Korman Communities

What Korman Communities does

Korman Communities is a fifth-generation, family-owned residential real estate company that operates an integrated owner-operator model combining property ownership, property management, and brand creation. The company runs two core hospitality-driven brands: AVE, a national multifamily residential brand offering luxury unfurnished and fully furnished apartments with flexible lease terms (30 days or longer) and resort-style amenities across suburban US markets, and AKA, a luxury hotel and serviced-residence brand operating boutique hotels and extended-stay residences in iconic metropolitan neighborhoods including Beverly Hills, Wall Street, University City, Back Bay, and London Marylebone. The portfolio comprises 41+ properties spanning 10,000+ apartments, rooms, and suites with an aggregate valuation of approximately $4.8 billion. Underlying technology includes a digital platform with real-time booking capabilities (developed in partnership with London-based Matter of Form), property management software, and AI-powered predictive analytics for maintenance; a dedicated data research team was stood up in 2023 to build internal data infrastructure.

The company generates revenue primarily through recurring monthly rental income from unfurnished apartments (e.g., AVE Normandy one-bedrooms starting at $2,771/month), a 10-12% premium for fully furnished units, and extended-stay AKA hotel/residence bookings, supplemented by asset management fees on owned and partner properties. Distribution combines direct-to-consumer digital leasing via aveliving.com and stayaka.com with an enterprise field-sales channel for corporate housing clients and inside-sales teams for AVE resident acquisition. Customer segments span individuals in transition (relocations, extended assignments), corporate travelers and extended-stay guests, and discerning renters seeking flexibility over ownership.

Strategically, Korman has pursued a capital-partnered expansion model rather than pure self-funded growth: a $750M opportunistic fund with Electra America (2020-2021) and a near-$2B joint venture with RXR Realty have funded acquisitions across Texas, Florida, Phoenix, Boston, Silicon Valley, and Denver. Recent launches include AVE Navy Yard (614 apartments, March 2026), AVE Santa Clara (311 residences, April 2026, 95% leased in seven months), and the AVE national brand evolution and digital platform launch (June 2026). The legal entity is SHK Management, Inc., domiciled in Pennsylvania, with corporate headquarters in Plymouth Meeting, PA. The company has not pursued an IPO and remains family-controlled despite extensive institutional capital partnerships.

Name

Korman Communities

Legal name

SHK Management, Inc.

Website

https://korman.com

Company type

Private

Founded year

1904

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Korman Communities is a fifth-generation family-owned real estate operator running the AVE multifamily and AKA luxury hotel-residence brands. It owns, develops, and manages 41+ properties with 10,000+ units across the US and London, serving corporate travelers and individuals in transition.

Ownership category

akta.pro rank

Product category

Luxury Serviced Apartments and Multifamily Residential Real Estate

NAICS

Residential Property Managers (531311), Real Estate Property Managers (53131), Rental and Leasing Services (532)

SIC

Operators Of Apartment Buildings (6513), Real Estate Agents & Managers (For Others) (6531), Hotels, Rooming Houses, Camps & Other Lodging Places (7000)

akta.pro primary industry

Multifamily Apartment Property Management (BPAJAFAA)

akta.pro secondary industries

Furnished Monthly Apartments (Urban/Residential) (THAMAFAB), Extended-Stay Brand Residences (Managed Residences) (THAGAEAM)

Keywords

• Luxury serviced apartments
• Flexible-stay multifamily
• Extended-stay hotel residences
• Hospitality-driven rentals
• Residential real estate investment

Headquarters

HQ city

Plymouth Meeting

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Apartment Rental Income: Rental income from unfurnished and furnished multifamily apartments under the AVE brand, with flexible lease terms ranging from month-to-month to multi-year arrangements
2. Extended Stay Revenue: Revenue from extended-stay hotel accommodations under the AKA brand, featuring serviced residences with hospitality services
3. Furnished Apartment Premium: Premium pricing for fully furnished apartments with flexible terms, priced 10-12% higher than unfurnished units
4. Asset Management Fees: Fees from asset management and property operations for owned and partner properties

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

Korman Communities is a vertically integrated residential real estate company that owns, develops, and operates luxury furnished and unfurnished apartments and hotel residences under the AVE and AKA brands. AVE offers multifamily apartments with flexible lease terms of 30 days or longer, while AKA operates boutique hotels and extended-stay serviced residences in iconic urban neighborhoods. The portfolio spans 41+ properties with over 10,000 apartments, rooms, and suites across the United States and London, managed in-house with hospitality-driven amenities and services.

Product overview

Korman Communities operates two distinct hospitality-driven residential brands: AVE (multifamily residential) and AKA (luxury hotel residences). AVE offers a hybrid apartment model combining unfurnished luxury apartments with fully furnished flexible-stay options (30+ days), featuring resort-style amenities and hospitality services across suburban US markets. AKA provides luxury serviced residences and boutique hotels in iconic metropolitan locations, combining the space of private condominiums with hotel-style service. The portfolio spans 41+ properties with over 10,000 apartments, rooms, and suites operating nationwide and in London.

Differentiator

Problem solved

Functional benefit

Brands

• AVE: Multi-family residential communities offering luxury unfurnished and furnished apartments with flexible lease terms and hospitality-driven amenities
• AKA
• ARK

Products and services

• AVE AVE is Korman Communities' national multifamily residential brand offering luxury unfurnished apartments and fully furnished apartments with flexible lease terms of 30 days or longer. The brand combines best-in-class amenities with hospitality-driven service for residents across suburban and urban US markets, including resort-style pools, fitness centers, business lounges, and pet amenities.
• AKA AKA is Korman Communities' global luxury hospitality brand offering sophisticated hotel accommodations and spacious furnished residences with exceptional business, wellness, and lifestyle amenities. The brand operates in iconic metropolitan neighborhoods worldwide, spanning Hotel AKA boutique hotels for short stays and AKA Hotel Residences for extended stays.
• AVE Navy Yard (Normandy and Constitution) AVE Navy Yard is a luxury multifamily development at the Philadelphia Navy Yard comprising two complementary communities — Normandy (flexible-stay furnished and market-rate apartments) and Constitution (mixed-income market-rate, luxury, and affordable apartments). The development includes 75,000 square feet of amenities and 25,000 square feet of retail space.
• AVE Santa Clara AVE Santa Clara is an eight-story, 311-residence luxury multifamily community in the heart of Silicon Valley. It reached 95% occupancy within seven months of opening and features flexible-stay furnished and unfurnished apartment options.
• ARK ARK is Korman Communities' original portfolio of garden-style apartment communities located in key Philadelphia suburbs. It is the legacy brand preceding the current AVE platform.

Quantifiable outcome

• 360% revenue growth since 2010
• +1 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Six partnerships are on record, tiered core and minor.

• Ensemble Real Estate InvestmentscoreStrategic or Co-development PartnerDevelopment partnership for AVE Santa Clara and AVE Navy Yard properties, combining expertise for multifamily development.
• Mosaic Development PartnerscoreStrategic or Co-development PartnerDevelopment partnership for AVE Navy Yard project, working collaboratively on multifamily development.
• Invent Development PartnerscoreStrategic or Co-development PartnerDevelopment partnership for AVE Station House property, combining development expertise.
• Selldorf ArchitectsminorStrategic or Co-development PartnerDesign partner for Hotel AKA Back Bay, providing architectural expertise for the property redesign.
• Piero LissoniminorStrategic or Co-development PartnerArchitect and designer for AKA properties, bringing luxury hospitality design aesthetic to residential spaces.
• Benchmark Real EstateminorStrategic or Co-development PartnerSEPTA partnership for Ambler development project, integrating transit-oriented development.

Scale indicators9 records

Recent moves11 records

Expansion highlights8 records

Emerging players

• Blueground: Tech-enabled furnished apartment operator with flexible monthly leases across major global cities. Closely comparable to AVE's furnished flexible-stay segment with a more digital-first customer experience.
• Locale: Operator of upscale serviced apartments and short-term rentals in urban U.S. markets. Comparable to AKA's serviced residence and AVE furnished apartment offering for relocation and corporate stays.

Direct peers

• Asset Living: Large U.S. third-party multifamily property manager with 300,000+ units under management. Comparable to AVE on property management services for institutional and owner clients.
• Oakwood Worldwide: Global serviced apartment and corporate housing provider, recently rebranded under separate ownership. Direct competitor to AKA's extended-stay serviced residences for corporate and relocation clients.
• Sonder Holdings: Tech-enabled serviced apartment and short-term rental operator in urban markets. Comparable to AKA's flexible-stay, design-forward serviced residence model with digital booking.
• Greystar Real Estate Partners: Largest U.S. multifamily property management and investment firm, operating 800,000+ units globally. Directly comparable to AVE on multifamily property management scale and investment strategy.
• Bozzuto Group: Multifamily property manager, developer and homebuilder with a focus on luxury and Class A urban/suburban apartments. Closely comparable to AVE on resident experience positioning and luxury multifamily focus.

Broad incumbents

• Highgate Hotels: Major U.S. hotel management, investment and development firm operating luxury and lifestyle hotels. Comparable to AKA on luxury hotel operations and urban infill hospitality development.
• Residence Inn by Marriott: Marriott-branded extended-stay hotel chain with kitchen-equipped suites and long-stay loyalty program. Broad incumbent competitor to AKA's serviced residence offering for extended-stay business and family travelers.
• Hyatt House: Hyatt's upscale extended-stay aparthotel brand offering apartment-style suites. Comparable to AKA's hybrid hotel-residence positioning at the upper end of extended stay.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/korman-communities

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Korman Communities