The Top 15 Multifamily Developers in the United States in 2020-2021
In 2021, there were more than 400,000 multifamily unit starts in the United States alone. Despite slowdowns related to the COVD-19 pandemic, demand for multi-unit housing is stronger than ever. Each year, the National Multifamily Housing Council (NMHC), complies a list of the top 25 multifamily developers in the United States by unit starts. A multifamily unit start is defined as the groundbreaking of multifamily property with 5 or more units. Whether you’re an investor, advisor, or developer yourself, it’s important to understand the biggest players in the game-- and this article will help.
In the article below, we’ll review the top 15 developers for 2020, the latest year information is available for, while giving a brief description of their company profile and executive management.
Greystar Real Estate Partners
Company Profile: Over the last few years, Greystar has been rated as either the top one or two multifamily developers in the United States, holding a number one spot in 2018 and a number two spot in 2020. The company currently has more than 14,000 employees and has expanded its development efforts across the world, with properties in Latin America, Europe, and China. Greystar currently manages $49.9 billion in assets, an impressive uptick from the $26 billion of assets it reportedly managed in 2018. The company currently manages 186,000 units throughout the world in an impressive 118 individual markets.
Website: www.greystar.com
2020 Unit Starts: 8,525
Headquarters: Charleston, SC
Leadership: Robert A. Faith, Chairman, and CEO
Executive Profile: After graduating from Harvard Business School, Bob Faith began working with the Trammell Crow Company in 1986, later becoming a partner. In 1993, Bob Faith founded Greystar.
Alliance Residential
Company Profile: As the second-largest developer of 2020, Alliance Residential controls a $20 billion real estate portfolio. The company is highly integrated and is involved in all parts of the development process. It’s acquisitions department specializes in notes and REO purchases, reconstructions, and renovations. Their development arm specializes in site acquisition, site design, land entitlement, and product design. Alliance currently operates in 17 states and 33 metropolitan markets.
Website: www.allresco.com
Headquarters: Phoenix, AZ
2020 Unit Starts: 7,728
Leadership: Bruce Ward, Chairman and CEO, V. Jay Hiemenz, President and COO
Executive Profile: Before founding Alliance Residential, Bruce Ward served as the Group Managing Partner of Trammell Crow Residential – West.
Mill Creek Residential
Company Profile: As the third-largest apartment developer of 2021, Mill Creek Residential started over 5,000 units in communities across the country. The company has developed over 41,000 housing units during the last 8 years since the firm was founded in 2011. Mill Creek has a specific emphasis on developing and acquiring apartment communities across the West, Southwest, and the Northeast.
Website: www.millcreekplaces.com
Headquarters: Boca Raton, FL
2020 Unit Starts: 5,755
Leadership: William C. MacDonald, Chairman, and CEO
Executive Profile: Before joining Mill Creek, William MacDonald work as the Executive Managing Director of the Eastern United States for Trammell Crow Residential (TCR), developing over 40,000 units across the region.
Wood Partners
Company Profile: Since its foundation, Wood Partners has developed 79,000 homes with a combined value of more than $14.1 billion. In addition to developing its own properties, Wood Partners manages apartment developments owned by third-party investors.
Website: woodpartners.com
Headquarters: Atlanta, GA
2020 Unit Starts: 5,178
Leadership: Joe Keough, Chairman, and CEO
Executive Profile: After earning his MBA from Harvard Business School, Joe Keough worked as the head of the office/multifamily division at Cousins Properties, a publicly-traded REIT. Before joining Wood Partners, Mr. Keough served as the Chief Operating Officer of Fuqua Capital, a real-estate-focused family office.
The NRP Group
Company Profile: The NRP Group is a fully integrated construction, development, and property management firm. The firm also specializes in asset management and partners with third-party investors to provide construction and property management services. Since its foundation in 1994, the firm has constructed and developed more than 40,000 units across 16 states. The firm currently manages 140+ properties in 11 states, spanning asset classes including traditional family apartments, luxury communities, and senior living assets.
Website: nrpgroup.com
Headquarters: Cleveland, OH
2020 Unit Starts: 4,865
Leadership: J. David Heller
Executive Profile: Before founding The NRP Group, J. David Heller consulted for The Townsend Group, managing and developing $3.6 billion in real estate investments over two years across all major asset classes. He also worked as a consultant in the real estate division of accounting and management consulting firm Arthur Andersen.
Related Group
Company Profile: Founded in 1979, The Related Group has developed and managed over 100,000 residential units, selling over $50 billion of assets. The Related Group mainly focuses on luxury property development, including luxury condominiums in major metro markets, however, the firm also develops and manages properties across a spectrum of asset classes, including affordable and workforce housing, retail, hotel, office, and restaurant properties.
Website: www.relatedgroup.com
Headquarters: Miami, FL
2020 Unit Starts: 4,020
Leadership: Steve Patterson, President, and CEO, Related Development
Executive Profile: Before joining The Related Group, Steve Patterson, was a real estate executive at ZOM Holding, Inc., a multifamily developer, and property manager. He also served as an executive at Picerne Development and Huber, Hunt & Nichols, managing development, construction, and property management efforts across Virginia, Texas, and Florida.
Dominium
Company Profile: Dominium is one of the country’s largest affordable housing development and management companies, with the 4th largest affordable housing portfolio in the U.S. The company currently manages more than 30,000 apartments across 19 states, has over 1,000 employees, and owns more than $3 billion in properties. The company focuses on new developments, acquisitions, historic developments, as well as creating sustainable communities employing solar and other renewable energy sources. As well as having an in-house development and acquisitions team, the company also has an integrated architectural and construction arm.
Website: www.dominiumapartments.com
Headquarters: Plymouth, MN
2020 Unit Starts: 3,952
Leadership: Paul Sween
Executive Profile: Paul Sween joined Dominium in 1989 after 9 years in the multifamily development industry. Prior to his real estate career, Mr. Sween Sween worked with the international accounting firm Ernst Young, becoming a certified public accountant (CPA). During his tenure, the company has grown from managing 2,700 units to more than 34,000 units across the country.
LMC, a Lennar Company
Company Profile: LMC is a subsidiary of Lennar, one of the largest homebuilders in the U.S. LMC is a fully-integrated management, development, construction, and investment management firm. LMC has a strong ESG focuses and adds environmentally friendly features to 100% of its new developments. Since being founded in 2013, the company has developed nearly 12,000 units, focusing on high-growth markets like Texas, Florida, California, New Jersey, and North Carolina, among others.
Website: www.livelmc.com
Headquarters: Charlotte, NC
2020 Unit Starts: 3,646
Leadership: Todd Farrell, President, and CEO
Executive Profile: Todd Farrell has spent 32 years in the multifamily development industry, having developed or acquired over 35,000 units at a total cost of over $7 billion. Before joining LMC, Mr. Farrell served in leadership positions at Lincoln Property Company and JPI as a Regional Development Partner.
Woodfield Development
Company Profile: Woodfield was founded in 2005 when it began to acquire and develop multifamily communities in the Carolinas and metro D.C., The company focuses on acquiring and developing Class A multifamily and mixed-use properties, mainly on the east coast of the U.S. As of 2021, the company has developed 30 communities in its target markets.
Website: www.woodfielddevelopment.net
Headquarters: Mount Pleasant, SC
2020 Unit Starts: 3,634
Leadership: Greg Bonifield, Partner
Executive Profile: Prior to founding Woodfield Development, Greg Bonifield helped found multifamily development firm Summit Properties, serving as Vice President for the Mid-Atlantic region. Prior to working for Summit, Mr. Bonifeld served as the President of a private multifamily property management firm in Texas.
Hines
Hines, which was founded in 1957, is a fully integrated development, construction, design, and investment management firm. Since 1993, the company has launched 57 investment vehicles, including 53 private offerings and four publicly offerings with a combined $73 billion+ in equity. The firm currently has $83.6 billion under management, with assets across the U.S., Europe, and Asia. In addition to multifamily assets, Hines also manages properties across a variety of other asset classes, including industrial, office, retail, and land investments. The firm also has a strong focus on ESG and sustainability initiatives across its properties.
Company Profile:
Website: www.hines.com
Headquarters: Houston, TX
2020 Unit Starts: 3,604
Leadership: Jeff Hines, Chairman and CEO
Executive Profile: Jeff Hines joined Hines after graduating from Harvard Business School. He began serving as president of the firm in 1990. He is the owner of Hines and has overseen a massive expansion of the firm during his tenure, with a major emphasis on both domestic and international acquisitions and developments.
LDG Development
Company Profile: LDG Development is one of the country’s largest developers of affordable and workforce housing, with a strong emphasis on developments in Southern and mid-Atlantic states including Texas, Kentucky, and Virginia. The firm has regional headquarters in Texas, Tennesse, Kentucky, and Georgia, and has over 25 years of multifamily development experience. In addition to market-rate affordable developments, LDG operates several properties available for residents utilizing the Section 8 program.
Website: www.ldgdevelopment.com
Headquarters: Houston, TX
2020 Unit Starts: 3,601
Leadership: Mark Lechner, Co-Founder
Executive Profile: Mark Lechner began his career as a real estate broker and private real estate investor. He founded LDG Development in 1994. Starting small, he has focused on expanding LDGs portfolio from a few properties to over 8,000 units spanning multiple states.
The Bainbridge Companies
Company Profile: Bainbridge focuses on creating high-quality apartment communities in major metropolitan markets in the Eastern U.S. Most of its properties are located in Florida, though it also has a significant presence in Maryland and North Carolina, with a smaller presence in Virginia, Massachusetts, and Texas. In addition to developing properties, the firm manages properties for third-party investors, with a focus on properties between 100 and 5,000 units.
Website: www.bainbridgecompanies.com
Headquarters: Wellington, FL
2020 Unit Starts: 3,572
Leadership: Richard Schechter, Chairman and CEO
Executive Profile: Richard Schechter began his real estate development career in 1974. Since founding Bainbridge in 1997, he has overseen the acquisition, development and management of $5.6 billion in multifamily assets, including more than 35,000 multifamily units across multiple states.
Trammell Crow Residential
Company Profile:
Trammell Crow Residential, a subsidiary of the Trammel Crow Company, has been developing multifamily properties for more than 40 years. Since its foundation, the firm has developed more than 260,000 multifamily units and has 13 offices across the U.S. In addition to new developments, the firm also acquires properties with a value-add strategy. Other asset classes that the company invests in include industrial and office properties.
Website: www.tcr.com
Headquarters: Dallas, TX
2020 Unit Starts: 3,100
Leadership: Kenneth J. Valach, President and CEO
Executive Profile: Kenneth J. Valach joined Trammell Crow Residential in 1989, overseeing multifamily development in the western U.S. He became the CEO of Trammell Crow Residential in 2009, and was later also appointed the CEO of Trammell Crow Industrial and Trammel Crow Office. Prior to his real estate career, Mr. Valach worked as a CFO and a management consultant with Price Waterhouse.
Landmark Properties
Company Profile: Landmark Properties is a fully integrated real estate investment firm. It focuses on all aspects of the investment process, including construction, design, and management. For the last five years, the firm has been rated as the largest student housing developer in the United States. The company’s portfolio of fully-owned assets is estimated to be more than $8 billion. In addition to developing and managing its own properties, the company has a large real estate consulting arm, focusing on market research, property financing, property marketing, and a wide array of other specialized services.
Website: www.landmarkproperties.com
Headquarters: Athens, GA
2020 Unit Starts: 2,932
Leadership: Wes Rogers
Executive Profile: Wes Rogers founded Landmark Properties in 2004, and has since built it into the largest student housing developer in the U.S. Mr. Rogers oversees all aspects of the company’s operations, with a particular emphasis on financing and development.
Cresent Communities
Company Profile: Crescent Communities is one of the country’s largest developers and managers of mixed-use multifamily properties. Since the firm’s foundation in 1963, it’s developed 69 multifamily communities with 22 million square feet of commercial space. The company currently operates offices in Atlanta, Washington D.C., Charlotte, Salt Lake City, Phoenix, Denver, Dallas, and Nashville. In addition to mixed-use multifamily properties, the company also develops industrial properties throughout the U.S.
Website: www.crescentcommunities.com
Headquarters: Charlotte, NC
2020 Unit Starts: 2,753
Leadership: Brian Natwick
Executive Profile: Brian Natwick has over 25 years of real estate investment and development experience. Since taking the role of CEO in 2011, he has spearheaded the expansion of the company’s portfolio to over 100+ properties with over 26,000 multifamily units, and over 11.2 million square feet of commercial space worth an approximate $8.7 billion.