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AvalonBay Communities

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AvalonBay Communities, Inc.
TypePublic
IndustryReal estate investment trust
PredecessorAvalon Properties Inc.
Bay Apartment Communities, Inc.
Founded1978; 48 years ago (1978)
HeadquartersArlington County, Virginia, U.S.
Key people
Timothy J. Naughton (chairman)
Benjamin Schall (CEO)
Kevin P. O’Shea (CFO)
RevenueDecrease US$2.301 billion (2020)
1,765,786,000 United States dollar (2022) Edit this on Wikidata
Increase US$827 million (2020)
Total assetsIncrease US$19.199 billion (2020)
Total equityDecrease US$10.752 billion (2020)
Number of employees
3,090 (2021)
Websitewww.avaloncommunities.com
Footnotes
[1]

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

As of September 30, 2025, AvalonBay owned or held an interest in 314 apartment communities containing 97,219 apartment homes, with 21 additional communities under development, in New England, the New York City metropolitan area, the Washington, D.C. metropolitan area, Seattle and California.[2] It is the 3rd largest owner of apartments in the United States.[3]

History

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The company was formed by the 1998 merger between Avalon Properties Inc. and Bay Apartment Communities Inc.[4][5][6] The merged company owned 40,506 apartment units.[4] 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.[7][8][9] Bay Apartment Communities was formed in 1994 from the apartment business established by Mike Meyer in 1978.[10]

In February 2001, Bryce Blair was named CEO, and the additional role of chairman in January 2002.[11]

In 2011, Timothy J. Naughton was named CEO, and the additional role of chairman in January 2013.[11][12]

On February 27, 2013, AvalonBay Communities and Equity Residential closed a $9 billion deal to acquire Archstone from Lehman Brothers.[13]

In May 2026, AvalonBay Communities and Equity Residential announced an agreement to merge in an all-stock transaction, creating one of the largest residential real estate investment trusts in the United States.[14][15][16] AvalonBay CEO Benjamin Schall was designated to lead the merged company, while Equity Residential CEO Mark Parrell will resign upon closing of the transaction.[14]

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Violation of violating fire standards and safety procedures at Avalon at Edgewater

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In 2017, a lawsuit was filed by former tenants of Avalon at Edgewater, an AvalonBay community in Edgewater, New Jersey, who alleged 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.[17] The class action lawsuit was settled in July 2017.[18]

Conspiracy charges in New Jersey

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In April 2025, the New Jersey Attorney General filed a lawsuit against AvalonBay and nine other major landlords, alleging they engaged in an unlawful conspiracy.[19] The complaint states that by using RealPage's revenue management software and sharing competitively sensitive data, the defendants agreed to set rents at artificially high, "supracompetitive" levels, violating federal and state antitrust laws.[20]

Washington D.C. Lawsuit

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The District of Columbia Attorney General has filed a similar antitrust suit. While an earlier complaint was dismissed, the court allowed the District to amend and refile its claims.[21] As of September 2025, a D.C. Superior Court judge rejected AvalonBay's motion to dismiss these amended claims, allowing the case to proceed.[22]

Housing discrimination at AVA NoMa

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In June 2025, the Equal Rights Center (ERC) sued AvalonBay and its ownership subsidiary for alleged housing discrimination at the AVA NoMa property in Washington, D.C. The lawsuit claims that since at least 2020, the property has falsely advertised units by listing windowless rooms as bedrooms. As D.C. housing code requires bedrooms to have a window, and the local housing voucher program requires units to pass an inspection, this practice allegedly made a significant portion of the building's units—including 100% of its advertised three-bedroom units—unavailable to tenants using housing vouchers. The ERC alleges this constitutes illegal discrimination under D.C. law.[23][24]

Consumer Fraud and Tenant Litigation

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A federal lawsuit in New Jersey, filed on behalf of a tenant at "Avalon Teaneck," alleges a "bait-and-switch" scheme. The complaint states that AvalonBay lures tenants with market-rate rents but later charges them substantial, undisclosed "Renewal Premiums" above market rate when they renew their leases, exploiting the inconvenience of moving. In October 2025, the court granted in part and denied in part AvalonBay's motion to dismiss, allowing core parts of the case to move forward.[25]

References

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  1. ↑ "AVALONBAY COMMUNITIES, INC. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "AvalonBay's Q3 earnings disappoint amid soft demand". Industry Dive.
  3. ↑ "NMHC 50 Largest Apartment Owners". National Multifamily Housing Council.
  4. 1 2 HOLSON, LAURA M. (March 9, 1998). "Real Estate Trusts Plan $2 Billion Merger". The New York Times.
  5. ↑ "Avalon moves into Bay". CNN. March 9, 1998. Archived from the original on August 3, 2017.
  6. ↑ Pacelle, Mitchell (March 9, 1998). "Avalon Properties, Bay Apartment Agree to Merge in a Stock Swap". The Wall Street Journal.
  7. ↑ PRESTON, HOLLY HUBBARD (February 5, 2009). "A venture capitalist for a cause". The New York Times.
  8. ↑ King, Carrie (June 1, 1997). "Trammell Crow Residential: Right around the corner and on every block". National Real Estate Investor.
  9. ↑ CHARLES, ELEANOR (November 21, 1993). "In the Region/Connecticut; Avalon (Nee Trammell Crow) Runs Into Opposition". The New York Times.
  10. ↑ "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.
  11. 1 2 Bala, Vaishnavi (June 6, 2011). "AvalonBay Communities names new CEO". Reuters.
  12. ↑ Wotapka, Dawn (June 6, 2011). "AvalonBay Lays Plan as CEO Resigns". The Wall Street Journal.
  13. ↑ "AvalonBay Completes Archstone Acquisition" (Press release). Business Wire. February 27, 2013.
  14. 1 2 "Equity Residential and AvalonBay to merge in mega U.S. real estate deal". CNBC. May 21, 2026.
  15. ↑ "AvalonBay Communities and Equity Residential announce merger of equals". Reuters. May 21, 2026.
  16. ↑ Thomas, Lauren (20 May 2026). "Apartment Owners AvalonBay and Equity Residential Agree to Merge". The Wall Street Journal.
  17. ↑ Shkolnikova, Svetlana (September 20, 2017). "Avalon fire lawsuit will go to trial". The Record (Bergen County, New Jersey).
  18. ↑ "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.
  19. ↑ Lissner, Caren (2025-04-24). "Cartel Of 10 Landlords Charge 'Unlivable' Rents, NJ Attorney General Says". Patch Media.
  20. ↑ "AG Platkin Files Antitrust Lawsuit Against Software Company RealPage and 10 NJ Landlords for Alleged Collusion in Statewide Rent Raising Scheme | New Jersey Office of Attorney General". www.njoag.gov. Archived from the original on 2025-05-14. Retrieved 2025-12-09.
  21. ↑ "DC Allowed To Resubmit AvalonBay Rent-Fixing Claims". Cohen Milstein. 2025-01-07. Retrieved 2025-12-09.
  22. ↑ "AvalonBay Can't Duck DC's RealPage Claims". Cohen Milstein. 2025-09-24. Retrieved 2025-12-09.
  23. ↑ "Equal Rights Center Sues NoMa Apartment Building Alleging Discrimination and False Advertising". Equal Rights Center. 2025-06-05.
  24. ↑ Salmonsen, Mary (June 12, 2025). "AvalonBay sued for alleged housing discrimination at Washington, DC, property". Industry Dive.
  25. ↑ "UNITED STATES DISTRICT COURTFOR THE DISTRICT OF NEW JERSEY".
[edit]
  • Official website
  • Business data for AvalonBay Communities, Inc.:
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