Type | Public company |
---|---|
Industry | Real estate investment trust |
Predecessor | Avalon Properties Inc. Bay Apartment Communities, Inc. |
Founded | 1978 |
Headquarters | |
Key people | Timothy J. Naughton, Chairman Benjamin Schall CEO Kevin P. O’Shea, CFO |
Revenue | $2.301 billion (2020) |
$827 million (2020) | |
Total assets | $19.199 billion (2020) |
Total equity | $10.752 billion (2020) |
Number of employees | 3,090 (2021) |
Website | www |
Footnotes /references [1] |
AvalonBay Communities, Inc. is a publicly traded real estate investment trust that invests in apartments.
As of January 31, 2021, the company owned 79,856 apartment units in New England, the New York City metropolitan area, the Washington, D.C. metropolitan area, Seattle, and California. It is the 3rd largest owner of apartments in the United States. [2]
The company was formed by the 1998 merger between Avalon Properties Inc. and Bay Apartment Communities Inc. [3] [4] [5] The merged company owned 40,506 apartment units. [3] Avalon Properties was formed in 1993 as a spinoff from Trammell Crow Company and was led by Richard Michaux, as Chairman and CEO and Chuck Berman, President, COO and Board member. [6] [7] [8] Bay Apartment Communities was formed in 1994 from the apartment business established by Mike Meyer in 1978. [9]
In February 2001, Bryce Blair was named CEO, and the additional role of Chairman in January 2002. [10]
In 2003, the company sold $450 million in assets to reinvest the proceeds in its development pipeline. [11]
In 2007, the company was added to the S&P 500. [12]
In 2011, Timothy J. Naughton was named CEO, and the additional role of chairman in January 2013. [10] [13]
On February 27, 2013, AvalonBay Communities and Equity Residential closed a $9 billion deal to acquire Archstone from Lehman Brothers. [14]
In 2017, a lawsuit was filed by former tenants of Avalon at Edgewater, an AvalonBay community in Edgewater, New Jersey, who allege that AvalonBay breached its duty of care by allegedly violating fire standards and safety procedures following a five-alarm fire at the community in 2015. [15] The class action lawsuit by former Russell Building at the Avalon at Edgewater tenants was settled in 2017. Tenants were able to submit a claim for full losses from the fire by September 11, 2017. [16]
Home Properties was a real estate management company that owned, operated, acquired, and renovated apartment communities. As of December 31, 2014, the company owned 42,107 apartment units, all of which were in Washington, D.C., Baltimore, Philadelphia, Long Island, Northern New Jersey, Boston, Chicago, and Florida. The company was acquired by Lone Star Funds in 2015 and dissolved.
Fred Trammell Crow was an American real estate developer from Dallas, Texas. He is credited with the creation of several major real estate projects, including the Dallas Market Center, Peachtree Center in Atlanta, Georgia, and the Embarcadero Center in San Francisco, California.
Multifamily residential is a classification of housing where multiple separate housing units for residential inhabitants are contained within one building or several buildings within one complex. Units can be next to each other, or stacked on top of each other. A common form is an apartment building. Many intentional communities incorporate multifamily residences, such as in cohousing projects. Sometimes units in a multifamily residential building are condominiums, where typically the units are owned individually rather than leased from a single apartment building owner.
The Lexington Transit Center is a two-story public transportation facility utilized by Lextran and other regional transit services with a five-story underground parking garage along East Vine Street and East High Street east of South Limestone in Lexington, Kentucky. It features twelve bus stalls on E. Vine Street, four bus capacity on E. High Street, two indoor waiting rooms with restrooms and vending, and three clerk booths for ticket sales and customer service, with buses running every 35 minutes for much of the day. Completion of the transit center occurred in 1990 and was completed in conjunction with the Harrison Avenue viaduct reconstruction.
CitiApartments was one of the largest real estate companies in San Francisco, California, which at its peak owned and managed more than 300 buildings directly and through a number of affiliates. In recent years the companies suffered a financial downturn, and have been the subject of intense criticism and litigation for allegedly illegal business practices as a residential landlord.
Equity Residential is a publicly traded real estate investment trust that invests in apartments.
Archstone was a real estate investment trust that invested in apartments. In 2007, the company was acquired by Tishman Speyer and Lehman Brothers and, in 2013, the company's assets were acquired by Equity Residential and AvalonBay Communities.
J. Ronald Terwilliger is the Chairman Emeritus and retired chief executive officer of Trammell Crow Residential, and the Founder and Chairman of the J. Ronald Terwilliger Foundation for Housing America's Families.
Newmark Group Inc. is a commercial real estate advisory and services firm headquartered in New York City. It operates as Newmark, and is listed on the NASDAQ Global Select Market under the symbol "NMRK".
Crow Holdings is a privately owned real estate investment and development firm based in Dallas, Texas, US, which has been operating since 1948. Originally founded by Trammell Crow, the firm was expanded under the direction of his son, Harlan Crow, Chairman and former CEO. As of 2018, the company employed 450 people through its operating businesses in locations throughout the US. As of 2020, Crow Holdings managed $19.6 billion.
Rubin "Rubie" Schron is a New York City real estate investor, landlord, and the founder of Cammeby's International Group. He owns or controls property worth over $13 billion, according to data company Real Capital Analytics. Founded in 1967, Cammeby's portfolio includes office buildings; market-rate and government-subsidized apartment complexes; nursing homes, the 16-building complex in Sunset Park now known as Industry City; a stake in the bottom half of the Woolworth Building; and industrial properties across Long Island. In 2013, Schron made an unsolicited and unsuccessful offer to buy the Empire State Building for $2 billion. In 2003, an investment group led by Schron paid $705.6 million for a portfolio of about 6,000 outer-borough apartments from Donald Trump. Other buildings he owns include the Monterey, a 521-unit rental multifamily building on Manhattan's Upper East Side; over the decades, Schron has also amassed a portfolio of Mitchell-Lama apartment buildings whose values have been skyrocketing to record values, after reverting to market rates when government subsidies expired. In 2007, he sold nearly 4,000 units of former Mitchell-Lama properties in five complexes in Harlem and on Roosevelt Island for $940 million. Schron, who practices Orthodox Judaism, has eight children and 50 grandchildren. He and his family reside in Brooklyn.
JRK Property Holdings is a Los Angeles based real estate holding and property management company. In 2014, JRK was the 15th largest apartment owner in the United States as ranked by the National Multi Housing Council.
Crescent Heights, Inc, is an American real estate development company based in Miami, Florida, with offices in Chicago, New York, Los Angeles and San Francisco.
Brookfield Property Partners L.P. is a global commercial real estate firm that is a publicly traded limited partnership and a subsidiary of Brookfield Asset Management, an alternative asset management company. Its portfolio includes properties in the office, multi-family residential, retail, hospitality, and logistics industries throughout North America, Europe, and Australia. Its subsidiary Brookfield Properties is responsible for the management of these facilities.
Essex Property Trust is a publicly traded real estate investment trust that invests in apartments, primarily on the West Coast of the United States.
Mid-America Apartment Communities (MAA) is a publicly traded real estate investment trust based in Memphis, Tennessee that invests in apartments in the Southeastern United States and the Southwestern United States.
TruAmerica Multifamily is a Los Angeles-based multifamily investment firm that specializes in the acquisition and renovation of large class B apartment properties across the United States. Since its founding in 2013 by real estate investor Robert E. Hart, the company has acquired and/or asset manages a portfolio of more than 55,000 apartment units valued at roughly $16.1 billion.
Greystar Real Estate Partners is an international real estate developer and manager based in the United States. As of April 2019, Greystar had $32 billion in gross assets under management, and operated in nine countries in 2022.
Robert Alan Faith is an American businessman, and the founder, chairman and chief executive officer (CEO) of Greystar Real Estate Partners.
5-over-1, also known as a one-plus-five, or a podium building, is a type of multi-family residential building commonly found in urban areas of North America. The mid-rise buildings are normally constructed with four or five wood-frame stories above a concrete podium. The name derives from the maximum permissible five floors of combustible construction over a fire-resistive Type I podium of one floor for "5-over-1" or two floors for "5-over-2", as defined in the United States-based International Building Code (IBC) Section 510.2. Some sources instead attribute the name to the wood framing of the upper construction; the International Building Code uses "Type V" to refer to non-fireproof structures, including those framed with dimensional lumber.