AvalonBay Communities Inc. / AVB

About AvalonBay Communities Inc.

2900 Eisenhower Ave., Suite 300, Alexandria, Va. 22314
www.avalonbay.com | 703-329-6300 | Founded: 1993

Industry: Real Estate | Category: Top 100 Companies

2004 was a good year for Avalon; 2005 was even better. As homes grew more expensive, some people were remaining renters longer, which meant the demand for rental units was increasing. Meanwhile, the supply of rental housing was decreasing because so many apartment complexes were being converted into condominiums. Consequently, rents rose and concessions began to disappear from the market. Avalon's occupancy rate was 96.1 percent in 2005, up from 95.3 percent a year earlier. Occupancy in 2003 was 93 percent.
AvalonBay took advantage of a seller's market last year, shedding seven apartment complexes, an office building and three tracts of land, for a total of $382.7 million, or more than three times what company officials had earlier predicted. The company has $1 billion in properties under construction and an additional $3 billion in the planning stages.
Bryce Blair, the company's chairman and chief executive, recently said that underlying market fundamentals were solid and positive, noting that U.S. job growth remains strong and that 190,000 rental units have been removed from the market through conversion into condominiums. The only troubling trends he cited were rising energy costs and tax assessments. Avalon's properties are based primarily in cities where property prices have risen sharply in recent years.

Chairman and CEO: Bryce Blair

2007 Financial Data

Total employees: 1,700 | Local employees: 400