Surging growth in the rental-complex market this decade helped propel a local partnership to its sixth straight year as the country’s largest manager of leasable multifamily properties.
Greystar Real Estate Partners LLC, headquartered in Charleston, topped a trade group’s yearly survey of apartment home ownership and management with a record more-than-400,000 units under its supervision.
Alden Torch Financial of Denver, Colo., formed in a management buyout of Hunt Cos., won out as the most sizable apartment owner in the U.S.
The listings for 2016 were detailed in the National Multifamily Housing Council’s 27th annual NMHC 50, which the group calls the “authoritative ranking of the nation’s largest apartment owners and managers.”
Greystar Real Estate Partners describes itself as “a global leader in the investment, development and management of rental housing properties.” The company, which added 20,600 units to its portfolio in the past year, started its run as the top-ranked apartment manager in 2011.
According to Greystar, the company reached the top five for apartment developers, up from eighth in 2015; and placed 32nd among apartment owners. It also debuted on the general contractors list at 21st.
Greystar counts offices throughout the U.S., Europe and Latin America, overseeing 425,000 apartment homes in more than 160 markets worldwide. The company lists $13 billion in gross assets under management, including $5.7 billion of developments underway.
“At Greystar, we never set out to be the biggest, but instead have always focused on trying to be the best,” says Bob Faith, founder and chief executive. Faith formed Greystar in 1993 “with the intent to become a provider of world class service in the rental housing real estate business,” the company says.
“We are honored that our team members’ ongoing commitment and focus on our residents, clients and partners has led to this recognition,” he says. Visit www.greystar.com.
National Multifamily Housing Council partners with Kingsley Associates, a leading real estate research and consulting firm, for the NMHC 50’s research and analysis.
“The apartment industry continued its bull run in 2015, as demand for both apartment homes and apartment properties intensified,” says Mark Obrinsky, the council’s senior vice president of research and chief economist. “Big transactions were more common than usual, causing some noteworthy changes in the NMHC 50 rankings,” he says.
Go to www.nmhc.org/The-NMHC-50.
Among the NMHC 50’s “by the numbers” highlights for the year:
• 10.8 million – Growth in the number of renter households from 2005 to 2015, according to the U.S. Census Bureau.
• 384,400 – Starts last year in multifamily buildings with at least five units, also the highest level in 28 years with more than 90 percent being apartment homes, according to the Census Bureau.
• $150 billion – Total value of apartment transactions in 2015, which is a record high at almost one-third more than the previous year’s record, according to Real Capital Analytics.
• 1.2 million – Total number of apartment units sold in 2015, which is another record, according to Real Capital Analytics.
• 3,046,557 – Number of apartment homes managed by the 50 largest apartment property managers. This represents 3.6 percent growth over last year and a 27.8 percent gain from a decade ago.
• 38 – Number of management firms that increased their portfolios.
Reach Jim Parker at 843-937-5542 or firstname.lastname@example.org.