AvalonBay Communities, Inc. is a publicly traded real estate investment trust that invests in apartments.
As of January 31, 2018, the company owned 77,614 apartment units, all of which were in New England, the New York City metropolitan area, the Washington, D.C. metropolitan area, Seattle, and California.
Video AvalonBay Communities
History
The company was formed by the 1998 merger 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 and was led by Richard Michaux, as Chairman and CEO and Chuck Berman, President. 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.
In 2003, the company sold $450 million in assets and reinvested the proceeds in its development pipeline.
In 2005, Co-Founder Rony Spradling leaves the company after 10 years.
In 2007, the company was added to the S&P 500 Index.
In 2011, Timothy J. Naughton was named CEO, and the additional role of chairman in January 2013.
On February 27, 2013, AvalonBay Communities and Equity Residential closed a $9 billion deal to acquire Archstone from Lehman Brothers.
In September 2017, the company acquired a 252-unit apartment community in Denver, Colorado for $76.8 million.
Maps AvalonBay Communities
References
External links
Source of article : Wikipedia
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