• The names on the 2022 National Multifamily Housing Council’s list of the top 10 syndicators stayed the same from last year with one exception – the addition of The John Stewart Co. at the No. 10 spot. Despite joining the list, the San Francisco-based company had the exact same number of units in its portfolio – 24,728 – as it did last year.
• The top seven companies on the syndicator list, which highlights firms that buy or syndicate tax credits to serve as a general partner with a minority ownership interest in an affordable apartment deal, remained exactly the same.
• Boston Financial Investment Management led the syndicators list for the second consecutive year, though its portfolio size declined from 186,785 to 179,930. Before 2017, the NMHC included syndicators on its top owners list. During that time, the Boston-based company traditionally appeared among the top owners.

Dive Insight:

Outside of Boston Financial Investment Management, the only other companies on the list with a decline in units in their portfolios were No. 7 Greenwich, Connecticut-based The Richman Group Affordable Housing Corp. (lost 1,734 units) and Encino, California-based No. 8 Hunt Capital Partners (lost 4,080 units).. 

The companies that saw year-over-year increases in their syndicated portfolios included:

Los Angeles-based AIG Affordable Housing Partners, No. 8 on the 2021 list, did not appear this year. As John Stewart moved onto the list, the threshold for making it dropped from 58,755 units to 24,728 units.

The NMHC also made a change to the syndicators list this year. Previously, it calculated syndicators by units, but this year it is by portfolio size.

“Some people might have made the assumption that it was the number of units that were syndicated every year,” said Caitlin Sugrue Walter, vice president of research for the NMHC. “In reality, the number is just the portfolio size.”

Click here to sign up to receive multifamily and apartment news like this article in your inbox every weekday.