2021 Best Multifamily Development Companies


You can also read our other Top Development rankings.

Rank Society Completed units 2018-2020 Units under construction * Diversity of accommodation
1 Gray star 27,609 20,747 L, M, St, Se
2 The associated cos. 7,393 15,400 L, M, A, St, Mi, Se, X
3 The PNR Group 8,405 11 753 L, A, Se, X
4 LMC 8,603 9 227 L, M
5 Trammell Crow Co./Residential High Street 4,535 11,002 L, M, Se
6 Related group 7,161 6,810 L, M, A, X
7 JPI 8,209 6,880 M
8 Dutch partner group 5,791 4,053 MY
9 The Bainbridge Cos. 9,000 2,800 M, St
ten Edward Rose Construction Company 3,661 6,480 M, A, Se
11 ZOM Live 4,117 3,244 L, M, Se
12 AMLI Residential 4,679 2,779 L, M, A
13 The Wolff Company. 5 654 2,718 M, Se
14 Residential Street Lights 5,021 3 308 THE
15 Hunting Cos. 4,413 1 987 L, M, A, Mi
16 The Millenium Cos. 3,880 3,280 M, A, Se
17 Tishman Spire 2,654 1,836 L, Se, X
18 Legacy partners 2,783 2 930 L, M, A
19 Bozzuto 1,149 3 044 L, M, A, Se
20 Milhaus 3 042 3 163 M
21 Lincoln Property Co. 2,651 2,049 L, M, Mi
22 BRIDGE Housing 2 122 1,175 M, A, Se
23 UDR 2,653 1,417 M
24 The Breeden company 2,618 2,635 L, M, A, X
25 Camden Real Estate Trust 2,304 2 608 M
26 Presidium 1 944 2,041 L, M, Se
27 Tip of the hill 782 3 296 M, Se
28 Loan-lease 1,393 759 M, A, Mi
29 BGC Advantage 1,326 1,486 A, Se
30 Essex Real Estate Trust 1782 571 L, M

* As of June 30, 2021

Key: L = Luxury; M = Market rate; A = Affordable; St = Student; Mi = Military; Se = Senior; X = Other

While we strive to include all of the major multi-family developers, several notable companies (including AvalonBay Communities, Fairfield Residential, and Wood Partners) did not participate this year.

To be included in future surveys, email Jeff Hamann at [email protected].

Development is back on track

Multifamily development activity resumes. A recent Yardi Matrix offering update predicts shipments will exceed 350,000 units by the end of the year, roughly at 2020 levels, but expects multi-family completions to hit the north of 400,000 units by 2023.

Even though developers have adapted to the current landscape, challenges remain, especially in terms of project costs. Prices for building materials have reached all-time highs, alongside a continuing labor shortage in the construction industry. But the rapid growth in rents in many areas continues to provide many incentives to build new communities.

Greystar took first place in Multi-housing news ” Ranking the best multi-family development companies this year, with more than 20,000 units under construction as of June 30, 2021 and nearly 28,000 deliveries in the past three years. The Related Cos. landed in second place with 15,400 units underway, more than 80% more than the figure released last year, followed by The NRP Group in third place.

Our major development companies, overall, reported a slight decline in construction activity, with work-in-progress dropping around 16% from June 2020. Developer confidence is clearly on the rise, however. When asked about their future plans, almost three-quarters of our respondents indicated that they plan to develop more (37.5% of respondents) or much more (35%) in the next six quarters.

The participating companies this year include a wide range of developers. Eighty percent of our respondents are active in at least two regions of the United States, and about 70 percent develop at least two different types of assets. Some 60 percent of respondents are developing units at market rate, of which 48.7 percent are involved in luxury developments.


The 2021 MHN The ranking of the best multi-family development companies used self-reported data for all companies. Our rankings use weighted formulas based on a variety of factors (only a few of which are specified here), including current and future plans, market value of completed and under construction projects, and geographic and real estate diversification. The ranking represents what we believe to be a logical balance between company growth and market share.

—Jeff Hamann, Deputy Editor, MHN

Read the December 2021 issue of MHN.


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