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The company was formed by the 1998 merger between Avalon Properties Inc. and Bay Apartment Communities Inc. [3] [4] [5] The merged company owned 40,506 apartment units. [3] Avalon Properties was formed in 1993 as a spinoff from Trammell Crow Company and was led by Richard Michaux, as Chairman and CEO, and Chuck Berman, President, COO and Board ...
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Essex Property Trust is a publicly traded real estate investment trust that invests in apartments in California and in the Seattle metropolitan area. [ 1 ] As of December 31, 2023, the company owned interests in 252 apartment complexes, aggregating 61,997 apartment units, and 3 commercial office buildings, comprising 283,000 square feet.
The property owner in this case signs a property management agreement with the company, giving the latter the right to let it out to new tenants and collect rent. The owners don't usually even know who the tenants are. The property management company usually keeps 10-15% of the rent amount and shares the rest with the property owner.
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The property is the site of the annual New Year's ball drop celebration. In 2004, Jamestown invested $300 million into the General Motors Building on Fifth Avenue in Manhattan. [6] As of 2012, One Times Square brought in more than $23 million in revenue as its billboards are visible to millions of pedestrians each year. [7]