AVE is growing, and the apartment industry is taking notice. In a new feature, Multifamily Executive charts our brand’s national expansion: from fewer than 1,300 apartments in 2010 to more than 6,000 owned and managed today, across 20 properties in eight markets, with revenue growing to 4.6 times its 2010 level.
That growth is the product of the integrated approach Korman Communities has practiced for five generations: investing in and owning premium residential real estate, designing and developing it, and managing and operating it under our AVE and AKA brands. Increasingly, Korman is leading the development itself.
The article reveals a busy pipeline at Korman Communities. AVE Santa Clara, our Silicon Valley debut with Ensemble Investments, reached 95 percent occupancy in seven months. AVE Station House is under construction in Denver with RXR, two new communities are opening at Philadelphia’s Navy Yard, and AVE Hamilton Green is complete in White Plains, New York. And at AVE Horsham, which just broke ground near our headquarters in suburban Philadelphia, Korman has returned to the role of lead developer, initiating the project and guiding it from land to lease-up. Alongside new development, we are acquiring communities in strategic locations below replacement cost, which means buying existing buildings for less than it would cost to build them new today.
Through all of it, AVE remains what it has been since Steven Korman championed furnished apartments and flexible leases in the 1960s: a brand built around how people want to live, with 30 to 40 percent of our apartments fully furnished for residents in transition. As Brad Korman puts it in the article, “It’s a privilege creating a sense of home for our residents.”
You can read the full story at Multifamily Executive: Korman Builds Beyond Its Mid-Atlantic Roots
