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MBA (3/31/2006) Murray, Michael
Apartment sales in 2005 were 70 percent higher than the record set in 2004 and more than 2003 and 2004 combined, according to the National Multifamily Housing Council's ranking of the 50 top apartment owners and managers.

NMHC said improving market fundamentals, strong demographics and condo conversion demand in 2005 factored into the year's apartment growth and $86 billion in exchanged assets. The NMHC 50 includes only rental apartments and rental housing for seniors.

"The stunning growth in the pace of apartment transactions has changed the apartment sector landscape quickly," said Doug Bibby, president of NMHC. "All the trading pushed some new firms into the top of the 2006 NMHC 50 owners and propelled others significantly higher in rank."

Wachovia, Charlotte, N.C., added nearly 25,000 apartments to its holdings last year. Its net increase is more than the total holdings of all but 37 of the nation's apartment owners. Boston Capital, Boston, gained the second largest net amount, adding more than 17,000 units.

Apartment real estate investment trusts (REITs) on the ownership list dropped one from 2004, and the total number of units owned by apartment REITs fell 1 percent to 922,741 units. The REIT share of the total apartment stock fell to 5.6 percent in 2005 from 5.7 percent in 2004. NMHC said it is the lowest REIT share since 2000, when REITs controlled 6.4 percent of the nation's apartment stock. "Despite the market-beating returns earned by apartment REITs in the last six years, private investors clearly believe that the public markets continue to undervalue apartment real estate," said Mark Obrinsky, vice president of research and chief economist at NMHC. "Thus, private investors have been willing to pay a premium to acquire these REITs."

After he'd already served as governor of New York, published more than a dozen books, served two terms as President of the United States and won the Nobel Peace Prize, Theodore Roosevelt said these words about leadership:

"It is not the critic who counts; not the man who points out how the strong man stumbles or where the doer of deeds could have done them better.

"The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood, who strives valiantly, who errs and comes up short again and again because there is no effort without error or shortcoming, but who knows the great enthusiasms, the great devotions, who spends himself in a worthy cause; who at the best, knows, in the end, the triumph of high achievement, and who, at the worst, if he fails, at least he fails while daring greatly, so that his place shall never be with those cold and timid souls who know neither victory nor defeat."

Adapted from Life of Theodore Roosevelt, Theodore Roosevelt Association, www.theodoreroosevelt.org.

Cornerstone Commercial Mortgage specializes in commercial real estate finance. We act as mortgage consultants, focusing on providing the appropriate financing solutions for each client. We work with investors and developers on all product types from Land loans to permanent loans providing the best financing option available.

John P. Lloyd, President
Phone: (702) 385-2658
Cell: (702) 379-3468
Email: john.lloyd@cmlv.net