COVER STORY
The Top 50 Affordable Housing Owners
AFFORDABLE HOUSING FINANCE • MAY 2008
RANK/
2007 RANK |
COMPANY/CONTACT |
ADDRESS/PHONE/WEB |
AFFORDABLE UNITS OWNED (AS OF 1/1/08) |
REGION(S) |
ORGANIZATION TYPE |
1/1 |
Michaels Development Co.
Robert J.Greer, president |
1 E. Stow Road P.O. Box 994
Marlton, NJ 08053
(856) 596-3008
www.michaelsdevelopmentcompany.com |
40,908 |
National |
For-profit |
| >>For the second consecutive year, Michaels Development is the top owner based on the number of affordable housing units owned as of Jan. 1, 2008. A big player in HOPE VI projects, the firm continues to expand its military housing presence. |
2/new |
Apartment Investment and Management Co.
Jeff Kimes, senior vice president, affordable properties
|
4582 S. Ulster St.; Denver, CO 80237
(303) 691-4440
www.aimco.com
|
37,104 |
National |
For-profit |
| Aimco is one of the nation’s largest owners and operators of apartments, with a portfolio of more than 164,600 market-rate and affordable units. The real estate investment trust operates in 46 states, the District of Columbia, and Puerto Rico. |
3/2 |
Volunteers of America
Patrick Sheridan, SVP of housing development
|
1660 Duke St.
Alexandria, VA 22314
(703) 341-5000
www.volunteersofamerica.org
|
17,107 |
National |
Nonprofit |
| Volunteers of America owns 352 affordable housing developments across the nation. Through thousands of human services programs, including housing and health care, the organization helps more than 2 million people in more than 400 communities. |
4/4 |
National Church Residences
Thomas W. Slemmer, president & CEO |
2335 North Bank Drive
Columbus, OH 43220
(614) 451-2151
www.ncr.org |
16,320 |
National |
Nonprofit |
| National Church Residences owns more than 250 affordable housing developments. The organization, which focuses on seniors housing, manages more than $1 billion in assets. |
5/5 |
Simpson Housing Solutions, LLC
Michael A. Costa, president
|
320 Golden Shore, Suite 200
Long Beach, CA 90802
(562) 256-2000
www.simpsonsolutions.com
|
13,378 |
National |
For-profit |
| The company focuses on the development of 9 percent tax credit projects, both family and seniors apartments. It completed 15 projects using 9 percent housing tax credits in 2006 while starting an additional 10 tax credit projects. All were in California. |
6/3 |
Mercy Housing
Dick Banks, chief operating officer |
1999 Broadway, Suite 1000
Denver, CO 80202
(303) 830-3300
www.mercyhousing.org
|
12,985 |
National |
Nonprofit |
| Mercy Housing provides the full spectrum of affordable housing, from supportive housing for the formerly homeless to seniors housing. The group has formal partnerships with nine major health-care systems across the nation. |
7/6 |
McCormack Baron Salazar, Inc.
Kevin J. McCormack, president |
1415 Olive St., Suite 310
St. Louis, MO 63103
(314) 621-3400
www.mccormackbaron.com
|
12,634 |
National |
For-profit |
| The firm owns 108 affordable housing developments across the country. Its properties have aimed to revitalize neglected inner-city neighborhoods. The company is at work on HOPE VI developments in Pittsburgh, Phoenix, and St. Louis. |
8/new |
Related Affordable
Patrick Plunkett, director of acquisitions |
60 Columbus Circle; New York, NY 10023
(212) 421-5333
www.related.com
|
11,000 |
Midwest, Northeast, South Central, Southeast |
For-profit |
| The firm's focus includes special-needs housing, preservation, mixed-finance, and mixed-use deals. In 2006, Pennrose hired a director of land development services and reorganized into teams to allow better coverage in projects. It completed 11 affordable projects in 2006. |
9/new |
Pedcor Investments, LLC
Phillip J. Stoffregen, chief operating officer and executive vice president |
One Pedcor Square, 770 Third Ave., S.W.;
Carmel, IN 46032
(317) 587-0343
www.pedcorcompanies.com
|
10,233 |
Midwest, South Central, Southeast, West |
For-profit |
| In addition to developing affordable housing, Pedcor builds market-rate housing and suburban retail space. It is at work on the City Center development, a $250 million partnership with the city of Carmel, Ind., to develop a mixed-use, central business district. |
10 |
Summit Asset Management
David P. Garcia, vice president of acquisitions
|
105 Tallapoosa St., Suite 300;
Montgomery, AL 36104
(334) 954-4458
www.summit-asset-management.com
|
9,995 |
Midwest, South Central, Southeast |
For-profit |
| Summit is focused on acquisition-rehab deals. A special area of expertise is Sec. 8 preservation transactions. |
|
