Greystar tops NMHC's list with 1M units under management
Asset Living, ZRS Management, FPA Multifamily and Hunt Cos. were among the biggest gainers on the National Multifamily Housing Council's listing of top owners and managers.
Greystar has crossed the 1 million-unit threshold in the United States, securing the top position on the National Multifamily Housing Council's annual ranking of the nation's largest apartment owners and managers.
As of Jan. 1, the Charleston, South Carolina-based firm managed 1,014,091 apartments and owned 119,160 units. The company reached this milestone through a mix of organic expansion and two strategic property management acquisitions, according to a company spokesperson.
One acquisition came in September 2025, when Greystar formed a strategic partnership with Denver-based Grand Peaks, bringing 11,000 apartment homes across seven states into its management platform.
Beyond Greystar's dominance, the NMHC's owner and manager rankings revealed significant shifts among established players and several notable newcomers.
Management momentum
Houston-based Asset Living maintained its No. 2 position for the third consecutive year, approaching the half-million-unit mark. The firm's growth accelerated last year when it reportedly acquired FPI Management.
Dallas-based Willow Bridge Property Company ranked third with 244,457 apartments, followed by Austin's RPM Living with 241,479 homes. Cushman & Wakefield dropped from the top 5 to No. 7, shedding 14,046 units.
AMC climbed into the top 5 after adding nearly 3,000 units. In a 2025 interview, CEO Brenda Barrett told Multifamily Dive the firm has prioritized organic growth over acquisitions throughout its 25-year expansion.
"We've never had one person in our organization that has ever been focused on generating new business for us," Barrett said. "And it's really been starting with a small core group of clients in the first couple of years that has led to where we are today."
Other top 10 movements include Avenue5 Residential advancing from No. 8 to No. 6, Bozzuto rising from No. 9 to No. 8, WinnCompanies moving from No. 10 to No. 9, and ZRS Management entering at No. 10. FPI, which ranked No. 6 last year, disappeared from the Top 50 despite no formal acquisition announcement.
Beyond Greystar and Asset Living (which gained 157,762 units), the largest increases came from ZRS Management, adding 21,026 units; Avenue5 Residential, adding 11,127 units; and Bozzuto, adding 11,885 units.
Several new entrants made substantial debuts: Arqline at No. 40 after gaining 21,591 units; MLG Capital at No. 42 with 6,431 more units; SRG Residential at No. 44 with 5,790 additional units; and Kairoi Residential at No. 46 with 13,014 additional units. American Landmark, which has been scaling up, appeared at No. 50. Morgan Properties returned after being absent in 2025.
Beyond Cushman & Wakefield, the steepest declines came from BH Management Services (down 13,012 units), Bell Partners (down 7,021 units), The Related Cos. (down 4,044 units) and The Michaels Organization (down 2,556 units).
Owner shifts
The NMHC Top 50 owners list saw Morgan Properties leap from No. 3 to No. 2, posting the list's largest gain with 13,748 units. MAA slipped from No. 2 to No. 3 despite adding nearly 1,000 units. AvalonBay Communities gained 3,443 units, climbing from No. 6 to No. 4. Nuveen Real Estate held steady at No. 5.
Equity Residential slipped one spot to No. 6, while Cortland climbed two positions to No. 7 after adding 2,884 units. The Related Cos. dropped from No. 7 to No. 8, shedding 3,119 units—the only top-10 firm to post a significant decline. Hunt Cos. made a dramatic leap from No. 17 to No. 9, gaining more than 10,000 units. Monarch Investment Group added apartments but still fell from No. 8 to No. 10.
Beyond Morgan and Hunt, the firms showing the strongest growth included FPA Multifamily (up 10,609 units), Fairfield Residential (up 5,280 units), TruAmerica Multifamily (up 4,143 units), and MLG Capital (up 3,419 units).
TruAmerica has been expanding aggressively, acquiring new properties and promoting executives across multiple rounds. Last fall, the firm partnered with Toronto-based Manulife Investment Management to launch a $1 billion affordable housing joint venture called Anchor Point Residential.
"Creating an affordable housing platform has always been on the roadmap of TruAmerica's growth plan," Chief Investment Officer Noah Hochman told Multifamily Dive in emailed comments last year.
The firms posting the steepest declines on the owners list were Heitman (down 3,351 units), The Related Cos. (down 3,119 units), Mill Creek Residential (down 3,051 units), and The Michaels Organization (down 2,012 units).
New entrants to the Top 50 included Liberty Military Housing (No. 28), Trammell Crow Residential (No. 43), Fairstead (No. 47), Continental Properties Co. (No. 49), and Wood Partners (No. 50).
While some merchant developers have been compelled to hold apartments longer than planned due to sluggish sales conditions, Continental Properties operates under a more traditional develop-and-hold strategy.
"Our strategic plan calls for more than a 50% increase in homes within our portfolio over the course of the plan," CEO James Schloemer told Multifamily Dive in emailed comments. "So, in our case, the growth in the portfolio is strategic in nature."
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