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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

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