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Portlands Apartment Titan PNC Real Estate On The Rise
Dated: April 4 2014
PNC is now the country’s fourth largest apartment owner, climbing two places on the National Multifamily Housing Council’s annual assessment of the state of the U.S. rental industry as well as its top players.
“While rental demand continues to rise, new apartment supply still came up short,” said Mark Obrinsky, noting that multifamily construction remains well below its pre-recession average of 300,000 new units per year.
PNC Real Estate, the locally based division of Pittsburgh’s PNC Financial Services, moved into the Top 5 as it boosted its portfolio to 126,972 units this year.
Todd Crow helms the real estate division.
PNC Real Estate provides acquisition, development and permanent financing for commercial and multifamily real estate.
Weidner Apartment Homes, based in Seattle’s Kirkland suburb, was the only other Northwest firm on the list of the top owners. It rose six places to the 30th spot with a portfolio of 38,366 units. The office is led by Jack O’Connor.
There were no Northwest firms among the top management companies, though many operate properties here. Greystar Real Estate Partners LLC, which manages nearly 215,000 units and has an office in Portland, was the nation’s top management firm for the fourth consecutive year.
Other industry highlights:
- With $104.7 billion in apartment transactions, 2013 fell just shy of the all-time record set in 2007. However, the transactions were $17 billion than levels posted in 2012.
- JP Morgan Asset Management rose 16 spots to claim the No. 16 spot on the owners list, the biggest jump in the group.
For Mark Ross, founder of Ross NW Real Estate and professional real estate broker, real estate has always been the career of choice. During his 25+ years in the industry, Mark has gained experience in....
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