Value-driven multifamily owner and operator WashREIT has announced its rebranding as Elme Communities. Reflecting its ongoing commitment to elevate the value-living experience for residents, the name change concludes its transformation and subsequent expansion into the Sun Belt. The new name blends the words “elevate” and “home” to match its mission “to elevate the value living experience by continuously focusing on service, efficiency, and innovation, to create a place our residents are proud to call home.”
“Our previous name, WashREIT, spoke more to our past than our future. As we considered our company today and how it has evolved, we wanted to choose a name that represents our commitment to multifamily and our residents,” says Paul T. McDermott, president and CEO. “Elme Communities is about elevating what home can be—with a higher level of quality, service, and experience at mid-market price points.”
Coinciding with rebranding, the Elme Communities has also positioned its portfolio to deliver significant growth in 2023 with expected year-over-year Core FFO growth of approximately 14% in 2023 (the highest in over 20 years) based on respective midpoints of the previously disclosed Core FFO guidance ranges, driven by expected same-store multifamily NOI growth of approximately 9% to 11%.
“Our successful transformation has equipped us to further embrace the unique opportunity to be a differentiated provider of multifamily homes,” says Stephen E. Riffee, executive vice president and chief financial officer. “Our business model is predicated on serving a deep, solid, and underserved base of mid-market demand. This strategy is already delivering great results, and we expect to continue generating strong returns for investors.”
Elme Communities has recently achieved geographic diversification with 20% of apartment homes located in the Sun Belt compared with 3% a year ago. It has also executed a major infrastructure and technology overhaul ahead of internalizing community-level operations. Onboarding for its communities is expected to be completed in phases starting this month and running through mid-2023.
“We are excited to create a noticeable, positive difference in how our residents are treated and respected when it comes to one of the most important aspects of their life: their home,” says Susan Lilly Gerock, senior vice president and chief investment officer. “Following the complete internalization of community-level operations in 2023, we expect to realize significant operational benefits that will further improve the value proposition for our residents and our shareholders.”
