National Real Estate Investor is pleased to present the 12th annual compilation of the NMHC 50, the National Multi Housing Council's (NMHC) authoritative ranking of the nation's 50 largest apartment owners and 50 largest apartment managers.

Based in Washington, D.C., the National Multi Housing Council represents the interests of the larger and more prominent firms in the nation's multifamily rental housing industry. NMHC provides leadership for the apartment industry on legislative and regulatory matters, advances research and the exchange of strategic business information, and promotes the desirability of apartment living. NMHC's members are engaged in all aspects of the development and operation of apartment housing, including ownership, construction, management, and financing of such communities. The NMHC 50 has identified key trends in apartment ownership and management, becoming the definitive source for such information.

To ensure the 2001 NMHC 50 is as complete and accurate as possible, NMHC staff gathered names of apartment owners and managers from a wide range of sources. A senior officer from each firm was contacted for the information included in the rankings, which are for properties owned or managed on January 1, 2001. Although membership in the National Multi Housing Council is not required for inclusion in the survey, 85% of the firms appearing in this year's rankings are NMHC members. NMHC expresses appreciation to the industry leaders for their participation in this annual effort.

The NMHC 50 was compiled and analyzed by NMHC staff members Doris Collins, Jonathan Kempner, Jill Meron and Mark Obrinsky. The NMHC 50 tallies rental apartments including rental housing for seniors. Condominiums and cooperatives are excluded, as are hotel rooms, nursing homes, hospital rooms, and mobile homes. Pension fund advisory firms are listed only if they have direct ownership interests (as opposed to interests as fiduciaries) or serve directly as property managers.

In addition to the NMHC 50 rankings and analysis of the results, this section includes a listing of the officers and members of the National Multi Housing Council. NMHC staff biographies round out the section.

For those interested in joining the apartment industry's leadership, NMHC welcomes inquiries to its Washington offices at (202) 974-2300, or you can visit NMHC's Web site at www.nmhc.org.

2001 OWNERSHIP
NATIONAL MULTI HOUSING COUNCIL 50
(50 Largest U.S. Apartment Owners as of January 1, 2001)
2001
RANK
2000
RANK
COMPANY HEADQUARTERS CEO 2001
APARTMENTS WITH
OWNERSHIP
INTEREST
2000
APARTMENTS WITH
OWNERSHIP
INTEREST
1 1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY Denver, CO Terry Considine 265,620 240,540
2 2 EQUITY RESIDENTIAL PROPERTIES TRUST Chicago, IL Douglas Crocker, II 225,466 228,504
3 3 RELATED CAPITAL COMPANY New York, NY Stuart J. Boesky 160,860 148,080
4 4 LEND LEASE REAL ESTATE INVESTMENTS, INC. Atlanta, GA Sheryl Pressler 126,357 113,744
5 6 BOSTON CAPITAL Boston, MA John P. Manning 106,000 102,564
6 8 SUNAMERICA AFFORDABLE HOUSING PARTNERS, INC. Los Angeles, CA Michael L. Fowler 95,000 81,000
7 5 WHITEHALL FUNDS New York, NY Daniel Neidich 84,000 105,000
8 7 UNITED DOMINION REALTY TRUST, INC. Richmond, VA John P. McCann 79,065 81,180
9 10 CASDEN PROPERTIES INC.
(NATIONAL PARTNERSHIP INVESTMENTS CORP.)
Beverly Hills, CA Alan I. Casden 71,826 66,991
10 11 LEFRAK ORGANIZATION INC. Rego Park, NY Samuel J. LeFrak 69,000 66,000
11 9 ARCHSTONE COMMUNITIES Englewood, CO R. Scot Sellers 63,443 70,697
12 12 SENTINEL REAL ESTATE CORPORATION New York, NY John H. Streicker 62,549 59,000
13 17 GE CAPITAL REAL ESTATE Stamford, CT Michael Pralle 52,500 39,137
14 13 CAMDEN PROPERTY TRUST Houston, TX Richard J. Campo 51,336 55,260
15 15 HOME PROPERTIES Rochester, NY Norman Leenhouts/
Nelson Leenhouts
47,497 41,517
16 14 EDWARD ROSE BUILDING ENTERPRISES Farmington Hills, MI Sheldon Rose 46,959 45,589
17 24 ALLIANCE HOLDINGS, L.L.C. Chicago, IL Andrew W. Schor 45,652 34,867
18 16 LINCOLN PROPERTY COMPANY Dallas, TX Mack Pogue 44,702 41,334
19 18 WALDEN Addison, TX John B. Bartling 43,541 39,024
20 23 RICHMAN GROUP CAPITAL CORPORATION Greenwich, CT Richard P. Richman 38,272 35,723
21 19 AVALONBAY COMMUNITIES, INC. Alexandria, VA Richard L. Michaux 37,146 37,885
22 21 MILSTEIN PROPERTIES New York, NY Howard P. Milstein 37,000 37,000
23 FIRST UNION CORPORATION Charlotte, NC Ken Thompson 36,333 N/A
24 27 FOREST CITY RESIDENTIAL GROUP, INC. Cleveland, OH Ronald A. Ratner 35,913 33,804
25 25 MID-AMERICA APARTMENT COMMUNITIES, INC. Memphis, TN George E. Cates 33,632 34,540
26 20 CRI, INC. Rockville, MD William B. Dockser 33,004 37,612
27 37 COLUMBIA HOUSING Portland, OR David Sebastian 31,166 24,853
28 31 UBS REALTY INVESTORS LLC Hartford, CT James W. O'Keefe, Jr. 30,623 28,848
29 30 POST PROPERTIES, INC. Atlanta, GA John A. Williams 30,247 30,646
30 33 CHARLES E. SMITH RESIDENTIAL REALTY Arlington, VA Ernest A. Gerardi, Jr. 29,696 27,634
31 32 COLSON & COLSON/HOLIDAY RETIREMENT CORP. Salem, OR William E. Colson 29,668 27,834
32 39 PRUDENTIAL REAL ESTATE INVESTORS Parsippany, NJ Bernard Winograd 28,413 24,600
33 36 WNC & ASSOCIATES, INC. Costa Mesa, CA Wilfred N. Cooper, Sr. 26,733 25,002
34 40 NORTHWESTERN MUTUAL Milwaukee, WI James Ericson 26,161 24,100
35 46 AMLI RESIDENTIAL PROPERTIES TRUST Chicago, IL Allan J. Sweet 26,147 22,315
36 KUSHNER COMPANIES Florham Park, NJ Charles Kushner 25,000 N/A
37 28 SECURITY PROPERTIES, INC. Seattle, WA John M. Orehek 24,853 30,998
38 35 GABLES RESIDENTIAL TRUST Atlanta, GA Chris D. Wheeler 24,774 27,352
39 44 TRAMMELL CROW RESIDENTIAL Atlanta, GA J. Ronald Terwilliger 24,503 22,588
40 34 BASIC CAPITAL MANAGEMENT, INC. Dallas, TX Gene Phillips 24,049 27,594
41 42 BERKSHIRE REALTY HOLDINGS, L.P. Atlanta, GA Douglas Krupp 23,812 23,833
42 43 RAYMOND JAMES TAX CREDIT FUNDS, INC. St. Petersburg, FL Ronald Diner 23,314 23,124
43 38 BRE PROPERTIES, INC. San Francisco, CA Frank C. McDowell 23,253 24,800
44 41 TVO REALTY PARTNERS Chicago, IL Wayne A. Vandenburg 23,250 23,917
45 BH MANAGEMENT SERVICES, INC. Dallas, TX Laurie Lyons 22,786 12,000
46 45 SOUTHERN MANAGEMENT CORPORATION Vienna, VA David H. Hillman 22,477 22,476
47 CONAM MANAGEMENT CORP. San Diego, CA Daniel J. Epstein 22,000 19,500
48 ALTERRA HEALTHCARE CORPORATION Milwaukee, WI Robert Haveman 21,845 19,534
49 26 JPI Irving, TX J. Frank Miller, III 21,700 33,883
50 WESTDALE ASSET MANAGEMENT, LTD. Dallas, TX Joseph G. Beard 20,956 N/A


2001 MANAGEMENT
NATIONAL MULTI HOUSING COUNCIL 50
(50 Largest U.S. Apartment Managers as of January 1, 2001)
2001
RANK
2000
RANK
COMPANY HEADQUARTERS CEO 2001
APARTMENTS
MANAGED
2000
APARTMENTS
MANAGED
1 1 APARTMENT INVESTMENT AND MANAGEMENT COMPANY Denver, CO Terry Considine 325,094 362,468
2 2 EQUITY RESIDENTIAL PROPERTIES TRUST Chicago, IL Douglas Crocker, II 233,250 234,756
3 4 PINNACLE REALTY MANAGEMENT COMPANY Seattle, WA Stan J. Harrelson 108,356 98,656
4 3 LINCOLN PROPERTY COMPANY Dallas, TX Mack Pogue 100,371 100,946
5 5 UNITED DOMINION REALTY TRUST, INC. Richmond, VA John P. McCann 75,165 81,180
6 6 ARCHSTONE COMMUNITIES Englewood, CO R. Scot Sellers 63,443 67,208
7 7 SENTINEL REAL ESTATE CORPORATION New York, NY John H. Streicker 62,549 59,000
8 9 TRAMMELL CROW RESIDENTIAL Atlanta, GA J. Ronald Terwilliger 60,324 48,799
9 8 CAMDEN PROPERTY TRUST Houston, TX Richard J. Campo 51,828 56,060
10 11 HOME PROPERTIES Rochester, NY Norman Leenhouts/
Nelson Leenhouts
50,500 45,475
11 10 CONAM MANAGEMENT CORPORATION San Diego, CA Daniel J. Epstein 47,500 46,500
12 12 POST PROPERTIES, INC. Atlanta, GA John A. Williams 46,896 44,194
13 23 ALLIANCE HOLDINGS, L.L.C. Chicago, IL Andrew W. Schor 45,652 34,867
14 13 EDWARD ROSE BUILDING ENTERPRISES Farmington Hills, MI Sheldon Rose 44,701 43,331
15 36 WHITEHALL FUNDS New York, NY Daniel Neidich 44,000 25,000
16 14 WALDEN Addison, TX John B. Bartling 43,541 43,269
17 21 WESTERN NATIONAL PROPERTY MANAGEMENT Irvine, CA Michael K. Hayde 42,005 36,465
18 15 GABLES RESIDENTIAL TRUST Atlanta, GA Chris D. Wheeler 41,325 41,272
19 22 LEFRAK ORGANIZATION INC. Rego Park, NY Samuel J. LeFrak 38,657 35,657
20 16 AVALONBAY COMMUNITIES, INC. Alexandria, VA Richard L. Michaux 37,779 38,518
21 25 GREYSTAR Houston, TX Robert A. Faith 37,663 34,170
22 17 MILSTEIN PROPERTIES New York, NY Howard P. Milstein 37,000 37,000
23 WESTDALE ASSET MANAGEMENT, LTD. Dallas, TX Joseph G. Beard 36,725 N/A
24 24 MID-AMERICA APARTMENT COMMUNITIES, INC. Memphis, TN George E. Cates 33,632 34,540
25 27 LANE COMPANY Atlanta, GA Gail Armstrong 33,615 32,726
26 32 COLSON & COLSON/HOLIDAY RETIREMENT CORP. Salem, OR William E. Colson 31,428 28,259
27 30 CHARLES E. SMITH RESIDENTIAL REALTY Arlington, VA Ernest A. Gerardi, Jr. 31,134 29,028
28 29 BERKSHIRE REALTY HOLDINGS, L.P. Atlanta, GA Douglas Krupp 30,327 30,756
29 31 VILLAGE GREEN COMPANIES Farmington Hills, MI Jonathan Holtzman 28,000 28,500
30 35 LEDIC MANAGEMENT GROUP Memphis, TN David L. Shores 27,797 26,404
31 39 AMLI RESIDENTIAL PROPERTIES TRUST Chicago, IL Allan J. Sweet 27,358 23,160
32 18 JPI Irving, TX J. Frank Miller, III 27,000 36,546
33 42 FOREST CITY RESIDENTIAL GROUP, INC. Cleveland, OH Ronald A. Ratner 25,319 21,849
34 50 MARRIOTT SENIOR LIVING SERVICES Washington, DC Jeffrey Ferguson 24,902 19,465
35 38 CASDEN PROPERTIES INC.
(NATIONAL PARTNERSHIP INVESTMENTS CORP.)
Beverly Hills, CA Alan I. Casden 24,169 23,650
36 34 BASIC CAPITAL MANAGEMENT, INC. Dallas, TX Gene Phillips 24,049 27,594
37 33 SIMPSON HOUSING LIMITED PARTNERSHIP Denver, CO J. Robert Love 23,645 27,748
38 37 EPT MANAGEMENT COMPANY El Paso, TX Russell A. Vandenburg 23,299 23,893
39 20 BRE PROPERTIES, INC. San Francisco, CA Frank C. McDowell 23,253 36,500
40 19 LEND LEASE REAL ESTATE INVESTMENTS, INC. Atlanta, GA Sheryl Pressler 22,800 36,538
41 47 BH MANAGEMENT SERVICES, INC. Dallas, TX Laurie Lyons 22,786 20,000
42 FPI MANAGEMENT INC. Sacramento, CA Dennis Treadaway 22,512 17,882
43 40 SOUTHERN MANAGEMENT CORPORATION Vienna, VA David H. Hillman 22,477 22,476
44 GRENADIER REALTY CORP. Brooklyn, NY Felice L. Michetti 22,153 18,354
45 KUSHNER COMPANIES Florham Park, NJ Charles Kushner 22,000 N/A
46 ALTERRA HEALTHCARE CORPORATION Milwaukee, WI Robert Haveman 21,845 N/A
47 44 DRUCKER & FALK LLC Newport News, VA John A. Munick, Jr. 21,019 20,738
48 46 SUMMIT PROPERTIES INC. Charlotte, NC William F. Paulsen 20,698 20,373
49 45 JMG REALTY, INC. Atlanta, GA T. Karlton Jackson 20,519 20,519
50 28 FOWLERSHORE & FLANAGAN Larkspur, CA Gregory A. Fowler 20,500 30,850