Suzanne Hillman: 2025 Recipient of the PMA Capital Achievement Award
Would it surprise you to know that Suzanne Hillman, CEO of Southern Management Companies, LLC, and recipient of the 2025 PMA Capital Achievement Award, is an accomplished drywall installer? Her ability to tape, spackle, and sand with the best of them isn't the reason she received PMA's highest honor, but it speaks volumes about her hands-on approach to the business. The Capital Achievement Award recognizes a PMA member, whether company or individual, that has made an outstanding advancement in the multifamily industry. PMA could not have found a more deserving leader.
Suzanne's introduction to rental housing began at an early age. As the eldest of seven children, she helped to renovate run-down single-family homes that her family purchased before renting them. This hands-on experience left a lasting impression. While attending Walt Whitman High School in Bethesda, MD, Suzanne managed the books for the family's investment properties, gaining practical experience that would foreshadow her future career.
The lessons extended beyond finance. Suzanne's family took the long view. Many of the homes they renovated were held for 50 to 60 years, and the income generated provided the means for Suzanne and her siblings to attend university. This patient, multigenerational approach to real estate investment became a cornerstone of her professional philosophy.
After high school, Suzanne dreamed of entering the foreign service, but family obligations redirected her path. She enrolled at American University, where she studied finance and accounting. As one of the few women to earn a CPA at that time, Suzanne received numerous job offers. The one with the lowest salary but the highest upside potential came from David Hillman, who was just starting his real estate business.
David wasn't fond of the accounting business and made Suzanne an intriguing proposition: "If you are smart enough, I will sell you the business, and if you are not smart, I will fire you." It was an offer Suzanne couldn't refuse. She proved more than smart enough and acquired the accounting firm. Two years later, as Suzanne noted with a smile, David married it back. Working alongside him, she realized that real estate was in her DNA and learned how to structure and finance deals that would help shape her and Southern's future.
From its inception, Southern Management has been a buy-and-hold owner. The company still owns and manages Lakeside North, the first community it acquired in 1965. While this approach wasn't unique when Southern started, the industry's buy-and-hold model has morphed over time, resulting in different ownership models and go-to-market strategies. Southern, which celebrated its 60th anniversary in 2025, has remained steadfast in its original vision, laser-focused on the acquisition, operation, and maintenance of its properties for the long term.
Suzanne explained that Southern doesn't view an apartment community simply as an asset on a balance sheet. "It's a place that people call home. It's a centerpiece of a community," she said. "We truly like partnering with churches, schools, mosques, local retailers, or whatever is around because they are part of our community." This philosophy requires constant reinvestment in both properties and team members. Perhaps no decision better demonstrates Southern's long-term strategy than Suzanne's choice to reinvest $350 million in proceeds from a recent portfolio refinancing back into the properties themselves, reinforcing Southern's commitment to its residents and communities.
A key to Southern's success is the emphasis Suzanne places on understanding residents and what matters to them, even as their expectations evolve over time. Southern trains its staff to respect their work environment and respond effectively when challenges arise. But the company does much more than reinvest in physical assets—it invests meaningfully in its team members and residents.
From credit counseling and after-school programs for community children to leadership development and scholarship opportunities, Southern gives back in multiple ways that make a positive difference in people’s lives. One of the company's signature programs is the Southern Management Leadership Program, which Suzanne and her family created to develop ethical, entrepreneurial-minded leaders through scholarships, mentoring, and access to higher education. The University of Maryland honored this program with its inaugural Presidential Flagship Award for its impact on the region.
As CEO of Southern Management Companies, Suzanne leads one of the region's largest and most successful independently owned real estate organizations. The Southern portfolio encompasses more than 25,000 apartment units across 78 communities, along with commercial office buildings, hotels, a ski resort, and conference centers throughout the Washington and Baltimore metropolitan regions.
Under Suzanne's leadership, Southern has positioned itself for continued success by streamlining its focus. The company has sold most of its office properties to concentrate almost exclusively on multifamily housing. Recent initiatives include purchasing a community in Woodbridge, VA, redeveloping two existing communities with more projects in the pipeline, and expanding the portfolio through partnerships with developers, new joint ventures, and leveraging existing properties to build additional units and diverse housing types, including town homes.
Suzanne understands that success doesn't come easily, quickly, or without significant hard work. "There are no shortcuts," she says. She encourages her team to constantly expand their knowledge base and acquire new skills that help them better understand how properties work. "Don't be afraid to take a lateral move," Suzanne advises, recognizing that breadth of experience often matters more than a linear climb up the career ladder.
For Suzanne, success isn't measured in dollars. "Success is about putting your head on the pillow, even in tough times, and feeling like you have done right that day by the people around you and your customers. It's the feeling when you get up in the morning that you feel good about what you do and the pride that comes from making a positive difference in the lives of so many people."
That philosophy, combined with her unwavering commitment to long-term value creation and community investment, makes Suzanne Hillman a truly deserving and obvious recipient of the 2025 PMA Capital Achievement Award.