Dive Brief:

• For the first time, one firm is atop the National Multifamily Housing Council’s lists of the biggest apartment industry owners, managers and developers.
• After adding almost 10,000 owned units to its portfolio last year, Charleston, South Carolina-based Greystar became the country's No. 1 apartment owner with 108,566 residences as of Jan. 1, 2024. It passed Memphis-based REIT MAA, which was second with 100,894 apartments. King of Prussia, Pennsylvania-based Morgan Properties was third with 92,935 units.
• Greystar was also No. 1 on the top developer list and kept its top spot on the NMHC Top 50 Managers list for the 13th straight year. The company’s 798,272 apartments under management dwarfed new second-place operator Asset Living’s 291,322 units.

Dive Insight:

Greystar, with more than 9,000 units added, saw the fourth-biggest gain in apartments among the Top 50 owners, according to an NMHC analysis. Camden, New Jersey-based The Michaels Organization, with more than 17,000 added, saw the biggest gain, followed by Atlanta-based GID and West Hartford, Connecticut-based Nuveen, which both gained more than 11,000 residences.

While conventional transactions were slow in 2023, some major affordable deals were completed, driving the increases for Nuveen and Michaels.

In May, Nuveen announced that it was acquiring a portfolio of more than 12,000 units from New York-based Omni Holding Company. In April, New York City-based Goldman Sachs Group’s Urban Investment Group, Michaels and New York City-based Community Development Trust bought a $1.15 billion portfolio of 90 affordable housing complexes from Harmony Housing.

Norfolk, Virginia-based Harbor Group International saw the biggest decline in units at almost 5,000. Newark, New Jersey-based PGIM Real Estate’s portfolio declined by almost 4,000 residences and Des Moines, Iowa-based BH Equities shed slightly more than 3,000 apartments.

Scottsdale, Arizona-based Alliance Residential; Chicago-based Waterton; and GID made the biggest jumps on the Top 50, each moving up seven spots. Michaels gained six places, followed by San Diego-based Fairfield Residential, which advanced four spots.

Manager movement

Greystar continued to dominate the Top 50 Managers list. However, in an era of consolidation, three other companies operate more than 200,000 units. As recently as 2013, no company, including Greystar, had more than 200,000 apartments.

Houston-based Asset Living gained almost 90,000 units as it moved up one spot to second place. Austin, Texas-based RPM Living added more than 75,000 residences, helping it jump three spots to No. 3. Seattle-based Avenue5 Residential grew by more than 20,000 apartments, powering its rise from No. 10 to No. 8.

Atlanta-based RAM Partners had the most significant jump on the managers' list, moving from No. 24 to No. 20. Multiple firms moved up three spots.

Dallas-based Willow Bridge Property Company, formerly Lincoln Property Company, saw its portfolio shrink by 12,000 apartments as it fell from No. 2 to No. 4. Nashville, Tennessee-based Elmington Property Management shed more than 8,000 units and Farmington Hills, Michigan-based Beztak Properties had 3,000 fewer residences.

Houston-based REIT Camden Property Trust had the biggest fall in a relatively stable year for the manager list, tumbling four spots. Beztak slid three spots, while a number of companies dropped two places.

As 2024 plays out, many observers see more consolidation in the management business as technology forces firms to make major investments. As that happens, the big will get bigger. For instance, Greystar will pick up 38,000 units after the announcement that it will assume Atlanta-based Wood Partners’ management operations.

In a statement to Multifamily Dive, Greystar Founder, Chairman and CEO Bob Faith said the company was humbled by its rankings this year and would continue to expand. “We remain focused on smart, sustainable growth and we are excited about what the future holds,” he said.

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