Thanks to strong demand for rental homes across the United States, the multi-family development industry has been growing at a steady and increasing pace since 2021, after the end of the COVID-19 pandemic. Today, multi-family development plays a crucial role in meeting housing needs in urban and suburban areas.
The National Multifamily Housing Council (NHMC) reported that with an increase in multi-family permits of around 27.4% to 566,500 in 2021, the multi-family industry has also started to experience an increase of around 22.1%, reaching 460,100 units.
If you are a broker, property developer, or even a real estate investor, you need to be well informed and understand the industry as a whole in order to know which developers are worth working with. No worries! NHMC has reported the top 50 multi-family developers as of 2023, which we’ll show below. Let’s check them out!
Top 50 Multifamily Developers
|Company Name||CEO||Units Owned 2023||
|1||MAA||H. Eric Bolton, Jr.||99.676||Germantown, Tennessee|
|2||Greystar Real Estate Partners LLC||Robert A. Faith||98.860||Charleston, South Caroline|
|3||Morgan Properties||Mitchell L. Morgan||93.594||King of Prussia, Pe|
|4||AvalonBay Communities, Inc.||Ben Schall & Sean Breslin||80.325||Arlington, Virginia|
|5||Equity Residential||Mark Parrell||79.594||Chicago, Illinois|
|6||Cortland||Steven DeFrancis & Jason Kern||77.407||Atlanta, Georgia|
|7||Nuveen Real Estate||Jay Martha||73.374||New York City, New York|
|8||Monarch Investment & Management Group||Bob Nicolls||71.661||Franktown, Colorado|
|9||The Related Companies, LP||Jeff Blau||71.184||New York City, New York|
|10||Edward Rose Building Enterprise||Warren Rose||69.567||Bloomfield Hills, Michigan|
|11||Essex Property Trust, Inc.||Michael Schall & Angela Kleiman||62.147||San Mateo, California|
|12||PGIM Real Estate||Catherine Marcus & Yetta Tropper||61.022||Newark, New Jersey|
|13||The Michaels Organization||John J O’Donnell||60.646||Camden, New Jersey|
|14||Camden Property Trust||Richard J. Campo & D. Keith Oden||58.702||Houston, Texas|
|15||Weidner Apartment Homes||W. Dean Weidner||58.556||Kirkland, Washington|
|16||Harbor Group International, LLC||Jordan Slone||58.519||Norfolk, Virginia|
|17||UDR, Inc.||Tom Toomey||58.374||Highlands Ranch, Colorado|
|18||Lincoln Property Company||Tim Byrne||55.147||Dallas, Texas|
|19||Bridge Investment Group||Colin Apple & Matt DeGraw||54.712||Sandy, Utah|
|20||JPMorgan||Brett Kahn||54.506||New York City, New York|
|21||BH Equities||Harry Bookey & Joanna Zabriskie||49.756||Des Moines, Iowa|
|22||Balfour Beatty||Christopher Williams||46.740||Malvern, Pennsylvania|
|23||FPA Multifamily||Gregory A. Fowler||45.200||San Francisco, California|
|24||GID||Gregory Bates||43.886||Atlanta, Georgia|
|25||TruAmerica Multifamily||Robert E. Hart||40.344||Los Angeles, California|
|26||The Olayan Group||Camile G. Saba||40.000||New York City, New York|
|27||Invesco Real Estate||Jackson Lapin & Greg Kraus||39.897||Dallas, Texas|
|28||Dominium||Paul Sween & Mark Moorhouse||39.591||Dallas, Texas|
|29||Fairfield Residential Company LLC||Richard Boynton||38.092||San Diego, California|
|30||Berkshire Residential Investments||David Olney & Alan King||37.036||Boston, Massachusetts|
|31||Heitman LLC||Maury Tognarelli||36.489||Chicago, Illinois|
|32||Independence Realty Trust||Scott Schaeffer & Farrell Ender||35.526||Philadelphia, Pennsylvania|
|33||American Landmark||Joe Lubeck||34.128||Tampa, Florida|
|34||Knightvest Capital||David Moore||33.727||Dallas. Texas|
|35||Mill Creek Residential||William C Macdonald||33.424||Boca Raton, Florida|
|36||Alliance Residential||Jay Hiemenz||32.417||Scottsdale, Arizona|
|37||Tides Equities||Sean Kia & Ryan Andrade||31.942||Los Angeles, California|
|38||The Millennia Companies||Frank Sinito||31.242||Cleveland, Ohio|
|39||Westdale Real Estate Investment & Management||Joseph G. Beard||29.800||Dallas, Texas|
|40||CWS Capital Partners||Steve Sherwood||29.710||Austin, Texas|
|41||GVA Management||Alan Stalcup||29.686||Austin, Texas|
|42||UBS Realty Investors||Matthew Johnson||28.700||Hartford, Connecticut|
|43||AEW Capital Management, L.P.||Jeffrey Furber||28.309||Boston, Massachusetts|
|44||The NRP Group||J. David Heller||27.908||Cleveland, Ohio|
|45||Sentinel Real Estate Corporation||Michael F. Streicker||27.705||New York City, New York|
|46||MG Properties||Mark Gleiberman||27.381||San Diego, California|
|47||Peak Capital Partners||Jeff Danley & Jamie Dunn||27.241||Provo, Utah|
|48||Waterton||David Schwartz||27.165||Chicago, Illinois|
|49||JRK Property Holdings||Jim Lippman & Bobby Lee||26.941||Los Angeles, California|
|50||Northland||Matthew Gottesdiener||26.599||Newton, Massachusetts|
Okay, those are the top 50 multifamily developers as of 2023. And you may need more information about them. But we’ll provide the information only up to the 10th ranking position. Here they are:
1. Mid-America Apartments (MAA)
- CEO: H. Eric Bolton, Jr.
- Website: www.maac.com
- Units owned in 2023: 99,676
Based in Germantown, Tennessee, United States, MAA ranks as the number one multi-family developer in 2023. They also have ownership interests in 300 communities, 101,986 homes, and 16 states. Turning properties into communities and apartments into homes is their true goal.
They serve as a real estate investment trust (REIT), which develops, redevelops, and also manages apartment communities, particularly throughout the Southwest, Southeast, and Mid-Atlantic regions of the United States.
2. Greystar Real Estate Partners, LLC
- CEO: Robert A. Faith
- Website: www.greystar.com
- Units owned in 2023: 98,860
After ranking as the top multi-family developer across the United States as of 2022, Greystar now takes the second position in 2023. Based in Charleston, South Carolina, United States, they strive to provide an unforgettable experience in managing all product types, with a global development strategy and track record of roughly $32 billion.
With more than 803,000 units and student beds under their management globally, Greystar has the ability to leverage relationships into investment opportunities and a combination of local market expertise.
3. Morgan Properties
- CEO: Michell L. Morgan
- Website: www.morgan-properties.com
- Units owned in 2023: 93,594
Headquartered in King of Prussia, Pennsylvania, United States, Morgan Properties consistently provides superior housing and services to people who are looking for pleasure residences. After holding the top workplace for purpose and values, Morgan Properties now ranks as the third-ranked multi-family developer in 2023.
Morgan Properties is not just a real estate developer; they also establish trust with several parties and communities in an effort to move forward together. There is no doubt that they invest in each other and their local neighborhoods through a program called “Caring. Sharing. Giving.”
4. AvalonBay Communities, Inc.
- CEO: Ben Schall & Sean Breslin
- Website: avaloncommunities.com
- Units owned in 2023: 80,325
Providing a modern apartment for living and giving all the pleasure of home, it’s no wonder that Avalon takes the fourth position among the top 50 multi-family developers. Based in Arlington, Virginia, United States, Avalon will be great for you to work with.
With equal parts experience and vision, they have established a long-term track record of developing and managing distinctive residences in some of the best U.S. markets. Basically, their goal is to create a better way to live that is always focused on giving value to their investors, residents, and employees.
5. Equity Residential
- CEO: Mark Parrell
- Website: www.equityapartments.com
- Units owned in 2023: 79,594
Based in Chicago, Illinois, in the United States, Equity Residential offers a variety of incredible apartments spread across the most sought-after cities, such as Washington, DC, New York, Los Angeles, San Francisco, etc. So, you can get close to them.
Located in prime markets such as Boston, Manhattan, Washington, DC, etc., you can really start to improve your financial future with them through an investment. However, they don’t only build value for their employees and residents, but also for their shareholders.
- CEO: Steven DeFrancis and Jason Kern
- Website: www.cortland.com
- Units owned in 2023: 77,407
Headquartered in Atlanta, Georgia, United States, Cortland offers a normal apartment living experience with thoughtful interior design. You can also get their best services and amenities—your fitness journey is one of them.
With more than 260 real estate assets they manage, Cortland is a safe investment object with promising benefits vertically. Available in metropolitan cities, it will be easy for you to find them and start investing with them.
7. Nuveen Real Estate
- CEO: Jay Martha
- Website: www.nuveen.com
- Units owned in 2023: 73,374
Nuveen Real Estate can be found in New York, United States. They actually offer solutions for a range of investors across the world. As one of the largest investment managers in the world, Nuveen currently stands as the seventh-best multi-family developer as of 2023.
Holding the certificate of TIAA, Nuveen has supported the financial futures of millions of investors who are growing their businesses, infrastructure, real estate, farm land, and forests. They’re also strongly building long-term relationships with clients across the United States.
8. Monarch Investment & Management Group
- CEO: Bob Nicolls
- Website: www.mimginvestment.com
- Units owned in 2023: 71,661
With more than 300 communities and 2,200 team members, Monarch committed to providing enjoyable residences with pleasure amenities. Based in Franktown, Colorado, United States, they actively invite trusted investors to get a chance to grow together.
They are not only a broker and a property management company; they instead do research, acquire, operate, and maintain all of their properties spread across the most sought-after cities such as Kansas, Saint Louis, Minneapolis, Lexington, and many more.
9. The Related Companies, LP
- CEO: Jeff Blau
- Website: www.related.com
- Units owned in 2023: 71,184
Based in New York, the Related Company eventually takes the ninth position as one of the top 50 multifamily developers across the United States. They keep delivering memorable experiences and boosting happiness to everyone through their residences.
With over 2,500 employees across the offices in the United States, Related is committed to building communities and enriching people’s lives. To make residents’ lives enjoyable, they also put the artwork into their daily lives. It aims to boost and empower individuals and their communities.
10. Edward Rose Building Enterprise
- CEO: Warren Rose
- Website: www.EdwardRose.com
- Units owned in 2023: 69,567
The Miami-based multi-family developer, Edward Rose, keeps a privately held real estate development company by providing brand new luxury apartment communities across the United States. For more than 100 years, they have developed thousands of multifamily residences throughout surrounding states.
With more than 2,000 employees, they always offer fun, sophisticated, and friendly neighborhoods. On average, their units have easy access to shops, restaurants, and other public places.