Dive Brief:

• In 2023, 10 companies passed the 100,000-unit threshold on the National Multifamily Housing Council’s Top 50 Managers list. Assuming those 10 firms don’t see their numbers dip below 100,000, another firm will be joining them in 2024.
• Atlanta-based RangeWater Real Estate, which ranked No. 12 on the last NMHC list with 97,072 units, has now passed 100,000 apartments and build-to-rent homes managed across more than 200 cities in 12 states, according to a press release shared with Multifamily Dive. It ranked No. 17 on the NMHC Top 50 in 2022 and No. 33 in 2021.
• RangeWater, which also ranked No. 24 on the Top 25 Developers list with 2,774 units started in 2022, has more than doubled the number of communities under management since 2020. In 2022, it was awarded management of more than 200 communities, totaling 39,337 apartments, and this year it gained 100 new assets.

Dive Insight: 

RangeWater, founded in 2006, acquires, develops, manages and invests in apartments across the Southeast and Southwest. The company, with a portfolio that exceeds $6.6 billion, looks to maximize economies of scale and shared resources in key regions. It targets markets that attract new jobs and people needing housing.

“We have had the benefit of some really strong markets leading up until this year,” RangeWater Senior Managing Director of Property Management Sherry Freitas told Multifamily Dive.

As new supply hit levels not seen in decades in the Sun Belt, new openings helped boost RangeWater’s unit count. “We have quite a few lease-up properties,” Freitas said. “We specialized in leasing up brand new construction over the years.”

Investing in growth

As RangeWater has grown, it has continued to invest in its property management team. In May 2022, the firm promoted Bobbie Norris to managing director of business development. Two months later, Danielle Koontz joined the team from Southfield, Michigan-based Village Green as senior director of business development to oversee growth in the Southwest.

RangeWater has also ramped up its presence in the BTR sector with single-family neighborhoods representing 23% of its overall management portfolio unit count. Thirty clients have awarded the firm over 169 BTR assets representing 23,004 homes nationwide to date.

RangeWater promoted Patrick Burke to senior managing director of property management for the segment in August. Burke oversees the company’s national BTR platform including the firm’s owned portfolio under the Storia brand and all third-party management assignments. 

“We had a huge initiative to really become the experts in the market in that division,” Freitas said. “We've put a lot of resources into building that platform to over 20,000 units. Those deals typically are a bit smaller. So that's quite a feat.”

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