AvalonBay_Communities

AvalonBay Communities

AvalonBay Communities

American real estate company

AvalonBay Communities, Inc. is a publicly traded real estate investment trust that invests in apartments.

Quick Facts Company type, Traded as ...

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]

History

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]

References

  1. [1]
    "AVALONBAY COMMUNITIES, INC. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. [2]
    "NMHC 50 Largest Apartment Owners". National Multifamily Housing Council.
  3. [3]
    HOLSON, LAURA M. (March 9, 1998). "Real Estate Trusts Plan $2 Billion Merger". The New York Times.
  4. [4]
    "Avalon moves into Bay". CNN. March 9, 1998.
  5. [5]
    Pacelle, Mitchell (March 9, 1998). "Avalon Properties, Bay Apartment Agree to Merge in a Stock Swap". The Wall Street Journal.
  6. [6]
    PRESTON, HOLLY HUBBARD (February 5, 2009). "A venture capitalist for a cause". The New York Times.
  7. [7]
    King, Carrie (June 1, 1997). "Trammell Crow Residential: Right around the corner and on every block". National Real Estate Investor.
  8. [8]
    CHARLES, ELEANOR (November 21, 1993). "In the Region/Connecticut; Avalon (Nee Trammell Crow) Runs Into Opposition". The New York Times.
  9. [9]
    "AvalonBay Communities Announces Planned Retirement of Gilbert M. Meyer from the Board of Directors and Announces 2010 Annual Meeting Details" (Press release). Business Wire. February 10, 2010. Archived from the original on September 5, 2017.
  10. [10]
    Bala, Vaishnavi (June 6, 2011). "AvalonBay Communities names new CEO". Reuters.
  11. [11]
    Shaver, Les (April 25, 2005). "The Scaling Heights". Multifamily Executive.
  12. [12]
    "AvalonBay to join S&P 500, replacing Symbol". Reuters. January 21, 2007.
  13. [13]
    Wotapka, Dawn (June 6, 2011). "AvalonBay Lays Plan as CEO Resigns". The Wall Street Journal.
  14. [14]
    "AvalonBay Completes Archstone Acquisition" (Press release). Business Wire. February 27, 2013.
  15. [15]
    Shkolnikova, Svetlana (September 20, 2017). "Avalon fire lawsuit will go to trial". The Record (Bergen County, New Jersey).
  16. [16]
    "Court Grants Final Approval to Settlement in Class Action Brought by Avalon at Edgewater Russell Building Tenants" (Press release). Wilentz, Goldman & Spitzer, P.A. July 10, 2017.
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