Equity Residential, Archstone-Smith invest $1.5 million in NAA Education Institute.

Equity Residential, the third-largest owner of apartment units in the country with more than 200,000 units, invested $1 million, Archstone-Smith, the seventh-largest owner of apartment units in the country with more than 86,000 units, invested $500,000.

Equity Residential and Archstone-Smith, two of the nation's largest apartment companies, have contributed a combined $1.5 million to the NAA Education Institute's (NAAEI) "Investing in Our Profession" campaign over the next five years.

Equity Residential, the third-largest owner of apartment units in the country with nearly 200,000 units, has contributed of $1,000,000. Archstone-Smith, the seventh-largest owner of apartment units in the country with more than 86,000 units, invested $500,000. This year, NAAEI has raised approximately $3.3 million of NAAEI's initial fund-raising goal of $5 million.

"Equity Residential is proud to support the NAA Education Institute in its goal of exposing more individuals to the apartment management business as a career path," said Fred Tuomi, President of Property Management, Equity Residential. "Our $1,000,000 investment is made with the knowledge that more active outreach and recruitment are necessary to ensure that our entire industry continues to benefit from a influx of talented individuals looking for the tremendous job opportunities that we offer."

Archstone-Smith's support is specifically targeted for NAAEI's efforts to promote the apartment industry as a profession and expand the apartment management curriculum and degree programs at colleges, universities and vocational trade schools across the country.

"Many of today's apartment companies are publicly traded, multi-billion-dollar entities that bring a new level of professionalism to the industry. As such, we need to ensure that we're continually raising awareness about the significant career opportunities that exist in our industry--and attracting the best and brightest candidates to our business," said Jack R. Callison Jr., Senior Vice President, National Operations, Archstone-Smith. "We commend NAAEI for the leadership position it is taking on with this very important initiative, and Archstone-Smith is very proud to support them with our $500,000 contribution."

NAAEI is an independent entity created by NAA whose mission is to provide broad-based education, training and recruitment programs that attract, nurture and retain quality professionals and develop tomorrow's industry leaders.

NAAEI leaders will meet with key senior-level executives of the country's major real estate management companies to invite their participation. For more about NAAEI and its mission, please see the October 2005 issue of UNITS.

"We've made a tremendous outreach to key multifamily housing players, and we are extraordinarily proud to be hearing from companies such as Equity Residential and Archstone-Smith and that they believe in the concept of the Institute and are willing to work with us and our efforts," said Deane Dolben, CAPS, Chairman of the NAAEI Campaign Cabinet and President of The Dolben Company, whose company also is an investor in NAAEI. "Their investments demonstrate to the industry that they wants to take a leadership role on behalf of our industry."

Company                              Amount

Equity Residential                 $1,000,000
Archstone-Smith                      $500,000
NAA Board of Directors               $250,000
The Dolben Company                   $250,000
The McDougal Companies               $250,000
National Multi Housing Council       $250,000
Greystar Real Estate Partners        $200,000
Douglas & Cindy Crocker              $100,000
Florida Apartment Association        $100,000
Coinmach/Appliance Warehouse         $100,000
Hepfner, Smith, Airhart & Day        $100,000
First Communities Management         $100,000
Bay Area Apartment Association        $50,000
Michael & June Tompkins               $50,000
TOTAL                              $3,300,000