Fifth-generation real estate firm Korman Communities continues to expand outside of its Mid-Atlantic roots.
The 100-year-old real estate investment and property management company has nearly 40 properties across the United States and London. Operating under two multifamily brands, AVE and AKA, its portfolio is comprised of more than 10,000 apartments, rooms, and suites in buildings ranging from suburban garden-style and mid-rise communities to urban high-rises. AVE specializes in elevated apartment living, offering traditional unfurnished apartments along with furnished ones and flexible leases, which founder Steven Korman championed in the 1960s and 1970s. Recognizing an unmet need in major metros for luxury extended-stay apartments with hospitality services, Korman created AKA with the purchase, renovation, and repositioning of eight high-rises, including four in New York City, in the mid-2000s.
Co-CEO Brad Korman says the AKA model combined with AVE is a one-two punch for the company.
“When we think about AVE and AKA, they weren’t reactions to trends. For us, they are an evolution of studying how people want to live over generations and applying the lessons,” Korman shares. “We’re set up to scale both platforms right now. We were obviously coming off COVID years but still managed to add one or two properties a year, and now the market has course-corrected.”
The impact of that approach is evident in AVE's growth trajectory over the past two-and-a-half decades. The brand has expanded from 1,293 units in 2010 to 5,194 as of 2025. AVE owns and manages over 6,000 apartments across 20 properties in eight markets and seven states. Over the same time, it saw revenues increase approximately 360%, reaching 4.6 times the 2010 levels.
AVE’s brand evolution positions it for the next phase of expansion as Korman grows its national footprint in high-growth, demand-driven markets—from California and Colorado to Arizona and Texas—through new development and acquisitions.
Most recently, AVE entered Silicon Valley with the development of AVE Santa Clara, which reached 95% occupancy in seven months, and is searching for a second development site. AVE Station House, currently under construction, marks its first development in Denver. In its existing markets, the company finished its development in White Plains, New York, and is opening two properties in Philadelphia’s Navy Yard. In addition, AVE recently completed lease-up in Phoenix, has a development site in Dallas, just broke ground in Horsham, Pennsylvania, near its headquarters, and made acquisitions in Tampa, Florida, as well as Austin and Dallas.
“You’re going to have a lot of debt maturing for residential properties in the coming year,” Korman says. “We can go in and buy below replacement cost, and that’s where acquisitions make a lot of sense.”
According to Korman, AVE still has that founding focus of meeting residents where they are through flexible leases and 30% to 40% fully furnished apartments throughout the brand. What was once a corporate relocation solution has evolved into a consumer-driven segment, with renters navigating life transitions such as divorce, downsizing, career mobility, or extended travel.
“Fifty years ago, my father noticed that apartment renters were looked at like second-class citizens, and he wanted to change that,” he says. “The American dream has changed over this time period. It’s no longer the mindset that you’re wasting money as a renter. Paying rent is the same as paying interest on a mortgage. Homeownership has so many hidden costs that are often not considered in the purchase process, like leaky roofs and failing air conditioner systems. Renters are smarter today, and how they want to live has changed how we all look at the industry.”
As AVE expands its national footprint and adapts to evolving housing preferences, the company is also investing in the digital experience. AVE, in partnership with London-based Matter of Form, launched a redesigned website that simplifies search and leasing for both traditional apartments and furnished stays. The platform prioritizes reducing friction at every stage of the leasing journey.
“Housing preferences are evolving, and AVE is continuing to evolve with them,” says Lea Anne Welsh, chief operating officer of Korman Communities and president of AVE. “Our new website isn’t just a digital update—it’s an expression of how we think about modern living. When technology is thoughtfully applied and lifestyle comes first, people respond. This transformation reflects our commitment to serving people through every stage of their journey, with the same care we bring to our communities.”
Key features include streamlined search and booking with faster paths to inventory, pricing, and availability; market-specific insights with interactive neighborhood maps and curated local points; and a refreshed design system that modernizes the brand with an updated color palette, typography, and bespoke illustrations.
Korman adds the company will continue to evolve and redefine what it’s doing to better serve its residents.
“The next chapters for our company are very exciting, and we continue to focus on what can we do to make people love where they live. It’s a privilege creating a sense of home for our residents,” he shares. “With our family and name on the door, we believe if you do things the right way, it will pay off in the long run.”