Washington Real Estate Investment Trust.

What Washington Real Estate Investment Trust. does

Washington Real Estate Investment Trust, doing business as Elme Communities, is a publicly traded real estate investment trust (NYSE: WRE) founded in 1960 and headquartered in Bethesda, Maryland. The company owns and operates a portfolio of multifamily apartment communities in the Washington DC metropolitan area, including Riverside Apartments in Alexandria, Virginia, 3801 Connecticut Avenue in Washington, DC, and The Kenmore in Washington, DC. In 2022 the company rebranded from WashREIT to Elme Communities and divested its commercial office properties to focus exclusively on the multifamily residential sector.

The company targets middle-income renters seeking quality, affordable housing without reliance on government grants, operating within submarkets selected via a research-backed investment strategy that emphasizes proximity to high-growth industries, transportation, and public services. Its go-to-market is direct-to-consumer: prospective tenants explore and lease units through the company's community websites and dedicated investor relations site, with marketing also conducted through LinkedIn and Instagram. Pricing is not publicly disclosed; rental rates are quote-based and vary by unit type, location, and market conditions.

Revenue is generated primarily through recurring monthly rental income from owned apartment communities, consistent with a subscription-style recurring revenue model at the unit level. The company maintains an ESG program across environmental (energy-efficient appliances, clean energy sourcing), social (closing the affordability gap for value-conscious renters), and governance (diverse board membership, ethical supplier standards) dimensions. The company employs between 251 and 500 people and is led by Chairman and CEO Paul T. McDermott and CFO Thomas O. Bowersox. The underlying technology stack is described as non-proprietary, with no AI, software platform, or API products disclosed.

Name

Washington Real Estate Investment Trust.

Legal name

Washington Real Estate Investment Trust

Website

https://writ.com

Company type

Public

Founded year

1960

Operating status

Operating

Headcount range

51–100 employees

Short description

Elme Communities (formerly Washington Real Estate Investment Trust) is a publicly traded multifamily REIT that owns and operates apartment communities across the Washington DC metro area, providing quality, affordable rental housing to middle-income renters.

Ownership category

akta.pro rank

Product category

Multifamily Residential Real Estate

NAICS

Residential Property Managers (531311), Real Estate and Rental and Leasing (53)

SIC

Real Estate Investment Trusts (6798), Real Estate Operators (No Developers) & Lessors (6510)

akta.pro primary industry

Independent Living Real Estate Owners/Operators (REITs & Management Companies) (HLADAAAG)

akta.pro secondary industry

Affordable & Subsidized Housing Property Management (LIHTC, Section 8) (BPAJAFAD)

Keywords

• Multifamily residential housing
• Apartment community management
• Affordable rental housing
• Real estate investment trust
• Residential property leasing

Headquarters

HQ city

Rockville

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales

Revenue model

1. Residential Rental Income: Generates revenue through owning and operating apartment communities, providing rental housing to middle-income renters. Revenue is recurring from monthly rent payments.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Washington Real Estate Investment Trust, operating as Elme Communities, owns and operates a portfolio of multifamily apartment communities in the Washington DC metropolitan area, providing rental housing to middle-income renters. Following its 2022 strategic transformation and divestiture of commercial office properties, the company focuses on residential communities offering energy-efficient appliances, responsive resident services, and environmentally conscious property management, with locations selected through a research-backed investment strategy targeting proximity to high-growth industries, transportation, and public services.

Product overview

Elme Communities (formerly Washington Real Estate Investment Trust) operates a portfolio of apartment communities providing quality, affordable housing to middle-income renters. The company offers residential communities across the Washington, DC metropolitan area including Riverside Apartments in Alexandria, VA, 3801 Connecticut Avenue in Washington, DC, and The Kenmore in Washington, DC. The product portfolio is built on a strategy of research-backed investments targeting communities in proximity to high-growth industries, transportation, and public services. Services emphasize energy-efficient appliances, responsive communication, sustainable business practices, and environmentally conscious property management.

Differentiator

Problem solved

Functional benefit

Products and services

• Riverside Apartments Apartment community located in Alexandria, Virginia, offering rental housing managed by Elme Communities and serving middle-income renters in the Washington DC metropolitan area.
• 3801 Connecticut Avenue Apartment community located in Washington, DC, offering rental housing managed by Elme Communities and serving middle-income renters in the Washington DC metropolitan area.
• The Kenmore Apartment community located in Washington, DC, offering rental housing managed by Elme Communities and serving middle-income renters in the Washington DC metropolitan area.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators1 record

Recent moves6 records

Expansion highlights4 records

Direct peers

• Equity Residential: Major publicly traded multifamily REIT focused on urban and high-density suburban apartment communities, with holdings in the Washington DC metro. Directly comparable operating model and target renter demographic.
• Mid-America Apartment Communities: Large publicly traded multifamily REIT operating garden-style apartment communities. Comparable pure-play multifamily REIT structure, though focused on Sun Belt markets rather than the DC metro.
• UDR, Inc. National multifamily REIT with a diversified portfolio that includes DC metro apartment communities. Operates the same recurring rental income model targeting middle- to upper-middle-income renters.
• Essex Property Trust: Multifamily REIT focused on West Coast apartment communities. Similar pure-play multifamily REIT business model targeting high-cost metro renter demographics, but operates in a different geography.
• Camden Property Trust: Multifamily REIT that owns and operates apartment communities across multiple U.S. markets. Directly comparable asset class, recurring rental revenue model, and REIT structure.
• AvalonBay Communities: Large publicly traded multifamily REIT that owns and operates apartment communities, including a meaningful presence in the DC metro. Closely comparable business model, asset class, and revenue model to Elme Communities.
• Independence Realty Trust: Smaller publicly traded multifamily REIT that owns and operates apartment communities in non-gateway markets. Comparable multifamily-focused REIT model at a more modest scale similar to Elme's positioning.

Regional players

• Veris Residential: Multifamily REIT focused on the New York/New Jersey metro area. Operates the same class-A multifamily rental model in a different Northeast corridor with comparable regulatory and renter dynamics.

Emerging players

• BRT Apartments: Smaller multifamily REIT that owns and operates apartment communities across the Sun Belt. Comparable multifamily REIT business model at a sub-scale size, similar in size profile to Elme.
• Centerspace: Smaller multifamily REIT operating apartment communities in the Midwest and Mountain West. Similar mid-cap public REIT structure focused on middle-income renters, though with a different geographic focus.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/washington-real-estate-investment-trust
• Instagraminstagram.com/elmecommunities
• Xx.com/washingtonreit
• Facebookfacebook.com/washingtonrealestateinvestmenttrust

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 Washington Real Estate Investment Trust.