In this article, we will take a look at the 5 largest property management companies in the US. If you want to see more companies in this selection, go to the 11 Largest Property Management Companies in the US.
5. Lincoln Property Co
Number of Units Managed: 210,086
Lincoln Property Co is a Dallas, Texas-based property management company founded in 1965 by Mark Pogue. It is a subsidiary of Cadillac Fairview, an international property manager wholly owned by the Ontario Teacher’s Pension Plan, and has an asset under management (AUM) of $36 billion globally.
Lincoln Property Co is a renowned developer and property manager of high-scale residential communities. The company has expanded in the commercial real estate segment as well. Lincoln Property Co has been ranked the second biggest multifamily property manager for eight consecutive years by National Multifamily Housing Council (NMHC). On January 10, Lincoln Property Co received the complete building permit for a residential property development in the Uptown neighborhood of Chicago, Illinois.
4. Greystar Real Estate Partners
Number of Units Managed: 698,257
Greystar Real Estate Partners is a Charleston, South Carolina-based, fully integrated property management company founded by Bob Faith in 1993.
Greystar Real Estate Partners is a leader in the property management industry and has an AUM of $53.4 billion and nearly $22.6 billion of assets under development as of 2023. Overall, the company operates $201 billion worth of real estate across 221 markets around the world. Greystar Real Estate Partners has been ranked the biggest apartment manager by the NMHC for the last 12 consecutive years. Furthermore, Greystar Real Estate Partners were also ranked the biggest developer by the NMHC for the second consecutive year in 2022.
3. Jones Lang LaSalle Inc (NYSE:JLL)
Number of Units Managed: N/A
Assets Under Management: $76.6 billion
Jones Lang LaSalle Inc (NYSE:JLL) is a global commercial real estate services firm with offices in 80 countries.
Jones Lang LaSalle Inc’s (NYSE:JLL) 2021 results demonstrated significant global expansion. The total revenue increased by 15% on a yearly basis to $19.4 billion, and the fee revenue rose to $8.1 billion, reflecting an increase of 31%. In comparison to 2020, the company posted an adjusted EBITDA of $1.5 billion, an increase of 73%. Furthermore, the diluted adjusted earnings per share increased by more than twofold to $19.47. As of December 31, 2021, Jones Lang LaSalle Inc (NYSE:JLL) reported assets under management worth $76.6 billion.
Here’s what Baron Funds said about Jones Lang LaSalle Inc (NYSE:JLL) in its Q3 2022 investor letter:
“Jones Lang LaSalle Incorporated (NYSE:JLL) is one of the leading commercial real estate services firms in the world with scale, product breadth, and leadership positions across its diversified real estate business segments.
It is currently valued at only 8 times estimated 2023 earnings per share versus a long-term average of 14 times earnings per share.
CBRE and Jones Lang LaSalle have scale, product breadth, and leadership positions across their diversified real estate business segments. They continue to gain market share and are well positioned to capitalize on ample attractive acquisition opportunities in the years ahead given strong and liquid balance sheets. Though we acknowledge that growth in certain segments of their businesses has slowed and is likely to remain pressured in the months ahead due to the global economic slowdown and higher interest rates, we believe both are attractively valued and present compelling return potential in the next few years.”
2. Colliers International Group Inc (NASDAQ:CIGI)
Number of Units Managed: N/A
Assets Under Management: $92 billion
With over 18,000 professionals spread across more than 400 locations in 63 countries, Colliers International Group Inc (NASDAQ:CIGI) is a global professional service and investment management organization.
The company’s EMEA Property Management team oversees more than 20 million square meters of real estate in 12 countries, covering all major asset classes. Colliers International Group Inc (NASDAQ:CIGI) has managed to generate compound yearly investment returns of about 20% for over 27 years. As of 2023, the company has assets under management of $92 billion and generates around $4.6 billion in annual revenue. The U.S. is the largest source of revenue for Colliers International Group Inc (NASDAQ:CIGI) out of the 63 nations it operates in.
Here’s what Argosy Investors said about Colliers International Group Inc (NASDAQ:CIGI) in its Q1 2022 investor letter:
“CIGI is a commercial real estate broker, and CRE brokers have typically seen commissions evaporate during economic downturns, as sales plummet. With rising interest rates, we expect owners of assets will be less likely to unload their holdings, while there could be some pressure on real estate valuations over time if interest rates remain higher than the historic lows they reached during the recession. All of this may pressure transaction volumes in the short-term and transaction values (and thus commissions) in the next few years. CIGI is transitioning away from the commission-driven CRE model towards a higher recurring revenue focus, but they are still not yet far enough beyond that foundation to avoid a significant hit to their earnings.”
1. CBRE Group Inc (NYSE:CBRE)
Number of Units Managed: N/A
Assets Under Management: $143.9 billion
CBRE Group Inc (NYSE:CBRE) is considered to be one of the world’s leading real estate services and investment companies.
The company aims to provide sustainable investment solutions across real asset classes, regions, risk levels, and execution styles. CBR Group Inc (NYSE:CBRE) is in charge of managing more than $143.9 billion in assets, making it one of the top real assets investment managers in the world. For the year ended September 30, 2022, CBRE Group Inc’s (NYSE:CBRE) revenue was $31.184 billion, reflecting an increase of 19.45% from the previous year. The company operates over 30 offices across the world and boasts a team of more than 1000 professionals.
Third Avenue Management shared its outlook on CBRE Group Inc (NYSE:CBRE) in its Q4 2022 investor letter. Here’s what the firm said:
“The Fund also added to its existing positions in the common stock of CBRE Group, Inc. (NYSE:CBRE) and Savills plc—both “net cash” real estate brokerage and services firms that have “outsider” attributes in their own right having reshaped their business mix in recent years with (i) the addition of significant recurring revenues through property management and investment management mandates and (ii) expanded expertise to capitalize on the rapidly changing dynamics in the office markets by providing advisory, appraisal, sustainability, and flexible office solutions for tenants, owners, and lenders.”
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