law. Elizabeth holds a
Bachelor of Arts degree in Political Science from Colorado State
University and a Juris Doctorate from University of Iowa College of
Law. She is a member of the Colorado State and District of
Columbia Bars.
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Alexander N. Hecht is Legislative
Analyst, with primary responsibility for
special projects for environmental
issues of the Joint Legislative Staff.
Prior to joining NMHC, Alex served as a
Legal Assistant with the Maryland
Office of the Attorney General. A former
sportswriter and award-winning journalist, Alex holds a Bachelor of Arts
degree in English and History from the
University of Texas at Austin and a Juris Doctorate degree from the
University of Houston Law Center. He is a member of the Maryland
State Bar.
Richard Levy is Research Analyst,
with responsibility for assisting NMHC’s
Vice President of Research and Chief
Economist in apartment industry analysis. Prior to joining NMHC, Rich was a
Presidential Management Intern, then
Statistician at the U.S. Census Bureau,
where he worked extensively with housing and other demographic data. Rich
received a Bachelor of Science in Policy
Analysis from Cornell University. He earned a Master of Public
Administration from New York University, where he was a Public
Service Scholar and spent a semester abroad in Barcelona.
Deborah D. Lee is Executive Assistant
to the President, with responsibility for
executive administrative support to the
President and the Vice President of
Operations. Prior to joining NMHC,
Deborah was employed with CTA
Incorporated, where she served as a
Senior Administrative Assistant to the
Program Manager on-site at the headquarters of the Federal Bureau of
Investigation in Washington, DC.
Deborah also worked as an Assistant Director of an early education
center, with responsibility for feasibility studies for the acquisition
of real estate to be used primarily for the establishment of early
childhood education centers. She received an Associate of Arts
degree from the State University of New York at New Paltz.
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Michele L. Cherry is Legislative and
Web Site Manager, with responsibility
for managing the NMHC web site and
administrative support of the Joint
Legislative Staff. Michele is also
the Administrator of the Apartment
Industry Mobilization Service (AIMS),
the apartment industry’s central legislative information and alert system
and serves as the Custodian of
Records for, and manages the reporting requirements of, the
NMHC Political Action Committee. Prior to her time at the Council,
she has worked for a local political consulting firm and has served
on the staff of U.S. Representative Duncan Hunter. She received a
Bachelor of Arts degree (magna cum laude) in political science
from Bloomsburg University.
Bruce D. Coltman is Manager of
Information Systems, with primary
responsibility for support and development of NMHC’s network and desktop
computer systems. Previously, Bruce
was the Information Systems Manager
for the Eastern Area for Ogden
Entertainment. Bruce has over 10
years of information system design
and management experience on various platforms.
Pamela E. Gilmore is Manager of
Accounting, with responsibility for
cash disbursements, cash receipts
and general accounting. Her most
recent experience was as the
Executive Assistant to NMHC’s
President. Prior to joining the Council,
Pam was a legal assistant in a personal injury law firm and served on
the support staff in a Washington, DC
real estate industry association. Pamela has also had managerial responsibilities in retailing and has done volunteer work in
mental health for homeless women and in education for exceptional children. She received a Bachelor of Arts degree from
William Paterson University.
58 NMHC 50
Mindy London is Meetings Coordinator, with responsibility for assisting
with management of NMHC meetings
and forums. Prior to joining NMHC,
Mindy was the Director of Meetings for
the National Air Duct Cleaners
Association in Washington, DC. Mindy
has over four years of experience as a
meeting planner. Mindy received a
Bachelor of Arts degree from the
University of Maryland in Speech Communications.
Simona P. Diggs is Membership
Assistant, responsible for administrative membership support. Prior to joining NMHC, she was employed at Riggs
Bank NA, holding a number of positions in operations and loan processing. She has extensive training and
experience in customer service.
La Fayette Flowers is Administrative
Assistant, with responsibility for providing administrative support including drafting correspondence, formatting speeches and presentations, and
special projects for the executive office
and providing assistance in the general operation of the Council. Prior to
joining NMHC, La Fayette was
employed by Pitney Bowes Management Services as a site representative. La Fayette has also worked
as an intern at the United States Department of Energy where he
received a superior achievement award for developing a classification system for the Defense Nuclear Facility Safety Board.
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A SPECIAL SUPPLEMENT TO NATIONAL REAL ESTATE INVESTOR
NMHC Staff
Candace L. French is Membership
Assistant, responsible for administrative membership support. Prior to joining NMHC, she was an executive
assistant in the office of Member
Services at the National Grain and
Feed Association where she was
responsible for membership and
meeting support. Candace came to
NMHC with over six years of customer
Duane E. Whitner is Administrative
Associate, with responsibility for copying, faxing, mailings and other administrative duties. Prior to joining NMHC,
he was a field technician for Pitney
Bowes Mailing Systems and a team
leader for Pitney Bowes Management
Services.
service experience.
LaToya Scott is Legislative
Assistant, with responsibility for providing legislative administrative support to the Joint Legislative Staff. She
received an Associate Degree in Public
Service (Legal Assistant/Paralegal)
from Florence-Darlington Technical
College and an Associate Degree in
General Business from Williamsburg
Technical College.
LeVoniann (Toni) Sampson is
Receptionist, with responsibility for
answering the main telephone system
and greeting visitors. Her previous
experience includes more than 25
years with Bell Atlantic and AT&T as a
customer service assistant and
instructor, and serving as a receptionist with a major Washington, DC law
firm.
60 NMHC 50
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