The 2021 Elite 1% Properties by ORA

The eighth annual Elite 1% ORA Power Rankings of properties with the best online reputation in the nation in 2021 is live. This ranking features the top 1% of the 128,000 properties J Turner Research monitors, and it is determined based on the Online Reputation Assessment (ORA) score as of December 2021. A total of 1,564 properties earned the Elite 1% distinction.

The No. 1 property for 2021 is The George in Fort Worth, Texas, managed by Hanover Co. with an ORA score of 99.

The Huntley in Atlanta, managed by Wood Residential, ranked second, and Atlas in Oakland, California, managed by Greystar, ranked third for last year. Both properties had an ORA score of 99. The Top 100 properties are listed below.?

Eligibility Criterion

The property had to register a minimum ORA score of 94 and have at least 20 online reviews to be included in the 2021 Elite 1% ranking. For properties with the same ORA score, the property with the higher number of reviews ranked higher.

The ORA Power Ranking is based on monthly online reputation research of over 128,000 properties’ lifetime reviews across multiple review sites and ILSs. The ORA Score is the multifamily industry’s standard to measure and benchmark a property’s online reputation. The national average ORA Score as of December 2021 is 62.62.

A Comparison of the 2021 Elite 1% With the 2020 Elite 1% Ranking

How does the 2021 Elite 1% list compare with the 2020 Elite 1% list?

·????????Out of the 1,564 Elite 1% properties for 2021, 646 properties earned the Elite 1% status for 2020 as well.

While comparing the top 100 lists for 2021 and 2020:

·????????38 of the top 100 properties in 2021 were also in the top 100 in 2020;

·????????47 properties were in the Elite 1% list for 2020 but not in the top 100. These properties have worked their way up to the top 100 in 2021;

·????????15 properties are new entrants to the top 100; and

·????????Whispering Pines in Palestine, Texas, managed by Class A Management gained the most, moving from 1,181st in 2020 to 47th in 2021.

The Top Five Management Companies in 2021

The top five management companies to manage the most Elite 1% properties are?Greystar (146), Bozzuto (64), Hawthorne Residential Partners (62), RAM Partners (42), and Windsor Communities (31). Thirty-two properties are privately managed.

The Top Five States in 2021

The top five states with the highest share of Elite 1% properties are North Carolina (159), Texas (151), California (110), Florida (107), and Georgia (72).

About the ORA Power Rankings

Developed by J Turner Research, the ORA Power Rankings are a monthly, independent ranking of apartment properties and management companies based on their Online Reputation Assessment (ORA) scores. A property or management company is not required to be a J Turner Research client to qualify for this ranking, which is published by J Turner’s media partner Multifamily Executive..

Methodology

The ORA score is an aggregate compilation of a property’s ratings across various review sites and ILSs. Each month, J Turner Research monitors the online ratings of more than? 1280,000?properties nationwide. Using a statistical model, a single score based on a scale of 0 to 100 is assigned to each property. This score serves as a benchmark to compare a company’s individual properties and portfolios nationally, regionally, and against the competition.

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Blackstone to Acquire Resource REIT in $3.7 Billion Transaction

Blackstone Real Estate Income Trust (BREIT) has made another move into the multifamily space with the announcement that it will acquire Resource REIT, a publicly registered non-traded REIT. BREIT will acquire Resource REIT’s outstanding shares of common stock for $14.75 per share in an all-cash $3.7 billion transaction, including the assumption of the firm’s debt.

The portfolio includes 42 garden-style multifamily communities with more than 12,600 units in some of the fastest-growing Sun Belt submarkets spanning 13 states, including Arizona, Colorado, Florida, Georgia, and Texas.

“We are very pleased to reach this agreement with BREIT, as it will provide significant and certain value to our stockholders,” said Alan F. Feldman, chairman and CEO of Resource REIT. “The transaction’s premium represents the cumulative hard work and dedication of our talented team of professionals, and we are confident that these communities are in good hands with Blackstone.”

Asim Hamid, senior managing director at Blackstone Real Estate, said the Resource REIT transaction represents BREIT’s continuation in investing in high-quality multifamily communities in the nation’s growth markets.

“Blackstone intends to capitalize on our expertise, scale, and best-in-class management practices to ensure these properties are well maintained and provide an exceptional experience for residents,” he added.

In December, Blackstone announced that it had agreed to acquire Bluerock Residential Growth REIT in a deal valued at $3.6 billion. The transaction included 30 multifamily communities with about 11,000 units—primarily garden-style apartments located in the strong Sun Belt markets of Atlanta; Austin, Texas; Denver; Orlando, Florida; and Phoenix—and a loan book secured by 24 rental assets.

The Resource REIT transaction has been unanimously approved by its board of directors and represents a premium of 63% to its most recently published net asset value of $9.06 per share, which was initially determined 12 months ago. The transaction is expected to close in the second quarter, subject to customary closing conditions.

Lazard Frères & Co. is serving as exclusive financial advisor to Resource REIT, and DLA Piper is acting as legal counsel. BofA Securities, BMO Capital Markets Corp., Eastdil Secured Advisors, and RBC Capital Markets are serving as financial advisors to BREIT, and Simpson Thacher & Bartlett is acting as legal counsel.

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