move forward on its development pipeline, including projects likethe 336-unit The Crosby, which will deliver later this year. Thefirm’s leadership—Garrett Lee, Jaime Lee and Phillip Lee—serveon numerous local boards and have received accolades from localorganizations.
LeaseLock is disrupting the apartment market for both landlordsand renters. The tech company replaces traditional security deposits with lease insurance, ultimately eliminating the need for securitydeposits altogether. The model allows renters to access apartmentunits at a lower cost—no more hefty up-front deposits—while continuing to protect landlords from rent loss and unit damage. Inplace of security deposits, renters pay a low monthly fee and inexchange, the landlord receives up to $5,000 in protection, exceeding the standard protection that security deposits offer on mostapartment units. The company, a pioneer in the insurance tech orinsurtech market, is on track to displace $50 billion in securitydeposits in the US. It currently has insured 130,000 apartmentunits, a total of more than $300 million in lease value. WhileLeaseLock currently focuses on multifamily, the model could workwith other commercial assets as well, providing expansion andgrowth opportunities.
NATIONAL REALTY INVESTMENT ADVISORS
As one of the leading real estate investment and developmentfirms, National Realty Investment Advisors focuses on middle-market developments in the Eastern US. The company currentlyhas a development pipeline valued at $1.25 billion with eightmultifamily projects—a total of 736 units—underway in NewJersey and Florida, including The Station, a $49 million mixed-use project, and Hoboken Heights, a 55-unit luxury condo project. The developer focuses on markets with limited new construction activity, pent-up apartment demand and markets that arewilling to provide tax credits and other incentives. As a result, ithas been able to produce extraordinary returns of 16% to 21% toinvestors. As a vertically integrated firm, National RealtyInvestments Advisors also manages investment and acquisitions,operating a class-A apartment fund with $150 million in commitments. It has a total valuation of $1.75 billion, in addition to itsdevelopment pipeline.
RANGEWATER REAL ESTATE
Formerly Pollack Shores Real Estate Group, RangeWater RealEstate has been on a growth trajectory, expanding in the Sunbeltregion. Last year, the firm closed $726 million in developmentand $286 million in acquisitions, and its management portfoliogrew by 35% to a total of 38,761 units under management with anadditional 10,000 units in the pipeline. In total, the company hasdeveloped 26,000 multifamily units and currently manages a balanced portfolio of more than 42,000 units in 10 states. This year,RangeWater Real Estate launched a build-to-rent single-familyreal estate portfolio to service adults and families that have outgrown the apartment market. The company is one of the firstinvestors to enter this space, and it already has two new development projects under construction. Range Water is also reimagin-ing Olea, its apartment brand that targets empty nesters, intofull-service experience with a full suite of amenities. In additionto its growth and expansion, the firm remains committed to supporting its employees, offering professional development opportunities, mentoring and cross training.
Based in Scottsdale, AZ, SmartRent is revolutionizing technology in the apartment market. The company is a provider ofsmart-home technology, including access-control systems, com-munity-management mobile apps and self-guided tours, and it isthe only smart-home technology provider run by leaders withexperience in the rental housing market. Technology hasbecome an integral part of our everyday lives, and SmartRent isensuring that residents—particularly millennials and Gen-Z—have access to the same technologies in their homes. Since itslaunch in 2017, SmartRent has raised more than $102 million infunding, and last year the firm’s installations grew 600%. In2019, the firm was named on CNBC’s Upstart 100 List, whichranks companies that have the potential to transform the market. This year, SmartRent secured $60 million in series C funding, which the firm will use to expand its tech products andcontinue to grow its team.
Representing private multifamily investors in Los Angeles, SteppCommercial is one of the leading brokerage firms in the market.Last year, it closed $315 million in deals, a total of 53 transactionsand 1,147 units, most notably closing the $50.8 million, 127-unitPatio Gardens and a 13-property portfolio in Long Beach totaling$50.4 million. It’s another impressive year in a series of impressiveyears since the firm was launched in 2013 by husband-and-wife duoRobert Stepp and Kimberly R. Stepp, both principals. The 11-per-son team has closed more than $3 billion in deals, and the company credits its strong market relationships and focus on clientvalue with its success. The client-centric model includes building acompany culture focused on long-term relationships rather thanthe traditional transaction-oriented approach. For that reason,Stepp Commercial does a large volume of 1031 deals for repeatclients.
THE NRP GROUP
A vertically integrated real estate developer and operator of multifamily properties, the NPR Group is one of the largest multifamily developers in the US. This year, NPR has 25 projects underdevelopment totaling 5,300 units and nearly $1.5 billion of investment. Since 2018, the company has grown by 56% in terms ofdevelopment projects, 60% in unit count and a 98% increase incapital deployed. NPR also launched a third-party developmentbusiness and has 2,000 new unit starts. Combined with NPR’sbusiness, the firm has a total of 7,000 units under constructionthis year, a 34% increase over 2019. NPR has also expanded intoseveral new markets, including New York, New Jersey, Atlanta,Boston, DC Metro, and an expanded presence in Austin, Houstonand North Carolina. Equally, NPR has been actively completingbusiness plans on current investments, disposing of 17 assets anda total of 5,300 units. These sales totaled $1.1 billion on $825 million of initial investments, a gain of $250 million or 30% of thesales price. NPR’s successes have earned the company a widevariety of accolades.
THE RADCO COS.
The RADCO Cos. is known for staying in the forefront of the realestate investment market. The company focuses on opportunisticapartment investments and specializes in underperforming class-Band class-C multifamily assets with value-add potential. In the lastdecade, the RADCO Cos. has invested in 30,000 apartment units in