AvalonBay Inc. is a real estate investment trust that develops, owns, and operates apartment communities. The company focuses on upper-tier apartments. The company was founded in 1978 and reincorporated in 1995, when it began to focus on apartment communities. It currently has 293 properties containing about 86,000 apartments, concentrated in high-wage regions. The company's portfolio is varied, with luxury high-rise urban buildings and smaller communities in suburban areas. The company has a concentration in New England, New York/New Jersey, and California, but has assets in 20 marke