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Employment Outlook Strong.

The employment outlook look for executive, professional and sales people in the real estate industry remains strong according to the latest hiring survey conducted by Management Recruiters International, Inc., (MRI), a subsidiary of CDI Corp. Of the executives with rersponsibility for hiring in the real estate industry, 43.6 percent indicated plans to increase their staffs in the first half of 2000, an increase of almost four percent from the 39.7 percent for the second half of 1999. Another 53.9 percent plan to maintain current staff sizes and 2.6 percent plan to decrease their staffs.

Central fire sprinkler investigation

Underwriters Laboratories Inc., (UL) is investigating recent field reports that certain "Model GB" series fire sprinklers manufactured by Central Sprinkler Company of Lansdale, Penn., may leak or not operate in a fire because they require a higher water pressure to operate than is available in some buildings. The sprinklers under investigation have "O-ring" water seals. UL strongly recommends to anyone whose building is equipped with these sprinklers that they immediately contact their fire sprinkler service company. The fire sprinkler system should be assesed and the appropriate corrective action determined.

The "Model GB" series sprinklers under investigation were introduced in 1988 and are identified by the following prefixes: GB, GB-ALPHA, GB-J, GB-QR, GB-EC, GB-RS, GB-20, GB-20QR, GBR, GB-R1, GB-R2, GBR-LF, GB4, GB4-EC, GB4-FR, GB4-QREC, BB1, BB2, BB3, SD1, SD2, SD3, HIP, ROC, LF, and WS. All these models may be affected, regardless of the year of manufacture or installation.

Continued growth and consolidation seen in annual ranking of top apartment owners and managers

The 11th annual listing of the 50 largest apartment owners and managers in the United States was recently released by the National Multi Housing Council (NMHC).

The 2000 rankings and highlights of this year's survey are included on page 12. A complete analysis of the results is available on the NMHC website at www.nmhc.org/top50 or by calling 202/974-2300.

Here are some findings from the top 50 ownership survey:

* The 50 largest apartment owners grew their holdings by nine percent in 1999, to 2.5 million apartment homes, and increased their share of the national apartment stock--buildings with five or more apartment homes to a new high of 14.6 percent.

* As with previous years, the growth was most rapid among the industry's largest companies. The combined apartment holdings of companies in the top 10 positions jumped 13 percent, and these firms now have an ownership interest in 7.2 percent of the national apartment stock.

* Growth among publicly traded apartment real estate investment trusts (REITs), which had been the big story for several years, slowed during the year. REITs easily retained the top two positions in the NMHC top 50 owners. The 16 public REITs in this year's rankings increased their holdings two percent to account for 40 percent of the total holdings for the 2000 NMHC top 50.

* The two REITs at the top of the listing, AIMCO and Equity Residential Properties Trust, strengthened their hold on the top two positions and alone account for nearly half a million apartment homes, or 19 percent of the total portfolio held by the NMHC 50 owners. While AIMCO retained its position as No. 1 in the NMHC 50 rankings based on the number of apartment homes in which an entity has an ownership interest, Equity Residential is nearly twice the size of AIMCO based on total capitalization.

* The relatively low number of newcomers to this year's NMHC 50--six compared to 10 last year--is another indication of the industry's stability.

* In a break from the past couple years, REITs do not dominate the listing of the biggest gainers in the NMHC top 50 owner listing. Three of the five firms posting the biggest increases in apartments owned are private firms, with Goldman Sach's affiliate, Whitehall Street Real Estate Funds, posting the largest gain after adding 38,703 apartment homes to its portfolio in 1999.

* The threshold for entry in the NMHC top 50 owners rose six percent from 19,697 apartment homes to a new high of 20,965.

Top 50 management survey findings

Here are some findings from the top 50 mgmt. survey:

* The total number of apartment homes managed by the nation's 50 largest apartment managers increased four percent during 1999 to total 2.4 million units, or 13.6 percent of the national stock.

* In contrast to the NMHC top 50 owner list, where growth was concentrated at the top, growth in the NMHC top 50 management portfolio was broad-based and about equal in the top and bottom parts of the ranks.

* As with the owner's NMHC top 50, the management rankings suggest continued gradual consolidation in apartment management. The top 10 companies now manage 6.7 percent of the nation's apartments, up slightly from 6.6 percent last year.

* Paralleling the NMHC top 50 owner's list, AIMCO and Equity Residential Properties Trust took the No. 1 and No. 2 spots, respectively, on the manager's NMHC top 50 list. Equity Residential also had the distinction of recording the largest management portfolio growth during 1999, adding 33,101 apartment homes.

* The stability documented in the ownership rankings also extends to the management list. This year, only six new firms were added to the list, well below the historical average.

To ensure the NMHC top 50 for 2000 is as accurate as possible, NMHC officials gathered names of property 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 Jan. 1, 2000. The rankings are based on rental apartment homes. Condominiums, cooperatives, hotel rooms, nursing home and hospital rooms, and mobile homes are not included. Pension fund advisory firms are listed only if they have direct ownership interests or serve directly as property managers.
50 Largest U.S. Apartment Owners as of January 1, 2000

 Rank

2000 1999 Company

 1 1 Apt. Investment & Management Co.
 2 2 Equity Residential Prop. Trust
 3 3 Related Capital Co.
 4 - Lend Lease Real Estate Investments
 5 9 Archon Mgmt. Services
 6 4 Boston Capital Corp.
 7 5 United Dominion Realty Trust, Inc.
 8 8 SunAmerica Affordable Housing
 Partners, Inc.
 9 7 Archstone Communities
 10 11 National Partnership Investments Corp.
 11 10 Lefrak Organization Inc.
 12 12 Sentinel Real Estate Corp.
 13 13 Camden Property Trust
 14 15 Edward Rose Bldg. Enterprises
 15 26 Home Prop.
 16 14 Lincoln Property Co.
 17 - GE Capital Real Estate
 18 16 Walden Residential Prop., Inc.
 19 17 AvalonBay Communities, Inc.
 20 18 CRI, Inc.
 21 19 Milstein Prop.
 22 20 Oxford Realty Financial Group, Inc.
 23 22 Richman Group of Companies
 24 34 Alliance Holdings, L.L.C.
 25 21 Mid-America Apt Communities, Inc.
 26 - JPI Companies
 27 23 Forest City Residential Group, Inc.
 28 27 Security Prop., Inc.
 29 30 FowlerShore & Flanagan
 30 29 Post Prop., Inc.
 31 32 UBS Brinson Realty Investors LLC
 32 33 Colson & Colson/Holiday Retirement Corp.
 33 47 Charles E. Smith Residential Realty
 34 24 Basic Capital Mgmt., Inc.
 35 31 Gables Residential Trust
 36 37 WNC & Assoc., Inc.
 37 38 Columbia Housing
 38 40 BRE Prop., Inc.
 39 - Prudential Real Estate Investors
 40 - Northwestern Investment Mgmt. Co.
 41 50 TVO Real Estate Services
 42 35 Berkshire Realty Holdings, L.P.
 43 41 Raymond James Tax Credit Funds, Inc.
 44 - Trammell Crow Residential
 45 39 Southern Mgmt. Corp.
 46 49 AMLI Residential Prop. Trust
 47 42 Realtek Industries, Inc.
 48 45 Simpson Housing Limited Partnership
 49 44 Associated Estates Realty Corp.
 50 - Cornerstone Realty Income Trust, Inc.

Company Headquarters

Apt. Investment & Management Co. Denver, CO
Equity Residential Prop. Trust Chicago, IL
Related Capital Co. New York, NY
Lend Lease Real Estate Investments Boston, MA
Archon Mgmt. Services New York, NY
Boston Capital Corp. Boston, MA
United Dominion Realty Trust, Inc. Richmond, VA
SunAmerica Affordable Housing
 Partners, Inc. Los Angeles, CA
Archstone Communities Englewood, CO
National Partnership Investments Corp. Beverly Hills, CA
Lefrak Organization Inc. Rego Park, NY
Sentinel Real Estate Corp. New York, NY
Camden Property Trust Houston, TX
Edward Rose Bldg. Enterprises Farmington Hls, MI
Home Prop. Rochester, NY
Lincoln Property Co. Dallas, TX
GE Capital Real Estate Stamford, CT
Walden Residential Prop., Inc. Dallas, TX
AvalonBay Communities, Inc. Alexandria, VA
CRI, Inc. Rockville, MD
Milstein Prop. New York, NY
Oxford Realty Financial Group, Inc. Bethesda, MD
Richman Group of Companies Greenwich, CT
Alliance Holdings, L.L.C. Chicago, IL
Mid-America Apt Communities, Inc. Memphis, TN
JPI Companies Irving, TX
Forest City Residential Group, Inc. Cleveland, OH
Security Prop., Inc. Seattle, WA
FowlerShore & Flanagan Larkspur, CA
Post Prop., Inc. Atlanta, GA
UBS Brinson Realty Investors LLC Hartford, CT
Colson & Colson/Holiday Retirement Corp. Salem, OR
Charles E. Smith Residential Realty Arlington, VA
Basic Capital Mgmt., Inc. Dallas, TX
Gables Residential Trust Atlanta, GA
WNC & Assoc., Inc. Costa Mesa, CA
Columbia Housing Portland, OR
BRE Prop., Inc. San Francisco, CA
Prudential Real Estate Investors Atlanta, GA
Northwestern Investment Mgmt. Co. Milwaukee, WI
TVO Real Estate Services Chicago, IL
Berkshire Realty Holdings, L.P. Atlanta, GA
Raymond James Tax Credit Funds, Inc. St. Petersburg, FL
Trammell Crow Residential Atlanta, GA
Southern Mgmt. Corp. Vienna, VA
AMLI Residential Prop. Trust Chicago, IL
Realtek Industries, Inc. Beachwood, OH
Simpson Housing Limited Partnership Denver, CO
Associated Estates Realty Corp. Cleveland, OH
Cornerstone Realty Income Trust, Inc. Richmond, VA

Company CEO

Apt. Investment & Management Co. Terry Considine
Equity Residential Prop. Trust Douglas Crocker, II
Related Capital Co. Alan P. Hirmes
Lend Lease Real Estate Investments Matthew Banks
Archon Mgmt. Services Daniel Neidich
Boston Capital Corp. John P. Manning
United Dominion Realty Trust, Inc. John P. McCann
SunAmerica Affordable Housing
 Partners, Inc. Michael Fowler
Archstone Communities R. Scot Sellers
National Partnership Investments Corp. C.H. Boxenbaum
Lefrak Organization Inc. Samuel J. LeFrak
Sentinel Real Estate Corp. John H. Streicker
Camden Property Trust Richard J. Campo
Edward Rose Bldg. Enterprises Sheldon Rose
Home Prop. Norman Leenhouts
Lincoln Property Co. Mack Pogue
GE Capital Real Estate Steven L. Crews
Walden Residential Prop., Inc. Marshall B. Edwards
AvalonBay Communities, Inc. Richard L. Michaux
CRI, Inc. William B. Dockser
Milstein Prop. Howard P. Milstein
Oxford Realty Financial Group, Inc. Leo E. Zickler
Richman Group of Companies Richard P. Richman
Alliance Holdings, L.L.C. Andrew W. Schor
Mid-America Apt Communities, Inc. George E. Cates
JPI Companies J. Frank Miller, III
Forest City Residential Group, Inc. Ronald A. Ratner
Security Prop., Inc. John M. Orehek
FowlerShore & Flanagan Gregory A. Fowler
Post Prop., Inc. John A. Williams
UBS Brinson Realty Investors LLC James W. O'Keefe, Jr.
Colson & Colson/Holiday Retirement Corp. William E. Colson
Charles E. Smith Residential Realty Ernest A. Gerardi, Jr.
Basic Capital Mgmt., Inc. Karl Blaha
Gables Residential Trust Chris D. Wheeler
WNC & Assoc., Inc. W.N. Cooper, Sr.
Columbia Housing David Sebastian
BRE Prop., Inc. Frank C. McDowell
Prudential Real Estate Investors Bernard Winograd
Northwestern Investment Mgmt. Co. Eugene R. Skaggs
TVO Real Estate Services Wayne A. Vandenburg
Berkshire Realty Holdings, L.P. Douglas Krupp
Raymond James Tax Credit Funds, Inc. Ronald Diner
Trammell Crow Residential J. Ronald Terwilliger
Southern Mgmt. Corp. David H. Hillman
AMLI Residential Prop. Trust Allan J. Sweet
Realtek Industries, Inc. William B. Risman
Simpson Housing Limited Partnership Donald A. Simpson
Associated Estates Realty Corp. Jeffrey I. Friedman
Cornerstone Realty Income Trust, Inc. Glade M. Knight

 Apartments with
 Ownership Interest

Company 2000 1999

Apt. Investment & Management Co. 240,540 233,329
Equity Residential Prop. Trust 228,504 192,558
Related Capital Co. 148,080 137,817
Lend Lease Real Estate Investments 113,744 N/A
Archon Mgmt. Services 105,000 66,297
Boston Capital Corp. 102,564 95,741
United Dominion Realty Trust, Inc. 81,180 86,748
SunAmerica Affordable Housing
 Partners, Inc. 81,000 67,000
Archstone Communities 70,697 69,582
National Partnership Investments Corp. 66,991 59,163
Lefrak Organization Inc. 66,000 62,000
Sentinel Real Estate Corp. 59,000 56,509
Camden Property Trust 55,260 54,836
Edward Rose Bldg. Enterprises 45,589 44,175
Home Prop. 41,517 31,415
Lincoln Property Co. 41,334 46,739
GE Capital Real Estate 39,137 17,100
Walden Residential Prop., Inc. 39,024 44,086
AvalonBay Communities, Inc. 37,885 43,240
CRI, Inc. 37,612 41,489
Milstein Prop. 37,000 37,000
Oxford Realty Financial Group, Inc. 36,661 36,296
Richman Group of Companies 35,723 33,730
Alliance Holdings, L.L.C. 34,867 24,238
Mid-America Apt Communities, Inc. 34,540 33,863
JPI Companies 33,883 N/A
Forest City Residential Group, Inc. 33,804 33,544
Security Prop., Inc. 30,998 30,250
FowlerShore & Flanagan 30,850 28,256
Post Prop., Inc. 30,646 28,650
UBS Brinson Realty Investors LLC 28,848 24,709
Colson & Colson/Holiday Retirement Corp. 27,834 24,625
Charles E. Smith Residential Realty 27,634 20,104
Basic Capital Mgmt., Inc. 27,594 33,424
Gables Residential Trust 27,352 25,500
WNC & Assoc., Inc. 25,002 23,086
Columbia Housing 24,853 22,855
BRE Prop., Inc. 24,800 22,181
Prudential Real Estate Investors 24,600 17,601
Northwestern Investment Mgmt. Co. 24,100 15,682
TVO Real Estate Services 23,917 19,697
Berkshire Realty Holdings, L.P. 23,833 24,123
Raymond James Tax Credit Funds, Inc. 23,124 22,149
Trammell Crow Residential 22,588 17,479
Southern Mgmt. Corp. 22,476 22,422
AMLI Residential Prop. Trust 22,315 19,771
Realtek Industries, Inc. 22,000 22,095
Simpson Housing Limited Partnership 21,302 20,471
Associated Estates Realty Corp. 21,280 21,346
Cornerstone Realty Income Trust, Inc. 20,965 13,462
50 Largest Apartment Managers as of January 1, 2000

 Rank

2000 1999 Company Headquarters

 1 1 Apartment Investment & Denver, CO
 Management Co.
 2 2 Equity Residential Prop. Trust Chicago, IL
 3 3 Lincoln Property Co. Dallas, TX
 4 4 Pinnacle Realty Management Co. Seattle, WA
 5 5 United Dominion Realty Richmond, VA
 Trust, Inc.
 6 6 Archstone Communities Englewood, CO
 7 8 Sentinel Real Estate Corporation New York, NY
 8 7 Camden Property Trust Houston, TX
 9 15 Trammell Crow Residential Atlanta, GA
 10 9 ConAm Management Corporation San Diego, CA
 11 23 Home Prop. Rochester, NY
 12 12 Post Prop., Inc. Atlanta, GA
 13 16 Edward Rose Building Enterprises Farmington Hls, MI
 14 11 Walden Residential Prop., Inc. Dallas, TX
 15 13 Gables Residential Trust Atlanta, GA
 16 10 AvalonBay Communities, Inc. Alexandria, VA
 17 14 Milstein Prop. New York, NY
 18 - JPI Companies Irving, TX
 19 - Lend Lease Real Estate Boston, MA
 Investments
 20 27 BRE Prop., Inc. San Francisco, CA
 21 19 Western National Property Irvine, CA
 Management
 22 25 Lefrak Organization Inc. Rego Park, NY
 23 35 Alliance Holdings, L.L.C. Chicago, IL
 24 17 Mid-America Apartment Memphis, TN
 Communities, Inc.
 25 34 Greystar Multi-Family Charleston, SC
 Services, L.P.
 26 - Legacy Partners Residential Foster City, CA
 27 21 Lane Realty Advisors Atlanta, GA
 28 28 FowlerShore & Flanagan Larkspur, CA
 29 26 Berkshire Realty Holdings, L.P. Atlanta, GA
 30 37 Charles E. Smith Residential Arlington, VA
 Realty
 31 36 Village Green Companies Farmington Hls, MI
 32 32 Colson & Colson/Holiday Salem, OR
 Retirement Corp.
 33 30 Simpson Housing Limited Denver, CO
 Partnership
 34 24 Basic Capital Management, Inc. Dallas, TX
 35 29 LEDIC Management Group, Inc. Memphis, TN
 36 33 Archon Management Services New York, NY
 37 46 TVO Real Estate Services Chicago, IL
 38 - National Partnership Beverly Hills, CA
 Investments Corp.
 39 44 AMLI Residential Prop. Trust Chicago, IL
 40 39 Southern Management Corporation Vienna, VA
 41 41 Realtek Industries, Inc. Beachwood, OH
 42 40 Forest City Residential Cleveland, OH
 Group, Inc.
 43 - Cornerstone Realty Income Richmond, VA
 Trust, Inc.
 44 49 Drucker & Falk LLC Newport News, VA
 45 45 JMG Realty, Inc. Atlanta, GA
 46 43 Summit Prop., Inc. Charlotte, NC
 47 - BH Management Services, Inc. Dallas, TX
 48 38 R&B Realty Group Los Angeles, CA
 49 50 SSR Realty Advisors, Inc. San Francisco, CA
 50 42 Marriott Senior Living Services Chevy Chase, MD

Company CEO

Apartment Investment & Terry Considine
 Management Co.
Equity Residential Prop. Trust Douglas Crocker, II
Lincoln Property Co. Mack Pogue
Pinnacle Realty Management Co. Stan Harrelson
United Dominion Realty John P. McCann
 Trust, Inc.
Archstone Communities R. Scot Sellers
Sentinel Real Estate Corporation John H. Streicker
Camden Property Trust Richard J. Campo
Trammell Crow Residential J. Ronald Terwilliger
ConAm Management Corporation Daniel J. Epstein
Home Prop. Norman Leenhouts
Post Prop., Inc. John A. Williams
Edward Rose Building Enterprises Sheldon Rose
Walden Residential Prop., Inc. Marshall B. Edwards
Gables Residential Trust Chris D. Wheeler
AvalonBay Communities, Inc. Richard L. Michaux
Milstein Prop. Howard P. Milstein
JPI Companies J. Frank Miller, III
Lend Lease Real Estate Matthew Banks
 Investments
BRE Prop., Inc. Frank C. McDowell
Western National Property Michael K. Hayde
 Management
Lefrak Organization Inc. Samuel J. LeFrak
Alliance Holdings, L.L.C. Andrew W. Schor
Mid-America Apartment George E. Cates
 Communities, Inc.
Greystar Multi-Family Robert A. Faith
 Services, L.P.
Legacy Partners Residential C. Preston Butcher
Lane Realty Advisors George H. Lane, III
FowlerShore & Flanagan Gregory A. Fowler
Berkshire Realty Holdings, L.P. Douglas Krupp
Charles E. Smith Residential Ernest A. Gerardi, Jr.
 Realty
Village Green Companies Jonathan Holtzman
Colson & Colson/Holiday William E. Colson
 Retirement Corp.
Simpson Housing Limited Donald A. Simpson
 Partnership
Basic Capital Management, Inc. Karl Blaha
LEDIC Management Group, Inc. David L. Shores
Archon Management Services Daniel Neidich
TVO Real Estate Services Wayne A. Vandenburg
National Partnership C.H. Boxenbaum
 Investments Corp.
AMLI Residential Prop. Trust Allan J. Sweet
Southern Management Corporation David H. Hillman
Realtek Industries, Inc. William B. Risman
Forest City Residential Ronald A. Ratner
 Group, Inc.
Cornerstone Realty Income Glade M. Knight
 Trust, Inc.
Drucker & Falk LLC John A. Munick, Jr.
JMG Realty, Inc. T. Karlton Jackson
Summit Prop., Inc. William F. Paulsen
BH Management Services, Inc. Laurie Lyons
R&B Realty Group Howard F. Ruby
SSR Realty Advisors, Inc. Tom Lydon
Marriott Senior Living Services Paul E. Johnson, Jr.

 Apartments
 Managed

Company 2000 1999

Apartment Investment & 362,468 347,692
 Management Co.
Equity Residential Prop. Trust 234,756 201,655
Lincoln Property Co. 100,946 103,395
Pinnacle Realty Management Co. 98,656 92,055
United Dominion Realty 81,180 83,034
 Trust, Inc.
Archstone Communities 67,208 69,582
Sentinel Real Estate Corporation 59,000 56,509
Camden Property Trust 56,060 56,636
Trammell Crow Residential 48,799 41,952
ConAm Management Corporation 45,250 46,500
Home Prop. 45,475 34,247
Post Prop., Inc. 44,194 42,900
Edward Rose Building Enterprises 43,331 41,917
Walden Residential Prop., Inc. 43,269 44,086
Gables Residential Trust 41,272 42,100
AvalonBay Communities, Inc. 38,518 44,724
Milstein Prop. 37,000 42,000
JPI Companies 36,546 -
Lend Lease Real Estate 36,538 -
 Investments
BRE Prop., Inc. 36,500 31,281
Western National Property 36,465 36,518
 Management
Lefrak Organization Inc. 35,657 33,000
Alliance Holdings, L.L.C. 34,867 24,238
Mid-America Apartment 34,540 38,994
 Communities, Inc.
Greystar Multi-Family 24,406 34,170
 Services, L.P.
Legacy Partners Residential 33,000 16,997
Lane Realty Advisors 32,726 35,589
FowlerShore & Flanagan 30,850 28,256
Berkshire Realty Holdings, L.P. 30,756 32,123
Charles E. Smith Residential 29,028 23,905
 Realty
Village Green Companies 28,500 24,207
Colson & Colson/Holiday 28,259 26,144
 Retirement Corp.
Simpson Housing Limited 27,748 27,262
 Partnership
Basic Capital Management, Inc. 27,594 33,424
LEDIC Management Group, Inc. 26,404 28,196
Archon Management Services 25,000 25,000
TVO Real Estate Services 23,893 19,908
National Partnership 23,650 -
 Investments Corp.
AMLI Residential Prop. Trust 23,160 20,141
Southern Management Corporation 22,476 22,422
Realtek Industries, Inc. 22,000 22,095
Forest City Residential 21,849 22,229
 Group, Inc.
Cornerstone Realty Income 20,965 13,462
 Trust, Inc.
Drucker & Falk LLC 20,738 18,986
JMG Realty, Inc. 20,519 20,110
Summit Prop., Inc. 20,373 20,429
BH Management Services, Inc. 20,000 -
R&B Realty Group 19,903 22,811
SSR Realty Advisors, Inc. 18,544 19,474
Marriott Senior Living Services 19,465 20,600

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Publication:Units
Date:May 1, 2000
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Previous Article:2000 LEADERSHIP.
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