Rare Combination of Long-Term View and Strong Values
Pros
AVB is unique in the real estate industry in that they develop a majority of the buildings they own (as opposed to buying them from a 3rd party), and as a REIT, they are incentivized to hold these properties long-term (10+ years). This combination allows the firm to focus on "doing the right thing" and building quality apartments that don't cut corners. The focus on yield vs. merchant builders focus on IRR allows more thoughtful and socially responsible development. There is a strong emphasis on hiring good people with good reputation which has built a strong culture at the firm from the top down. Hiring process filters out toxic personalities - "no a**holes" Pay is reasonable and the firm emphasizes growth from within, although teams run lean and are scattered around the country so lateral moves are limited without relocation. 20% discount on rent at AVB properties which can be a meaningful bonus.
Cons
From a development perspective, AVB is a big, publicly traded REIT so there is limited exposure to deals / structures outside of wheelhouse. Most every deal will be a fee-simple, 100+ apartment building with no outside partners, equity or financing. As a vertically integrated firm construction and management are in-house so you have great visibility but less opportunity to build relationships outside the firm and negotiate capital stacks, etc.
