At Korman Communities, our mission has always been about people, our residents and our team members. For over a century, across five generations, our focus has been on the people who live and work at our residences, the neighborhoods we share, and the enduring value of creating communities that feel like home. Real estate is the platform, but the real business is human connection and well-being—and that is where our model continues to stand apart.
When my great-grandfather, Hyman Korman, arrived from Belarus in 1904, he started with little more than determination and vision. From my grandfather, Sam Korman, developing farmland into homes and neighborhoods, to my father, Steve Korman, pioneering furnished apartments in the 1960s, each generation has embraced innovation while staying rooted in a simple truth: people matter. That philosophy has carried us from a regional homebuilder into today’s national operator of two distinct brands—AVE, our multifamily residential brand, and AKA, our global portfolio of luxury hotels and hotel residences. Together, we now manage 40 properties and employ over 1,200 team members nationwide.
A Differentiated Model
Our approach is built on three pillars: ownership, property management, and brand creation. Each reinforces the other, allowing us to deliver consistent excellence and generate outsized value. Unlike operators who separate these functions—or institutional investors focused solely on efficiency—we integrate them into a responsible, practical, and successful enterprise. The result is a business model that provides residents with superior facilities and services, investors with resiliency and value, and communities with long-term stability.
Take our AVE portfolio, for example. By offering both unfurnished apartments and fully furnished residences within a single community, we provide residential alternatives across many different life stages and circumstances—such as, relocations, extended business assignments, or downsizing empty nesters. The average stay in an AVE furnished apartment is over six months, far longer than typical “extended stay” operators, which provides predictable cash flows and reduces turnover risk. Residents appreciate the flexible leasing terms and the expanded amenities and services; investors benefit from enhanced rents based on our superior services, facilities, and maintenance, typically 10–12% higher on unfurnished apartments compared to other offerings in our area, and more than double on the luxury furnished offerings.
Hospitality as a Value Driver
What truly differentiates us, however, is the infusion of hospitality into multifamily living. We believe that renters are not second-class citizens. In fact, we offer resort-style amenities and community engagement to our residences who are renters by choice. Korman Communities provides our residents with the opportunity for a carefree lifestyle, attentive service, meticulously maintained properties, vibrant communal spaces, and the freedom of flexibility. That is why AVE by Korman Communities is ranked #1 nationally for Resident Satisfaction by the Kingsley Excellence Awards for three years in a row.
This philosophy has led to higher occupancy, reciprocal pricing, and, most importantly, exceptional retention rates. We consistently outperform national averages because residents feel part of a community. That sense of belonging, combined with operational efficiency, translates directly into stronger long-term returns.
Strategic Growth and Partnership
Korman Communities has evolved from a family-capital enterprise into a trusted partner for leading institutions and individual investors. Over the last three decades, we have acquired, developed, and sold more than 75 properties, totaling over $11 billion in transactions. This disciplined approach—buying, creating value, recapitalizing, and redeploying—has enabled us to expand nationally while maintaining our culture of high-touch service.
We continue to invest in high-growth markets, with recent expansions in California’s Silicon Valley, Paradise Valley in Arizona, and New York, and transformative projects underway in Philadelphia’s Navy Yard, where AVE is the exclusive residential provider. Across both AVE and AKA, our goal is consistent: to build long-term enterprise value while offering our partners flexibility in their investment choices.
Looking Ahead
For potential investors and partners, the Korman model offers a unique opportunity: alignment with a fifth-generation company that blends the stability of legacy with the agility of innovation. We believe deeply in the markets we serve, the teams who bring our communities to life, and the residents who choose us not just for housing, but for a lifestyle and a home.
At its core, our business is about delivering outsized value by doing the simple things exceptionally well: taking care of people, elevating service, and making every community feel like home. That’s not just good for our residents—it’s good business.
