EP#80 Terry Considine Isn't Done: The Multifamily Legend's Next Act

Terry Considine, the legendary founder of AIMCO and former CEO of one of the largest apartment owners in U.S. history, is back in the game at 75 with Big Four Properties—a private multifamily venture focused on long-term value, stable cash flow, and customer-centric operations. Despite having built a public REIT that peaked at 265,000 units and sold off Air Communities to Blackstone, Considine isn’t done. He argues that the multifamily industry remains dangerously fragmented—top 50 owners control just 11% of the market, with the largest player owning only 0.5%—and that Wall Street’s obsession with short-term metrics like FFO distorts true value. His new strategy centers on buying Class B assets in markets with predictable demand, low political risk, and long-term ownership, prioritizing after-tax cash flow over public market hype. He believes the future lies not in scale, but in stability: long-tenured residents, long-tenured teams, and a focus on being a better landlord than competitor. His philosophy? 'The most important job in our business was not mine or even my colleagues’—but the service managers.' Considine’s journey—from launching a REIT in law school to surviving a near-fatal horseback riding accident and a failed Senate run—reveals a man driven not by ego, but by purpose. He’s not chasing exits; he’s building a legacy. His advice to younger investors? Focus on the customer, not the headline. And his most powerful insight?