The Top Multifamily and Apartment Property Managers of 2020-2021
Owning and operating a multifamily property can be a challenge, however, if you employ a competent property management firm, you’ve already won half the battle. Property management firms typically charge 8-12% of the monthly gross rent of an apartment property, though there are many alternative payment arrangements, with some companies operating on a flat-fee basis, and yet others taking a reduced portion of the rent for an equity stake in the property itself.
As reported by MultiHousing News, the top multifamily property managers of 2020-2021 include:
Greystar Real Estate Partners LLC
BH Companies/BH Management
Lincoln Property Company
Pinnacle Property Management Services
Bozzuto
Morgan Properties
Cortland
RangeWater Real Estate
FPA Multifamily
Essex Property Trust, Inc.
Edward Rose Building Enterprise
Camden Property Trust
ConAm Management Trust
Balfour Beatty Communities
Fairfield Residential LLC
Harbour Group Management Co. LLC
Hunt Cos. Inc.
AMLI Residential
RKW Residential
Carroll Org.
Going Deep into the Top Multifamily Management Firms of 2020-2021
In the article below, we select and review some of the top multifamily property managers of 2020-2021, as reported by MultiHousing News. Unlike MultiHousing News, however, we’ll dig in a bit deeper into the history and management of the top 10 individual firms, so you, the reader, can get a better idea of the property management business and whom, you, as the investor, may wish to hire. Then, we’ll offer some statistics on the next 10 firms listed by MultiHousing News in order to give you a bit more perspective on the multifamily market.
In addition, many of the property management companies we list own many or all of the properties they manage, and may or may not offer separate management solutions to outside investors. Because of this, investors may wish to look towards smaller firms in their local area, however, its’ still important to know how the “big boys” of the industry operate.
1. Greystar Real Estate Partners LLC
Units Managed 2019: 536,342
Units Managed 2018: 491,715
Portfolio Occupancy: 93.3%
Company Summary
Greystar Real Estate Partners, LLC is one of the world’s largest multifamily and commercial real estate development firms. With over 500,000 apartment units under management in the U.S. alone, the firm reported a record total AUM (assets under management) in April 2019 of $32 billion.
In addition to its’ U.S.-based holdings, Greystar has a sizable portfolio in the U.K. and has engaged in several major acquisitions in the last decade. These include EdR, a student housing portfolio firm which they acquired for $4.6 billion, and Monogram Residential Trust, an apartment housing portfolio spanning 14,000 units in 10 states, which Greystar purchased for $3 billion.
In addition to its large acquisitions, Greystar owns and manages a few notable buildings, such as the Ascent Uptown, a 33-story highrise in downtown Charlotte, NC. The company’s main headquarters is located in Charleston, N.C., though the firm has secondary offices in a variety of smaller cities.
Executive Summary
Greystar Real Estate Partners is helmed by Bob Faith, an American real estate executive, and entrepreneur who founded the firm in 1993. Before starting Greystar, Faith had worked for a period at the Trammell Crow Company, a legacy real estate firm that sold to CBRE for $2.2 billion in 2006. By 1990, he had founded Starwood Capital, a private equity firm based in Miami, FL. Faith was also part of President Donald Trump’s April 2020 post-lockdown economic revival panel, though it’s not clear what role he played.
2. BH Companies/BH Management
Units Managed 2019: 90,074
Units Managed 2018: 79,990
Portfolio Occupancy: 94.0%
Company Summary
BH Management is listed as second on the MHNews list, but it is not the second-largest, as it self-reports as the 9th largest property manager in the United States. BH Management, however, is only one division of BH Companies, which was founded by Harry Bookey in 1993. Currently, the company owns most of the properties it manages, and, as of 2021, reports that it has over 2,300 full-time employees.
Other divisions of BH Companies include BH Equities, BH Management Services, BH Architecture & Design, and BH Construction Services. BH Equities provides analysis, market research, and underwriting services for outside investors, including helping with situations including new construction, and regional employment and property occupancy analysis for various regional markets. As one might expect, BH Architecture and Design and BH Construction services provide architectural and construction services to both in-company properties and outside clients. In addition, BH is a “designated select borrower” with Fannie Mae and Freddie Mac multifamily, which makes it significantly easier for the firm to obtain financing from them.
Executive Summary
Currently, Joanna Zabriskie serves as CEO of the firm. She also serves on its’ board of directors. Since 2014, when Ms. Zabriskie took her post, the firm, and its’ joint venture partners have invested more than $1.2 billion in apartment properties throughout the United States.
3. Lincoln Property Company
Units Managed 2019: 203,342
Units Managed 2018: 191,669
Portfolio Occupancy: 93.4%
Company Summary
Lincoln Property Company is one of the longest-established property management firms on this list, having been in continuous operation since 1965. Starting in Texas and the southeast United States, Lincoln expanded to Western Europe and the Middle East by the early 1970s. In 2001, the firm partnered with the U.S. Department of Defense to begin providing low-cost military housing to the Army, Navy, and Marine Corps and is reportedly one of the largest providers of military housing in the United States.
Lincoln, which now has a presence in more than 200 cities, self-reports as the second-largest property management firm in the United States.
Executive Summary
Lincoln Property Company is currently led by CEO Tim Bryne. Prior to serving as the chief executive of Lincoln, Mr. Byrne founded and lead the Bryne Company, a residential and retail real estate development firm that he founded in 1976.
4. Pinnacle Property Management Services
Units Managed 2019: 164,486
Units Managed 2018: 162,923
Portfolio Occupancy: 96.0%
Company Summary
Pinnacle Property Management Services was acquired by commercial real estate giant Cushman and Wakefield in early 2020. In 2019, the firm was listed as the second-largest property management firm in the United States. Prior to its’ acquisition, the firm self-reported over 160,000 units of multifamily units spanning multiple asset classes, including market-rate multifamily, senior living, affordable housing, mixed-use properties, and student housing. The firm also owns purely commercial properties.
In addition to owning a diverse array of multifamily assets, the firm specializes in HOA and condo association management as well as in distressed property turnaround services. Pinnacle is currently headquartered in Dallas, TX.
Executive Summary
Pinnacle Property Management is currently headed by CEO Rick L. Graf. Mr. Graf joined Pinnacle in 1996 and took the title of CEO in 2006.
5. Bozzuto
Units Managed 2019: 73,600
Units Managed 2018: 69,600
Portfolio Occupancy: 94.0%
Company Summary
The Bozzutto Group was founded in 1988 and currently reports having more than 2,700 employees throughout the United States. As of 2021, it manages more than 78,000 units throughout the country and reports an annual construction revenue of $500 million. The Bozzutto Group currently has four major divisions; development, construction, and homebuilding. Their construction unit focuses both on their core multifamily assets while also having expanded to other asset classes, such as retail.
As developers, Bozzutto’s development unit has developed over 16,000 residences and approximately 800,000 feet of retail space. In addition, their management arm reports the overall value of their management portfolio is approximately $15 billion.
Executive Summary
The Bozzutto group is currently lead by Chairman and Co-Founder Tom Bozzuto, but day-to-day operations are handled by President & Chief Executive Officer Toby Bozzuto.
6. Morgan Properties
Units Managed 2019: 76,831
Units Managed 2018: 50,660
Portfolio Occupancy: 95.0%
Company Summary
Morgan Properties is a national real estate investment and property management company headquartered in King of Prussia, Pennsylvania. While 2019 numbers suggest the company manages close to 77,000 units, the current (2021) amount is likely much higher due to the fact that that, in February 2021, the firm purchased an extremely large, $1.75 billion portfolio of 48 properties in 11 states, consisting of 14,414 multifamily units.
Executive Summary
Morgan Properties is currently lead by Founder and CEO Mitchell Morgan. He founded the firm in 1985 and retains direct control over a variety of business operations, including development, acquisitions, and leasing.
7. Cortland
Units Managed 2019: 76,831
Units Managed 2018: 50,660
Portfolio Occupancy: 95.0%
Company Summary
Like many other property management firms on this list, Cortland is an integrated property management and development firm, which typically oversees and owns every stage of the apartment development process, including construction, design, and property management. Like Morgan Properties, in 2019, Cortland made a “mega-acquisition” of a 7,085 unit portfolio in the Southeast United States for a sizable $1.2 billion.
Executive Summary
Cortland Partners is currently lead by founder and CEO Steven DeFrancis is the Founder and CEO. DeFrancishas more than two decades of experience in multifamily acquisitions, development, and property management, with a specific focus on value-add projects.
8. RangeWater Real Estate
Units Managed 2019: 42,566
Units Managed 2018: 27,390
Portfolio Occupancy: 89.4%
Company Summary
RangeWater Real Estate may not be one of the largest property managers on this list, but they are among the fastest-growing, with a more than 30% increase in units under management from 2018-2019 alone. It’s also one of the newest, having been founded in 2006. Despite its’ aggressive growth, RangeWater does have one of the lowest occupancy rates on the list, with a more than 10% vacancy rate across its’ entire portfolio in 2019.
Executive Summary
RangeWater Real Estate is currently lead by President and CEO Steven L. Shores, who has lead the firm since its inception. Prior to heading RangeWater, Shores worked as a manager for Hines, a real estate development firm.
9. FPA Multifamily
Units Managed 2019: 37,335
Units Managed 2018: 28,500
Portfolio Occupancy: 94.0%
Company Summary
In addition to being a substantial property manager, FPA Multifamily is a diversified acquisition, dispositions, and asset management firm. Unlike certain property management firms on this list, FPA focuses on both asset management and property management for properties that are owned by outside investors, in addition to their fully owned assets. Also, unlike some other property management firms, they advertise their funds publically, are have currently raised $950 million out of a projected $3 billion for FPA Opportunity Fund VII, a real estate fund that focuses on acquiring multifamily assets in major metropolitan areas throughout the U.S.
Executive Summary
FPA Multifamily is lead by founder and managing partner Greg Fowler, who leads acquisitions and investor relations teams at FPA.
10. Essex Property Trust, Inc.
Units Managed 2019: 60,570
Units Managed 2018: 59,661
Portfolio Occupancy: 97.1%
Company Summary
Essex Property Trust, Inc. is a multifamily property manager focused on owning, operating, and managing multifamily properties in the Northern California, Southern California, and Seattle metropolitan areas. In contrast to most of the firms on this list, which only accept investments from private, accredited investors or large institutions, such as other real estate funds or investment firms, Essex Property Trust has been structured as a public REIT since 1994 (the firm was founded in 1971) and currently trades on the NYSE as ESS. Essex also stands apart from other property management firms by focusing on creating sustainable communities with a focus on reducing the firm’s overall environmental footprint.
Executive Summary
Essex Property Trust, Inc. is currently led by President and CEO Michael J. Schall, who joined the company in 2005 and took on his current role in 2010.
Property Management Firms 11-20
For the purposes of this guide, we have slightly simplified the format for firms listed 11-20. Further information, can, of course, be found on the individual firms’ websites, which we link to for each listed firm.
11. Edward Rose Building Enterprise
Units Managed 2019: 65,600
Units Managed 2018: 64,662
Portfolio Occupancy: Not available.
12. Camden Property Trust
Units Managed 2019: 56,107
Units Managed 2018: 55,160
Portfolio Occupancy: 96%
13. ConAm Management Corp.
Units Managed 2019: 49,636
Units Managed 2018: 52,261
Portfolio Occupancy: 93.0%
14. Balfour Beatty Communities
Units Managed 2019: 49,106
Units Managed 2018: 49,704
Portfolio Occupancy: 95.0%
15. Fairfield Residential LLC
Units Managed 2019: 35,486
Units Managed 2018: 33,628
Portfolio Occupancy: 92.0%
16. Harbor Group Management, Co. LLC
Units Managed 2019: 31,837
Units Managed 2018: 30,956
Portfolio Occupancy: 94.0%
17. Hunt Cos. Inc.
Units Managed 2019: 33,924
Units Managed 2018: 34,057
Portfolio Occupancy: 94.0%
18. AMLI Residential
Units Managed 2019: 24,997
Units Managed 2018: 23,285
Portfolio Occupancy: 92.6%
19. RKW Residential
Units Managed 2019: 19,935
Units Managed 2018: 14,599
Portfolio Occupancy: 94.5%
20. Carroll Org.
Units Managed 2019: 32,952
Units Managed 2018: 33,697
Portfolio Occupancy: 93.5%
Multifamily Self-Management and Property Management Requirements for Lenders
Some multifamily owners, including some multifamily syndicators, choose to self-manage a property. However, this is generally not advisable unless the company already has a good amount of experience with ownership. If the property is managed poorly due to lack of experience, the owners and investors could lose far more than the 8-12% they’d be “saving” due to self-management.
In addition, most multifamily lenders, including Fannie Mae and Freddie Mac multifamily lenders, banks, and CMBS lenders generally prefer to see a reputable property management firm attached to a project, particularly if the investor or sponsor does not have specific management experience.