Portland’s Apartment Titan PNC Real Estate On The Rise
Portland-based PNC Real Estate is moving up the ladder among the nation’s apartment owners.
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.