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Avalonbay Communities, Inc. history
Avalonbay Communities, Inc. company history timeline
AvalonBay Communities was founded by Gilbert M. Meyer in 1978 and is headquartered in Arlington, VA.“
Not until the Tax Reform Act of 1986 began to change the nature of real estate investment did REITs begin to gain widespread usage.
REITs could be taken public and their shares traded just like stock and also were subject to regulation by the Securities Exchange Commission. As a result, dozens of real estate companies began to go public in 1993.
As Michaux explained to the Wall Street Transcript in a 1994 interview, "There are very high barriers to entry in the Northeast.
In 1994 it broke ground on its first project in Westchester County, north of the city.
In 1994, Avalon and Bay were led by entrepreneurial executives who had a vision of creating an evergreen apartment company, united by a common purpose and set of values, which could become a leader in the modern REIT era.
Most of the acquisitions were single apartment complexes, but in 1997 Avalon completed a major transaction, paying $196 million for properties owned by Trammell Crow Residential-Midwest, an operation with which Michaux was well familiar, having served as the Group's managing partner.
The company was formed by the 1998 merger between Avalon Properties Inc. and Bay Apartment Communities Inc.
Michaux stepped down as CEO in February 2001, replaced by the company's president and chief operating officer, Bryce Blair.
In 2003, the company sold $450 million in assets to reinvest the proceeds in its development pipeline.
On February 27, 2013, AvalonBay Communities and Equity Residential closed a $9 billion deal to acquire Archstone from Lehman Brothers.
© 2020 AvalonBay, Inc.
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Avalonbay Communities, Inc. competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Essex Property Trust | 1971 | $1.8B | 1,799 | 42 |
| CoreSite | 2001 | $606.8M | 464 | 76 |
| SL Green Realty | 1997 | $1.1B | 1,033 | - |
| Apollo Global Management | 1990 | $3.6B | 1,600 | 57 |
| The Vanguard Group | 1975 | $6.9B | 17,600 | 221 |
| National Association of REALTORS | 1908 | $207.2M | 2,461 | 11 |
| Realty Income | 1969 | $2.1B | 194 | 13 |
| Newmark Grubb Knight Frank | 1929 | $2.7B | 3,250 | 129 |
| Morgan Stanley | 1935 | $3.0B | 68,097 | 1,157 |
| Equity Residential | 1969 | $3.0B | 2,600 | 144 |
Avalonbay Communities, Inc. history FAQs
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