AvalonBay Communities, Inc. is a publicly traded
real estate investment trust that invests in
apartment
An apartment (American English), or flat (British English, Indian English, South African English), is a self-contained housing unit (a type of residential real estate) that occupies part of a building, generally on a single story. There are ma ...
s.
As of January 31, 2021, the company owned 79,856 apartment units in
New England, the
New York City metropolitan area
The New York metropolitan area, also commonly referred to as the Tri-State area, is the largest metropolitan area in the world by urban area, urban landmass, at , and one of the list of most populous metropolitan areas, most populous urban agg ...
, the
Washington, D.C. metropolitan area,
Seattle, and
California. It is the 3rd largest owner of apartments in the United States.
History
The company was formed by the 1998 merger between Avalon Properties Inc. and Bay Apartment Communities Inc.
The merged company owned 40,506 apartment units.
[ Avalon Properties was formed in 1993 as a spinoff from ]Trammell Crow Company
Trammell Crow Company is a real estate development, investment, and property management company. It has been a subsidiary of CBRE Group since 2006.
History
The company was founded by Trammell Crow in 1948.
In June 2006, the company announced ...
and was led by Richard Michaux, as Chairman and CEO and Chuck Berman, President, COO and Board member. Bay Apartment Communities was formed in 1994 from the apartment business established by Mike Meyer in 1978.
In February 2001, Bryce Blair was named CEO, and the additional role of Chairman in January 2002.[
On February 27, 2013, AvalonBay Communities and Equity Residential closed a $9 billion deal to acquire ]Archstone
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.
A ...
from Lehman Brothers.
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. 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.
References
External links
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American companies established in 1978
Financial services companies established in 1978
Real estate companies established in 1978
1978 establishments in Virginia
Companies based in Arlington County, Virginia
Companies listed on the New York Stock Exchange
Real estate investment trusts of the United States